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
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. Common 00287Y109 5,090 70,200 SH   DFND 2 70,200 0 0
ACADIA Pharmaceuticals Inc. Common 004225108 863 30,947 SH   DFND 2 30,947 0 0
Alerian MLP Common 00162Q866 7 600 SH   DFND 1 0 600 0
Allergan plc Common G0177J108 2,296 9,446 SH   DFND 2 9,446 0 0
AllianceBernstein Holdings LP Unit Ltd Common 01881G106 1,159 49,000 SH   DFND 1 0 49,000 0
AllianceBernstein Holdings LP Unit Ltd Common 01881G106 35 1,500 SH   DFND 1 1,500 0 0
Ambac Financial Group, Inc. Common 023139884 2,957 170,426 SH   DFND 2 170,426 0 0
Anadarko Petroleum Corporation Common 032511107 2,938 64,800 SH   DFND 2 64,800 0 0
Anadarko Petroleum Corporation Common 032511107 322 7,100 SH   DFND 1 0 7,100 0
Anadarko Petroleum Corporation Common 032511107 402 8,860 SH   DFND 1 8,860 0 0
Anchor Bancorp Common 032838104 125 5,000 SH   DFND 1 0 5,000 0
Anchor Bancorp Common 032838104 182 7,250 SH   DFND 1 7,250 0 0
Apollo Global Management LLC Common 037612306 794 30,000 SH   DFND 2 30,000 0 0
Apple Inc. Common 037833100 3,456 24,000 SH   DFND 2 24,000 0 0
Apple Inc. Common 037833100 76 525 SH   DFND 1 0 525 0
Apple Inc. Common 037833100 76 525 SH   DFND 1 525 0 0
Array BioPharm Inc. Common 04269X105 238 28,400 SH   DFND 2 28,400 0 0
AT&T Inc. Common 00206R102 755 20,000 SH   DFND 1 0 20,000 0
AT&T Inc. Common 00206R102 77 2,050 SH   DFND 1 2,050 0 0
Avadel Pharmaceuticals plc Common 05337M104 1,395 126,463 SH   DFND 2 126,463 0 0
AxoGen, Inc. Common 05463X106 317 18,898 SH   DFND 2 18,898 0 0
Bancorp 34, Inc. Common 05970V106 140 10,000 SH   DFND 2 10,000 0 0
Bank Nova Scotia Halifax Common 064149107 24 400 SH   DFND 1 0 400 0
Bellicum Pharmaceuticals, Inc. Common 079481107 233 19,984 SH   DFND 2 19,984 0 0
Bristol-Myers Squibb Company Common 110122108 102 1,822 SH   DFND 2 1,822 0 0
Canadian Natural Resources Inc. Common 136385101 397 13,750 SH   DFND 1 0 13,750 0
Canadian Natural Resources Inc. Common 136385101 536 18,600 SH   DFND 1 18,600 0 0
Capitol Federal Financial, Inc. Common 14057J101 9,671 680,600 SH   DFND 2 680,600 0 0
Capitol Federal Financial, Inc. Common 14057J101 57 4,000 SH   DFND 1 0 4,000 0
Capitol Federal Financial, Inc. Common 14057J101 82 5,800 SH   DFND 1 5,800 0 0
Cardiome Pharma Corp. Common 14159U301 608 134,578 SH   DFND 2 134,578 0 0
Catalyst Pharmaceuticals, Inc. Common 14888U101 982 355,750 SH   DFND 2 355,750 0 0
Check Cap Ltd. Common 121721007 314 162,871 SH   DFND 2 162,871 0 0
Check Cap Ltd. @7.50 Exp. 2/28/20 Common M2361E120 495 66,059 SH   DFND 2 66,059 0 0
Chemours Co. Common 163851108 24 640 SH   DFND 1 0 640 0
Chemours Co. Common 163851108 27 720 SH   DFND 1 720 0 0
China Ceramics Co. Ltd. Common G2113X100 65 47,195 SH   DFND 2 47,195 0 0
Coca Cola Inc. Common 191216100 260 5,800 SH   DFND 1 5,800 0 0
Colony Northstar Inc. Common 19625W104 21 1,466 SH   DFND 1 0 1,466 0
Coherus Biosciences, Inc. Common 19249H103 320 22,320 SH   DFND 2 22,320 0 0
Community Healthcare Trust Incorporated Common 20369C106 1,535 60,000 SH   DFND 2 60,000 0 0
Condor Hospitality Trust, Inc. Common 20676Y403 535 50,000 SH   DFND 2 50,000 0 0
CoreCivic, Inc. Common 21871N101 2,069 75,000 SH   DFND 2 75,000 0 0
Cousins Properties Inc. Common 222795106 118 13,428 SH   DFND 1 0 13,428 0
Delta Air Lines, Inc. Common 247361702 3,090 57,500 SH   DFND 2 57,500 0 0
Dermira, Inc. Common 24983L104 537 18,431 SH   DFND 2 18,431 0 0
Dow Chemical Company Common 260543103 1,186 18,800 SH   DFND 1 0 18,800 0
Du Pont E I De Nemours & Co. Common 263534109 904 11,200 SH   DFND 1 0 11,200 0
Du Pont E I De Nemours & Co. Common 263534109 282 3,500 SH   DFND 1 3,500 0 0
Eagle Material Inc. Common 26969P108 21 228 SH   DFND 1 0 228 0
Eli Lilly & Co. Common 532457108 25 300 SH   DFND 1 0 300 0
Entegra Financial Corp Common 29363J108 68 3,000 SH   DFND 1 0 3,000 0
Entegra Financial Corp Common 29363J108 165 7,250 SH   DFND 1 7,250 0 0
Entegra Financial Corp Common 29363J108 683 30,000 SH   DFND 2 30,000 0 0
Edwards Lifesciences Corporation Common 28176E108 578 4,891 SH   DFND 1 4,891 0 0
FNB Corporation Common 302520101 126 8,905 SH   DFND 1 0 8,905 0
FutureFuel Corporation Common 36116M106 827 54,804 SH   DFND 2 54,804 0 0
General Electric Common 369604103 681 25,200 SH   DFND 1 0 25,200 0
General Electric Common 369604103 94 3,480 SH   DFND 1 3,480 0 0
Gilead Sciences, Inc. Common 375558103 738 10,420 SH   DFND 2 10,420 0 0
GlaxoSmithKline plc Common 37733W105 975 22,600 SH   DFND 2 22,600 0 0
Global Blood Therapeutics, Inc. Common 37890U108 348 12,724 SH   DFND 2 12,724 0 0
Global Medical REIT, Inc Common 37954A204 688 77,000 SH   DFND 2 77,000 0 0
Hertz Global Holdings, Inc. Common 42806J106 173 15,000 SH   DFND 2 15,000 0 0
Hospitality Properties Trust Common 44106M102 729 25,000 SH   DFND 1 0 25,000 0
International Business Machines Corp Common 459200101 659 4,284 SH   DFND 1 0 4,284 0
Immunomedics, Inc Common 452907108 581 65,783 SH   DFND 2 65,783 0 0
Independence Realty Trust, Inc. Common 45378A106 494 50,000 SH   DFND 2 50,000 0 0
Iridium Communications, Inc. Common 46269C102 3,735 338,000 SH   DFND 2 338,000 0 0
JBS S.A. Common 466110103 782 195,500 SH   DFND 2 195,500 0 0
Johnson & Johnson Common 478160104 291 2,200 SH   DFND 1 0 2,200 0
Johnson & Johnson Common 478160104 672 5,080 SH   DFND 1 5,080 0 0
JP Morgan Chase & Co. Common 46625H100 804 8,800 SH   DFND 1 0 8,800 0
JP Morgan Chase & Co. Common 46625H100 1,302 14,250 SH   DFND 1 14,250 0 0
Ligand Pharmaceuticals Incorporated Common 53220K504 120,946 996,257 SH   DFND 2 996,257 0 0
Ligand Pharmaceuticals Incorporated Common 53220K504 224 1,843 SH   DFND 1 0 1,843 0
Macquarie Infrastructure Common 55608B105 706 9,000 SH   DFND 1 0 9,000 0
Macquarie Infrastructure Common 55608B105 259 3,300 SH   DFND 1 3,300 0 0
Medtronics Inc. Common G5960L103 93 1,050 SH   DFND 1 0 1,050 0
Merck & Co. Inc. Common 58933Y105 32 500 SH   DFND 1 0 500 0
Merck & Co. Inc. Common 58933Y105 51 800 SH   DFND 1 800 0 0
Microsoft Corporation Common 594918104 4,642 67,350 SH   DFND 2 67,350 0 0
Microsoft Corporation Common 594918104 69 1,000 SH   DFND 1 0 1,000 0
Microsoft Corporation Common 594918104 28 400 SH   DFND 1 400 0 0
Mondelez Int'l Inc. Common 609207105 130 3,000 SH   DFND 1 0 3,000 0
Mondelez Int'l Inc. Common 609207105 125 2,900 SH   DFND 1 2,900 0 0
Novelion Therapeutics, Inc. Common 67001K202 1,008 109,184 SH   DFND 2 109,184 0 0
Och-Ziff Capital Management Group Common 67551U105 5 2,000 SH   DFND 1 2,000 0 0
Oritani Financial Corp Common 68633D103 34 2,000 SH   DFND 1 0 2,000 0
Oritani Financial Corp Common 68633D103 99 5,800 SH   DFND 1 5,800 0 0
OvaScience, Inc. Common 69014Q101 25 16,000 SH   DFND 2 16,000 0 0
PCSB Financial Corporation Common 69324R104 341 20,000 SH   DFND 2 20,000 0 0
Parkway Inc. Common 70156Q107 38 1,678 SH   DFND 1 0 1,678 0
Peoples United Financial Common 712704105 26 1,500 SH   DFND 1 0 1,500 0
Pfizer Inc. Common 717081103 29,851 888,676 SH   DFND 2 888,676 0 0
Pfizer Inc. Common 717081103 2,956 88,000 SH   DFND 1 0 88,000 0
Pfizer Inc. Common 717081103 1,982 59,000 SH   DFND 1 59,000 0 0
Physicians Realty Trust Common 71943U104 1,124 55,800 SH   DFND 2 55,800 0 0
RMR Group Inc. Common 74967R106 1 16 SH   DFND 1 0 16 0
Rand Logistics, Inc. Common 752182105 259 664,435 SH   DFND 2 664,435 0 0
Ryman Hospitality Ppty Inc. Common 78377T107 768 12,000 SH   DFND 1 0 12,000 0
Ryman Hospitality Ppty Inc. Common 78377T107 26 400 SH   DFND 1 400 0 0
Reed's Inc. Common 758338107 288 117,592 SH   DFND 2 117,592 0 0
Seaspan Corporation Common B0GNP3045 1,000 140,000 SH   DFND 2 140,000 0 0
Standard AVB Financial Corp. Common 85303B100 565 20,000 SH   DFND 2 20,000 0 0
Starwood Ppty Inc. Common 85571B105 9 400 SH   DFND 1 400 0 0
Stemline Therapeutics, Inc. Common 85858C107 384 41,692 SH   DFND 2 41,692 0 0
Sunshine Bancorp, Inc. Common 86777J108 426 20,000 SH   DFND 2 20,000 0 0
Sunshine Bancorp, Inc. Common 86777J108 43 2,000 SH   DFND 1 0 2,000 0
Sunshine Bancorp, Inc. Common 86777J108 124 5,800 SH   DFND 1 5,800 0 0
Synergy Pharmaceuticals, Inc. Common 871639308 705 158,400 SH   DFND 2 158,400 0 0
The Howard Hughes Corporation Common 44267D107 1,843 15,000 SH   DFND 2 15,000 0 0
The Kraft Heinz Company Common 500754106 599 7,000 SH   DFND 2 7,000 0 0
The Kraft Heinz Company Common 500754106 160 1,865 SH   DFND 1 0 1,865 0
The Kraft Heinz Company Common 500754106 260 3,035 SH   DFND 1 3,035 0 0
TheStreet Inc. Common 88368Q103 83 100,600 SH   DFND 2 100,600 0 0
Total SA Common 89151E109 144 2,900 SH   DFND 1 0 2,900 0
Total SA Common 89151E109 117 2,360 SH   DFND 1 2,360 0 0
Verizon Communications Inc. Common 92343V104 759 16,991 SH   DFND 1 0 16,991 0
Verizon Communications Inc. Common 92343V104 59 1,320 SH   DFND 1 1,320 0 0
Viveve Medical, Inc. Common 92852W204 391 54,465 SH   DFND 2 54,465 0 0
Weyerhaeuser Company Common 962166104 670 20,000 SH   DFND 2 20,000 0 0
Wheeler Real Estate Investment Trust, Inc. Common 963025606 692 30,000 SH   DFND 2 30,000 0 0