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. Common 00287Y109 4,684 74,800 SH   DFND 2 74,800 0 0
ACADIA Pharmaceuticals Inc. Common 004225108 1,902 65,947 SH   DFND 2 65,947 0 0
Adverum Biotechnologies Inc. Common 00773U108 191 66,000 SH   DFND 2 66,000 0 0
Alerian MLP Common 00162Q866 8 600 SH   DFND 1 0 600 0
Allergan plc Common G0177J108 1,837 8,746 SH   DFND 2 8,746 0 0
AllianceBernstein Holdings LP Unit Ltd Common 01881G106 23 1,000 SH   DFND 1 0 1,000 0
AllianceBernstein Holdings LP Unit Ltd Common 01881G106 35 1,500 SH   DFND 1 1,500 0 0
Ambac Financial Group, Inc. Common 023139884 3,835 170,426 SH   DFND 2 170,426 0 0
Anadarko Petroleum Corporation Common 032511107 4,519 64,800 SH   DFND 2 64,800 0 0
Anadarko Petroleum Corporation Common 032511107 495 7,100 SH   DFND 1 0 7,100 0
Anadarko Petroleum Corporation Common 032511107 618 8,860 SH   DFND 1 8,860 0 0
Anchor Bancorp Common 032838104 136 5,000 SH   DFND 1 0 5,000 0
Anchor Bancorp Common 032838104 197 7,250 SH   DFND 1 7,250 0 0
Apple Inc. Common 037833100 2,780 24,000 SH   DFND 2 24,000 0 0
Apple Inc. Common 037833100 61 525 SH   DFND 1 0 525 0
Apple Inc. Common 037833100 61 525 SH   DFND 1 525 0 0
Aralez Pharmaceuticals Inc. Common 03852X100 166 37,698 SH   DFND 2 37,698 0 0
AT&T Inc. Common 00206R102 87 2,050 SH   DFND 1 2,050 0 0
Avadel Pharmaceuticals plc Common 05337M104 1,035 99,587 SH   DFND 2 99,587 0 0
Bancorp 34, Inc. Common 05970V106 126 10,000 SH   DFND 2 10,000 0 0
Bank Nova Scotia Halifax Common 064149107 22 400 SH   DFND 1 0 400 0
Canadian Natural Resources Ltd. Common 136385101 438 13,750 SH   DFND 1 0 13,750 0
Canadian Natural Resources Ltd. Common 136385101 593 18,600 SH   DFND 1 18,600 0 0
Capitol Federal Financial, Inc. Common 14057J101 11,203 680,600 SH   DFND 2 680,600 0 0
Capitol Federal Financial, Inc. Common 14057J101 66 4,000 SH   DFND 1 0 4,000 0
Capitol Federal Financial, Inc. Common 14057J101 95 5,800 SH   DFND 1 5,800 0 0
Check Cap Ltd. Common M2361E112 376 159,871 SH   DFND 2 159,871 0 0
Check Cap Ltd. @7.50 Exp. 2/28/20 Common M2361E120 495 66,059 SH   DFND 2 66,059 0 0
Chemours Co. Common 163851108 14 640 SH   DFND 1 0 640 0
Chemours Co. Common 163851108 16 720 SH   DFND 1 720 0 0
China Ceramics Co. Ltd. Common G2113X134 108 47,195 SH   DFND 2 47,195 0 0
Coca Cola Inc. Common 191216100 240 5,800 SH   DFND 1 5,800 0 0
Colony Financial Inc. Common 19624R106 20 1,000 SH   DFND 1 0 1,000 0
Community Healthcare Trust Incorporated Common 20369C106 1,382 60,000 SH   DFND 2 60,000 0 0
Cousins Properties Inc. Common 222795106 114 13,428 SH   DFND 1 0 13,428 0
CoreCivic, Inc. Common 21871N101 1,835 75,000 SH   DFND 2 75,000 0 0
Delta Air Lines, Inc. Common 247361702 1,377 28,000 SH   DFND 2 28,000 0 0
Dow Chemical Company Common 260543103 46 800 SH   DFND 1 0 800 0
Du Pont E I De Nemours & Co Common 263534109 235 3,200 SH   DFND 1 0 3,200 0
Du Pont E I De Nemours & Co Common 263534109 257 3,500 SH   DFND 1 3,500 0 0
Eagle Materials Inc Common 26969P108 22 228 SH   DFND 1 0 228 0
Eli Lilly & Co. Common 532457108 22 300 SH   DFND 1 0 300 0
Entegra Financial Corp. Common 29363J108 618 30,000 SH   DFND 2 30,000 0 0
Entegra Financial Corp. Common 29363J108 62 3,000 SH   DFND 1 0 3,000 0
Entegra Financial Corp. Common 29363J108 149 7,250 SH   DFND 1 7,250 0 0
FNB Corporation Common 302520101 143 8,905 SH   DFND 1 0 8,905 0
FutureFuel Corporation Common 36116M106 762 54,804 SH   DFND 2 54,804 0 0
General Electric Common 369604103 38 1,200 SH   DFND 1 0 1,200 0
General Electric Common 369604103 110 3,480 SH   DFND 1 3,480 0 0
Gilead Sciences, Inc. Common 375558103 370 5,170 SH   DFND 2 5,170 0 0
GlaxoSmithKline plc Common 37733W105 870 22,600 SH   DFND 2 22,600 0 0
Global Medical REIT, Inc Common 37954A204 687 77,000 SH   DFND 2 77,000 0 0
Hertz Global Holdings Inc. Common 42806J106 539 25,000 SH   DFND 2 25,000 0 0
Hospitality Properties Trust Common 44106M102 32 1,000 SH   DFND 1 0 1,000 0
Independence Realty Trust, Inc. Common 45378A106 446 50,000 SH   DFND 2 50,000 0 0
Innovative Industrial Properties, Inc. Common 45781V101 455 25,000 SH   DFND 2 25,000 0 0
International Business Machines Corp Common 459200101 711 4,284 SH   DFND 1 0 4,284 0
Iridium Communications, Inc. Common 46269C102 3,245 338,000 SH   DFND 2 338,000 0 0
Johnson & Johnson Common 478160104 253 2,200 SH   DFND 1 0 2,200 0
Johnson & Johnson Common 478160104 585 5,080 SH   DFND 1 5,080 0 0
JP Morgan Chase & Co Common 46625H100 759 8,800 SH   DFND 1 0 8,800 0
JP Morgan Chase & Co Common 46625H100 1,230 14,250 SH   DFND 1 14,250 0 0
Ligand Pharmaceuticals Incorporated Common 53220K504 101,230 996,257 SH   DFND 2 996,257 0 0
Ligand Pharmaceuticals Incorporated Common 53220K504 187 1,843 SH   DFND 1 0 1,843 0
Macquarie Infrastructure Common 55608B105 270 3,300 SH   DFND 1 3,300 0 0
Medtronics Inc. Common G5960L103 75 1,050 SH   DFND 1 0 1,050 0
Merck & Co. Inc. Common 58933Y105 29 500 SH   DFND 1 0 500 0
Merck & Co. Inc. Common 58933Y105 47 800 SH   DFND 1 800 0 0
Microsoft Corporation Common 594918104 4,185 67,350 SH   DFND 2 67,350 0 0
Microsoft Corporation Common 594918104 62 1,000 SH   DFND 1 0 1,000 0
Microsoft Corporation Common 594918104 25 400 SH   DFND 1 400 0 0
Mondelez Int'l Inc. Common 609207105 131 3,000 SH   DFND 1 0 3,000 0
Mondelez Int'l Inc. Common 609207105 129 2,900 SH   DFND 1 2,900 0 0
Novelion Therapeutics, Inc. Common 67001K202 919 109,184 SH   DFND 2 109,184 0 0
Och-Ziff Capital Management Group Common 67551U105 7 2,000 SH   DFND 1 2,000 0 0
Oritani Financial Corp Common 68633D103 38 2,000 SH   DFND 1 0 2,000 0
Oritani Financial Corp Common 68633D103 109 5,800 SH   DFND 1 5,800 0 0
Peoples United Financial Common 712704105 29 1,500 SH   DFND 1 0 1,500 0
Pfizer Inc. Common 717081103 28,864 888,676 SH   DFND 2 888,676 0 0
Pfizer Inc. Common 717081103 844 26,000 SH   DFND 1 0 26,000 0
Pfizer Inc. Common 717081103 1,916 59,000 SH   DFND 1 59,000 0 0
Physicians Realty Trust Common 71943U104 1,058 55,800 SH   DFND 2 55,800 0 0
RMR Group Inc. Common 74967R106 1 16 SH   DFND 1 0 16 0
Rand Logistics, Inc. Common 752182105 551 664,435 SH   DFND 2 664,435 0 0
Ryman Hospitality Ppty Inc. Common 78377T107 25 400 SH   DFND 1 400 0 0
Standard Financial Corp. Common 853393106 504 20,000 SH   DFND 2 20,000 0 0
Starwood Ppty Inc. Common 85571B105 9 400 SH   DFND 1 400 0 0
Sunshine Bancorp, Inc. Common 86777J108 343 20,000 SH   DFND 2 20,000 0 0
Sunshine Bancorp, Inc. Common 86777J108 34 2,000 SH   DFND 1 0 2,000 0
Sunshine Bancorp, Inc. Common 86777J108 99 5,800 SH   DFND 1 5,800 0 0
Synergy Pharmaceuticals, Inc. Common 871639308 965 158,400 SH   DFND 2 158,400 0 0
The Kraft Heinz Company Common 500754106 611 7,000 SH   DFND 2 7,000 0 0
The Kraft Heinz Company Common 500754106 163 1,865 SH   DFND 1 0 1,865 0
The Kraft Heinz Company Common 500754106 265 3,035 SH   DFND 1 3,035 0 0
TheStreet Inc. Common 88368Q103 86 100,600 SH   DFND 2 100,600 0 0
Total SA Sponsored ADR Common 89151E109 148 2,900 SH   DFND 1 0 2,900 0
Total SA Sponsored ADR Common 89151E109 120 2,360 SH   DFND 1 2,360 0 0
Verizon Communications Inc. Common 92343V104 14 263 SH   DFND 1 0 263 0
Verizon Communications Inc. Common 92343V104 70 1,320 SH   DFND 1 1,320 0 0
Wheeler Real Estate Investment Trust, Inc. Common 963025606 705 30,000 SH   DFND 2 30,000 0 0