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 298 1,948 SH   DFND   1,948 0 0
ADIENT LTD Com G0084W101 35 1,193 SH   DFND   1,193 0 0
ADVANCED MICRO DEVICES INC Com 007903107 5,272 68,936 SH   DFND 2 68,936 0 0
AGRIBANK FCB - CALLABLE Pref 00850L203 4,136 41,150 SH   DFND 1,2,3,10 41,150 0 0
AMGEN INC Com 031162100 22,505 92,500 SH   DFND 4,7,9 92,500 0 0
ARGONAUT GROUP STATUTORY TR - CALL Pref 8AMCSFQW9 12,000 12,000 SH   DFND 1,2,3,4,11,7,9,10 12,000 0 0
AT&T INC - CALLABLE Pref 00206R300 3,448 140,000 SH   DFND 1,2,10 140,000 0 0
ATLANTICUS HOLDINS CORP - CALL Pref 04914Y300 472 20,000 SH   DFND 10 20,000 0 0
AXIS CAPITAL HOLDINGS-CALLABLE Pref 05461T305 1,534 70,000 SH   DFND 1,11 70,000 0 0
B RILEY FINANCIAL INC - CALLABLE Pref 05580M819 3,046 140,000 SH   DFND 1,2,9 140,000 0 0
BANK OZK Pref 06417N202 1,093 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 409 1 SH   DFND   1 0 0
BLACKSTONE GROUP INC CLASS A Com 09260D107 3,467 38,000 SH   DFND   38,000 0 0
BOEING CO Com 097023105 3,746 27,400 SH   DFND   27,400 0 0
BP P.L.C. SPONSORED ADR - CMN Com 055622104 425 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 15 658 SH   DFND 2 658 0 0
CDK GLOBAL INC Com 1259900C6 1,041 19,000 SH   DFND   19,000 0 0
CHEVRON CORPORATION Com 166764100 2,316 16,000 SH   DFND 2,3 16,000 0 0
CHINA FUND INC Com 169373107 1,064 68,399 SH   DFND   68,399 0 0
COBANK ACB Pref 19075Q805 4,877 48,749 SH   DFND 1,3,9,10 48,749 0 0
COBANK ACB Pref 19075Q862 3,702 36,296 SH   DFND 1,2,10 36,296 0 0
CONIFER HOLDINGS INC Com 20731J102 390 250,000 SH   DFND 4 250,000 0 0
CORNING INC Com 219350105 11,575 367,350 SH   DFND   367,350 0 0
CORSA COAL CORP Com 22041E609 551 2,226,000 SH   DFND   2,226,000 0 0
CUSTOMERS BANCORP INC Pref 23204G803 932 40,000 SH   DFND 1 40,000 0 0
DELPHI FINANCIAL GROUP - CALLABLE Pref 247131303 1,673 77,797 SH   DFND 3,4 77,797 0 0
DIAMOND OFFSHORE DRILLING INC Com 25271C201 1,229 208,583 SH   DFND 1,4,7,10 208,583 0 0
DISNEY WALT CO Com 254687106 2,178 23,070 SH   DFND   23,070 0 0
DTE ENERGY CO - CALLABLE Pref 233331859 9,263 390,000 SH   DFND 1,2,3,9,10 390,000 0 0
DUKE ENERGY CORP - CALLABLE Pref 26441C402 633 25,000 SH   DFND 10 25,000 0 0
EAGLE POINT CREDIT CO-CALLABLE Pref 269809885 2,772 120,000 SH   DFND 1,2,9 120,000 0 0
EMERSON ELEC CO Com 291011104 6,363 80,000 SH   DFND 2,10 80,000 0 0
ENTERGY MISSISSIPPI-CALLABLE Pref 29364N108 604 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 6,817 79,600 SH   DFND 4 79,600 0 0
FARM CREDIT BK OF TEXAS-CALL-144A Pref 30767E406 396 4,000 SH   DFND 9 4,000 0 0
FOX CORP CLASS B Com 35137L204 743 25,028 SH   DFND   25,028 0 0
GENERAL ELECTRIC CO Com 369604301 963 15,125 SH   DFND 1,2,3,9 15,125 0 0
GOLDMAN SACHS GROUP INC Com 38141G104 33,118 111,500 SH   DFND 3,4 111,500 0 0
HEARTLAND FINANCIAL USA-CALLABLE Pref 42234Q201 576 22,500 SH   DFND 2 22,500 0 0
HELIOS TECHNOLOGIES INC Com 42328H109 19,875 300,000 SH   DFND 4,10 300,000 0 0
HUDSON PACIFIC PROPERTIES INC-CALL Pref 444097307 1,059 55,000 SH   DFND 1,2 55,000 0 0
INTL BUSINESS MACHINES CORP Com 459200101 212 1,500 SH   DFND 1 1,500 0 0
JEFFERIES FINANCIAL GROUP INC Com 47233W109 9,967 360,872 SH   DFND 4,7,9,10 360,872 0 0
JOHNSON CTLS INTL PLC Com G51502105 1,143 23,874 SH   DFND 9 23,874 0 0
JP MORGAN CHASE CO - CALLABLE Pref 48128B655 251 10,000 SH   DFND 10 10,000 0 0
KAISER ALUM CORP DEPOSITARY S CMN Com 483007704 6 70 SH   DFND 10 70 0 0
KYNDRYL HLDGS INC Com 50155Q100 3 300 SH   DFND 1 300 0 0
LADENBURG THALMAN FIN SVCS INC Pref 50575Q300 151 10,000 SH   DFND 9 10,000 0 0
MCDONALDS CORP Com 580135101 1,543 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 216,712 16,480,000 SH   DFND 1,2,3,4,7,9,10 16,480,000 0 0
MYMETICS CORP Com 62856A102 90 2,186,473 SH   DFND 7,10 2,186,473 0 0
NAM TAI PROPERTY INC Com G63907102 24,341 5,774,800 SH   DFND 1,2,3,4,7,9,10 5,774,800 0 0
NATIONAL RETAIL PPTYS INC Com 637417106 559 13,000 SH   DFND 4 13,000 0 0
NATIONAL RURAL UTILS COOP-CALLABLE Pref 637432105 480 20,000 SH   DFND 1 20,000 0 0
NOW INC DE Com 67011P100 11 1,100 SH   DFND 2 1,100 0 0
OFFICE PPTYS INCOME TR Pref 67623C208 948 40,000 SH   DFND 1,2 40,000 0 0
PFSWEB INC Com 717098206 8,820 750,000 SH   DFND 2,10 750,000 0 0
PHI GROUP INC Com 69360B104 556 39,712 SH   DFND 4,10 39,712 0 0
PNC FINANCIAL SERVICES Pref 693475857 2,024 80,000 SH   DFND 1,2 80,000 0 0
PROCTER & GAMBLE CO Com 742718109 820 5,700 SH   DFND   5,700 0 0
PROSPECT CAP CORP Pref 74348T565 933 50,000 SH   DFND 2 50,000 0 0
QWEST CORP - CALLABLE Pref 74913G881 459 20,000 SH   DFND 2 20,000 0 0
RAYMOND JAMES FNCL INC Com 754730109 26,655 298,125 SH   DFND 4,9 298,125 0 0
REINSURANCE GROUP OF AMERICA-CALL Pref 759351703 505 20,000 SH   DFND 2 20,000 0 0
ROOMSTORE INC - CMN Com 77638R108 0 43,661 SH   DFND   43,661 0 0
SCHWAB CHARLES CORP NEW Com 808513105 1,580 25,000 SH   DFND   25,000 0 0
SCULLY ROYALTY LTD Com G7T96K107 25,812 3,216,664 SH   DFND 1,2,3,4,7,9,10 3,216,664 0 0
SELECTIVE INS GROUP INC Com 816300107 17,388 200,000 SH   DFND 10 200,000 0 0
SEMPRA ENERGY-CALLABLE Pref 816851604 711 30,000 SH   DFND 10 30,000 0 0
SLM CORP PFD SERIES B Pref 78442P502 399 7,000 SH   DFND 11 7,000 0 0
SPECTRUM BRANDS HOLDINGS INC Com 84790A105 1,050 12,799 SH   DFND 4,7,9,10 12,799 0 0
SUVANZA Com 869551101 0 5,430 SH   DFND   5,430 0 0
TE CONNECTIVITY LIMITED Com H84989104 1,414 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 1 903 SH   DFND   903 0 0
UNUM GROUP - CALLABLE Pref 91529Y601 727 30,000 SH   DFND 1 30,000 0 0
VAIL RESORTS INC. Com 91879Q109 18,316 84,000 SH   DFND 3,4,10 84,000 0 0
VISTRA ENERGY CORP Com 92840M128 9 33,717 SH   DFND 4,9,10 33,717 0 0
VOLKSWAGEN AG Com 928CNV760 2,909 16,000 SH   DFND   16,000 0 0
WELLS FARGO & CO NEW COM STK Com 949746101 1,959 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 598 25,000 SH   DFND 10 25,000 0 0
WESTINGHOUSE AIR BRAKE TECH CORP Com 929740108 53 647 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