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 FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
ABBVIE INC Com 00287Y109   301,882 1,948 SH   DFND   1,948 0 0
ADVANCED MICRO DEVICES INC Com 007903107   10,161,856 68,936 SH   DFND 2 68,936 0 0
AGRIBANK FCB - CALLABLE Pref 00850L203   2,021,880 20,300 SH   DFND 3,10 20,300 0 0
ALGONQUIN POWER & UTILITIES CORP Pref 015857808   965,600 40,000 SH   DFND 3 40,000 0 0
AMGEN INC Com 031162100   26,641,850 92,500 SH   DFND 4,7,9 92,500 0 0
ATLANTICUS HOLDINS CORP - CALL Pref 04914Y300   464,000 20,000 SH   DFND 10 20,000 0 0
AXIS CAPITAL HOLDINGS-CALLABLE Pref 05461T305   1,488,200 70,000 SH   DFND 1,11 70,000 0 0
BB LIQUIDATING INC - CLASS A Com 05532D107   542 54,211 SH   DFND   54,211 0 0
BB LIQUIDATING INC - CLASS B Com 05532D206   5 54,211 SH   DFND   54,211 0 0
BP P.L.C. SPONSORED ADR - CMN Com 055622104   531,000 15,000 SH   DFND 3 15,000 0 0
B RILEY FINANCIAL INC - CALLABLE Pref 05580M819   1,891,400 140,000 SH   DFND 1,2,9 140,000 0 0
BANK OZK Pref 06417N202   1,001,022 60,000 SH   DFND 1,2 60,000 0 0
BERKSHIRE HATHAWAY INC DEL CL A Com 084670108   542,625 1 SH   DFND   1 0 0
BLACKSTONE GROUP INC CLASS A Com 09260D107   4,974,960 38,000 SH   DFND   38,000 0 0
BOEING CO Com 097023105   7,142,084 27,400 SH   DFND   27,400 0 0
CBL & ASSOC PPTYS INC Com 124830878   16,068 658 SH   DFND 2 658 0 0
CAL DIVE INTERNATIONAL INC Com 12802T101   500 500,000 SH   DFND   500,000 0 0
CHEVRON CORPORATION Com 166764100   2,386,560 16,000 SH   DFND 2,3 16,000 0 0
CHINA FUND INC Com 169373107   694,934 68,399 SH   DFND   68,399 0 0
COBANK ACB Pref 19075Q862   3,987,773 41,196 SH   DFND 1,2,11,10 41,196 0 0
CONIFER HOLDINGS INC Com 20731J102   274,975 250,000 SH   DFND 4 250,000 0 0
CORNING INC Com 219350105   11,185,808 367,350 SH   DFND   367,350 0 0
CORSA COAL CORP Com 22041E609   667,800 2,226,000 SH   DFND   2,226,000 0 0
CUSTOMERS BANCORP INC Pref 23204G803   800,000 40,000 SH   DFND 1 40,000 0 0
DTE ENERGY CO - CALLABLE Pref 233331859   2,215,800 90,000 SH   DFND 1,2 90,000 0 0
DELPHI FINANCIAL GROUP - CALLABLE Pref 247131303   5,262,819 222,812 SH   DFND 2,3,4,9 222,812 0 0
DIAMOND OFFSHORE DRILLING INC Com 25271C201   2,711,579 208,583 SH   DFND 1,4,7,10 208,583 0 0
DISNEY WALT CO Com 254687106   2,082,990 23,070 SH   DFND   23,070 0 0
EAGLE POINT CREDIT CO-CALLABLE Pref 269809885   2,700,000 120,000 SH   DFND 1,2,9 120,000 0 0
EMERSON ELEC CO Com 291011104   7,786,400 80,000 SH   DFND 2,10 80,000 0 0
EXXON MOBIL CORP Com 30231G102   7,958,408 79,600 SH   DFND 4 79,600 0 0
FARM CREDIT BK OF TEXAS-CALL-144A Pref 30767E406   4,378,000 44,000 SH   DFND 4,11,7,9,10 44,000 0 0
FOX CORP CLASS B Com 35137L204   692,024 25,028 SH   DFND   25,028 0 0
GE HEALTHCARE TECHNOLOGIES INC Com 36266G107   389,693 5,040 SH   DFND 1,2,3,9 5,040 0 0
GENERAL ELECTRIC CO Com 369604301   1,930,404 15,125 SH   DFND 1,2,3,9 15,125 0 0
GOLDMAN SACHS GROUP INC Com 38141G104   43,013,355 111,500 SH   DFND 3,4 111,500 0 0
HEARTLAND FINANCIAL USA-CALLABLE Pref 42234Q201   552,150 22,500 SH   DFND 2 22,500 0 0
HELIOS TECHNOLOGIES INC Com 42328H109   13,605,000 300,000 SH   DFND 4,10 300,000 0 0
HUDSON PACIFIC PROPERTIES INC-CALL Pref 444097307   746,625 55,000 SH   DFND 1,2 55,000 0 0
INTL BUSINESS MACHINES CORP Com 459200101   245,325 1,500 SH   DFND 1 1,500 0 0
JEFFERIES FINANCIAL GROUP INC Com 47233W109   14,582,838 360,872 SH   DFND 4,7,9,10 360,872 0 0
KAISER ALUM CORP DEPOSITARY S CMN Com 483007704   4,983 70 SH   DFND 10 70 0 0
KYNDRYL HLDGS INC Com 50155Q100   6,234 300 SH   DFND 1 300 0 0
LADENBURG THALMAN FIN SVCS INC Pref 50575Q300   93,750 5,000 SH   DFND 9 5,000 0 0
MCDONALDS CORP Com 580135101   1,853,188 6,250 SH   DFND 3 6,250 0 0
MEDLEY LLC ESCROW Pref 585ESC023   4 40,000 SH   DFND 9,10 40,000 0 0
MERCER INTERNATIONAL INC SBI Com 588056101   156,230,400 16,480,000 SH   DFND 1,2,3,4,7,9,10 16,480,000 0 0
MORGAN STANLEY Pref 61763E207   2,502,070 100,000 SH   DFND 9 100,000 0 0
MYMETICS CORP Com 62856A300   230 1,093 SH   DFND 7,10 1,093 0 0
NATIONAL RETAIL PPTYS INC Com 637417106   560,300 13,000 SH   DFND 4 13,000 0 0
NISOURCE INC - CALLABLE Pref 65473P881   1,998,000 80,000 SH   DFND 1,2,9 80,000 0 0
NOW INC DE Com 67011P100   12,452 1,100 SH   DFND 2 1,100 0 0
OFFICE PPTYS INCOME TR Pref 67623C208   516,800 40,000 SH   DFND 1,2 40,000 0 0
PHI GROUP INC Com 69360B104   942,763 39,712 SH   DFND 4,10 39,712 0 0
PROCTER & GAMBLE CO Com 742718109   835,278 5,700 SH   DFND   5,700 0 0
PROSPECT CAP CORP Pref 74348T565   880,500 50,000 SH   DFND 2 50,000 0 0
RAYMOND JAMES FNCL INC Com 754730109   33,240,938 298,125 SH   DFND 4,9 298,125 0 0
ROOMSTORE INC - CMN Com 77638R108   4 43,661 SH   DFND   43,661 0 0
SCE TRUST VII - CALLABLE Pref 783892201   1,568,400 60,000 SH   DFND 1,3 60,000 0 0
SLM CORP PFD SERIES B Pref 78442P502   303,750 4,500 SH   DFND 11 4,500 0 0
SCHWAB CHARLES CORP NEW Com 808513105   1,720,000 25,000 SH   DFND   25,000 0 0
SELECTIVE INS GROUP INC Com 816300107   19,896,000 200,000 SH   DFND 10 200,000 0 0
SPECTRUM BRANDS HOLDINGS INC Com 84790A105   1,020,976 12,799 SH   DFND 4,7,9,10 12,799 0 0
STATE STREET CORP-CALLABLE Pref 857477608   5,010,000 200,000 SH   DFND 2,3,4,7,9,10 200,000 0 0
TENNESSEE VALLEY AUTHORITY PARRS Pref 880591300   1,824,800 80,000 SH   DFND 9 80,000 0 0
TENNESSEE VALLEY AUTHORITY Pref 880591409   4,950,000 220,000 SH   DFND 3,9 220,000 0 0
ARGONAUT GROUP STATUTORY TR - CALL Pref 8AMCSFQW9   12,000,000 12,000 SH   DFND 1,2,3,4,11,7,9,10 12,000 0 0
US BANCORP -CALLABLE Pref 902973668   1,171,800 60,000 SH   DFND 1,2 60,000 0 0
VAIL RESORTS INC. Com 91879Q109   17,931,480 84,000 SH   DFND 3,4,10 84,000 0 0
VISTRA ENERGY CORP Com 92840M128   246 33,717 SH   DFND 4,9,10 33,717 0 0
VITESSE ENERGY INC Com 92852X103   929,646 42,469 SH   DFND 4 42,469 0 0
VITESSE ENERGY INC Com 92852X103   929,646 42,469 SH   DFND 4,7,9,10 42,469 0 0
VOLKSWAGEN AG Com 928CNV760   2,093,533 16,000 SH   DFND   16,000 0 0
WESTINGHOUSE AIR BRAKE TECH CORP Com 929740108   82,104 647 SH   DFND 1,2,3,9 647 0 0
WELLS FARGO & CO NEW COM STK Com 949746101   2,461,000 50,000 SH   DFND 4 50,000 0 0
WELLS FARGO & CO -CALLABLE Pref 949746465   1,507,200 60,000 SH   DFND 10 60,000 0 0
WELLS FARGO & COMPANY PFT SERIES J Pref 949746887   406 387 SH   DFND   387 0 0
ADIENT LTD Com G0084W101   43,377 1,193 SH   DFND   1,193 0 0
JOHNSON CTLS INTL PLC Com G51502105   1,376,097 23,874 SH   DFND 9 23,874 0 0
NAM TAI PROPERTY INC Com G63907102   27,430,300 5,774,800 SH   DFND 1,2,3,4,7,9,10 5,774,800 0 0
NAM TAI G63907-10-2 PRIVATE Com G63907PP1   25,348,147 5,336,452 SH   DFND   5,336,452 0 0
SCULLY ROYALTY LTD Com G7T96K107   20,841,650 3,416,664 SH   DFND 1,2,3,4,7,9,10 3,416,664 0 0
TE CONNECTIVITY LIMITED Com H84989104   1,756,250 12,500 SH   DFND   12,500 0 0