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 316 1,948 SH   DFND   1,948 0 0
ADIENT LTD Com G0084W101 49 1,193 SH   DFND   1,193 0 0
ADVANCED MICRO DEVICES INC Com 007903107 7,537 68,936 SH   DFND 2 68,936 0 0
AGRIBANK FCB - CALLABLE Pref 00850L203 4,341 41,150 SH   DFND 1,2,3,10 41,150 0 0
AMER EXPRESS CO COM Com 025816109 65,170 348,500 SH   DFND 1,2,3,4,7,9,10 348,500 0 0
AMGEN INC Com 031162100 22,368 92,500 SH   DFND 4,7,9 92,500 0 0
APPLE INC Com 037833100 60,384 345,820 SH   DFND 1,4,11,9,10 345,820 0 0
ARGONAUT GROUP STATUTORY TR - CALL Pref 8AMCSFQW9 12,000 12,000 SH   DFND 1,2,3,4,11,7,9,10 12,000 0 0
AT&T INC - CALLABLE Pref 00206R300 3,552 140,000 SH   DFND 1,2,10 140,000 0 0
ATLANTICUS HOLDINS CORP - CALL Pref 04914Y300 505 20,000 SH   DFND 10 20,000 0 0
AUTOMATIC DATA PROCESSING INC Com 053015103 16,167 71,050 SH   DFND 1,2,4,7,9 71,050 0 0
AXIS CAPITAL HOLDINGS-CALLABLE Pref 05461T305 1,747 70,000 SH   DFND 1,11 70,000 0 0
B RILEY FINANCIAL INC - CALLABLE Pref 05580M819 3,374 140,000 SH   DFND 1,2,9 140,000 0 0
BANK OZK Pref 06417N202 1,244 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
BECTON DICKINSON & CO Com 075887109 30,936 116,300 SH   DFND 1,2,3,4,7,9,10 116,300 0 0
BERKSHIRE HATHAWAY INC DEL CL A Com 084670108 529 1 SH   DFND   1 0 0
BLACKSTONE GROUP INC CLASS A Com 09260D107 86,103 678,300 SH   DFND 1,2,3,4,7,9,10 678,300 0 0
BOEING CO Com 097023105 25,948 135,500 SH   DFND 1,2,4,11,7,9,10 135,500 0 0
BP P.L.C. SPONSORED ADR - CMN Com 055622104 441 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 22 658 SH   DFND 2 658 0 0
CDK GLOBAL INC Com 12508E101 925 19,000 SH   DFND   19,000 0 0
CHEVRON CORPORATION Com 166764100 2,605 16,000 SH   DFND 2,3 16,000 0 0
CHINA FUND INC Com 169373107 1,010 68,399 SH   DFND   68,399 0 0
CHUBB LTD Com H1467J104 38,054 177,906 SH   DFND 1,2,3,4,11,7,10 177,906 0 0
CITIGROUP INC - PFD - CALLABLE Pref 172967341 265 10,000 SH   DFND 2 10,000 0 0
COBANK ACB Pref 19075Q805 4,930 48,749 SH   DFND 1,3,9,10 48,749 0 0
COBANK ACB Pref 19075Q862 3,811 36,296 SH   DFND 1,2,10 36,296 0 0
CONIFER HOLDINGS INC Com 20731J102 595 250,000 SH   DFND 4 250,000 0 0
CORNING INC Com 219350105 29,338 794,850 SH   DFND 1,2,3,7,9,10 794,850 0 0
CORSA COAL CORP Com 22041E609 1,349 2,226,000 SH   DFND   2,226,000 0 0
CUSTOMERS BANCORP INC Pref 23204G803 1,012 40,000 SH   DFND 1 40,000 0 0
CVS HEALTH CORP Com 126650100 23,531 232,500 SH   DFND 1,2,3,4,10 232,500 0 0
DELPHI FINANCIAL GROUP - CALLABLE Pref 247131303 1,712 77,797 SH   DFND 3,4 77,797 0 0
DIAMOND OFFSHORE DRILLING INC Com 25271C201 1,487 208,583 SH   DFND 1,4,7,10 208,583 0 0
DISNEY WALT CO Com 254687106 48,262 351,870 SH   DFND 1,2,3,4,7,9,10 351,870 0 0
DTE ENERGY CO - CALLABLE Pref 233331859 10,221 410,000 SH   DFND 1,2,3,11,9,10 410,000 0 0
DUKE ENERGY CORP - CALLABLE Pref 26441C402 647 25,000 SH   DFND 10 25,000 0 0
EAGLE POINT CREDIT CO-CALLABLE Pref 269809885 2,876 120,000 SH   DFND 1,2,9 120,000 0 0
EMERSON ELEC CO Com 291011104 7,844 80,000 SH   DFND 2,10 80,000 0 0
ENTERGY MISSISSIPPI-CALLABLE Pref 29364N108 617 25,000 SH   DFND 2 25,000 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 6,574 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 23,576 649,828 SH   DFND 1,2,3,7,9,10 649,828 0 0
GENERAL ELECTRIC CO Com 369604301 1,384 15,125 SH   DFND 1,2,3,9 15,125 0 0
GENERAL MOTORS COMPANY Com 37045V100 6,998 160,000 SH   DFND 4 160,000 0 0
GOLDMAN SACHS GROUP INC Com 38141G104 70,542 213,700 SH   DFND 1,2,3,4,11,7,9,10 213,700 0 0
HEARTLAND FINANCIAL USA-CALLABLE Pref 42234Q201 610 22,500 SH   DFND 2 22,500 0 0
HELIOS TECHNOLOGIES INC Com 42328H109 24,075 300,000 SH   DFND 4,10 300,000 0 0
HUDSON PACIFIC PROPERTIES INC-CALL Pref 444097307 1,698 80,000 SH   DFND 1,2 80,000 0 0
INTL BUSINESS MACHINES CORP Com 459200101 195 1,500 SH   DFND 1 1,500 0 0
JACOBS ENGINEERING GROUP INC Com 469814107 58,590 425,150 SH   DFND 1,2,3,4,11,7,9,10 425,150 0 0
JEFFERIES FINANCIAL GROUP INC Com 47233W109 11,855 360,872 SH   DFND 4,7,9,10 360,872 0 0
JOHNSON & JOHNSON Com 478160104 30,129 170,000 SH   DFND 2,3,4,7,9,10 170,000 0 0
JOHNSON CTLS INTL PLC Com G51502105 1,565 23,874 SH   DFND 9 23,874 0 0
JP MORGAN CHASE CO - CALLABLE Pref 48128B655 259 10,000 SH   DFND 10 10,000 0 0
JP MORGAN CHASE CO -CALLABLE Pref 48128B648 263 10,000 SH   DFND 2 10,000 0 0
KAISER ALUM CORP DEPOSITARY S CMN Com 483007704 7 70 SH   DFND 10 70 0 0
KYNDRYL HLDGS INC Com 50155Q100 4 300 SH   DFND 1 300 0 0
LADENBURG THALMAN FIN SVCS INC Pref 50575Q300 176 10,000 SH   DFND 9 10,000 0 0
MCDONALDS CORP Com 580135101 1,546 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 229,896 16,480,000 SH   DFND 1,2,3,4,11,7,9,10 16,480,000 0 0
MERCK & CO, INC. Com 58933Y105 36,314 442,587 SH   DFND 1,2,3,4,7,9,10 442,587 0 0
MYMETICS CORP Com 62856A102 181 2,186,473 SH   DFND 7,10 2,186,473 0 0
NAM TAI PROPERTY INC Com G63907102 36,093 5,774,800 SH   DFND 1,2,3,4,11,7,9,10 5,774,800 0 0
NATIONAL RETAIL PPTYS INC Com 637417106 584 13,000 SH   DFND 4 13,000 0 0
NATIONAL RURAL UTILS COOP-CALLABLE Pref 637432105 516 20,000 SH   DFND 1 20,000 0 0
NOW INC DE Com 67011P100 12 1,100 SH   DFND 2 1,100 0 0
OFFICE PPTYS INCOME TR Pref 67623C208 1,002 40,000 SH   DFND 1 40,000 0 0
OFFICE PPTYS INCOME TR Pref 67623C208 1,002 40,000 SH   DFND 1,2 40,000 0 0
ORGANON CO Com 68622V106 1,546 44,256 SH   DFND 1,2,3,4,7,9,10 44,256 0 0
PFSWEB INC Com 717098206 8,573 750,000 SH   DFND 2,10 750,000 0 0
PHI GROUP INC Com 69360B104 655 39,712 SH   DFND 4,10 39,712 0 0
PNC FINANCIAL SERVICES Pref 693475857 2,537 100,000 SH   DFND 1,2 100,000 0 0
PROCTER & GAMBLE CO Com 742718109 871 5,700 SH   DFND   5,700 0 0
PROSPECT CAP CORP Pref 74348T565 1,021 50,000 SH   DFND 2 50,000 0 0
PZENA INVT MGMT INC CL A SHS Com 74731Q103 3,328 415,000 SH   DFND 1,2,3,4,7,9 415,000 0 0
QWEST CORP - CALLABLE Pref 74913G881 495 20,000 SH   DFND 2 20,000 0 0
RAYMOND JAMES FNCL INC Com 754730109 32,767 298,125 SH   DFND 4,9 298,125 0 0
RAYTHEON TECHNOLOGIES CORP Com 75513E101 17,621 177,866 SH   DFND 1,2,3,4,11,7,9,10 177,866 0 0
REINSURANCE GROUP OF AMERICA-CALL Pref 759351703 762 30,000 SH   DFND 2 30,000 0 0
ROOMSTORE INC - CMN Com 77638R108 0 43,661 SH   DFND   43,661 0 0
SCHWAB CHARLES CORP NEW Com 808513105 2,108 25,000 SH   DFND   25,000 0 0
SCULLY ROYALTY LTD Com G7T96K107 31,588 3,216,664 SH   DFND 1,2,3,4,11,7,9,10 3,216,664 0 0
SEAGATE TECHNOLOGY HLDGS PUB LTD Com G7997R103 40,500 450,500 SH   DFND 1,2,4,7,9,10 450,500 0 0
SELECTIVE INS GROUP INC Com 816300107 17,872 200,000 SH   DFND 10 200,000 0 0
SEMPRA ENERGY-CALLABLE Pref 816851604 773 30,000 SH   DFND 10 30,000 0 0
SLM CORP PFD SERIES B Pref 78442P502 885 15,000 SH   DFND 11 15,000 0 0
SPECTRUM BRANDS HOLDINGS INC Com 84790A105 1,136 12,799 SH   DFND 4,7,9,10 12,799 0 0
TE CONNECTIVITY LIMITED Com H84989104 1,637 12,500 SH   DFND   12,500 0 0
THE BANK OF NY MELLON CORP Com 064058100 8,921 179,750 SH   DFND 1,2,4,7,9 179,750 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
UNITED PARCEL SERVICE, INC-CLASS B Com 911312106 58,397 272,300 SH   DFND 2,3,4,11,7,9,10 272,300 0 0
UNUM GROUP - CALLABLE Pref 91529Y601 793 30,000 SH   DFND 1 30,000 0 0
US BANCORP -CALLABLE Pref 902973668 1,354 60,000 SH   DFND 1,2 60,000 0 0
VAIL RESORTS INC. Com 91879Q109 21,863 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 44,095 175,200 SH   DFND 2,3,4,7,9,10 175,200 0 0
WELLS FARGO & CO NEW COM STK Com 949746101 2,423 50,000 SH   DFND 4 50,000 0 0
WELLS FARGO & COMPANY PFT SERIES J Pref 949746887 1 387 SH   DFND   387 0 0
WELLS FARGO CO - CALLABLE Pref 949746556 636 25,000 SH   DFND 10 25,000 0 0
WESTINGHOUSE AIR BRAKE TECH CORP Com 929740108 62 647 SH   DFND 1,2,3,9 647 0 0
ZIEGLER COS INC THE Com 989506308 1,972 48,972 SH   DFND   48,972 0 0