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 264 1,948 SH   DFND   1,948 0 0
ADIENT LTD Com G0084W101 57 1,193 SH   DFND   1,193 0 0
AGRIBANK FCB - CALLABLE Pref 00850L203 5,581 52,650 SH   DFND 1,2,3,8,10 52,650 0 0
AMGEN INC Com 031162100 20,810 92,500 SH   DFND 4,7,9 92,500 0 0
ARGONAUT GROUP STATUTORY TR - CALL Pref 8AMCSFQW9 12,000 12,000 SH   DFND 1,2,3,4,7,8,9,10 12,000 0 0
AT&T INC - CALLABLE Pref 00206R300 1,568 60,000 SH   DFND 2,10 60,000 0 0
ATLANTICUS HOLDINS CORP - CALL Pref 04914Y300 1,278 50,000 SH   DFND 2,10 50,000 0 0
AXIS CAPITAL HOLDINGS-CALLABLE Pref 05461T305 1,006 40,000 SH   DFND 11 40,000 0 0
B RILEY FINANCIAL INC - CALLABLE Pref 05580M819 3,505 140,000 SH   DFND 1,2,9 140,000 0 0
BANK OZK Pref 06417N202 1,513 60,000 SH   DFND 1,2 60,000 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 451 1 SH   DFND   1 0 0
BLACKSTONE GROUP INC CLASS A Com 09260D107 4,917 38,000 SH   DFND   38,000 0 0
BOEING CO Com 097023105 5,516 27,400 SH   DFND   27,400 0 0
BP P.L.C. SPONSORED ADR - CMN Com 055622104 399 15,000 SH   DFND 3 15,000 0 0
CAL DIVE INTERNATIONAL INC Com 12802T101 0 500,000 SH   DFND   500,000 0 0
CBL & ASSOC PPTYS INC Com 124830878 21 658 SH   DFND 2 658 0 0
CDK GLOBAL INC Com 12508E101 793 19,000 SH   DFND   19,000 0 0
CHEVRON CORPORATION Com 166764100 1,878 16,000 SH   DFND 2,3 16,000 0 0
CHINA FUND INC Com 169373107 1,250 68,399 SH   DFND   68,399 0 0
COBANK ACB Pref 19075Q805 5,934 58,749 SH   DFND 1,3,8,9,10 58,749 0 0
COBANK ACB Pref 19075Q862 3,600 33,802 SH   DFND 1,2,10 33,802 0 0
CONIFER HOLDINGS INC Com 20731J102 580 250,000 SH   DFND 4 250,000 0 0
CORNING INC Com 219350105 13,676 367,350 SH   DFND   367,350 0 0
CORSA COAL CORP Com 22041E609 1,111 2,226,000 SH   DFND   2,226,000 0 0
DELPHI FINANCIAL GROUP - CALLABLE Pref 247131303 1,867 77,797 SH   DFND 3,4 77,797 0 0
DIAMOND OFFSHORE DRILLING INC Com 25271C201 782 208,583 SH   DFND 1,4,7,8,10 208,583 0 0
DISNEY WALT CO Com 254687106 3,573 23,070 SH   DFND   23,070 0 0
DTE ENERGY CO - CALLABLE Pref 233331859 9,812 380,000 SH   DFND 1,2,3,11,9,10 380,000 0 0
EMERSON ELEC CO Com 291011104 7,438 80,000 SH   DFND 2,10 80,000 0 0
ESC PFD MEDLEY LLC ESCROW Pref 585ESC015 6 40,000 SH   DFND 2,4 40,000 0 0
EXXON MOBIL CORP Com 30231G102 4,871 79,600 SH   DFND 4 79,600 0 0
FARM CREDIT BK OF TEXAS-CALL-144A Pref 30767E406 418 4,000 SH   DFND 9 4,000 0 0
FOX CORP CLASS B Com 35137L204 914 26,665 SH   DFND   26,665 0 0
GENERAL ELECTRIC CO Com 369604301 1,429 15,125 SH   DFND 1,2,3,9 15,125 0 0
GOLDMAN SACHS GROUP INC Com 38141G104 42,654 111,500 SH   DFND 3,4 111,500 0 0
HELIOS TECHNOLOGIES INC Com 42328H109 31,551 300,000 SH   DFND 4,10 300,000 0 0
HUDSON PACIFIC PROPERTIES INC-CALL Pref 444097307 2,078 80,000 SH   DFND 1,2 80,000 0 0
INTL BUSINESS MACHINES CORP Com 459200101 200 1,500 SH   DFND 1 1,500 0 0
JEFFERIES FINANCIAL GROUP INC Com 47233W109 14,002 360,872 SH   DFND 4,7,9,10 360,872 0 0
JOHNSON CTLS INTL PLC Com G51502105 1,941 23,874 SH   DFND 9 23,874 0 0
KAISER ALUM CORP DEPOSITARY S CMN Com 483007704 7 70 SH   DFND 10 70 0 0
KYNDRYL HLDGS INC Com 50155Q100 5 300 SH   DFND 1 300 0 0
LADENBURG THALMAN FIN SVCS INC Pref 50575Q300 175 10,000 SH   DFND 9 10,000 0 0
MCDONALDS CORP Com 580135101 1,675 6,250 SH   DFND 3 6,250 0 0
MEDLEY LLC ESCROW Pref 585ESC023 6 40,000 SH   DFND 9,10 40,000 0 0
MERCER INTERNATIONAL INC SBI Com 588056101 197,595 16,480,000 SH   DFND 1,2,3,4,11,7,9,10 16,480,000 0 0
MYMETICS CORP Com 62856A102 72 2,186,473 SH   DFND 7,10 2,186,473 0 0
NAM TAI PROPERTY INC Com G63907102 58,268 5,774,800 SH   DFND 1,2,3,4,11,7,9,10 5,774,800 0 0
NATIONAL RETAIL PPTYS INC Com 637417106 625 13,000 SH   DFND 4 13,000 0 0
NEWTEK BUSINESS SVSC CORP-CALL Pref 652526708 773 30,000 SH   DFND 2 30,000 0 0
NOW INC DE Com 67011P100 9 1,100 SH   DFND 2 1,100 0 0
PFSWEB INC Com 717098206 9,660 750,000 SH   DFND 2,10 750,000 0 0
PHI GROUP INC Com 69360B104 556 39,712 SH   DFND 4,10 39,712 0 0
PHI INC Com 6933ESCA5 0 1,000,000 SH   DFND 4,10 1,000,000 0 0
PRIORITY INCOME FUND INC-CALLABLE Pref 74274W772 757 30,000 SH   DFND 1,2 30,000 0 0
PROCTER & GAMBLE CO Com 742718109 932 5,700 SH   DFND   5,700 0 0
PROSPECT CAP CORP Pref 74348T565 1,094 50,000 SH   DFND 2 50,000 0 0
RAYMOND JAMES FNCL INC Com 754730109 29,932 298,125 SH   DFND 4,9 298,125 0 0
ROOMSTORE INC - CMN Com 77638R108 0 43,661 SH   DFND   43,661 0 0
SCHWAB CHARLES CORP NEW Com 808513105 2,103 25,000 SH   DFND   25,000 0 0
SCULLY ROYALTY LTD Com G7T96K107 28,500 3,216,668 SH   DFND 1,2,3,4,11,7,9,10 3,216,668 0 0
SELECTIVE INS GROUP INC Com 816300107 16,388 200,000 SH   DFND 10 200,000 0 0
SLM CORP PFD SERIES B Pref 78442P502 874 15,000 SH   DFND 11 15,000 0 0
SPECTRUM BRANDS HOLDINGS INC Com 84790A105 1,302 12,799 SH   DFND 4,7,9,10 12,799 0 0
TE CONNECTIVITY LIMITED Com H84989104 2,017 12,500 SH   DFND   12,500 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
VAIL RESORTS INC. Com 91879Q109 27,544 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 4,702 16,000 SH   DFND   16,000 0 0
WELLS FARGO & CO NEW COM STK Com 949746101 2,399 50,000 SH   DFND 4 50,000 0 0
WELLS FARGO & COMPANY PFT SERIES J Pref 949746887 1 387 SH   DFND   387 0 0
WESTINGHOUSE AIR BRAKE TECH CORP Com 929740108 60 647 SH   DFND 1,2,3,9 647 0 0
XILINX INC Com 983919101 8,481 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