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   2,891,200 130,000 SH   DFND 1,2,4,10 130,000 0 0
ABBVIE INC Com 00287Y109   290,369 1,948 SH   DFND   1,948 0 0
ADVANCED MICRO DEVICES INC Com 007903107   7,088,000 68,936 SH   DFND 2 68,936 0 0
AGRIBANK FCB - CALLABLE Pref 00850L203   4,513,013 45,300 SH   DFND 1,2,3,10 45,300 0 0
AMGEN INC Com 031162100   24,860,300 92,500 SH   DFND 4,7,9 92,500 0 0
ATLANTICUS HOLDINS CORP - CALL Pref 04914Y300   445,600 20,000 SH   DFND 10 20,000 0 0
AXIS CAPITAL HOLDINGS-CALLABLE Pref 05461T305   1,418,900 70,000 SH   DFND 1,11 70,000 0 0
BB LIQUIDATING INC - CLASS A Com 05532D107   108 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   580,800 15,000 SH   DFND 3 15,000 0 0
B RILEY FINANCIAL INC - CALLABLE Pref 05580M819   2,509,500 140,000 SH   DFND 1,2,9 140,000 0 0
BANK OZK Pref 06417N202   924,000 60,000 SH   DFND 1,2 60,000 0 0
BERKSHIRE HATHAWAY INC DEL CL A Com 084670108   531,477 1 SH   DFND   1 0 0
BLACKSTONE GROUP INC CLASS A Com 09260D107   4,071,320 38,000 SH   DFND   38,000 0 0
BOEING CO Com 097023105   5,252,032 27,400 SH   DFND   27,400 0 0
CBL & ASSOC PPTYS INC Com 124830878   13,805 658 SH   DFND 2 658 0 0
CHEVRON CORPORATION Com 166764100   2,697,920 16,000 SH   DFND 2,3 16,000 0 0
CHINA FUND INC Com 169373107   722,971 68,399 SH   DFND   68,399 0 0
COBANK ACB Pref 19075Q862   3,557,008 36,296 SH   DFND 1,2,10 36,296 0 0
CONIFER HOLDINGS INC Com 20731J102   287,575 250,000 SH   DFND 4 250,000 0 0
CORNING INC Com 219350105   11,193,155 367,350 SH   DFND   367,350 0 0
CORSA COAL CORP Com 22041E609   1,266,149 2,226,000 SH   DFND   2,226,000 0 0
CUSTOMERS BANCORP INC Pref 23204G803   710,800 40,000 SH   DFND 1 40,000 0 0
DCP MIDSTREAM LP Pref 23311P308   2,992,800 120,000 SH   DFND 1,2,9 120,000 0 0
DTE ENERGY CO - CALLABLE Pref 233331859   6,091,200 270,000 SH   DFND 1,2,3,9,10 270,000 0 0
DELPHI FINANCIAL GROUP - CALLABLE Pref 247131303   1,711,534 77,797 SH   DFND 3,4 77,797 0 0
DIAMOND OFFSHORE DRILLING INC Com 25271C201   3,061,998 208,583 SH   DFND 1,4,7,10 208,583 0 0
DISNEY WALT CO Com 254687106   1,869,824 23,070 SH   DFND   23,070 0 0
EAGLE POINT CREDIT CO-CALLABLE Pref 269809885   2,547,600 120,000 SH   DFND 1,2,9 120,000 0 0
EMERSON ELEC CO Com 291011104   7,725,600 80,000 SH   DFND 2,10 80,000 0 0
EXXON MOBIL CORP Com 30231G102   9,359,368 79,600 SH   DFND 4 79,600 0 0
FARM CREDIT BK OF TEXAS-CALL-144A Pref 30767E406   4,389,000 44,000 SH   DFND 4,11,7,9,10 44,000 0 0
FOX CORP CLASS B Com 35137L204   722,809 25,028 SH   DFND   25,028 0 0
GE HEALTHCARE TECHNOLOGIES INC Com 36266G107   342,922 5,040 SH   DFND 1,2,3,9 5,040 0 0
GENERAL ELECTRIC CO Com 369604301   1,672,069 15,125 SH   DFND 1,2,3,9 15,125 0 0
GOLDMAN SACHS GROUP INC Com 38141G104   36,078,055 111,500 SH   DFND 3,4 111,500 0 0
HEARTLAND FINANCIAL USA-CALLABLE Pref 42234Q201   543,375 22,500 SH   DFND 2 22,500 0 0
HELIOS TECHNOLOGIES INC Com 42328H109   16,644,000 300,000 SH   DFND 4,10 300,000 0 0
HUDSON PACIFIC PROPERTIES INC-CALL Pref 444097307   675,400 55,000 SH   DFND 1,2 55,000 0 0
INTL BUSINESS MACHINES CORP Com 459200101   210,450 1,500 SH   DFND 1 1,500 0 0
JEFFERIES FINANCIAL GROUP INC Com 47233W109   13,218,741 360,872 SH   DFND 4,7,9,10 360,872 0 0
KAISER ALUM CORP DEPOSITARY S CMN Com 483007704   5,268 70 SH   DFND 10 70 0 0
KYNDRYL HLDGS INC Com 50155Q100   4,530 300 SH   DFND 1 300 0 0
LADENBURG THALMAN FIN SVCS INC Pref 50575Q300   90,250 5,000 SH   DFND 9 5,000 0 0
MCDONALDS CORP Com 580135101   1,646,500 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   141,398,400 16,480,000 SH   DFND 1,2,3,4,7,9,10 16,480,000 0 0
MYMETICS CORP Com 62856A102   3,498 2,186,473 SH   DFND 7,10 2,186,473 0 0
NATIONAL RETAIL PPTYS INC Com 637417106   459,420 13,000 SH   DFND 4 13,000 0 0
NOW INC DE Com 67011P100   13,057 1,100 SH   DFND 2 1,100 0 0
OFFICE PPTYS INCOME TR Pref 67623C208   551,600 40,000 SH   DFND 1,2 40,000 0 0
PHI GROUP INC Com 69360B104   715,610 39,712 SH   DFND 4,10 39,712 0 0
PFSWEB INC Com 717098206   5,580,000 750,000 SH   DFND 2,10 750,000 0 0
PROCTER & GAMBLE CO Com 742718109   831,402 5,700 SH   DFND   5,700 0 0
PROSPECT CAP CORP Pref 74348T565   779,500 50,000 SH   DFND 2 50,000 0 0
RAYMOND JAMES FNCL INC Com 754730109   29,940,694 298,125 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   279,450 4,500 SH   DFND 11 4,500 0 0
SCHWAB CHARLES CORP NEW Com 808513105   1,372,500 25,000 SH   DFND   25,000 0 0
SELECTIVE INS GROUP INC Com 816300107   20,634,000 200,000 SH   DFND 10 200,000 0 0
SPECTRUM BRANDS HOLDINGS INC Com 84790A105   1,002,802 12,799 SH   DFND 4,7,9,10 12,799 0 0
TENNESSEE VALLEY AUTHORITY PARRS Pref 880591300   1,296,000 60,000 SH   DFND 9 60,000 0 0
TENNESSEE VALLEY AUTHORITY Pref 880591409   632,700 30,000 SH   DFND 9 30,000 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   1,097,400 60,000 SH   DFND 1,2 60,000 0 0
VAIL RESORTS INC. Com 91879Q109   18,638,760 84,000 SH   DFND 3,4,10 84,000 0 0
VISTRA ENERGY CORP Com 92840M128   5,486 33,717 SH   DFND 4,9,10 33,717 0 0
VITESSE ENERGY INC Com 92852X103   972,115 42,469 SH   DFND 4,7,9,10 42,469 0 0
VOLKSWAGEN AG Com 928CNV760   2,112,418 16,000 SH   DFND   16,000 0 0
WESTINGHOUSE AIR BRAKE TECH CORP Com 929740108   68,757 647 SH   DFND 1,2,3,9 647 0 0
WELLS FARGO & CO NEW COM STK Com 949746101   2,043,000 50,000 SH   DFND 4 50,000 0 0
WELLS FARGO & COMPANY PFT SERIES J Pref 949746887   464 387 SH   DFND   387 0 0
ADIENT LTD Com G0084W101   43,783 1,193 SH   DFND   1,193 0 0
JOHNSON CTLS INTL PLC Com G51502105   1,270,336 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   19,338,318 3,416,664 SH   DFND 1,2,3,4,7,9,10 3,416,664 0 0
TE CONNECTIVITY LIMITED Com H84989104   1,544,125 12,500 SH   DFND   12,500 0 0