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 219 1,948 SH   DFND   1,948 0 0
ADIENT LTD Com G0084W101 54 1,193 SH   DFND   1,193 0 0
AGRIBANK FCB - CALLABLE Pref 00850L203 5,739 16,150 SH   DFND 1,2,3,8,10 52,650 0 0
AMGEN INC Com 031162100 22,547 25,000 SH   DFND 4,7,9 92,500 0 0
ARCH CAPITAL GROUP LTD Pref 03939A404 1,037 20,000 SH   DFND 1,2 40,000 0 0
ARGONAUT GROUP STATUTORY TR - CALL Pref 8AMCSFQW9 11,760 2,000 SH   DFND 1,2,3,4,7,8,9,10 12,000 0 0
AXIS CAPITAL HOLDINGS-CALLABLE Pref 05461T305 1,015 40,000 SH   DFND 11 40,000 0 0
B. RILEY FINANCIAL INC Pref 05580M827 1,504 20,000 SH   DFND 3,4 60,000 0 0
B. RILEY FINANCIAL, INC - CALLABLE Pref 05580M835 516 20,000 SH   DFND 11 20,000 0 0
B. RILEY FINANCIAL-CALLABLE Pref 05580M801 520 20,000 SH   DFND 4 20,000 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 419 1 SH   DFND   1 0 0
BLACKSTONE GROUP INC CLASS A Com 09260D107 3,691 38,000 SH   DFND   38,000 0 0
BOEING CO Com 097023105 6,564 27,400 SH   DFND   27,400 0 0
BP P.L.C. SPONSORED ADR - CMN Com 055622104 396 15,000 SH   DFND 3 15,000 0 0
BROOKFIELD INFRASTRUCTURE FIN Pref 11276B109 1,014 30,000 SH   DFND 1,2 40,000 0 0
CAL DIVE INTERNATIONAL INC Com 12802T101 1 500,000 SH   DFND   500,000 0 0
CARLYLE FIN LLC Pref 14314C105 2,554 50,000 SH   DFND 1,2 100,000 0 0
CBL ASSOCIATES PROP - CALLABLE Pref 124830605 14 15,000 SH   DFND 2 15,000 0 0
CDK GLOBAL INC Com 12508E101 944 19,000 SH   DFND   19,000 0 0
CHEVRON CORPORATION Com 166764100 1,676 6,000 SH   DFND 2,3 16,000 0 0
CHINA FUND INC Com 169373107 2,086 68,399 SH   DFND   68,399 0 0
COBANK ACB Pref 19075Q805 7,219 10,000 SH   DFND 1,2,3,8,9,10 68,749 0 0
COBANK ACB Pref 19075Q862 3,752 7,000 SH   DFND 1,2,10 33,802 0 0
CORNING INC Com 219350105 15,025 367,350 SH   DFND   367,350 0 0
CORSA COAL CORP Com 22041E609 725 2,226,000 SH   DFND   2,226,000 0 0
CUSTOMERS BANCORP INC Pref 23204G803 4,023 40,000 SH   DFND 1,11,7 150,000 0 0
DELPHI FINANCIAL GROUP - CALLABLE Pref 247131303 1,727 57,797 SH   DFND 3,4 77,797 0 0
DIAMOND OFFSHORE DRILLING INC Com 25271C201 1,272 45,193 SH   DFND 1,4,7,8,10 208,583 0 0
DISNEY WALT CO Com 254687106 4,047 23,027 SH   DFND   23,027 0 0
DTE ENERGY CO - CALLABLE Pref 233331859 6,630 30,000 SH   DFND 1,2,3,11,8 250,000 0 0
DUKE ENERGY CORP - CALLABLE Pref 26441C402 1,660 20,000 SH   DFND 11,7 60,000 0 0
EMERSON ELEC CO Com 291011104 8,565 50,000 SH   DFND 2,8,10 89,000 0 0
EXXON MOBIL CORP Com 30231G102 5,021 4,600 SH   DFND 4 79,600 0 0
FARM CREDIT BK OF TEXAS-CALL-144A Pref 30767E406 430 4,000 SH   DFND 9 4,000 0 0
FIRST CITIZENS BANCSHARE-CALLABLE Pref 319626305 1,097 40,000 SH   DFND 11 40,000 0 0
FIRST INTERNET BANCORP - CALLABLE Pref 320557309 664 25,000 SH   DFND 11 25,000 0 0
FOX CORP CLASS B Com 35137L204 880 24,994 SH   DFND   24,994 0 0
GENERAL ELECTRIC CO Com 369604103 1,629 35,000 SH   DFND 1,2,3,9 121,000 0 0
GENERAL MOTORS COMPANY Com 37045V100 138 2,327 SH   DFND   2,327 0 0
GLADSTONE INVESTMENT CORP-CALLABLE Pref 376546800 1,038 40,000 SH   DFND 11 40,000 0 0
GOLDMAN SACHS GROUP INC Com 38141G104 42,318 71,600 SH   DFND 3,4 111,500 0 0
HEARTLAND FINANCIAL USA-CALLABLE Pref 42234Q201 416 15,000 SH   DFND 1 15,000 0 0
HELIOS TECHNOLOGIES INC Com 42328H109 23,415 150,000 SH   DFND 4,10 300,000 0 0
INTEGRYS ENERGY GROUP-CALLABLE Pref 45822P204 795 30,000 SH   DFND 11 30,000 0 0
INTL BUSINESS MACHINES CORP Com 459200101 220 1,500 SH   DFND 1 1,500 0 0
JEFFERIES FINANCIAL GROUP INC Com 47233W109 12,342 150,263 SH   DFND 4,7,9,10 360,872 0 0
JOHNSON CTLS INTL PLC Com G51502105 1,638 11,937 SH   DFND 9 23,874 0 0
KAISER ALUM CORP DEPOSITARY S CMN Com 483007704 9 70 SH   DFND 10 70 0 0
LADENBURG THALMAN FIN SVCS INC Pref 50575Q300 447 20,000 SH   DFND 9 20,000 0 0
LEGG MASON INC-CALLABLE Pref 524901600 8,074 40,000 SH   DFND 1,2,3,4,11,7,9,10 320,000 0 0
MCDONALDS CORP Com 580135101 1,444 6,250 SH   DFND 3 6,250 0 0
MEDLEY LLC - CALLABLE Pref 58503Y105 82 20,000 SH   DFND 2,4 40,000 0 0
MEDLEY LLC - CALLABLE Pref 58503Y204 77 20,000 SH   DFND 9,10 40,000 0 0
MERCER INTERNATIONAL INC SBI Com 588056101 210,120 630,000 SH   DFND 1,2,3,4,11,7,9,10 16,480,000 0 0
MYMETICS CORP Com 62856A102 160 190,000 SH   DFND 7,10 2,186,473 0 0
NAM TAI PROPERTY INC Com G63907102 160,020 400,000 SH   DFND 1,2,3,4,11,7,9,10 5,774,800 0 0
NATIONAL RETAIL PPTYS INC Com 637417106 609 13,000 SH   DFND 4 13,000 0 0
NATIONAL RURAL UTILS COOP-CALLABLE Pref 637432105 3,292 20,000 SH   DFND 1,2,4,7 120,000 0 0
NOW INC DE Com 67011P100 10 1,100 SH   DFND 2 1,100 0 0
OXFORD SQUARE CAP CORP-CALL Pref 69181V503 2,520 50,000 SH   DFND 1,2 100,000 0 0
PFSWEB INC Com 717098206 5,535 500,000 SH   DFND 2,10 750,000 0 0
PHI GROUP INC Com 69360B104 635 19,856 SH   DFND 4,10 39,712 0 0
PHI INC Com 6933ESCA5 0 500,000 SH   DFND 4,10 1,000,000 0 0
PRIORITY INCOME FUND INC - CALL Pref 74274W780 1,270 50,000 SH   DFND 2 50,000 0 0
PRIORITY INCOME FUND INC-CALL Pref 74274W798 767 20,000 SH   DFND 1,2 30,000 0 0
PROCTER & GAMBLE CO Com 742718109 769 5,700 SH   DFND   5,700 0 0
PUBLIC STORAGE - CALLABLE Pref 74460W461 2,027 40,000 SH   DFND 1,2 80,000 0 0
QURATE RETAIL GROUP-CALLABLE Pref 74915M308 2,166 15,000 SH   DFND 8,9 20,000 0 0
QWEST CORP - CALLABLE Pref 74913G881 1,023 20,000 SH   DFND 2,4 40,000 0 0
RAYMOND JAMES FNCL INC Com 754730109 25,818 73,750 SH   DFND 4,9 198,750 0 0
READY CAPITAL CORP - CALLABLE Pref 75574U606 1,825 10,000 SH   DFND 1,2,10 70,000 0 0
READY CAPITAL CORP-CALL Pref 75574U887 1,002 40,000 SH   DFND 2 40,000 0 0
ROOMSTORE INC - CMN Com 77638R108 0 43,661 SH   DFND   43,661 0 0
SCHWAB CHARLES CORP NEW Com 808513105 1,820 25,000 SH   DFND   25,000 0 0
SCULLY ROYALTY LTD Com G7T96K107 36,234 282,063 SH   DFND 1,2,3,4,11,7,9,10 2,978,399 0 0
SELECTIVE INS GROUP INC Com 816300107 16,230 200,000 SH   DFND 10 200,000 0 0
SLM CORP PFD SERIES B Pref 78442P502 915 15,000 SH   DFND 11 15,000 0 0
SPECTRUM BRANDS HOLDINGS INC Com 84790A105 1,088 7,524 SH   DFND 4,7,9,10 12,799 0 0
SUVANZA Com 869551101 4 5,430 SH   DFND   5,430 0 0
TE CONNECTIVITY LIMITED Com H84989104 1,690 12,500 SH   DFND   12,500 0 0
TIDEWATER INC WTS SERIES B 7/31/23 Com 88642R125 1 976 SH   DFND   976 0 0
TIDWATER INC WTS SERIES A 7/31/23 Com 88642R117 1 903 SH   DFND   903 0 0
US BANCORP - CALLABLE Pref 902973718 1,032 40,000 SH   DFND 10 40,000 0 0
VAIL RESORTS INC. Com 91879Q109 26,588 50,000 SH   DFND 3,4,10 84,000 0 0
VISTRA ENERGY CORP Com 92840M128 10 9,113 SH   DFND 4,9,10 33,717 0 0
VOLKSWAGEN AG Com 928CNV760 5,252 16,000 SH   DFND   16,000 0 0
WASHINGTON PRIME GROUP NEW Pref 93964W306 111 15,000 SH   DFND 2,10 35,000 0 0
WELLS FARGO & CO NEW COM STK Com 949746101 2,265 50,000 SH   DFND 4 50,000 0 0
WELLS FARGO & COMPANY PFT SERIES J Pref 949746887 0 387 SH   DFND   387 0 0
WESBANCO INC -CALLABLE Pref 950810705 422 15,000 SH   DFND 1 15,000 0 0
WESTINGHOUSE AIR BRAKE TECH CORP Com 929740108 53 187 SH   DFND 1,2,3,9 647 0 0
XILINX INC Com 983919101 5,786 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