| 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 | 210 | 1,948 | SH | | DFND | | 1,948 | 0 | 0 |
| AGRIBANK FCB - CALLABLE | Pref | 00850L203 | 5,660 | 52,650 | SH | | DFND | 1,2,3,8,10 | 52,650 | 0 | 0 |
| AMGEN INC | Com | 031162100 | 19,670 | 92,500 | SH | | DFND | 4,7,9 | 92,500 | 0 | 0 |
| AXIS CAPITAL HOLDINGS-CALLABLE | Pref | 05461T305 | 1,019 | 40,000 | SH | | DFND | 11 | 40,000 | 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 | 2 | 54,211 | SH | | DFND | | 54,211 | 0 | 0 |
| BP P.L.C. SPONSORED ADR - CMN | Com | 055622104 | 410 | 15,000 | SH | | DFND | 3 | 15,000 | 0 | 0 |
| B RILEY FINANCIAL INC - CALLABLE | Pref | 05580M819 | 3,515 | 140,000 | SH | | DFND | 1,2,9 | 140,000 | 0 | 0 |
| B. RILEY FINANCIAL INC | Pref | 05580M827 | 513 | 20,000 | SH | | DFND | 3 | 20,000 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DEL CL A | Com | 084670108 | 411 | 1 | SH | | DFND | | 1 | 0 | 0 |
| BLACKSTONE GROUP INC CLASS A | Com | 09260D107 | 4,421 | 38,000 | SH | | DFND | | 38,000 | 0 | 0 |
| BOEING CO | Com | 097023105 | 6,026 | 27,400 | SH | | DFND | | 27,400 | 0 | 0 |
| CBL ASSOCIATES PROP - CALLABLE | Pref | 124830605 | 24 | 15,000 | SH | | DFND | 2 | 15,000 | 0 | 0 |
| CDK GLOBAL INC | Com | 12508E101 | 808 | 19,000 | SH | | DFND | | 19,000 | 0 | 0 |
| CAL DIVE INTERNATIONAL INC | Com | 12802T101 | 0 | 500,000 | SH | | DFND | | 500,000 | 0 | 0 |
| CHEVRON CORPORATION | Com | 166764100 | 1,623 | 16,000 | SH | | DFND | 2,3 | 16,000 | 0 | 0 |
| CHINA FUND INC | Com | 169373107 | 1,739 | 68,399 | SH | | DFND | | 68,399 | 0 | 0 |
| COBANK ACB | Pref | 19075Q805 | 6,081 | 58,749 | SH | | DFND | 1,3,8,9,10 | 58,749 | 0 | 0 |
| COBANK ACB | Pref | 19075Q862 | 3,688 | 33,802 | SH | | DFND | 1,2,10 | 33,802 | 0 | 0 |
| CONIFER HOLDINGS INC | Com | 20731J102 | 720 | 250,000 | SH | | DFND | 4 | 250,000 | 0 | 0 |
| CORNING INC | Com | 219350105 | 13,405 | 367,350 | SH | | DFND | | 367,350 | 0 | 0 |
| CORSA COAL CORP | Com | 22041E609 | 1,141 | 2,226,000 | SH | | DFND | | 2,226,000 | 0 | 0 |
| DTE ENERGY CO - CALLABLE | Pref | 233331859 | 9,853 | 380,000 | SH | | DFND | 1,2,3,11,9,10 | 380,000 | 0 | 0 |
| DELPHI FINANCIAL GROUP - CALLABLE | Pref | 247131303 | 1,828 | 77,797 | SH | | DFND | 3,4 | 77,797 | 0 | 0 |
| DIAMOND OFFSHORE DRILLING INC | Com | 25271C201 | 1,210 | 208,583 | SH | | DFND | 1,4,7,8,10 | 208,583 | 0 | 0 |
| DISNEY WALT CO | Com | 254687106 | 3,903 | 23,070 | SH | | DFND | | 23,070 | 0 | 0 |
| DUKE ENERGY CORP - CALLABLE | Pref | 26441C402 | 536 | 20,000 | SH | | DFND | 11 | 20,000 | 0 | 0 |
| EMERSON ELEC CO | Com | 291011104 | 7,536 | 80,000 | SH | | DFND | 2,10 | 80,000 | 0 | 0 |
| EXXON MOBIL CORP | Com | 30231G102 | 4,682 | 79,600 | SH | | DFND | 4 | 79,600 | 0 | 0 |
| FARM CREDIT BK OF TEXAS-CALL-144A | Pref | 30767E406 | 428 | 4,000 | SH | | DFND | 9 | 4,000 | 0 | 0 |
| FIRST INTERNET BANCORP - CALLABLE | Pref | 320557309 | 405 | 15,000 | SH | | DFND | 11 | 15,000 | 0 | 0 |
| FOX CORP CLASS B | Com | 35137L204 | 929 | 25,028 | SH | | DFND | | 25,028 | 0 | 0 |
| GENERAL ELECTRIC CO | Com | 369604301 | 1,558 | 15,125 | SH | | DFND | 1,2,3,9 | 15,125 | 0 | 0 |
| GENERAL MOTORS COMPANY | Com | 37045V100 | 123 | 2,327 | SH | | DFND | | 2,327 | 0 | 0 |
| GOLDMAN SACHS GROUP INC | Com | 38141G104 | 42,150 | 111,500 | SH | | DFND | 3,4 | 111,500 | 0 | 0 |
| HELIOS TECHNOLOGIES INC | Com | 42328H109 | 24,633 | 300,000 | SH | | DFND | 4,10 | 300,000 | 0 | 0 |
| INTL BUSINESS MACHINES CORP | Com | 459200101 | 208 | 1,500 | SH | | DFND | 1 | 1,500 | 0 | 0 |
| JEFFERIES FINANCIAL GROUP INC | Com | 47233W109 | 13,399 | 360,872 | SH | | DFND | 4,7,9,10 | 360,872 | 0 | 0 |
| KAISER ALUM CORP DEPOSITARY S CMN | Com | 483007704 | 8 | 70 | SH | | DFND | 10 | 70 | 0 | 0 |
| LADENBURG THALMAN FIN SVCS INC | Pref | 50575Q300 | 105 | 10,000 | SH | | DFND | 9 | 10,000 | 0 | 0 |
| MCDONALDS CORP | Com | 580135101 | 1,507 | 6,250 | SH | | DFND | 3 | 6,250 | 0 | 0 |
| MEDLEY LLC - CALLABLE | Pref | 58503Y105 | 1 | 40,000 | SH | | DFND | 2,4 | 40,000 | 0 | 0 |
| MEDLEY LLC - CALLABLE | Pref | 58503Y204 | 1 | 40,000 | SH | | DFND | 9,10 | 40,000 | 0 | 0 |
| MERCER INTERNATIONAL INC SBI | Com | 588056101 | 191,003 | 16,480,000 | SH | | DFND | 1,2,3,4,11,7,9,10 | 16,480,000 | 0 | 0 |
| MYMETICS CORP | Com | 62856A102 | 144 | 2,186,473 | SH | | DFND | 7,10 | 2,186,473 | 0 | 0 |
| NATIONAL RETAIL PPTYS INC | Com | 637417106 | 561 | 13,000 | SH | | DFND | 4 | 13,000 | 0 | 0 |
| NOW INC DE | Com | 67011P100 | 8 | 1,100 | SH | | DFND | 2 | 1,100 | 0 | 0 |
| OXFORD SQUARE CAP CORP-CALL | Pref | 69181V503 | 1,259 | 50,000 | SH | | DFND | 1,2 | 50,000 | 0 | 0 |
| PHI INC | Com | 6933ESCA5 | 0 | 1,000,000 | SH | | DFND | 4,10 | 1,000,000 | 0 | 0 |
| PHI GROUP INC | Com | 69360B104 | 556 | 39,712 | SH | | DFND | 4,10 | 39,712 | 0 | 0 |
| PENNYMAC MTG INVT TR-CALLABLE | Pref | 70931T509 | 507 | 20,000 | SH | | DFND | 1,2 | 20,000 | 0 | 0 |
| PFSWEB INC | Com | 717098206 | 9,675 | 750,000 | SH | | DFND | 2,10 | 750,000 | 0 | 0 |
| PROCTER & GAMBLE CO | Com | 742718109 | 797 | 5,700 | SH | | DFND | | 5,700 | 0 | 0 |
| PRIORITY INCOME FUND INC-CALLABLE | Pref | 74274W772 | 1,504 | 60,000 | SH | | DFND | 1,2 | 60,000 | 0 | 0 |
| PROSPECT CAP CORP | Pref | 74348T565 | 1,168 | 50,000 | SH | | DFND | 2 | 50,000 | 0 | 0 |
| RAYMOND JAMES FNCL INC | Com | 754730109 | 27,511 | 298,125 | SH | | DFND | 4,9 | 298,125 | 0 | 0 |
| ROOMSTORE INC - CMN | Com | 77638R108 | 0 | 43,661 | SH | | DFND | | 43,661 | 0 | 0 |
| SLM CORP PFD SERIES B | Pref | 78442P502 | 923 | 15,000 | SH | | DFND | 11 | 15,000 | 0 | 0 |
| SCHWAB CHARLES CORP NEW | Com | 808513105 | 1,821 | 25,000 | SH | | DFND | | 25,000 | 0 | 0 |
| SELECTIVE INS GROUP INC | Com | 816300107 | 15,106 | 200,000 | SH | | DFND | 10 | 200,000 | 0 | 0 |
| SPECTRUM BRANDS HOLDINGS INC | Com | 84790A105 | 1,224 | 12,799 | SH | | DFND | 4,7,9,10 | 12,799 | 0 | 0 |
| TIDWATER INC WTS SERIES A 7/31/23 | Com | 88642R117 | 1 | 903 | SH | | DFND | | 903 | 0 | 0 |
| TIDEWATER INC WTS SERIES B 7/31/23 | Com | 88642R125 | 1 | 976 | SH | | DFND | | 976 | 0 | 0 |
| ARGONAUT GROUP STATUTORY TR - CALL | Pref | 8AMCSFQW9 | 11,760 | 12,000 | SH | | DFND | 1,2,3,4,7,8,9,10 | 12,000 | 0 | 0 |
| VAIL RESORTS INC. | Com | 91879Q109 | 28,060 | 84,000 | SH | | DFND | 3,4,10 | 84,000 | 0 | 0 |
| VISTRA ENERGY CORP | Com | 92840M128 | 6 | 33,717 | SH | | DFND | 4,9,10 | 33,717 | 0 | 0 |
| VOLKSWAGEN AG | Com | 928CNV760 | 4,970 | 16,000 | SH | | DFND | | 16,000 | 0 | 0 |
| WESTINGHOUSE AIR BRAKE TECH CORP | Com | 929740108 | 56 | 647 | SH | | DFND | 1,2,3,9 | 647 | 0 | 0 |
| WASHINGTON PRIME GROUP NEW | Pref | 93964W306 | 160 | 35,000 | SH | | DFND | 2,10 | 35,000 | 0 | 0 |
| WELLS FARGO & CO NEW COM STK | Com | 949746101 | 2,321 | 50,000 | SH | | DFND | 4 | 50,000 | 0 | 0 |
| WELLS FARGO & COMPANY PFT SERIES J | Pref | 949746887 | 0 | 387 | SH | | DFND | | 387 | 0 | 0 |
| WESBANCO INC -CALLABLE | Pref | 950810705 | 849 | 30,000 | SH | | DFND | 1 | 30,000 | 0 | 0 |
| XILINX INC | Com | 983919101 | 6,040 | 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 |
| ADIENT LTD | Com | G0084W101 | 49 | 1,193 | SH | | DFND | | 1,193 | 0 | 0 |
| JOHNSON CTLS INTL PLC | Com | G51502105 | 1,625 | 23,874 | SH | | DFND | 9 | 23,874 | 0 | 0 |
| NAM TAI PROPERTY INC | Com | G63907102 | 134,264 | 5,774,800 | SH | | DFND | 1,2,3,4,11,7,9,10 | 5,774,800 | 0 | 0 |
| SEAGATE TECHNOLOGY HLDGS PUB LTD | Com | G7997R103 | 41 | 500 | SH | | DFND | | 500 | 0 | 0 |
| SCULLY ROYALTY LTD | Com | G7T96K107 | 33,805 | 2,978,397 | SH | | DFND | 1,2,3,4,11,7,9,10 | 2,978,397 | 0 | 0 |
| TE CONNECTIVITY LIMITED | Com | H84989104 | 1,715 | 12,500 | SH | | DFND | | 12,500 | 0 | 0 |
