| 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 | 261 | 1,948 | SH | | DFND | | 1,948 | 0 | 0 |
| ADIENT LTD | Com | G0084W101 | 33 | 1,193 | SH | | DFND | | 1,193 | 0 | 0 |
| ADVANCED MICRO DEVICES INC | Com | 007903107 | 4,368 | 68,936 | SH | | DFND | 2 | 68,936 | 0 | 0 |
| AGRIBANK FCB - CALLABLE | Pref | 00850L203 | 4,187 | 41,150 | SH | | DFND | 1,2,3,10 | 41,150 | 0 | 0 |
| AMGEN INC | Com | 031162100 | 20,850 | 92,500 | SH | | DFND | 4,7,9 | 92,500 | 0 | 0 |
| ARGONAUT GROUP STATUTORY TR - CALL | Pref | 8AMCSFQW9 | 12,000 | 12,000 | SH | | DFND | 1,2,3,4,11,7,9,10 | 12,000 | 0 | 0 |
| AT&T INC - CALLABLE | Pref | 00206R300 | 2,397 | 100,000 | SH | | DFND | 1,2,10 | 100,000 | 0 | 0 |
| ATLANTICUS HOLDINS CORP - CALL | Pref | 04914Y300 | 445 | 20,000 | SH | | DFND | 10 | 20,000 | 0 | 0 |
| AXIS CAPITAL HOLDINGS-CALLABLE | Pref | 05461T305 | 1,484 | 70,000 | SH | | DFND | 1,11 | 70,000 | 0 | 0 |
| B RILEY FINANCIAL INC - CALLABLE | Pref | 05580M819 | 2,937 | 140,000 | SH | | DFND | 1,2,9 | 140,000 | 0 | 0 |
| BANK OZK | Pref | 06417N202 | 1,061 | 60,000 | SH | | DFND | 1,2 | 60,000 | 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 | 406 | 1 | SH | | DFND | | 1 | 0 | 0 |
| BLACKSTONE GROUP INC CLASS A | Com | 09260D107 | 3,181 | 38,000 | SH | | DFND | | 38,000 | 0 | 0 |
| BOEING CO | Com | 097023105 | 3,318 | 27,400 | SH | | DFND | | 27,400 | 0 | 0 |
| BP P.L.C. SPONSORED ADR - CMN | Com | 055622104 | 428 | 15,000 | SH | | DFND | 3 | 15,000 | 0 | 0 |
| CAL DIVE INTERNATIONAL INC | Com | 12802T101 | 0 | 500,000 | SH | | DFND | | 500,000 | 0 | 0 |
| CBL & ASSOC PPTYS INC | Com | 124830878 | 17 | 658 | SH | | DFND | 2 | 658 | 0 | 0 |
| CHEVRON CORPORATION | Com | 166764100 | 2,299 | 16,000 | SH | | DFND | 2,3 | 16,000 | 0 | 0 |
| CHINA FUND INC | Com | 169373107 | 797 | 68,399 | SH | | DFND | | 68,399 | 0 | 0 |
| COBANK ACB | Pref | 19075Q805 | 5,645 | 56,449 | SH | | DFND | 1,3,9,10 | 56,449 | 0 | 0 |
| COBANK ACB | Pref | 19075Q862 | 3,638 | 36,296 | SH | | DFND | 1,2,10 | 36,296 | 0 | 0 |
| CONIFER HOLDINGS INC | Com | 20731J102 | 403 | 250,000 | SH | | DFND | 4 | 250,000 | 0 | 0 |
| CORNING INC | Com | 219350105 | 10,660 | 367,350 | SH | | DFND | | 367,350 | 0 | 0 |
| CORSA COAL CORP | Com | 22041E609 | 423 | 2,226,000 | SH | | DFND | | 2,226,000 | 0 | 0 |
| CUSTOMERS BANCORP INC | Pref | 23204G803 | 812 | 40,000 | SH | | DFND | 1 | 40,000 | 0 | 0 |
| DELPHI FINANCIAL GROUP - CALLABLE | Pref | 247131303 | 1,692 | 77,797 | SH | | DFND | 3,4 | 77,797 | 0 | 0 |
| DIAMOND OFFSHORE DRILLING INC | Com | 25271C201 | 1,383 | 208,583 | SH | | DFND | 1,4,7,10 | 208,583 | 0 | 0 |
| DISNEY WALT CO | Com | 254687106 | 8,473 | 89,825 | SH | | DFND | 9 | 89,825 | 0 | 0 |
| DTE ENERGY CO - CALLABLE | Pref | 233331859 | 7,681 | 340,000 | SH | | DFND | 1,2,3,9,10 | 340,000 | 0 | 0 |
| DUKE ENERGY CORP - CALLABLE | Pref | 26441C402 | 608 | 25,000 | SH | | DFND | 10 | 25,000 | 0 | 0 |
| EAGLE POINT CREDIT CO-CALLABLE | Pref | 269809885 | 2,588 | 120,000 | SH | | DFND | 1,2,9 | 120,000 | 0 | 0 |
| EMERSON ELEC CO | Com | 291011104 | 5,858 | 80,000 | SH | | DFND | 2,10 | 80,000 | 0 | 0 |
| ESC PFD MEDLEY LLC ESCROW | Pref | 585ESC015 | 6 | 40,000 | SH | | DFND | 2,4 | 40,000 | 0 | 0 |
| EXXON MOBIL CORP | Com | 30231G102 | 6,950 | 79,600 | SH | | DFND | 4 | 79,600 | 0 | 0 |
| FARM CREDIT BK OF TEXAS-CALL-144A | Pref | 30767E406 | 406 | 4,000 | SH | | DFND | 9 | 4,000 | 0 | 0 |
| FOX CORP CLASS B | Com | 35137L204 | 713 | 25,028 | SH | | DFND | | 25,028 | 0 | 0 |
| GENERAL ELECTRIC CO | Com | 369604301 | 936 | 15,125 | SH | | DFND | 1,2,3,9 | 15,125 | 0 | 0 |
| GOLDMAN SACHS GROUP INC | Com | 38141G104 | 32,675 | 111,500 | SH | | DFND | 3,4 | 111,500 | 0 | 0 |
| HEARTLAND FINANCIAL USA-CALLABLE | Pref | 42234Q201 | 572 | 22,500 | SH | | DFND | 2 | 22,500 | 0 | 0 |
| HELIOS TECHNOLOGIES INC | Com | 42328H109 | 15,180 | 300,000 | SH | | DFND | 4,10 | 300,000 | 0 | 0 |
| HUDSON PACIFIC PROPERTIES INC-CALL | Pref | 444097307 | 923 | 55,000 | SH | | DFND | 1,2 | 55,000 | 0 | 0 |
| INTEGRYS ENERGY GROUP-CALLABLE | Pref | 45822P204 | 470 | 20,000 | SH | | DFND | 9 | 20,000 | 0 | 0 |
| INTL BUSINESS MACHINES CORP | Com | 459200101 | 178 | 1,500 | SH | | DFND | 1 | 1,500 | 0 | 0 |
| JEFFERIES FINANCIAL GROUP INC | Com | 47233W109 | 10,646 | 360,872 | SH | | DFND | 4,7,9,10 | 360,872 | 0 | 0 |
| JOHNSON CTLS INTL PLC | Com | G51502105 | 1,175 | 23,874 | SH | | DFND | 9 | 23,874 | 0 | 0 |
| KAISER ALUM CORP DEPOSITARY S CMN | Com | 483007704 | 4 | 70 | SH | | DFND | 10 | 70 | 0 | 0 |
| KYNDRYL HLDGS INC | Com | 50155Q100 | 2 | 300 | SH | | DFND | 1 | 300 | 0 | 0 |
| LADENBURG THALMAN FIN SVCS INC | Pref | 50575Q300 | 69 | 5,000 | SH | | DFND | 9 | 5,000 | 0 | 0 |
| MCDONALDS CORP | Com | 580135101 | 1,442 | 6,250 | SH | | DFND | 3 | 6,250 | 0 | 0 |
| MEDLEY LLC ESCROW | Pref | 585ESC023 | 6 | 40,000 | SH | | DFND | 9,10 | 40,000 | 0 | 0 |
| MERCER INTERNATIONAL INC SBI | Com | 588056101 | 202,704 | 16,480,000 | SH | | DFND | 1,2,3,4,7,9,10 | 16,480,000 | 0 | 0 |
| MYMETICS CORP | Com | 62856A102 | 100 | 2,186,473 | SH | | DFND | 7,10 | 2,186,473 | 0 | 0 |
| NAM TAI PROPERTY INC | Com | G63907102 | 24,341 | 5,774,800 | SH | | DFND | 1,2,3,4,7,9,10 | 5,774,800 | 0 | 0 |
| NATIONAL RETAIL PPTYS INC | Com | 637417106 | 518 | 13,000 | SH | | DFND | 4 | 13,000 | 0 | 0 |
| NOW INC DE | Com | 67011P100 | 11 | 1,100 | SH | | DFND | 2 | 1,100 | 0 | 0 |
| OFFICE PPTYS INCOME TR | Pref | 67623C208 | 766 | 40,000 | SH | | DFND | 1,2 | 40,000 | 0 | 0 |
| PFSWEB INC | Com | 717098206 | 6,990 | 750,000 | SH | | DFND | 2,10 | 750,000 | 0 | 0 |
| PHI GROUP INC | Com | 69360B104 | 506 | 39,712 | SH | | DFND | 4,10 | 39,712 | 0 | 0 |
| PROCTER & GAMBLE CO | Com | 742718109 | 720 | 5,700 | SH | | DFND | | 5,700 | 0 | 0 |
| PROSPECT CAP CORP | Pref | 74348T565 | 846 | 50,000 | SH | | DFND | 2 | 50,000 | 0 | 0 |
| PZENA INVT MGMT INC CL A SHS | Com | 74731Q103 | 332 | 35,000 | SH | | DFND | | 35,000 | 0 | 0 |
| RAYMOND JAMES FNCL INC | Com | 754730109 | 29,461 | 298,125 | SH | | DFND | 4,9 | 298,125 | 0 | 0 |
| ROOMSTORE INC - CMN | Com | 77638R108 | 0 | 43,661 | SH | | DFND | | 43,661 | 0 | 0 |
| SCHWAB CHARLES CORP NEW | Com | 808513105 | 1,797 | 25,000 | SH | | DFND | | 25,000 | 0 | 0 |
| SCULLY ROYALTY LTD | Com | G7T96K107 | 25,283 | 3,416,664 | SH | | DFND | 1,2,3,4,7,9,10 | 3,416,664 | 0 | 0 |
| SELECTIVE INS GROUP INC | Com | 816300107 | 16,280 | 200,000 | SH | | DFND | 10 | 200,000 | 0 | 0 |
| SLM CORP PFD SERIES B | Pref | 78442P502 | 390 | 7,000 | SH | | DFND | 11 | 7,000 | 0 | 0 |
| SPECTRUM BRANDS HOLDINGS INC | Com | 84790A105 | 500 | 12,799 | SH | | DFND | 4,7,9,10 | 12,799 | 0 | 0 |
| TE CONNECTIVITY LIMITED | Com | H84989104 | 1,380 | 12,500 | SH | | DFND | | 12,500 | 0 | 0 |
| TIDEWATER INC WTS SERIES B 7/31/23 | Com | 88642R125 | 1 | 976 | SH | | DFND | | 976 | 0 | 0 |
| TIDWATER INC WTS SERIES A 7/31/23 | Com | 88642R117 | 1 | 903 | SH | | DFND | | 903 | 0 | 0 |
| VAIL RESORTS INC. | Com | 91879Q109 | 18,114 | 84,000 | SH | | DFND | 3,4,10 | 84,000 | 0 | 0 |
| VISTRA ENERGY CORP | Com | 92840M128 | 8 | 33,717 | SH | | DFND | 4,9,10 | 33,717 | 0 | 0 |
| VOLKSWAGEN AG | Com | 928CNV760 | 2,643 | 16,000 | SH | | DFND | | 16,000 | 0 | 0 |
| WELLS FARGO & CO NEW COM STK | Com | 949746101 | 2,011 | 50,000 | SH | | DFND | 4 | 50,000 | 0 | 0 |
| WELLS FARGO & COMPANY PFT SERIES J | Pref | 949746887 | 1 | 387 | SH | | DFND | | 387 | 0 | 0 |
| WESTINGHOUSE AIR BRAKE TECH CORP | Com | 929740108 | 53 | 647 | SH | | DFND | 1,2,3,9 | 647 | 0 | 0 |
| ZIEGLER COS INC THE | Com | 989506308 | 1,972 | 48,972 | SH | | DFND | | 48,972 | 0 | 0 |
