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
ADIENT LTD Com G0084W101 15 1,193 SH   DFND   1,193 0 0
AFFILIATED MANAGERS GROUP-CALLABLE Pref 008252850 1,476 60,000 SH   DFND 1,3,8 60,000 0 0
AGRIBANK FCB - CALLABLE Pref 00850L203 4,702 45,650 SH   DFND 1,2,4,8,10 45,650 0 0
AICI CAP TRUST PFD Pref 001338201 3 30,100 SH   DFND 10 30,100 0 0
ALGONZUIN PWR UTILITY-CALLABLE Pref 015857709 1,625 60,000 SH   DFND 1,4 60,000 0 0
ALLERGEN PLC Com G0177J108 626 4,278 SH   DFND   4,278 0 0
ALLIANZGI CONV & INC FUND II-CALL Pref 018825802 1,900 80,000 SH   DFND 3,4,8,10 80,000 0 0
ALLSTATE CORP - CALLABLE Pref 020002879 253 10,000 SH   DFND 1 10,000 0 0
AMERICAN FINANCIAL GROUP-CALLABLE Pref 025932807 874 35,000 SH   DFND 10 35,000 0 0
AMERICAN HOMES 4 RENT - CALL Pref 02665T876 249 10,000 SH   DFND 10 10,000 0 0
AMERICAN INTERNATIONAL GROUP-CALL Pref 026874768 506 20,000 SH   DFND 10 20,000 0 0
AMGEN INC Com 031162100 27,547 145,000 SH   DFND 4,7,9 145,000 0 0
ANHEUSER-BUSCH INBEV S.A. SP ADR Com 03524A108 924 11,000 SH   DFND   11,000 0 0
APOLLO MANAGEMENT LLC - CALLABLE Pref 037612504 982 40,000 SH   DFND 2,9 40,000 0 0
ARCH CAPITAL GROUP Pref 03939A206 459 20,000 SH   DFND 3 20,000 0 0
AT&T INC Com 00206R102 1,568 50,000 SH   DFND 10 50,000 0 0
AT&T INC - CALLABLE Pref 00206R409 1,018 40,000 SH   DFND 4,10 40,000 0 0
AVNET INC Com 053807103 520 12,000 SH   DFND   12,000 0 0
BB LIQUIDATING INC - CLASS A Com 05532D107 1 54,211 SH   DFND   54,211 0 0
BB LIQUIDATING INC - CLASS B Com 05532D206 0 54,211 SH   DFND   54,211 0 0
BERKLEY WR CORP - CALLABLE Pref 084423607 509 20,000 SH   DFND 4 20,000 0 0
BERKSHIRE HATHAWAY INC DEL CL A Com 084670108 1,807 6 SH   DFND   6 0 0
BLACKSTONE GROUP LP Com 09253U108 3,497 100,000 SH   DFND   100,000 0 0
BOEING CO Com 097023105 8,677 22,750 SH   DFND   22,750 0 0
BP P.L.C. SPONSORED ADR - CMN Com 055622104 656 15,000 SH   DFND 3 15,000 0 0
BRIGHTHOUSE FINANCIAL-CALLABLE Pref 10922N202 1,508 60,000 SH   DFND 2,4 60,000 0 0
BROOKFIELD PROPERTY PARTNERS LP Pref G16249149 1,740 70,000 SH   DFND 1,3,8,10 70,000 0 0
BRUNSWICK CORP - CALLABLE Pref 117043406 1,304 50,000 SH   DFND 1,2 50,000 0 0
CAL DIVE INTERNATIONAL INC Com 12802T101 0 500,000 SH   DFND   500,000 0 0
CARLYLE GROUP LP - CALLABLE Pref 14309L201 1,610 70,000 SH   DFND 1,2,9 70,000 0 0
CASTLE BRANDS INC Com 148435100 174 250,000 SH   DFND   250,000 0 0
CBL ASSOCIATES PROP - CALLABLE Pref 124830605 340 35,000 SH   DFND 2,9 35,000 0 0
CDK GLOBAL INC Com 12508E101 2,421 41,164 SH   DFND 1,2,3,7,8 41,164 0 0
CENTAUR FUNDING CORP -SER B 144A Pref 151327202 5,364 5,111 SH   DFND 2,3,4,8,9 5,111 0 0
CHEVRON CORPORATION Com 166764100 1,971 16,000 SH   DFND 2,3 16,000 0 0
CHINA FUND INC Com 169373107 1,394 68,399 SH   DFND   68,399 0 0
CMS ENERGY CORP - CALLABLE Pref 125896845 1,545 60,000 SH   DFND 2,4 60,000 0 0
COBANK ACB Pref 19075Q862 2,227 21,853 SH   DFND 1,2 21,853 0 0
COCA COLA COM Com 191216100 703 15,000 SH   DFND 8 15,000 0 0
CONIFER HOLDINGS INC Com 20731J102 1,130 250,000 SH   DFND 4 250,000 0 0
CORNING INC Com 219350105 10,345 312,550 SH   DFND   312,550 0 0
CORSA COAL CORP Com 22041E609 1,336 2,226,000 SH   DFND   2,226,000 0 0
DCP MIDSTREAM LP Pref 23311P308 495 20,000 SH   DFND 4 20,000 0 0
DCP MIDSTREAM LP-CALLABLE Pref 23311P209 1,456 60,000 SH   DFND 1,8 60,000 0 0
DELPHI FINANCIAL GROUP - CALLABLE Pref 247131303 1,780 77,797 SH   DFND 3,4 77,797 0 0
DISNEY WALT CO Com 254687106 3,222 29,017 SH   DFND   29,017 0 0
EAGLE POINT CREDIT CO - CALL Pref 269809406 1,778 70,000 SH   DFND 2,4,10 70,000 0 0
EAGLE POINT CREDIT CO - CALLABLE Pref 269809505 1,008 40,000 SH   DFND 1,9 40,000 0 0
EMERSON ELEC CO Com 291011104 6,094 89,000 SH   DFND 2,8,10 89,000 0 0
ENBRIDGE INC - CALLABLE Pref 29250N477 522 20,000 SH   DFND 2 20,000 0 0
ENERGY TRANSFER PARTNERS-CALLABLE Pref 29278N400 2,550 100,000 SH   DFND 1,2,4,10 100,000 0 0
ENSTAR GROUP LTD-CALLABLE Pref 29359U109 1,519 60,000 SH   DFND 3,4 60,000 0 0
EPR PROPERTIES-CALLABLE Pref 26884U505 2,018 85,000 SH   DFND 2,4,10 85,000 0 0
EXXON MOBIL CORP Com 30231G102 2,828 35,000 SH   DFND   35,000 0 0
FARM CREDIT BK OF TEXAS - CALLABLE Pref 30767E307 1,120 1,000 SH   DFND 10 1,000 0 0
FOX CORP CLASS B Com 35137L204 898 25,032 SH   DFND   25,032 0 0
GATX CORP - CALLABLE Pref 361448608 258 10,000 SH   DFND 10 10,000 0 0
GENERAL ELECTRIC CO Com 369604103 1,209 121,000 SH   DFND 1,2,3,9 121,000 0 0
GENUINE PARTS CO COM Com 372460105 2,141 19,108 SH   DFND   19,108 0 0
GLOBAL INDEMNITY LTD Pref G3933F139 772 30,000 SH   DFND 2,10 30,000 0 0
GLOBAL INDEMNITY PLC - CALLABLE Pref G3933F121 511 20,000 SH   DFND 3 20,000 0 0
GOLDMAN SACHS GROUP INC Com 38141G104 19,439 101,250 SH   DFND 7 101,250 0 0
HALLIBURTON CO HOLDING CO Com 406216101 4,673 159,500 SH   DFND 1,2 159,500 0 0
HANOVER INSURANCE GROUP CALLABLE Pref 410867204 256 10,000 SH   DFND 1 10,000 0 0
INTEGRYS ENERGY GROUP-CALLABLE Pref 45822P204 3,510 135,000 SH   DFND 2,3,4,7,8 135,000 0 0
INTL BUSINESS MACHINES CORP Com 459200101 2,240 15,874 SH   DFND 1 15,874 0 0
JACOBS ENGINEERING GROUP INC Com 469814107 733 9,750 SH   DFND   9,750 0 0
JEFFERIES FINANCIAL GROUP INC Com 47233W109 9,599 510,872 SH   DFND 4,7,9,10 510,872 0 0
JOHNSON CTLS INTL PLC Com G51502105 882 23,874 SH   DFND 9 23,874 0 0
JP MORGAN CHASE CO - CALLABLE Pref 48128B655 2,058 80,000 SH   DFND 7,10 80,000 0 0
JPMORGAN CHASE & CO COM Com 46625H100 572 5,655 SH   DFND   5,655 0 0
KAISER ALUM CORP DEPOSITARY S CMN Com 483007704 7 70 SH   DFND 10 70 0 0
LADENBURG THALMAN FIN SVCS INC Pref 50575Q300 1,866 80,000 SH   DFND 3,9 80,000 0 0
LEGG MASON INC COM Com 524901105 1,834 67,000 SH   DFND 2,4,7,9,10 67,000 0 0
MCDONALDS CORP Com 580135101 1,187 6,250 SH   DFND 3 6,250 0 0
MEDLEY LLC - CALLABLE Pref 58503Y105 704 40,000 SH   DFND 2,4 40,000 0 0
MEDLEY LLC - CALLABLE Pref 58503Y204 754 40,000 SH   DFND 9,10 40,000 0 0
MERCER INTERNATIONAL INC SBI Com 588056101 220,753 16,340,000 SH   DFND 1,2,4,7,9,10 16,340,000 0 0
MERCK & CO, INC. Com 58933Y105 124 1,487 SH   DFND   1,487 0 0
MFC BANCORP LTD Com G60630103 17,967 2,444,477 SH   DFND 1,2,4,7,9,10 2,444,477 0 0
MOTOROLA SOLUTIONS INC Com 620076307 3,475 24,750 SH   DFND   24,750 0 0
MOTORS LIQUIDATION COMPANY-TRUST Pref 62010U101 7 744 SH   DFND 8,10 744 0 0
MYMETICS CORP Com 62856A102 54 2,186,473 SH   DFND 7,10 2,186,473 0 0
NAM TAI PROPERTY INC Com G63907102 54,813 5,564,800 SH   DFND 1,2,3,4,7,9,10 5,564,800 0 0
NATIONAL RETAIL PPTYS INC Com 637417106 720 13,000 SH   DFND 4 13,000 0 0
NEW YORK MORTGAGE TRUST - CALLABLE Pref 649604881 473 20,000 SH   DFND 2 20,000 0 0
NEXTERA ENERGY CAPITAL HLDGS-CALL Pref 65339K860 1,402 55,000 SH   DFND 2,9 55,000 0 0
NOW INC DE Com 67011P100 15 1,100 SH   DFND 2 1,100 0 0
OAKTREE CAPITAL GRP LLC - CALLABLE Pref 674001409 1,873 75,000 SH   DFND 2,4,9 75,000 0 0
OXFORD SQUARE CAPITAL CORP-CALL Pref 69181V305 2,500 100,000 SH   DFND 1,2,3,8,10 100,000 0 0
PFSWEB INC Com 717098206 3,908 750,000 SH   DFND 2,10 750,000 0 0
PRIORITY INCOME FUND - CALLABLE Pref 74274W301 1,481 60,000 SH   DFND 2,8,10 60,000 0 0
PRIORITY INCOME FUND INC - CALLABL Pref 74274W103 1,998 80,000 SH   DFND 1,3,4 80,000 0 0
PROCTER & GAMBLE CO Com 742718109 4,100 39,400 SH   DFND   39,400 0 0
PROSPECT CAPITAL CORP-CALLABLE Pref 74348T409 741 30,000 SH   DFND 1,8 30,000 0 0
QVC INC - CALLABLE Pref 747262301 2,449 100,000 SH   DFND 2,4 100,000 0 0
QWEST CORP-CALLABLE Pref 74913G873 715 30,000 SH   DFND 4 30,000 0 0
RAYMOND JAMES FNCL INC Com 754730109 17,477 217,350 SH   DFND 4,9 217,350 0 0
RIVERNORTH MARKETPLACE-CALLABLE Pref 76882B207 1,280 50,000 SH   DFND 1,2 50,000 0 0
ROOMSTORE INC - CMN Com 77638R108 0 43,661 SH   DFND   43,661 0 0
SCHWAB CHARLES CORP NEW Com 808513105 1,069 25,000 SH   DFND   25,000 0 0
SEAGATE TECHNOLOGY Com G7945M107 24 500 SH   DFND   500 0 0
SELECTIVE INS GROUP INC Com 816300107 12,656 200,000 SH   DFND 10 200,000 0 0
SENIOR HOUSING PROPERTIES TRUST Pref 81721M208 1,073 47,000 SH   DFND 1,8 47,000 0 0
SPIRIT REALTY CAPITAL-CALLABLE Pref 84860W201 1,197 50,000 SH   DFND 1,9 50,000 0 0
STIFEL FINANCIAL CORP - CALLABLE Pref 860630607 484 20,000 SH   DFND 10 20,000 0 0
SUN HYDRAULICS CORP Com 866942105 13,953 300,000 SH   DFND 4,10 300,000 0 0
TE CONNECTIVITY LIMITED Com H84989104 1,009 12,500 SH   DFND   12,500 0 0
TIDEWATER INC NEW Com 88642R109 13 557 SH   DFND   557 0 0
TIDEWATER INC WTS SERIES B 7/31/23 Com 88642R125 3 976 SH   DFND   976 0 0
TIDWATER INC WTS SERIES A 7/31/23 Com 88642R117 3 903 SH   DFND   903 0 0
TRAVELERS COS INC Com 89417E109 2,880 21,000 SH   DFND   21,000 0 0
TWENTY FIRST CENTY FOX INC Com 90130A408 729 32,051 SH   DFND   32,051 0 0
UNITED PARCEL SERVICE, INC-CLASS B Com 911312106 212 1,900 SH   DFND   1,900 0 0
UNUM GROUP - CALLABLE Pref 91529Y601 1,305 50,000 SH   DFND 1,3 50,000 0 0
US BANKCORP DEL COM NEW Com 902973304 978 20,300 SH   DFND   20,300 0 0
VAIL RESORTS INC. Com 91879Q109 18,253 84,000 SH   DFND 3,4,10 84,000 0 0
VISTRA ENERGY CORP Com 92840M128 73 33,717 SH   DFND 4,9,10 33,717 0 0
VOLKSWAGEN AG Com 928CNV760 2,118 13,000 SH   DFND   13,000 0 0
WASHINGTON PRIME GROUP NEW Pref 93964W306 685 35,000 SH   DFND 2,10 35,000 0 0
WELLS FARGO & CO NEW COM STK Com 949746101 2,416 50,000 SH   DFND 4 50,000 0 0
WELLS FARGO & COMPANY PFT SERIES J Pref 949746887 0 387 SH   DFND   387 0 0
WESTERN ALLIANCE BANCORP - CALL Pref 957638208 3,246 125,000 SH   DFND 1,3,4,9 125,000 0 0
WESTINGHOUSE AIR BRAKE TECH CORP Com 929740108 48 647 SH   DFND 1,2,3,9 647 0 0
WILLIS TOWERS WATSON PLC Com G96629103 1,396 7,950 SH   DFND   7,950 0 0
XILINX INC Com 983919101 5,072 40,000 SH   DFND 2 40,000 0 0
ZIEGLER COS INC THE Com 989506308 1,469 48,972 SH   DFND   48,972 0 0