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   354,731 1,948 SH   DFND   1,948 0 0
ADVANCED MICRO DEVICES INC Com 007903107   12,442,259 68,936 SH   DFND 2 68,936 0 0
AFFILIATED MANAGERS GROUP INC-CALL Pref 008252827   2,554,000 200,000 SH   DFND 1,3,11,9 200,000 0 0
ALGONQUIN POWER & UTILITIES CORP Pref 015857808   1,000,400 80,000 SH   DFND 1,3 80,000 0 0
AMGEN INC Com 031162100   7,108,000 92,500 SH   DFND 4,7,9 92,500 0 0
ATHENE HOLDING LTD-CALLABLE Pref 04686J838   510,200 70,000 SH   DFND 11,10 70,000 0 0
ATLANTICUS HOLDINS CORP - CALL Pref 04914Y300   474,746 20,000 SH   DFND 10 20,000 0 0
AXIS CAPITAL HOLDINGS-CALLABLE Pref 05461T305   906,800 70,000 SH   DFND 1,11 70,000 0 0
BB LIQUIDATING INC - CLASS A Com 05532D107   98 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   565,200 15,000 SH   DFND 3 15,000 0 0
B RILEY FINANCIAL INC - CALLABLE Pref 05580M819   544,000 140,000 SH   DFND 1,2,9 140,000 0 0
BANK OZK Pref 06417N202   347,900 60,000 SH   DFND 1,2 60,000 0 0
BERKSHIRE HATHAWAY INC DEL CL A Com 084670108   634,440 1 SH   DFND   1 0 0
BLACKSTONE GROUP INC CLASS A Com 09260D107   4,992,060 38,000 SH   DFND   38,000 0 0
BOEING CO Com 097023105   5,287,926 27,400 SH   DFND   27,400 0 0
BROOKFIELD BRP HLDGS INC-CALLABLE Pref 11259P307   500,200 20,000 SH   DFND 1 20,000 0 0
CBL & ASSOC PPTYS INC Com 124830878   15,075 658 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   1,577,400 16,000 SH   DFND 2 16,000 0 0
CHEVRON CORPORATION Com 166764100   946,440 16,000 SH   DFND 2,3 16,000 0 0
CHINA FUND INC Com 169373107   683,306 68,399 SH   DFND   68,399 0 0
COBANK ACB Pref 19075Q862   942,754 41,196 SH   DFND 1,2,11,10 41,196 0 0
CONIFER HOLDINGS INC Com 20731J102   282,475 250,000 SH   DFND 4 250,000 0 0
CORNING INC Com 219350105   12,107,856 367,350 SH   DFND   367,350 0 0
CORSA COAL CORP Com 22041E609   476,364 2,226,000 SH   DFND   2,226,000 0 0
CUSTOMERS BANCORP INC Pref 23204G803   791,380 40,000 SH   DFND 1 40,000 0 0
DELPHI FINANCIAL GROUP - CALLABLE Pref 247131303   3,996,750 328,790 SH   DFND 2,3,4,9 328,790 0 0
DIAMOND OFFSHORE DRILLING INC Com 25271C201   853,523 208,583 SH   DFND 1,4,7,10 208,583 0 0
DISNEY WALT CO Com 254687106   2,822,845 23,070 SH   DFND   23,070 0 0
EAGLE POINT CREDIT CO-CALLABLE Pref 269809885   896,800 120,000 SH   DFND 1,2,9 120,000 0 0
EMERSON ELEC CO Com 291011104   5,671,000 80,000 SH   DFND 2,10 80,000 0 0
ENERGY TRANSFER L P Pref 29273V605   1,011,200 120,000 SH   DFND 1,2,3,10 120,000 0 0
EXXON MOBIL CORP Com 30231G102   534,704 79,600 SH   DFND 4 79,600 0 0
FARM CREDIT BK OF TEXAS-CALL-144A Pref 30767E406   497,500 44,000 SH   DFND 4,11,7,9,10 44,000 0 0
FOX CORP CLASS B Com 35137L204   716,301 25,028 SH   DFND   25,028 0 0
GE HEALTHCARE TECHNOLOGIES INC Com 36266G107   132,547 5,040 SH   DFND 1,2,3,9 5,040 0 0
GENERAL ELECTRIC CO Com 369604301   767,944 15,125 SH   DFND 1,2,3,9 15,125 0 0
GOLDMAN SACHS GROUP INC Com 38141G104   29,906,604 111,500 SH   DFND 3,4 111,500 0 0
HEARTLAND FINANCIAL USA-CALLABLE Pref 42234Q201   560,025 22,500 SH   DFND 2 22,500 0 0
HELIOS TECHNOLOGIES INC Com 42328H109   6,703,500 300,000 SH   DFND 4,10 300,000 0 0
HUDSON PACIFIC PROPERTIES INC-CALL Pref 444097307   564,000 55,000 SH   DFND 1,2 55,000 0 0
INTL BUSINESS MACHINES CORP Com 459200101   286,440 1,500 SH   DFND 1 1,500 0 0
JACOBS SOLUTIONS INC Com 46982L108   1,929,312 12,550 SH   DFND   12,550 0 0
JEFFERIES FINANCIAL GROUP INC Com 47233W109   6,626,598 360,872 SH   DFND 4,7,9,10 360,872 0 0
KAISER ALUM CORP DEPOSITARY S CMN Com 483007704   6,255 70 SH   DFND 10 70 0 0
KYNDRYL HLDGS INC Com 50155Q100   6,528 300 SH   DFND 1 300 0 0
LADENBURG THALMAN FIN SVCS INC Pref 50575Q300   93,500 5,000 SH   DFND 9 5,000 0 0
MCDONALDS CORP Com 580135101   1,762,188 6,250 SH   DFND 3 6,250 0 0
ESC PFD MEDLEY LLC ESCROW Pref 585ESC015   0 40,000 SH   DFND 2,4 40,000 0 0
MEDLEY LLC ESCROW Pref 585ESC023   2 40,000 SH   DFND 9,10 40,000 0 0
MERCER INTERNATIONAL INC SBI Com 588056101   6,268,500 16,480,000 SH   DFND 1,2,3,4,7,9,10 16,480,000 0 0
MYMETICS CORP Com 62856A300   3 1,092 SH   DFND 7,10 1,092 0 0
NATIONAL RETAIL PPTYS INC Com 637417106   555,620 13,000 SH   DFND 4 13,000 0 0
NOW INC DE Com 67011P100   16,720 1,100 SH   DFND 2 1,100 0 0
OFFICE PPTYS INCOME TR Pref 67623C208   220,400 40,000 SH   DFND 1,2 40,000 0 0
PHI GROUP INC Com 69360B104   432,861 39,712 SH   DFND 4,10 39,712 0 0
PROCTER & GAMBLE CO Com 742718109   924,825 5,700 SH   DFND   5,700 0 0
PROSPECT CAP CORP Pref 74348T565   954,500 50,000 SH   DFND 2 50,000 0 0
RAYMOND JAMES FNCL INC Com 754730109   14,206,463 298,125 SH   DFND 4,9 298,125 0 0
ROOMSTORE INC - CMN Com 77638R108   4 43,661 SH   DFND   43,661 0 0
SLM CORP PFD SERIES B Pref 78442P502   342,360 4,500 SH   DFND 11 4,500 0 0
SCHWAB CHARLES CORP NEW Com 808513105   1,808,500 25,000 SH   DFND   25,000 0 0
SELECTIVE INS GROUP INC Com 816300107   21,834,000 200,000 SH   DFND 10 200,000 0 0
SPECTRUM BRANDS HOLDINGS INC Com 84790A105   669,711 12,799 SH   DFND 4,7,9,10 12,799 0 0
TENNESSEE VALLEY AUTHORITY PARRS Pref 880591300   2,655,600 120,000 SH   DFND 9 120,000 0 0
TENNESSEE VALLEY AUTHORITY Pref 880591409   3,039,400 260,000 SH   DFND 3,9 260,000 0 0
ARGONAUT GROUP STATUTORY TR - CALL Pref 8AMCSFQW9   2,000,000 12,000 SH   DFND 1,2,3,4,11,7,9,10 12,000 0 0
US BANCORP -CALLABLE Pref 902973668   627,300 60,000 SH   DFND 1,2 60,000 0 0
VAIL RESORTS INC. Com 91879Q109   11,141,500 84,000 SH   DFND 3,4,10 84,000 0 0
VITESSE ENERGY INC Com 92852X103   419,641 42,469 SH   DFND 4,7,9,10 42,469 0 0
VOLKSWAGEN AG Com 928CNV760   2,446,848 16,000 SH   DFND   16,000 0 0
WESTINGHOUSE AIR BRAKE TECH CORP Com 929740108   27,242 647 SH   DFND 1,2,3,9 647 0 0
WELLS FARGO & CO NEW COM STK Com 949746101   2,898,000 50,000 SH   DFND 4 50,000 0 0
WELLS FARGO & COMPANY PFT SERIES J Pref 949746887   74 387 SH   DFND   387 0 0
ADIENT LTD Com G0084W101   39,274 1,193 SH   DFND   1,193 0 0
JOHNSON CTLS INTL PLC Com G51502105   779,725 23,874 SH   DFND 9 23,874 0 0
NAM TAI PROPERTY INC Com G63907102   1,716,000 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   22,893,379 5,336,452 SH   DFND   5,336,452 0 0
SCULLY ROYALTY LTD Com G7T96K107   1,873,450 3,416,664 SH   DFND 1,2,3,4,7,9,10 3,416,664 0 0
TE CONNECTIVITY LIMITED Com H84989104   1,815,500 12,500 SH   DFND   12,500 0 0