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
AT&T INC - CALLABLE Pref 00206R300   3,055,000 130,000 SH   DFND 1,2,4,10 130,000 0 0
ABBVIE INC Com 00287Y109   310,453 1,948 SH   DFND   1,948 0 0
ADVANCED MICRO DEVICES INC Com 007903107   6,756,417 68,936 SH   DFND 2 68,936 0 0
AGRIBANK FCB - CALLABLE Pref 00850L203   4,530,000 45,300 SH   DFND 1,2,3,10 45,300 0 0
AMGEN INC Com 031162100   22,361,875 92,500 SH   DFND 4,7,9 92,500 0 0
ATLANTICUS HOLDINS CORP - CALL Pref 04914Y300   439,198 20,000 SH   DFND 10 20,000 0 0
AXIS CAPITAL HOLDINGS-CALLABLE Pref 05461T305   1,493,100 70,000 SH   DFND 1,11 70,000 0 0
BP P.L.C. SPONSORED ADR - CMN Com 055622104   569,100 15,000 SH   DFND 3 15,000 0 0
B RILEY FINANCIAL INC - CALLABLE Pref 05580M819   2,226,000 140,000 SH   DFND 1,2,9 140,000 0 0
BANK OZK Pref 06417N202   944,100 60,000 SH   DFND 1,2 60,000 0 0
BERKSHIRE HATHAWAY INC DEL CL A Com 084670108   465,600 1 SH   DFND   1 0 0
BLACKSTONE GROUP INC CLASS A Com 09260D107   3,337,920 38,000 SH   DFND   38,000 0 0
BOEING CO Com 097023105   9,007,032 42,400 SH   DFND   42,400 0 0
CBL & ASSOC PPTYS INC Com 124830878   16,871 658 SH   DFND 2 658 0 0
CHEVRON CORPORATION Com 166764100   2,610,560 16,000 SH   DFND 2,3 16,000 0 0
CHINA FUND INC Com 169373107   874,816 68,399 SH   DFND   68,399 0 0
COBANK ACB Pref 19075Q862   3,484,416 36,296 SH   DFND 1,2,10 36,296 0 0
CONIFER HOLDINGS INC Com 20731J102   377,500 250,000 SH   DFND 4 250,000 0 0
CORNING INC Com 219350105   12,960,108 367,350 SH   DFND   367,350 0 0
CORSA COAL CORP Com 22041E609   410,697 2,226,000 SH   DFND   2,226,000 0 0
CUSTOMERS BANCORP INC Pref 23204G803   649,600 40,000 SH   DFND 1 40,000 0 0
DCP MIDSTREAM LP-CALLABLE Pref 23311P209   747,000 30,000 SH   DFND 9 30,000 0 0
DCP MIDSTREAM LP Pref 23311P308   2,978,400 120,000 SH   DFND 1,2,9 120,000 0 0
DTE ENERGY CO - CALLABLE Pref 233331859   7,949,200 340,000 SH   DFND 1,2,3,9,10 340,000 0 0
DELPHI FINANCIAL GROUP - CALLABLE Pref 247131303   1,672,636 77,797 SH   DFND 3,4 77,797 0 0
DIAMOND OFFSHORE DRILLING INC Com 25271C201   2,511,339 208,583 SH   DFND 1,4,7,10 208,583 0 0
DISNEY WALT CO Com 254687106   2,309,999 23,070 SH   DFND   23,070 0 0
DUKE ENERGY CORP - CALLABLE Pref 26441C402   627,500 25,000 SH   DFND 10 25,000 0 0
EAGLE POINT CREDIT CO-CALLABLE Pref 269809885   2,636,400 120,000 SH   DFND 1,2,9 120,000 0 0
EMERSON ELEC CO Com 291011104   6,971,200 80,000 SH   DFND 2,10 80,000 0 0
ENERGY TRANSFER L P Pref 29273V605   1,866,400 80,000 SH   DFND 10 80,000 0 0
EXXON MOBIL CORP Com 30231G102   8,728,936 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   783,627 25,028 SH   DFND   25,028 0 0
GE HEALTHCARE TECHNOLOGIES INC Com 36266G107   413,431 5,040 SH   DFND 1,2,3,9 5,040 0 0
GENERAL ELECTRIC CO Com 369604301   1,445,950 15,125 SH   DFND 1,2,3,9 15,125 0 0
GOLDMAN SACHS GROUP INC Com 38141G104   36,472,765 111,500 SH   DFND 3,4 111,500 0 0
HEARTLAND FINANCIAL USA-CALLABLE Pref 42234Q201   527,400 22,500 SH   DFND 2 22,500 0 0
HELIOS TECHNOLOGIES INC Com 42328H109   19,620,000 300,000 SH   DFND 4,10 300,000 0 0
HUDSON PACIFIC PROPERTIES INC-CALL Pref 444097307   541,750 55,000 SH   DFND 1,2 55,000 0 0
INTEGRYS ENERGY GROUP-CALLABLE Pref 45822P204   1,488,000 60,000 SH   DFND 4,7,9 60,000 0 0
INTL BUSINESS MACHINES CORP Com 459200101   196,635 1,500 SH   DFND 1 1,500 0 0
JEFFERIES FINANCIAL GROUP INC Com 47233W109   11,454,077 360,872 SH   DFND 4,7,9,10 360,872 0 0
KAISER ALUM CORP DEPOSITARY S CMN Com 483007704   5,224 70 SH   DFND 10 70 0 0
KYNDRYL HLDGS INC Com 50155Q100   4,428 300 SH   DFND 1 300 0 0
LADENBURG THALMAN FIN SVCS INC Pref 50575Q300   80,000 5,000 SH   DFND 9 5,000 0 0
MCDONALDS CORP Com 580135101   1,747,563 6,250 SH   DFND 3 6,250 0 0
ESC PFD MEDLEY LLC ESCROW Pref 585ESC015   6,404 40,000 SH   DFND 2,4 40,000 0 0
MEDLEY LLC ESCROW Pref 585ESC023   6,400 40,000 SH   DFND 9,10 40,000 0 0
MERCER INTERNATIONAL INC SBI Com 588056101   161,092,000 16,480,000 SH   DFND 1,2,3,4,7,9,10 16,480,000 0 0
MYMETICS CORP Com 62856A102   65,594 2,186,473 SH   DFND 7,10 2,186,473 0 0
NATIONAL RETAIL PPTYS INC Com 637417106   573,950 13,000 SH   DFND 4 13,000 0 0
NOW INC DE Com 67011P100   12,265 1,100 SH   DFND 2 1,100 0 0
OFFICE PPTYS INCOME TR Pref 67623C208   676,000 40,000 SH   DFND 1,2 40,000 0 0
PHI GROUP INC Com 69360B104   416,976 39,712 SH   DFND 4,10 39,712 0 0
PFSWEB INC Com 717098206   3,180,000 750,000 SH   DFND 2,10 750,000 0 0
PROCTER & GAMBLE CO Com 742718109   847,533 5,700 SH   DFND   5,700 0 0
PROSPECT CAP CORP Pref 74348T565   800,000 50,000 SH   DFND 2 50,000 0 0
RAYMOND JAMES FNCL INC Com 754730109   27,806,119 298,125 SH   DFND 4,9 298,125 0 0
SLM CORP PFD SERIES B Pref 78442P502   430,500 7,000 SH   DFND 11 7,000 0 0
SCHWAB CHARLES CORP NEW Com 808513105   1,309,500 25,000 SH   DFND   25,000 0 0
SELECTIVE INS GROUP INC Com 816300107   19,066,000 200,000 SH   DFND 10 200,000 0 0
SPECTRUM BRANDS HOLDINGS INC Com 84790A105   847,550 12,799 SH   DFND 4,7,9,10 12,799 0 0
TIDWATER INC WTS SERIES A 7/31/23 Com 88642R117   1,057 903 SH   DFND   903 0 0
TIDEWATER INC WTS SERIES B 7/31/23 Com 88642R125   610 976 SH   DFND   976 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   1,268,400 60,000 SH   DFND 1,2 60,000 0 0
VAIL RESORTS INC. Com 91879Q109   19,629,120 84,000 SH   DFND 3,4,10 84,000 0 0
VISTRA ENERGY CORP Com 92840M128   3,534 33,717 SH   DFND 4,9,10 33,717 0 0
VITESSE ENERGY INC Com 92852X103   808,185 42,469 SH   DFND 4,7,9,10 42,469 0 0
VOLKSWAGEN AG Com 928CNV760   2,746,546 16,000 SH   DFND   16,000 0 0
WESTINGHOUSE AIR BRAKE TECH CORP Com 929740108   65,386 647 SH   DFND 1,2,3,9 647 0 0
WELLS FARGO & CO NEW COM STK Com 949746101   1,869,000 50,000 SH   DFND 4 50,000 0 0
WELLS FARGO & COMPANY PFT SERIES J Pref 949746887   484 387 SH   DFND   387 0 0
ADIENT LTD Com G0084W101   48,865 1,193 SH   DFND   1,193 0 0
JOHNSON CTLS INTL PLC Com G51502105   1,437,692 23,874 SH   DFND 9 23,874 0 0
NAM TAI PROPERTY INC Com G63907102   12,127,080 5,774,800 SH   DFND 1,2,3,4,7,9,10 5,774,800 0 0
SCULLY ROYALTY LTD Com G7T96K107   22,891,649 3,416,664 SH   DFND 1,2,3,4,7,9,10 3,416,664 0 0
TE CONNECTIVITY LIMITED Com H84989104   1,639,375 12,500 SH   DFND   12,500 0 0