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 210 1,948 SH   DFND   1,948 0 0
AGRIBANK FCB - CALLABLE Pref 00850L203 5,660 52,650 SH   DFND 1,2,3,8,10 52,650 0 0
AMGEN INC Com 031162100 19,670 92,500 SH   DFND 4,7,9 92,500 0 0
AXIS CAPITAL HOLDINGS-CALLABLE Pref 05461T305 1,019 40,000 SH   DFND 11 40,000 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 2 54,211 SH   DFND   54,211 0 0
BP P.L.C. SPONSORED ADR - CMN Com 055622104 410 15,000 SH   DFND 3 15,000 0 0
B RILEY FINANCIAL INC - CALLABLE Pref 05580M819 3,515 140,000 SH   DFND 1,2,9 140,000 0 0
B. RILEY FINANCIAL INC Pref 05580M827 513 20,000 SH   DFND 3 20,000 0 0
BERKSHIRE HATHAWAY INC DEL CL A Com 084670108 411 1 SH   DFND   1 0 0
BLACKSTONE GROUP INC CLASS A Com 09260D107 4,421 38,000 SH   DFND   38,000 0 0
BOEING CO Com 097023105 6,026 27,400 SH   DFND   27,400 0 0
CBL ASSOCIATES PROP - CALLABLE Pref 124830605 24 15,000 SH   DFND 2 15,000 0 0
CDK GLOBAL INC Com 12508E101 808 19,000 SH   DFND   19,000 0 0
CAL DIVE INTERNATIONAL INC Com 12802T101 0 500,000 SH   DFND   500,000 0 0
CHEVRON CORPORATION Com 166764100 1,623 16,000 SH   DFND 2,3 16,000 0 0
CHINA FUND INC Com 169373107 1,739 68,399 SH   DFND   68,399 0 0
COBANK ACB Pref 19075Q805 6,081 58,749 SH   DFND 1,3,8,9,10 58,749 0 0
COBANK ACB Pref 19075Q862 3,688 33,802 SH   DFND 1,2,10 33,802 0 0
CONIFER HOLDINGS INC Com 20731J102 720 250,000 SH   DFND 4 250,000 0 0
CORNING INC Com 219350105 13,405 367,350 SH   DFND   367,350 0 0
CORSA COAL CORP Com 22041E609 1,141 2,226,000 SH   DFND   2,226,000 0 0
DTE ENERGY CO - CALLABLE Pref 233331859 9,853 380,000 SH   DFND 1,2,3,11,9,10 380,000 0 0
DELPHI FINANCIAL GROUP - CALLABLE Pref 247131303 1,828 77,797 SH   DFND 3,4 77,797 0 0
DIAMOND OFFSHORE DRILLING INC Com 25271C201 1,210 208,583 SH   DFND 1,4,7,8,10 208,583 0 0
DISNEY WALT CO Com 254687106 3,903 23,070 SH   DFND   23,070 0 0
DUKE ENERGY CORP - CALLABLE Pref 26441C402 536 20,000 SH   DFND 11 20,000 0 0
EMERSON ELEC CO Com 291011104 7,536 80,000 SH   DFND 2,10 80,000 0 0
EXXON MOBIL CORP Com 30231G102 4,682 79,600 SH   DFND 4 79,600 0 0
FARM CREDIT BK OF TEXAS-CALL-144A Pref 30767E406 428 4,000 SH   DFND 9 4,000 0 0
FIRST INTERNET BANCORP - CALLABLE Pref 320557309 405 15,000 SH   DFND 11 15,000 0 0
FOX CORP CLASS B Com 35137L204 929 25,028 SH   DFND   25,028 0 0
GENERAL ELECTRIC CO Com 369604301 1,558 15,125 SH   DFND 1,2,3,9 15,125 0 0
GENERAL MOTORS COMPANY Com 37045V100 123 2,327 SH   DFND   2,327 0 0
GOLDMAN SACHS GROUP INC Com 38141G104 42,150 111,500 SH   DFND 3,4 111,500 0 0
HELIOS TECHNOLOGIES INC Com 42328H109 24,633 300,000 SH   DFND 4,10 300,000 0 0
INTL BUSINESS MACHINES CORP Com 459200101 208 1,500 SH   DFND 1 1,500 0 0
JEFFERIES FINANCIAL GROUP INC Com 47233W109 13,399 360,872 SH   DFND 4,7,9,10 360,872 0 0
KAISER ALUM CORP DEPOSITARY S CMN Com 483007704 8 70 SH   DFND 10 70 0 0
LADENBURG THALMAN FIN SVCS INC Pref 50575Q300 105 10,000 SH   DFND 9 10,000 0 0
MCDONALDS CORP Com 580135101 1,507 6,250 SH   DFND 3 6,250 0 0
MEDLEY LLC - CALLABLE Pref 58503Y105 1 40,000 SH   DFND 2,4 40,000 0 0
MEDLEY LLC - CALLABLE Pref 58503Y204 1 40,000 SH   DFND 9,10 40,000 0 0
MERCER INTERNATIONAL INC SBI Com 588056101 191,003 16,480,000 SH   DFND 1,2,3,4,11,7,9,10 16,480,000 0 0
MYMETICS CORP Com 62856A102 144 2,186,473 SH   DFND 7,10 2,186,473 0 0
NATIONAL RETAIL PPTYS INC Com 637417106 561 13,000 SH   DFND 4 13,000 0 0
NOW INC DE Com 67011P100 8 1,100 SH   DFND 2 1,100 0 0
OXFORD SQUARE CAP CORP-CALL Pref 69181V503 1,259 50,000 SH   DFND 1,2 50,000 0 0
PHI INC Com 6933ESCA5 0 1,000,000 SH   DFND 4,10 1,000,000 0 0
PHI GROUP INC Com 69360B104 556 39,712 SH   DFND 4,10 39,712 0 0
PENNYMAC MTG INVT TR-CALLABLE Pref 70931T509 507 20,000 SH   DFND 1,2 20,000 0 0
PFSWEB INC Com 717098206 9,675 750,000 SH   DFND 2,10 750,000 0 0
PROCTER & GAMBLE CO Com 742718109 797 5,700 SH   DFND   5,700 0 0
PRIORITY INCOME FUND INC-CALLABLE Pref 74274W772 1,504 60,000 SH   DFND 1,2 60,000 0 0
PROSPECT CAP CORP Pref 74348T565 1,168 50,000 SH   DFND 2 50,000 0 0
RAYMOND JAMES FNCL INC Com 754730109 27,511 298,125 SH   DFND 4,9 298,125 0 0
ROOMSTORE INC - CMN Com 77638R108 0 43,661 SH   DFND   43,661 0 0
SLM CORP PFD SERIES B Pref 78442P502 923 15,000 SH   DFND 11 15,000 0 0
SCHWAB CHARLES CORP NEW Com 808513105 1,821 25,000 SH   DFND   25,000 0 0
SELECTIVE INS GROUP INC Com 816300107 15,106 200,000 SH   DFND 10 200,000 0 0
SPECTRUM BRANDS HOLDINGS INC Com 84790A105 1,224 12,799 SH   DFND 4,7,9,10 12,799 0 0
TIDWATER INC WTS SERIES A 7/31/23 Com 88642R117 1 903 SH   DFND   903 0 0
TIDEWATER INC WTS SERIES B 7/31/23 Com 88642R125 1 976 SH   DFND   976 0 0
ARGONAUT GROUP STATUTORY TR - CALL Pref 8AMCSFQW9 11,760 12,000 SH   DFND 1,2,3,4,7,8,9,10 12,000 0 0
VAIL RESORTS INC. Com 91879Q109 28,060 84,000 SH   DFND 3,4,10 84,000 0 0
VISTRA ENERGY CORP Com 92840M128 6 33,717 SH   DFND 4,9,10 33,717 0 0
VOLKSWAGEN AG Com 928CNV760 4,970 16,000 SH   DFND   16,000 0 0
WESTINGHOUSE AIR BRAKE TECH CORP Com 929740108 56 647 SH   DFND 1,2,3,9 647 0 0
WASHINGTON PRIME GROUP NEW Pref 93964W306 160 35,000 SH   DFND 2,10 35,000 0 0
WELLS FARGO & CO NEW COM STK Com 949746101 2,321 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 849 30,000 SH   DFND 1 30,000 0 0
XILINX INC Com 983919101 6,040 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
ADIENT LTD Com G0084W101 49 1,193 SH   DFND   1,193 0 0
JOHNSON CTLS INTL PLC Com G51502105 1,625 23,874 SH   DFND 9 23,874 0 0
NAM TAI PROPERTY INC Com G63907102 134,264 5,774,800 SH   DFND 1,2,3,4,11,7,9,10 5,774,800 0 0
SEAGATE TECHNOLOGY HLDGS PUB LTD Com G7997R103 41 500 SH   DFND   500 0 0
SCULLY ROYALTY LTD Com G7T96K107 33,805 2,978,397 SH   DFND 1,2,3,4,11,7,9,10 2,978,397 0 0
TE CONNECTIVITY LIMITED Com H84989104 1,715 12,500 SH   DFND   12,500 0 0