| 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 | Com | 00287Y109 | 1,509 | 15,371 | SH | | DFND | | 15,371 | 0 | 0 |
| ADIENT LTD | Com | G0084W101 | 20 | 1,193 | SH | | DFND | | 1,193 | 0 | 0 |
| AGRIBANK FCB - CALLABLE | Pref | 00850L203 | 4,748 | 45,650 | SH | | DFND | 1,2,4,6,8 | 45,650 | 0 | 0 |
| AICI CAP TRUST PFD | Pref | 001338201 | 3 | 30,100 | SH | | DFND | 8 | 30,100 | 0 | 0 |
| AMERICAN EQUITY INVEST LIFE - CALL | Pref | 025676602 | 1,208 | 50,000 | SH | | DFND | 1,2 | 50,000 | 0 | 0 |
| AMGEN INC | Com | 031162100 | 21,817 | 92,500 | SH | | DFND | 4,5,7 | 92,500 | 0 | 0 |
| B RILEY FINANCIAL INC - CALLABLE | Pref | 05580M868 | 1,044 | 50,000 | SH | | DFND | 3,6 | 50,000 | 0 | 0 |
| BB LIQUIDATING INC - CLASS A | Com | 05532D107 | 0 | 54,211 | SH | | DFND | | 54,211 | 0 | 0 |
| BB LIQUIDATING INC - CLASS B | Com | 05532D206 | 0 | 54,211 | SH | | DFND | | 54,211 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DEL CL A | Com | 084670108 | 267 | 1 | SH | | DFND | | 1 | 0 | 0 |
| BOEING CO | Com | 097023105 | 5,022 | 27,400 | SH | | DFND | | 27,400 | 0 | 0 |
| BP P.L.C. SPONSORED ADR - CMN | Com | 055622104 | 350 | 15,000 | SH | | DFND | 3 | 15,000 | 0 | 0 |
| CAL DIVE INTERNATIONAL INC | Com | 12802T101 | 0 | 500,000 | SH | | DFND | | 500,000 | 0 | 0 |
| CARRIER GLOBAL CORP | Com | 14448C104 | 122 | 5,494 | SH | | DFND | | 5,494 | 0 | 0 |
| CBL ASSOCIATES PROP - CALLABLE | Pref | 124830605 | 13 | 15,000 | SH | | DFND | 2 | 15,000 | 0 | 0 |
| CDK GLOBAL INC | Com | 12508E101 | 787 | 19,000 | SH | | DFND | | 19,000 | 0 | 0 |
| CHEVRON CORPORATION | Com | 166764100 | 1,428 | 16,000 | SH | | DFND | 2,3 | 16,000 | 0 | 0 |
| CHINA FUND INC | Com | 169373107 | 1,527 | 68,399 | SH | | DFND | | 68,399 | 0 | 0 |
| COBANK ACB | Pref | 19075Q862 | 2,736 | 26,119 | SH | | DFND | 1,2 | 26,119 | 0 | 0 |
| COBANK ACB | Pref | 19075Q805 | 892 | 8,749 | SH | | DFND | 7 | 8,749 | 0 | 0 |
| COCA COLA COM | Com | 191216100 | 670 | 15,000 | SH | | DFND | 6 | 15,000 | 0 | 0 |
| CONIFER HOLDINGS INC | Com | 20731J102 | 682 | 250,000 | SH | | DFND | 4 | 250,000 | 0 | 0 |
| CORNING INC | Com | 219350105 | 5,629 | 217,350 | SH | | DFND | | 217,350 | 0 | 0 |
| CORSA COAL CORP | Com | 22041E609 | 398 | 2,226,000 | SH | | DFND | | 2,226,000 | 0 | 0 |
| DCP MIDSTREAM LP-CALLABLE | Pref | 23311P209 | 830 | 50,000 | SH | | DFND | 1,6 | 50,000 | 0 | 0 |
| DELPHI FINANCIAL GROUP - CALLABLE | Pref | 247131303 | 1,712 | 77,797 | SH | | DFND | 3,4 | 77,797 | 0 | 0 |
| DIVERSIFIED HEALTHCARE - CALLABLE | Pref | 25525P305 | 384 | 20,000 | SH | | DFND | 1 | 20,000 | 0 | 0 |
| DIVERSIFIED HEALTHCARE - CALLABLE | Pref | 25525P206 | 354 | 20,000 | SH | | DFND | 3 | 20,000 | 0 | 0 |
| DOMINION RESOURCES INC | Pref | 25746U844 | 356 | 14,000 | SH | | DFND | 1 | 14,000 | 0 | 0 |
| EMERSON ELEC CO | Com | 291011104 | 5,521 | 89,000 | SH | | DFND | 2,6,8 | 89,000 | 0 | 0 |
| EXXON MOBIL CORP | Com | 30231G102 | 3,560 | 79,600 | SH | | DFND | 4 | 79,600 | 0 | 0 |
| FARM CREDIT BK OF TEXAS - CALLABLE | Pref | 30767E307 | 1,000 | 1,000 | SH | | DFND | 8 | 1,000 | 0 | 0 |
| FARM CREDIT BK OF TEXAS-CALL-144A | Pref | 30767E406 | 416 | 4,000 | SH | | DFND | 7 | 4,000 | 0 | 0 |
| FOX CORP CLASS B | Com | 35137L204 | 671 | 24,994 | SH | | DFND | | 24,994 | 0 | 0 |
| GENERAL ELECTRIC CO | Com | 369604103 | 826 | 121,000 | SH | | DFND | 1,2,3,7 | 121,000 | 0 | 0 |
| GENUINE PARTS CO COM | Com | 372460105 | 0 | 2 | SH | | DFND | | 2 | 0 | 0 |
| GOLDMAN SACHS GROUP INC | Com | 38141G104 | 22,035 | 111,500 | SH | | DFND | 3,4,6 | 111,500 | 0 | 0 |
| HELIOS TECHNOLOGIES INC | Com | 42328H109 | 11,175 | 300,000 | SH | | DFND | 4,8 | 300,000 | 0 | 0 |
| INTEGRYS ENERGY GROUP-CALLABLE | Pref | 45822P204 | 1,515 | 60,000 | SH | | DFND | 4,9 | 60,000 | 0 | 0 |
| INTL BUSINESS MACHINES CORP | Com | 459200101 | 181 | 1,500 | SH | | DFND | 1 | 1,500 | 0 | 0 |
| JEFFERIES FINANCIAL GROUP INC | Com | 47233W109 | 5,612 | 360,872 | SH | | DFND | 4,5,7,8 | 360,872 | 0 | 0 |
| JOHNSON CTLS INTL PLC | Com | G51502105 | 815 | 23,874 | SH | | DFND | 7 | 23,874 | 0 | 0 |
| KAISER ALUM CORP DEPOSITARY S CMN | Com | 483007704 | 5 | 70 | SH | | DFND | 8 | 70 | 0 | 0 |
| LADENBURG THALMAN FIN SVCS INC | Pref | 50575Q300 | 324 | 20,000 | SH | | DFND | 7 | 20,000 | 0 | 0 |
| MCDONALDS CORP | Com | 580135101 | 1,153 | 6,250 | SH | | DFND | 3 | 6,250 | 0 | 0 |
| MEDLEY LLC - CALLABLE | Pref | 58503Y105 | 206 | 40,000 | SH | | DFND | 2,4 | 40,000 | 0 | 0 |
| MEDLEY LLC - CALLABLE | Pref | 58503Y204 | 251 | 40,000 | SH | | DFND | 7,8 | 40,000 | 0 | 0 |
| MERCER INTERNATIONAL INC SBI | Com | 588056101 | 134,477 | 16,480,000 | SH | | DFND | 1,2,4,5,7,8,9 | 16,480,000 | 0 | 0 |
| MOTORS LIQUIDATION COMPANY-TRUST | Pref | 62010U101 | 1 | 744 | SH | | DFND | 6,8 | 744 | 0 | 0 |
| MYMETICS CORP | Com | 62856A102 | 98 | 2,186,473 | SH | | DFND | 5,8 | 2,186,473 | 0 | 0 |
| NAM TAI PROPERTY INC | Com | G63907102 | 36,093 | 5,774,800 | SH | | DFND | 1,2,3,4,5,7,8,9 | 5,774,800 | 0 | 0 |
| NATIONAL RETAIL PPTYS INC | Com | 637417106 | 461 | 13,000 | SH | | DFND | 4 | 13,000 | 0 | 0 |
| NOW INC DE | Com | 67011P100 | 9 | 1,100 | SH | | DFND | 2 | 1,100 | 0 | 0 |
| OTIS WORLDWIDE CORP | Com | 68902V107 | 156 | 2,746 | SH | | DFND | | 2,746 | 0 | 0 |
| PFSWEB INC | Com | 717098206 | 5,010 | 750,000 | SH | | DFND | 2,8 | 750,000 | 0 | 0 |
| PHI GROUP INC | Com | 69360B104 | 0 | 39,712 | SH | | DFND | 4,8 | 39,712 | 0 | 0 |
| PHI INC | Com | 6933ESCA5 | 0 | 1,000,000 | SH | | DFND | 4,8 | 1,000,000 | 0 | 0 |
| PRIORITY INCOME FUND INC-CALLABLE | Pref | 74274W400 | 250 | 10,000 | SH | | DFND | 7 | 10,000 | 0 | 0 |
| PROCTER & GAMBLE CO | Com | 742718109 | 682 | 5,700 | SH | | DFND | | 5,700 | 0 | 0 |
| RAYMOND JAMES FNCL INC | Com | 754730109 | 13,680 | 198,750 | SH | | DFND | 4,7 | 198,750 | 0 | 0 |
| ROOMSTORE INC - CMN | Com | 77638R108 | 0 | 43,661 | SH | | DFND | | 43,661 | 0 | 0 |
| SCHWAB CHARLES CORP NEW | Com | 808513105 | 844 | 25,000 | SH | | DFND | | 25,000 | 0 | 0 |
| SCULLY ROYALTY LTD | Com | G7T96K107 | 20,767 | 2,732,477 | SH | | DFND | 1,2,4,5,7,8,9 | 2,732,477 | 0 | 0 |
| SELECTIVE INS GROUP INC | Com | 816300107 | 10,548 | 200,000 | SH | | DFND | 8 | 200,000 | 0 | 0 |
| SOUTHERN CO - CALLABLE | Pref | 842587305 | 251 | 10,000 | SH | | DFND | 1 | 10,000 | 0 | 0 |
| SPECTRUM BRANDS HOLDINGS INC | Com | 84790A105 | 587 | 12,799 | SH | | DFND | 4,5,7,8 | 12,799 | 0 | 0 |
| SUVANZA | Com | 869551101 | 0 | 5,430 | SH | | DFND | | 5,430 | 0 | 0 |
| TE CONNECTIVITY LIMITED | Com | H84989104 | 1,019 | 12,500 | SH | | DFND | | 12,500 | 0 | 0 |
| TIDEWATER INC NEW | Com | 88642R109 | 3 | 557 | SH | | DFND | | 557 | 0 | 0 |
| TIDEWATER INC WTS SERIES B 7/31/23 | Com | 88642R125 | 0 | 976 | SH | | DFND | | 976 | 0 | 0 |
| TIDWATER INC WTS SERIES A 7/31/23 | Com | 88642R117 | 0 | 903 | SH | | DFND | | 903 | 0 | 0 |
| TRIUMPH BANCORP INC | Pref | 89679E409 | 489 | 20,000 | SH | | DFND | 7 | 20,000 | 0 | 0 |
| UNUM GROUP - CALLABLE | Pref | 91529Y601 | 749 | 30,000 | SH | | DFND | 4 | 30,000 | 0 | 0 |
| VAIL RESORTS INC. | Com | 91879Q109 | 15,301 | 84,000 | SH | | DFND | 3,4,8 | 84,000 | 0 | 0 |
| VISTRA ENERGY CORP | Com | 92840M128 | 18 | 33,717 | SH | | DFND | 4,7,8 | 33,717 | 0 | 0 |
| VOLKSWAGEN AG | Com | 928CNV760 | 2,575 | 16,000 | SH | | DFND | | 16,000 | 0 | 0 |
| WASHINGTON PRIME GROUP NEW | Pref | 93964W306 | 340 | 35,000 | SH | | DFND | 2,8 | 35,000 | 0 | 0 |
| WELLS FARGO & CO NEW COM STK | Com | 949746101 | 1,280 | 50,000 | SH | | DFND | 4 | 50,000 | 0 | 0 |
| WELLS FARGO & COMPANY PFT SERIES J | Pref | 949746887 | 0 | 387 | SH | | DFND | | 387 | 0 | 0 |
| WELLS FARGO COMPANY-CALLABLE | Pref | 94988U151 | 928 | 40,000 | SH | | DFND | 1 | 40,000 | 0 | 0 |
| WESTERN ALLIANCE BANCORP - CALL | Pref | 957638208 | 887 | 35,000 | SH | | DFND | 3 | 35,000 | 0 | 0 |
| WESTINGHOUSE AIR BRAKE TECH CORP | Com | 929740108 | 37 | 647 | SH | | DFND | 1,2,3,7 | 647 | 0 | 0 |
| WINTRUST FINL CORP | Pref | 97650W504 | 2,098 | 80,000 | SH | | DFND | 2,8 | 80,000 | 0 | 0 |
| XILINX INC | Com | 983919101 | 3,936 | 40,000 | SH | | DFND | 2 | 40,000 | 0 | 0 |
| ZIEGLER COS INC THE | Com | 989506308 | 1,397 | 48,972 | SH | | DFND | | 48,972 | 0 | 0 |
