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
Expires: July 31, 2015
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 (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
ABBVIE INC Com 00287Y109 490,195 1,948 SH DFND 1,948 0 0
ADIENT LTD Com G0084W101 21,927 1,193 SH DFND 1,193 0 0
ADVANCED MICRO DEVICES INC Com 007903107 19,713,762 33,936 SH DFND 2 33,936 0 0
AFFILIATED MANAGERS GROUP INC-CALL Pref 008252827 1,819,600 80,000 SH DFND 9 80,000 0 0
ALGONQUIN POWER & UTILITIES CORP Pref 015857808 509,400 60,000 SH DFND 1,10 60,000 0 0
AMERICAN FINANCIAL GR INC OH-CALL Pref 025932864 476,100 30,000 SH DFND 10 30,000 0 0
AMERICAN FINL GROUP INC OHIO-CALL Pref 025932880 354,000 50,000 SH DFND 1,2 50,000 0 0
AMGEN INC Com 031162100 9,053,000 92,500 SH DFND 4,7,9 92,500 0 0
ARCH CAPITAL GROUP LTD Pref 03939A404 645,800 40,000 SH DFND 2 40,000 0 0
ARGONAUT GROUP STATUTORY TR - CALL Pref 8AMCSFQW9 2,000,000 12,000 SH DFND 1,2,3,4,11,7,9,10 12,000 0 0
ASPEN INSURANCE HLDG LTD-CALLABLE Pref G05384204 371,000 20,000 SH DFND 9 20,000 0 0
ASPEN INSURANCE HOLDINGS-CALL Pref G05384170 934,000 80,000 SH DFND 2,4 80,000 0 0
ATLANTICUS HOLDINS CORP - CALL Pref 04914Y300 504,700 20,000 SH DFND 10 20,000 0 0
AXIS CAPITAL HOLDINGS-CALLABLE Pref 05461T305 750,400 70,000 SH DFND 1,11 70,000 0 0
B RILEY FINANCIAL INC - CALLABLE Pref 05580M819 738,000 140,000 SH DFND 1,2,9 140,000 0 0
BANK OZK Pref 06417N202 320,400 60,000 SH DFND 1,2 60,000 0 0
BERKSHIRE HATHAWAY INC DEL CL A Com 084670108 748,850 1 SH DFND 1 0 0
BROOKFIELD BRP HLDGS INC-CALLABLE Pref 11259P307 504,400 20,000 SH DFND 1 20,000 0 0
CBL & ASSOC PPTYS INC Com 124830878 34,933 658 SH DFND 2 658 0 0
COREBRIDGE FINL INC-CALLABLE Pref 21871X208 914,000 80,000 SH DFND 1,2,10 80,000 0 0
CORNING INC Com 219350105 3,065,160 52,037 SH DFND 52,037 0 0
CORSA COAL CORP Com 22041E609 2 2,226,000 SH DFND 2,226,000 0 0
CUSTOMERS BANCORP INC Pref 23204G803 863,996 40,000 SH DFND 1 40,000 0 0
DELPHI FINANCIAL GROUP - CALLABLE Pref 247131303 4,107,956 328,790 SH DFND 2,3,4,9 328,790 0 0
DISNEY WALT CO Com 254687106 5,967,500 16,133 SH DFND 12 16,133 0 0
DTE ENERGY CO SERIES E - CALLABLE Pref 233331818 338,800 20,000 SH DFND 9 20,000 0 0
DTE ENERGY CO-CALLABLE Pref 233331826 334,000 60,000 SH DFND 2,4 60,000 0 0
EAGLE POINT CREDIT CO-CALLABLE Pref 269809885 955,200 120,000 SH DFND 1,2,9 120,000 0 0
ENTERGY LOUISIANA LLC - CALLABLE Pref 29364W108 800,000 40,000 SH DFND 10 40,000 0 0
ESTEE LAUDER COMPANIES, INC Com 518439104 5,921,250 75,000 SH DFND 12 75,000 0 0
EXXON MOBIL CORP Com 30231G102 628,912 79,600 SH DFND 4 79,600 0 0
F&G ANNUITIES & LIFE INC - CALLABL Pref 30190A609 821,200 120,000 SH DFND 1,2,10 120,000 0 0
FIFTH THIRD BANCORP-CALLABLE Pref 316773837 515,600 20,000 SH DFND 4 20,000 0 0
GE HEALTHCARE TECHNOLOGIES INC Com 36266G107 93,327 5,040 SH DFND 1,2,3,9 5,040 0 0
GE VERNOVA INC Com 36828A101 1,284,122 3,780 SH DFND 1,2,3,9 3,780 0 0
GENERAL ELECTRIC CO Com 369604301 1,635,069 15,125 SH DFND 1,2,3,9 15,125 0 0
GENUINE PARTS CO COM Com 372460105 5,899,000 50,000 SH DFND 12 50,000 0 0
GLOBE LIFE INC - CALLABLE Pref 37959E300 303,000 50,000 SH DFND 3,9 50,000 0 0
HELIOS TECHNOLOGIES INC Com 42328H109 13,387,500 300,000 SH DFND 4,10 300,000 0 0
HUDSON PACIFIC PROPERTIES INC-CALL Pref 444097307 560,000 55,000 SH DFND 1,2 55,000 0 0
JOHNSON CTLS INTL PLC Com G51502105 1,744,115 11,937 SH DFND 11,937 0 0
KAISER ALUM CORP DEPOSITARY S CMN Com 483007704 13,694 70 SH DFND 10 70 0 0
KKR & CO INC Pref 48251W609 483,600 180,000 SH DFND 1,2,4,9,10 180,000 0 0
M&T BANK CORP - CALLABLE Pref 55261F872 499,400 20,000 SH DFND 3 20,000 0 0
MERCER INTERNATIONAL INC SBI Com 588056101 415,800 18,220,000 SH DFND 1,2,3,12,4,7,9,10 18,220,000 0 0
MYMETICS CORP Com 62856A300 0 175 SH DFND 7,10 175 0 0
NAM TAI G63907-10-2 PRIVATE Com G63907PP1 25,348,147 5,336,452 SH DFND 5,336,452 0 0
NAM TAI PROPERTY INC Com G63907102 1,900,000 5,774,800 SH DFND 1,2,3,4,7,9,10 5,774,800 0 0
NEWTEKONE INC-CALLABLE Pref 652526864 994,200 80,000 SH DFND 1,3,7 80,000 0 0
NIKE INC Com 654106103 6,444,850 157,000 SH DFND 12 157,000 0 0
OFFICE PPTYS INCOME - WARRANT Com 67623C117 0 2,422 SH DFND 1,2 2,422 0 0
OFFICE PROPERTIES COM Com 67623C307 24,072 2,832 SH DFND 1,2 2,832 0 0
OXFORD LANE CAP CORP Pref 691543854 2,499,000 100,000 SH DFND 2,10 100,000 0 0
OXFORD LANE CAP CORP Pref 691543862 2,036,000 80,000 SH DFND 9 80,000 0 0
PARTNERRE LTD - CALLABLE Pref G68603169 320,000 120,000 SH DFND 4,9,10 120,000 0 0
PHI GROUP INC Com 69360B104 565,896 39,712 SH DFND 4,10 39,712 0 0
PINNACLE FINL PARTNERS INC Pref 72348N307 1,075,200 120,000 SH DFND 1,2 120,000 0 0
PRESURANCE HOLDING COM NPV (R/S) Com 20731J409 175,357 35,714 SH DFND 4 35,714 0 0
PROCTER & GAMBLE CO Com 742718109 835,848 5,700 SH DFND 5,700 0 0
PROSPECT CAP CORP Pref 74348T565 492,300 30,000 SH DFND 2 30,000 0 0
RAMCO RES INC-CALLABLE Pref 75134P808 1,015,852 80,000 SH DFND 2,10 80,000 0 0
READY CAPITAL CORP Pref 75574U838 450,000 20,000 SH DFND 2 20,000 0 0
SCE TR VIII-CALLABLE Pref 80620A208 452,800 20,000 SH DFND 4 20,000 0 0
SCULLY ROYALTY LTD Com G7T96K107 1,865,834 3,416,664 SH DFND 1,2,3,12,4,7,9,10 3,416,664 0 0
SPECTRUM BRANDS HOLDINGS INC Com 84790A105 645,183 12,799 SH DFND 4,7,9,10 12,799 0 0
SVB FINL TR Pref 78500B403 4,000 240,000 SH DFND 1,2,3,11,10 240,000 0 0
TANSCANADA PIPELINE STR Pref 893526681 920,000 80,000 SH DFND 4,9 80,000 0 0
TE CONNECTIVITY COM Com G87052109 2,520,125 12,500 SH DFND 12,500 0 0
TENNESSEE VALLEY AUTHORITY Pref 880591409 3,287,200 260,000 SH DFND 3,9 260,000 0 0
TENNESSEE VALLEY AUTHORITY PARRS Pref 880591300 2,860,800 120,000 SH DFND 9 120,000 0 0
TRITON INTL LTD-CALLABLE Pref G9078F164 978,000 80,000 SH DFND 9,10 80,000 0 0
UBER TECHNOLOGIES, INC Com 90353T100 6,494,400 79,500 SH DFND 12 79,500 0 0
US BANCORP -CALLABLE Pref 902973668 522,900 60,000 SH DFND 1,2 60,000 0 0
VAIL RESORTS INC. Com 91879Q109 6,807,500 84,000 SH DFND 3,4,10 84,000 0 0
WESBANCO INC - CALLABLE Pref 950810887 503,400 150,000 SH DFND 1,4,11 150,000 0 0
WINTRUST FINANCIAL CORP-CALL Pref 97650W702 1,050,000 240,000 SH DFND 1,2,3,4,9,10 240,000 0 0
XCEL ENERGY INC-CALLABLE Pref 98389B878 1,876,000 200,000 SH DFND 1,2,3,10 200,000 0 0