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
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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
ARI NETWORK SERVICES INC (NEW) CMN COM 001930205 55 12,200 SH   SOLE   12,200 0 0
ADVANCE AUTO PARTS, INC. CMN COM 00751Y106 1,505 10,000 SH   SOLE   10,000 0 0
AGNICO EAGLE MINES LTD CMN COM 008474108 2,799 106,500 SH   SOLE   106,500 0 0
AGROFRESH SOLUTIONS, INC. CMN COM 00856G109 3,006 474,950 SH   SOLE   474,950 0 0
WTS/AGROFRESH SOLUTIONS 11.5000 EXP02/19/2019 WTS 00856G117 803 803,101 SH Call SOLE   803,101 0 0
ALPHA PRO TECH LTD CMN COM 020772109 6 3,600 SH   SOLE   3,600 0 0
ALPHABET INC. CMN CLASS C COM 02079K107 6,071 8,000 SH   SOLE   8,000 0 0
AMAZON.COM INC CMN COM 023135106 8,111 12,000 SH   SOLE   12,000 0 0
AMERCO CMN COM 023586100 390 1,000 SH   SOLE   1,000 0 0
WTS/AMERICAN INTERNATIONAL GRO 45.0000 EXP01/19/2021 WTS 026874156 475 20,000 SH Call SOLE   20,000 0 0
AMERICAN INTL GROUP, INC. CMN COM 026874784 620 10,000 SH   SOLE   10,000 0 0
AMERICAN SHARED HOSP SVCS CMN COM 029595105 138 75,058 SH   SOLE   75,058 0 0
APPLE, INC. CMN COM 037833100 32 300 SH   SOLE   300 0 0
APPLIED MATERIALS INC CMN COM 038222105 187 10,000 SH   SOLE   10,000 0 0
ARCHROCK, INC. CMN COM 03957W106 160 21,306 SH   SOLE   21,306 0 0
ARES COMMERCIAL REAL ESTATE CO CMN COM 04013V108 795 69,472 SH   SOLE   69,472 0 0
ARROW ELECTRONICS INC. CMN COM 042735100 402 7,426 SH   SOLE   7,426 0 0
AXCELIS TECHNOLOGIES, INC. CMN COM 054540109 35 13,516 SH   SOLE   13,516 0 0
BANK OF AMERICA CORP CMN COM 060505104 2,524 150,000 SH   SOLE   150,000 0 0
WTS/BANK OF AMERICA CORP 13.3000 EXP01/16/2019 WTS 060505146 2,698 463,603 SH Call SOLE   463,603 0 0
BAXALTA INCORPORATED CMN COM 07177M103 3,903 100,000 SH   SOLE   100,000 0 0
BERKSHIRE HATHAWAY INC CL-A (DEL) CLASS A COM 084670108 10,879 55 SH   SOLE   55 0 0
BLACKSTONE MORTGAGE TRUST INC CMN COM 09257W100 12,025 449,379 SH   SOLE   449,379 0 0
BLUCORA INC CMN COM 095229100 10 1,000 SH   SOLE   1,000 0 0
BOULDER GROWTH & INCOME FD INC MUTUAL FUND COM 101507101 558 72,106 SH   SOLE   72,106 0 0
BOULEVARD ACQUISITION CORP. II CORP II UNIT OTHER 10157Q201 990 100,000 SH   SOLE   100,000 0 0
CBL & ASSOC PROPERTIES, INC. CMN COM 124830100 619 50,000 SH   SOLE   50,000 0 0
CSW INDUSTRIALS, INC. CMN COM 126402106 282 7,477 SH   SOLE   7,477 0 0
CU BANCORP CMN COM 126534106 188 7,397 SH   SOLE   7,397 0 0
CAPITAL SOUTHWEST CORPORATION MUTUAL FUND COM 140501107 104 7,477 SH   SOLE   7,477 0 0
CAPITOL ACQUISITION CORP III UNIT OTHER 14055M205 995 100,000 SH   SOLE   100,000 0 0
CAPSTEAD MORTGAGE CORPORATION CMN COM 14067E506 175 20,000 SH   SOLE   20,000 0 0
CASH AMER INTL INC CMN COM 14754D100 300 10,000 SH   SOLE   10,000 0 0
CENTRAL SECURITIES CORP. MUTUAL FUND COM 155123102 112 5,900 SH   SOLE   5,900 0 0
CHEMOURS COMPANY (THE) CMN COM 163851108 107 20,000 SH   SOLE   20,000 0 0
CITY OFFICE REIT, INC. CMN COM 178587101 227 18,600 SH   SOLE   18,600 0 0
CIVEO CORP CMN COM 17878Y108 1 1,000 SH   SOLE   1,000 0 0
CONTINENTAL MATERIALS CORP CMN COM 211615307 71 4,771 SH   SOLE   4,771 0 0
CORENERGY INFRASTRUCTURE TRUST INC. CMN COM 21870U502 119 8,000 SH   SOLE   8,000 0 0
VELOCITYSHARES DAILY INVERSE VIX MEDIUM TERM ETN ETF 22542D829 10,438 252,665 SH   SOLE   252,665 0 0
DANAHER CORPORATION CMN COM 235851102 929 10,000 SH   SOLE   10,000 0 0
DEL TACO RESTAURANTS INC CMN COM 245496104 1 100 SH   SOLE   100 0 0
WTS/DEL TACO RESTAURANTS INC 11.5000 EXP01/06/2018 WTS 245496112 290 100,000 SH Call SOLE   100,000 0 0
DIAMOND HILL INVESTMENT GROUP CMN COM 25264R207 189 1,000 SH   SOLE   1,000 0 0
DIGIRAD CORPORATION CMN COM 253827109 174 30,000 SH   SOLE   30,000 0 0
DIXIE GROUP INC CMN CLASS A COM 255519100 5 1,000 SH   SOLE   1,000 0 0
DOVER DOWNS GAMING & ENTMT INC CMN COM 260095104 16 16,157 SH   SOLE   16,157 0 0
ELLINGTON RESIDENTIAL MORT REIT CMN COM 288578107 1,065 86,225 SH   SOLE   86,225 0 0
EMERGENT CAPITAL, INC CMN COM 29102N105 820 222,125 SH   SOLE   222,125 0 0
ENVIROSTAR INC CMN COM 29414M100 316 75,874 SH   SOLE   75,874 0 0
EXPEDITORS INTL WASH INC CMN COM 302130109 226 5,000 SH   SOLE   5,000 0 0
E Z CORP INC CL-A NON VTG CMN CLASS A COM 302301106 2,660 533,092 SH   SOLE   533,092 0 0
FEDERATED NATL HLDG CO CMN COM 31422T101 1,472 49,800 SH   SOLE   49,800 0 0
FIRST CMNTY CORP S C CMN COM 319835104 288 19,301 SH   SOLE   19,301 0 0
FORTRESS INVESTMENT GROUP LLC CMN CLASS A COM 34958B106 4,225 829,982 SH   SOLE   829,982 0 0
FULL HOUSE RESORTS CMN COM 359678109 2 1,000 SH   SOLE   1,000 0 0
GENVEC INC CMN COM 37246C307 22 11,800 SH   SOLE   11,800 0 0
GIBRALTAR INDUSTRIES INC CMN COM 374689107 973 38,233 SH   SOLE   38,233 0 0
GILEAD SCIENCES CMN COM 375558103 1,012 10,000 SH   SOLE   10,000 0 0
GOLUB CAPITAL BDC LLC MUTUAL FUND COM 38173M102 1,339 80,527 SH   SOLE   80,527 0 0
GREAT AJAX CORP CMN COM 38983D300 303 25,000 SH   SOLE   25,000 0 0
GROUP 1 AUTOMOTIVE, INC. CMN COM 398905109 757 10,000 SH   SOLE   10,000 0 0
GUARANTY FEDERAL BANCSHARES INC COM 40108P101 76 5,000 SH   SOLE   5,000 0 0
HARVARD BIOSCIENCE INC CMN COM 416906105 22 6,200 SH   SOLE   6,200 0 0
HEARTLAND FINL USA INC CMN COM 42234Q102 10 326 SH   SOLE   326 0 0
HERCULES TECHNOLOGY GROWTH CAPITAL, INC. COM 427096508 12 1,000 SH   SOLE   1,000 0 0
HISTOGENICS CORP CMN COM 43358V109 4 1,000 SH   SOLE   1,000 0 0
HUDSON GLOBAL, INC. CMN COM 443787106 14 4,845 SH   SOLE   4,845 0 0
ISTAR INC CMN COM 45031U101 235 20,000 SH   SOLE   20,000 0 0
INSPERITY INC CMN COM 45778Q107 48 1,000 SH   SOLE   1,000 0 0
IRIDEX CORP CMN COM 462684101 139 15,000 SH   SOLE   15,000 0 0
ISHARES MSCI JAPAN ETF ge. ETF 464286848 2,424 200,000 SH   SOLE   200,000 0 0
ISHARES RUSSELL 2000 ETF ETF 464287655 83,057 737,500 SH   SOLE   737,500 0 0
JPMORGAN CHASE & CO CMN COM 46625H100 5,282 80,000 SH   SOLE   80,000 0 0
JMP GROUP LLC. CMN COM 46629U107 296 54,174 SH   SOLE   54,174 0 0
JAKKS PACIFIC INC CMN COM 47012E106 79 9,900 SH   SOLE   9,900 0 0
KEMET CORPORATION CMN COM 488360207 1 100 SH   SOLE   100 0 0
KINDER MORGAN INC CMN CLASS P COM 49456B101 164 11,000 SH   SOLE   11,000 0 0
LANDMARK BANCORP INC CMN COM 51504L107 276 10,500 SH   SOLE   10,500 0 0
LEUCADIA NATIONAL CORP CMN COM 527288104 355 20,400 SH   SOLE   20,400 0 0
LINDBLAD EXPEDITIONS HLDGS INC CMN COM 535219109 1,358 122,200 SH   SOLE   122,200 0 0
WTS/LINDBLAD EXPEDITIONS HLDGS IN 11.5000 EXP05/15/2016 WTS 535219117 436 142,900 SH Call SOLE   142,900 0 0
LORAL SPACE &COMMUNICATION INC*. CMN COM 543881106 80 1,957 SH   SOLE   1,957 0 0
LUBYS INC CMN STOCK CMN COM 549282101 4 900 SH   SOLE   900 0 0
MGIC INVESTMENT CORP COMMON STOCK COM 552848103 4,762 539,300 SH   SOLE   539,300 0 0
MRV COMMUNICATIONS, INC. CMN COM 553477407 22 1,800 SH   SOLE   1,800 0 0
MAIN STREET CAPITAL CORP MUTUAL FUND COM 56035L104 651 22,400 SH   SOLE   22,400 0 0
MARLIN BUSINESS SERVICES, INC. CMN COM 571157106 161 10,000 SH   SOLE   10,000 0 0
MICROSOFT CORPORATION CMN COM 594918104 1,664 30,000 SH   SOLE   30,000 0 0
MODUSLINK GLOBAL SOLUTIONS, IN*C CMN COM 60786L206 496 200,000 SH   SOLE   200,000 0 0
MONSTER WORLDWIDE INC. CMN COM 611742107 792 138,304 SH   SOLE   138,304 0 0
MORGAN STANLEY CHINA A SHARE FUND, INC. COM 617468103 20 1,000 SH   SOLE   1,000 0 0
NATIONSTAR MTG HLDGS INC CMN COM 63861C109 13 1,000 SH   SOLE   1,000 0 0
NEW MOUNTAIN FINANCE CORP MUTUAL FUND COM 647551100 13 1,000 SH   SOLE   1,000 0 0
NICHOLAS FINANCIAL, INC. CMN COM 65373J209 4,123 353,900 SH   SOLE   353,900 0 0
OCWEN FINANCIAL CORPORATION CMN COM 675746309 7 1,000 SH   SOLE   1,000 0 0
PACIFIC PREMIER BANCORP CMN COM 69478X105 1,730 81,391 SH   SOLE   81,391 0 0
PARK ELECTROCHEMICAL CRP CMN COM 700416209 15 1,000 SH   SOLE   1,000 0 0
PENNANTPARK INVESTMENT CORP MUTUAL FUND COM 708062104 9 1,405 SH   SOLE   1,405 0 0
PENNANTPARK FLOATING RATE CAP LTD COM 70806A106 70 6,245 SH   SOLE   6,245 0 0
PEPSICO INC CMN COM 713448108 100 1,000 SH   SOLE   1,000 0 0
PINNACLE ENTERTAINMENT INC. CMN COM 723456109 324 10,400 SH   SOLE   10,400 0 0
PROSHARES SHORT VIX SHORT-TERM FUTURES EXCHANGE TRADED FUND ETF 74347W627 10,090 200,000 SH   SOLE   200,000 0 0
QCR HOLDINGS INC CMN COM 74727A104 24 1,000 SH   SOLE   1,000 0 0
QC HOLDINGS, INC. CMN COM 74729T101 4 2,749 SH   SOLE   2,749 0 0
RADIANT LOGISTICS INC CMN COM 75025X100 29 8,410 SH   SOLE   8,410 0 0
RESOLUTE FOREST PRODUCTS INC CMN COM 76117W109 8 1,000 SH   SOLE   1,000 0 0
ROYAL GOLD, INC. CMN COM 780287108 4 100 SH   SOLE   100 0 0
SPDR S&P 500 ETF TRUST ETF 78462F103 310,590 1,523,471 SH   SOLE   1,523,471 0 0
SAFEGUARD SCIENTIFICS INC CMN COM 786449207 41 2,800 SH   SOLE   2,800 0 0
SOLAR CAPITAL LTD. MUTUAL FUND COM 83413U100 82 5,000 SH   SOLE   5,000 0 0
SUNEDISON, INC CMN COM 86732Y109 5 1,000 SH   SOLE   1,000 0 0
TCP CAP CORP MUTUAL FUND COM 87238Q103 14 1,000 SH   SOLE   1,000 0 0
THL CREDIT INC MUTUAL FUND COM 872438106 235 21,964 SH   SOLE   21,964 0 0
TRI POINTE GROUP INC CMN COM 87265H109 380 30,000 SH   SOLE   30,000 0 0
TEMPLETON GLOBAL INCOME FUND MUTUAL FUND COM 880198106 254 40,000 SH   SOLE   40,000 0 0
TOLL BROTHERS, INC. CMN COM 889478103 807 24,231 SH   SOLE   24,231 0 0
TRIANGLE CAPITAL CORPORATION MUTUAL FUND COM 895848109 19 1,000 SH   SOLE   1,000 0 0
TRUSTCO BANK CORP NY CMN COM 898349105 1,596 260,000 SH   SOLE   260,000 0 0
U.S. GLOBAL INVESTORS INC A CMN COM 902952100 1 1,000 SH   SOLE   1,000 0 0
U.S. GEOTHERMAL, INC. CMN COM 90338S102 256 410,200 SH   SOLE   410,200 0 0
UNWIRED PLANET INC CMN COM 91531F103 173 200,000 SH   SOLE   200,000 0 0
VANGUARD SPECIALIZED PORTFOLIO VANGUARD DIVIDEND APPRECIATION MUTUAL FUND CL ETF SER VIPERS ETF 921908844 29,608 380,756 SH   SOLE   380,756 0 0
VANGUARD WHITEHALL FUNDS-VANGU*ARD HIGH DIVIDEND YIELD IDX FD (VANGUARD HIGH DIVIDEND YIELD ETF ETF 921946406 1,328 19,900 SH   SOLE   19,900 0 0
VANGUARD FTSE ALL-WORLD EX-US INDEX FUND ETF ETF 922042775 24 542 SH   SOLE   542 0 0
VANGUARD S&P 500 ETF ETF 922908363 272,734 1,459,018 SH   SOLE   1,459,018 0 0
VIAD CORP CMN COM 92552R406 661 23,400 SH   SOLE   23,400 0 0
VIDEOCON D2H LTD ADR CMN COM 92657J101 444 50,000 SH   SOLE   50,000 0 0
VIRTU FINANCIAL, INC. CMN CLASS A COM 928254101 6,930 306,083 SH   SOLE   306,083 0 0
VOLT INFO SCIENCES, INC. CMN COM 928703107 1,436 176,401 SH   SOLE   176,401 0 0
WL ROSS HOLDING CORP. CMN COM 92939D104 996 100,000 SH   SOLE   100,000 0 0
WEBSTER FINANCIAL CORP CMN COM 947890109 130 3,500 SH   SOLE   3,500 0 0
WINTHROP REALTY TRUST CMN COM 976391300 13 1,000 SH   SOLE   1,000 0 0
XENON PHARMACEUTICALS INC. CMN COM 98420N105 552 68,690 SH   SOLE   68,690 0 0
ALLERGAN PLC CMN COM G0177J108 313 1,000 SH   SOLE   1,000 0 0
ELECTRUM SPL ACQUISITION CORP UNIT OTHER G3105C120 497 50,000 SH   SOLE   50,000 0 0
ESSENT GROUP LTD. CMN COM G3198U102 657 30,000 SH   SOLE   30,000 0 0
GREENLIGHT CAPITAL RE LTD-A CMN COM G4095J109 369 19,696 SH   SOLE   19,696 0 0
NORD ANGLIA EDUCATION, INC. CMN COM G6583A102 203 10,000 SH   SOLE   10,000 0 0