The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete. | |||||||||||||||||||||
| UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 13F FORM 13F INFORMATION TABLE |
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| 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 | 346,160 | 1,948 | SH | DFND | 1,948 | 0 | 0 | ||
| ADVANCED MICRO DEVICES INC | Com | 007903107 | 4,099,129 | 33,936 | SH | DFND | 2 | 33,936 | 0 | 0 | |
| AFFILIATED MANAGERS GROUP INC-CALL | Pref | 008252827 | 1,973,600 | 80,000 | SH | DFND | 9 | 80,000 | 0 | 0 | |
| ALGONQUIN POWER & UTILITIES CORP | Pref | 015857808 | 504,600 | 20,000 | SH | DFND | 9 | 20,000 | 0 | 0 | |
| AMGEN INC | Com | 031162100 | 24,109,200 | 92,500 | SH | DFND | 4,7,9 | 92,500 | 0 | 0 | |
| ATLANTICUS HOLDINS CORP - CALL | Pref | 04914Y300 | 471,200 | 20,000 | SH | DFND | 10 | 20,000 | 0 | 0 | |
| AXIS CAPITAL HOLDINGS-CALLABLE | Pref | 05461T305 | 1,432,200 | 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 | 443,400 | 15,000 | SH | DFND | 3 | 15,000 | 0 | 0 | |
| B RILEY FINANCIAL INC - CALLABLE | Pref | 05580M819 | 1,183,000 | 140,000 | SH | DFND | 1,2,9 | 140,000 | 0 | 0 | |
| BANK OZK | Pref | 06417N202 | 983,700 | 60,000 | SH | DFND | 1,2 | 60,000 | 0 | 0 | |
| BERKSHIRE HATHAWAY INC DEL CL A | Com | 084670108 | 680,920 | 1 | SH | DFND | 1 | 0 | 0 | ||
| BROOKFIELD BRP HLDGS INC-CALLABLE | Pref | 11259P307 | 499,200 | 20,000 | SH | DFND | 1 | 20,000 | 0 | 0 | |
| CBL & ASSOC PPTYS INC | Com | 124830878 | 19,352 | 658 | SH | DFND | 2 | 658 | 0 | 0 | |
| CHEVRON CORPORATION | Com | 166764100 | 2,317,440 | 16,000 | SH | DFND | 2,3 | 16,000 | 0 | 0 | |
| CHINA FUND INC | Com | 169373107 | 816,000 | 68,399 | SH | DFND | 68,399 | 0 | 0 | ||
| COBANK ACB | Pref | 19075Q862 | 3,643,211 | 36,296 | SH | DFND | 1,2,10 | 36,296 | 0 | 0 | |
| CONIFER HOLDINGS INC | Com | 20731J102 | 292,500 | 250,000 | SH | DFND | 4 | 250,000 | 0 | 0 | |
| COREBRIDGE FINL INC-CALLABLE | Pref | 21871X208 | 2,032,000 | 80,000 | SH | DFND | 1,2,10 | 80,000 | 0 | 0 | |
| CORNING INC | Com | 219350105 | 17,456,472 | 367,350 | SH | DFND | 9 | 367,350 | 0 | 0 | |
| CORSA COAL CORP | Com | 22041E609 | 326,777 | 2,226,000 | SH | DFND | 2,226,000 | 0 | 0 | ||
| CUSTOMERS BANCORP INC | Pref | 23204G803 | 784,800 | 40,000 | SH | DFND | 1 | 40,000 | 0 | 0 | |
| DELPHI FINANCIAL GROUP - CALLABLE | Pref | 247131303 | 8,121,113 | 328,790 | SH | DFND | 2,3,4,9 | 328,790 | 0 | 0 | |
| EAGLE POINT CREDIT CO-CALLABLE | Pref | 269809885 | 2,732,964 | 120,000 | SH | DFND | 1,2,9 | 120,000 | 0 | 0 | |
| EMBECTA CORP | Com | 29082K105 | 82,600 | 4,000 | SH | DFND | 4 | 4,000 | 0 | 0 | |
| EMERSON ELEC CO | Com | 291011104 | 9,914,400 | 80,000 | SH | DFND | 2,10 | 80,000 | 0 | 0 | |
| EXXON MOBIL CORP | Com | 30231G102 | 8,562,572 | 79,600 | SH | DFND | 4 | 79,600 | 0 | 0 | |
| GE HEALTHCARE TECHNOLOGIES INC | Com | 36266G107 | 394,027 | 5,040 | SH | DFND | 1,2,3,9 | 5,040 | 0 | 0 | |
| GE VERNOVA INC | Com | 36828A101 | 1,243,355 | 3,780 | SH | DFND | 1,2,3,9 | 3,780 | 0 | 0 | |
| GENERAL ELECTRIC CO | Com | 369604301 | 2,522,699 | 15,125 | SH | DFND | 1,2,3,9 | 15,125 | 0 | 0 | |
| GOLDMAN SACHS GROUP INC | Com | 38141G104 | 43,061,024 | 75,200 | SH | DFND | 4 | 75,200 | 0 | 0 | |
| GREAT ELM CAP CORP-CALLABLE | Pref | 390320885 | 504,318 | 20,000 | SH | DFND | 9 | 20,000 | 0 | 0 | |
| HEARTLAND FINANCIAL USA-CALLABLE | Pref | 42234Q201 | 563,963 | 22,500 | SH | DFND | 2 | 22,500 | 0 | 0 | |
| HELIOS TECHNOLOGIES INC | Com | 42328H109 | 13,392,000 | 300,000 | SH | DFND | 4,10 | 300,000 | 0 | 0 | |
| HUDSON PACIFIC PROPERTIES INC-CALL | Pref | 444097307 | 763,400 | 55,000 | SH | DFND | 1,2 | 55,000 | 0 | 0 | |
| INTL BUSINESS MACHINES CORP | Com | 459200101 | 329,745 | 1,500 | SH | DFND | 1 | 1,500 | 0 | 0 | |
| KAISER ALUM CORP DEPOSITARY S CMN | Com | 483007704 | 4,919 | 70 | SH | DFND | 10 | 70 | 0 | 0 | |
| KYNDRYL HLDGS INC | Com | 50155Q100 | 10,380 | 300 | SH | DFND | 1 | 300 | 0 | 0 | |
| LADENBURG THALMAN FIN SVCS INC | Pref | 50575Q300 | 100,000 | 5,000 | SH | DFND | 9 | 5,000 | 0 | 0 | |
| MCDONALDS CORP | Com | 580135101 | 1,811,813 | 6,250 | SH | DFND | 3 | 6,250 | 0 | 0 | |
| MERCER INTERNATIONAL INC SBI | Com | 588056101 | 107,120,000 | 16,480,000 | SH | DFND | 1,2,3,4,7,9,10 | 16,480,000 | 0 | 0 | |
| NATIONAL RETAIL PPTYS INC | Com | 637417106 | 531,050 | 13,000 | SH | DFND | 4 | 13,000 | 0 | 0 | |
| NEWTEKONE INC -CALLABLE | Pref | 652526872 | 1,548,006 | 60,000 | SH | DFND | 3 | 60,000 | 0 | 0 | |
| NOW INC DE | Com | 67011P100 | 14,311 | 1,100 | SH | DFND | 2 | 1,100 | 0 | 0 | |
| OFFICE PPTYS INCOME TR | Pref | 67623C208 | 489,200 | 40,000 | SH | DFND | 1,2 | 40,000 | 0 | 0 | |
| ORGANON CO | Com | 68622V106 | 44,760 | 3,000 | SH | DFND | 3,000 | 0 | 0 | ||
| OXFORD LANE CAP CORP | Pref | 691543862 | 2,046,400 | 80,000 | SH | DFND | 9 | 80,000 | 0 | 0 | |
| PHI GROUP INC | Com | 69360B104 | 994,786 | 39,712 | SH | DFND | 4,10 | 39,712 | 0 | 0 | |
| PROCTER & GAMBLE CO | Com | 742718109 | 955,605 | 5,700 | SH | DFND | 5,700 | 0 | 0 | ||
| PROSPECT CAP CORP | Pref | 74348T565 | 882,000 | 50,000 | SH | DFND | 2 | 50,000 | 0 | 0 | |
| RAYMOND JAMES FNCL INC | Com | 754730109 | 46,307,756 | 298,125 | SH | DFND | 4,9 | 298,125 | 0 | 0 | |
| READY CAPITAL CORP | Pref | 75574U838 | 502,200 | 20,000 | SH | DFND | 2 | 20,000 | 0 | 0 | |
| ROOMSTORE INC - CMN | Com | 77638R108 | 4 | 43,661 | SH | DFND | 43,661 | 0 | 0 | ||
| SLM CORP PFD SERIES B | Pref | 78442P502 | 335,025 | 4,500 | SH | DFND | 11 | 4,500 | 0 | 0 | |
| SVB FINL TR | Pref | 78500B403 | 2,400 | 240,000 | SH | DFND | 1,2,3,11,10 | 240,000 | 0 | 0 | |
| SCE TR VIII-CALLABLE | Pref | 80620A208 | 510,200 | 20,000 | SH | DFND | 4 | 20,000 | 0 | 0 | |
| SELECTIVE INS GROUP INC | Com | 816300107 | 18,704,000 | 200,000 | SH | DFND | 10 | 200,000 | 0 | 0 | |
| SPECTRUM BRANDS HOLDINGS INC | Com | 84790A105 | 1,081,388 | 12,799 | SH | DFND | 4,7,9,10 | 12,799 | 0 | 0 | |
| TENNESSEE VALLEY AUTHORITY PARRS | Pref | 880591300 | 2,707,200 | 120,000 | SH | DFND | 9 | 120,000 | 0 | 0 | |
| TENNESSEE VALLEY AUTHORITY | Pref | 880591409 | 5,774,600 | 260,000 | SH | DFND | 3,9 | 260,000 | 0 | 0 | |
| TRINITY CAPITAL INC - CALLABLE | Pref | 896442605 | 1,513,200 | 60,000 | SH | DFND | 9 | 60,000 | 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 | 1,208,400 | 60,000 | SH | DFND | 1,2 | 60,000 | 0 | 0 | |
| VAIL RESORTS INC. | Com | 91879Q109 | 15,745,800 | 84,000 | SH | DFND | 3,4,10 | 84,000 | 0 | 0 | |
| WELLS FARGO & COMPANY PFT SERIES J | Pref | 949746887 | 128 | 387 | SH | DFND | 387 | 0 | 0 | ||
| ZIEGLER COS INC THE | Com | 989506308 | 4,064,676 | 48,972 | SH | DFND | 48,972 | 0 | 0 | ||
| ADIENT LTD | Com | G0084W101 | 20,555 | 1,193 | SH | DFND | 1,193 | 0 | 0 | ||
| ASPEN INSURANCE HOLDINGS-CALL | Pref | G05384170 | 2,031,200 | 80,000 | SH | DFND | 2,4 | 80,000 | 0 | 0 | |
| JOHNSON CTLS INTL PLC | Com | G51502105 | 1,884,375 | 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 | 31,604,142 | 3,416,664 | SH | DFND | 1,2,3,4,7,9,10 | 3,416,664 | 0 | 0 | |
| TE CONNECTIVITY COM | Com | G87052109 | 1,787,125 | 12,500 | SH | DFND | 12,500 | 0 | 0 | ||
