The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
Estimated average burden
hours per response: 23.8
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
ABBVIE INC Com 00287Y109 1,509 15,371 SH   DFND   15,371 0 0
ADIENT LTD Com G0084W101 20 1,193 SH   DFND   1,193 0 0
AGRIBANK FCB - CALLABLE Pref 00850L203 4,748 45,650 SH   DFND 1,2,4,6,8 45,650 0 0
AICI CAP TRUST PFD Pref 001338201 3 30,100 SH   DFND 8 30,100 0 0
AMERICAN EQUITY INVEST LIFE - CALL Pref 025676602 1,208 50,000 SH   DFND 1,2 50,000 0 0
AMGEN INC Com 031162100 21,817 92,500 SH   DFND 4,5,7 92,500 0 0
B RILEY FINANCIAL INC - CALLABLE Pref 05580M868 1,044 50,000 SH   DFND 3,6 50,000 0 0
BB LIQUIDATING INC - CLASS A Com 05532D107 0 54,211 SH   DFND   54,211 0 0
BB LIQUIDATING INC - CLASS B Com 05532D206 0 54,211 SH   DFND   54,211 0 0
BERKSHIRE HATHAWAY INC DEL CL A Com 084670108 267 1 SH   DFND   1 0 0
BOEING CO Com 097023105 5,022 27,400 SH   DFND   27,400 0 0
BP P.L.C. SPONSORED ADR - CMN Com 055622104 350 15,000 SH   DFND 3 15,000 0 0
CAL DIVE INTERNATIONAL INC Com 12802T101 0 500,000 SH   DFND   500,000 0 0
CARRIER GLOBAL CORP Com 14448C104 122 5,494 SH   DFND   5,494 0 0
CBL ASSOCIATES PROP - CALLABLE Pref 124830605 13 15,000 SH   DFND 2 15,000 0 0
CDK GLOBAL INC Com 12508E101 787 19,000 SH   DFND   19,000 0 0
CHEVRON CORPORATION Com 166764100 1,428 16,000 SH   DFND 2,3 16,000 0 0
CHINA FUND INC Com 169373107 1,527 68,399 SH   DFND   68,399 0 0
COBANK ACB Pref 19075Q862 2,736 26,119 SH   DFND 1,2 26,119 0 0
COBANK ACB Pref 19075Q805 892 8,749 SH   DFND 7 8,749 0 0
COCA COLA COM Com 191216100 670 15,000 SH   DFND 6 15,000 0 0
CONIFER HOLDINGS INC Com 20731J102 682 250,000 SH   DFND 4 250,000 0 0
CORNING INC Com 219350105 5,629 217,350 SH   DFND   217,350 0 0
CORSA COAL CORP Com 22041E609 398 2,226,000 SH   DFND   2,226,000 0 0
DCP MIDSTREAM LP-CALLABLE Pref 23311P209 830 50,000 SH   DFND 1,6 50,000 0 0
DELPHI FINANCIAL GROUP - CALLABLE Pref 247131303 1,712 77,797 SH   DFND 3,4 77,797 0 0
DIVERSIFIED HEALTHCARE - CALLABLE Pref 25525P305 384 20,000 SH   DFND 1 20,000 0 0
DIVERSIFIED HEALTHCARE - CALLABLE Pref 25525P206 354 20,000 SH   DFND 3 20,000 0 0
DOMINION RESOURCES INC Pref 25746U844 356 14,000 SH   DFND 1 14,000 0 0
EMERSON ELEC CO Com 291011104 5,521 89,000 SH   DFND 2,6,8 89,000 0 0
EXXON MOBIL CORP Com 30231G102 3,560 79,600 SH   DFND 4 79,600 0 0
FARM CREDIT BK OF TEXAS - CALLABLE Pref 30767E307 1,000 1,000 SH   DFND 8 1,000 0 0
FARM CREDIT BK OF TEXAS-CALL-144A Pref 30767E406 416 4,000 SH   DFND 7 4,000 0 0
FOX CORP CLASS B Com 35137L204 671 24,994 SH   DFND   24,994 0 0
GENERAL ELECTRIC CO Com 369604103 826 121,000 SH   DFND 1,2,3,7 121,000 0 0
GENUINE PARTS CO COM Com 372460105 0 2 SH   DFND   2 0 0
GOLDMAN SACHS GROUP INC Com 38141G104 22,035 111,500 SH   DFND 3,4,6 111,500 0 0
HELIOS TECHNOLOGIES INC Com 42328H109 11,175 300,000 SH   DFND 4,8 300,000 0 0
INTEGRYS ENERGY GROUP-CALLABLE Pref 45822P204 1,515 60,000 SH   DFND 4,9 60,000 0 0
INTL BUSINESS MACHINES CORP Com 459200101 181 1,500 SH   DFND 1 1,500 0 0
JEFFERIES FINANCIAL GROUP INC Com 47233W109 5,612 360,872 SH   DFND 4,5,7,8 360,872 0 0
JOHNSON CTLS INTL PLC Com G51502105 815 23,874 SH   DFND 7 23,874 0 0
KAISER ALUM CORP DEPOSITARY S CMN Com 483007704 5 70 SH   DFND 8 70 0 0
LADENBURG THALMAN FIN SVCS INC Pref 50575Q300 324 20,000 SH   DFND 7 20,000 0 0
MCDONALDS CORP Com 580135101 1,153 6,250 SH   DFND 3 6,250 0 0
MEDLEY LLC - CALLABLE Pref 58503Y105 206 40,000 SH   DFND 2,4 40,000 0 0
MEDLEY LLC - CALLABLE Pref 58503Y204 251 40,000 SH   DFND 7,8 40,000 0 0
MERCER INTERNATIONAL INC SBI Com 588056101 134,477 16,480,000 SH   DFND 1,2,4,5,7,8,9 16,480,000 0 0
MOTORS LIQUIDATION COMPANY-TRUST Pref 62010U101 1 744 SH   DFND 6,8 744 0 0
MYMETICS CORP Com 62856A102 98 2,186,473 SH   DFND 5,8 2,186,473 0 0
NAM TAI PROPERTY INC Com G63907102 36,093 5,774,800 SH   DFND 1,2,3,4,5,7,8,9 5,774,800 0 0
NATIONAL RETAIL PPTYS INC Com 637417106 461 13,000 SH   DFND 4 13,000 0 0
NOW INC DE Com 67011P100 9 1,100 SH   DFND 2 1,100 0 0
OTIS WORLDWIDE CORP Com 68902V107 156 2,746 SH   DFND   2,746 0 0
PFSWEB INC Com 717098206 5,010 750,000 SH   DFND 2,8 750,000 0 0
PHI GROUP INC Com 69360B104 0 39,712 SH   DFND 4,8 39,712 0 0
PHI INC Com 6933ESCA5 0 1,000,000 SH   DFND 4,8 1,000,000 0 0
PRIORITY INCOME FUND INC-CALLABLE Pref 74274W400 250 10,000 SH   DFND 7 10,000 0 0
PROCTER & GAMBLE CO Com 742718109 682 5,700 SH   DFND   5,700 0 0
RAYMOND JAMES FNCL INC Com 754730109 13,680 198,750 SH   DFND 4,7 198,750 0 0
ROOMSTORE INC - CMN Com 77638R108 0 43,661 SH   DFND   43,661 0 0
SCHWAB CHARLES CORP NEW Com 808513105 844 25,000 SH   DFND   25,000 0 0
SCULLY ROYALTY LTD Com G7T96K107 20,767 2,732,477 SH   DFND 1,2,4,5,7,8,9 2,732,477 0 0
SELECTIVE INS GROUP INC Com 816300107 10,548 200,000 SH   DFND 8 200,000 0 0
SOUTHERN CO - CALLABLE Pref 842587305 251 10,000 SH   DFND 1 10,000 0 0
SPECTRUM BRANDS HOLDINGS INC Com 84790A105 587 12,799 SH   DFND 4,5,7,8 12,799 0 0
SUVANZA Com 869551101 0 5,430 SH   DFND   5,430 0 0
TE CONNECTIVITY LIMITED Com H84989104 1,019 12,500 SH   DFND   12,500 0 0
TIDEWATER INC NEW Com 88642R109 3 557 SH   DFND   557 0 0
TIDEWATER INC WTS SERIES B 7/31/23 Com 88642R125 0 976 SH   DFND   976 0 0
TIDWATER INC WTS SERIES A 7/31/23 Com 88642R117 0 903 SH   DFND   903 0 0
TRIUMPH BANCORP INC Pref 89679E409 489 20,000 SH   DFND 7 20,000 0 0
UNUM GROUP - CALLABLE Pref 91529Y601 749 30,000 SH   DFND 4 30,000 0 0
VAIL RESORTS INC. Com 91879Q109 15,301 84,000 SH   DFND 3,4,8 84,000 0 0
VISTRA ENERGY CORP Com 92840M128 18 33,717 SH   DFND 4,7,8 33,717 0 0
VOLKSWAGEN AG Com 928CNV760 2,575 16,000 SH   DFND   16,000 0 0
WASHINGTON PRIME GROUP NEW Pref 93964W306 340 35,000 SH   DFND 2,8 35,000 0 0
WELLS FARGO & CO NEW COM STK Com 949746101 1,280 50,000 SH   DFND 4 50,000 0 0
WELLS FARGO & COMPANY PFT SERIES J Pref 949746887 0 387 SH   DFND   387 0 0
WELLS FARGO COMPANY-CALLABLE Pref 94988U151 928 40,000 SH   DFND 1 40,000 0 0
WESTERN ALLIANCE BANCORP - CALL Pref 957638208 887 35,000 SH   DFND 3 35,000 0 0
WESTINGHOUSE AIR BRAKE TECH CORP Com 929740108 37 647 SH   DFND 1,2,3,7 647 0 0
WINTRUST FINL CORP Pref 97650W504 2,098 80,000 SH   DFND 2,8 80,000 0 0
XILINX INC Com 983919101 3,936 40,000 SH   DFND 2 40,000 0 0
ZIEGLER COS INC THE Com 989506308 1,397 48,972 SH   DFND   48,972 0 0