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
AR CAP ACQUISITION CORP CMN COM 00191R109 980 100,000 SH   SOLE   100,000 0 0
ABBVIE INC. CMN COM 00287Y109 6,719 100,000 SH   SOLE   100,000 0 0
ADVANCE AUTO PARTS, INC. CMN COM 00751Y106 159 1,000 SH   SOLE   1,000 0 0
AGNICO EAGLE MINES LTD CMN COM 008474108 2,584 91,080 SH   SOLE   91,080 0 0
ALPHA PRO TECH LTD CMN COM 020772109 8 3,600 SH   SOLE   3,600 0 0
AMERCO CMN COM 023586100 327 1,000 SH   SOLE   1,000 0 0
AMERICAN CAPITAL AGENCY CORP. CMN COM 02503X105 184 10,000 SH   SOLE   10,000 0 0
WTS/AMERICAN INTERNATIONAL GRO 45.0000 EXP01/19/2021 WTS 026874156 554 20,000 SH Call SOLE   20,000 0 0
AMERICAN SHARED HOSP SVCS CMN COM 029595105 6 2,558 SH   SOLE   2,558 0 0
APPLE, INC. CMN COM 037833100 2,509 20,000 SH   SOLE   20,000 0 0
ARES COMMERCIAL REAL ESTATE CO CMN COM 04013V108 791 69,472 SH   SOLE   69,472 0 0
ARROW ELECTRONICS INC. CMN COM 042735100 414 7,426 SH   SOLE   7,426 0 0
AXCELIS TECHNOLOGIES, INC. CMN COM 054540109 296 100,000 SH   SOLE   100,000 0 0
BANK OF AMERICA CORP CMN COM 060505104 2,553 150,000 SH   SOLE   150,000 0 0
WTS/BANK OF AMERICA CORP 13.3000 EXP01/16/2019 WTS 060505146 2,468 400,000 SH Call SOLE   400,000 0 0
BERKSHIRE HATHAWAY INC CL-A (DEL) CLASS A COM 084670108 7,579 37 SH   SOLE   37 0 0
BLACKSTONE MORTGAGE TRUST INC CMN COM 09257W100 6,840 245,882 SH   SOLE   245,882 0 0
BOULDER GROWTH & INCOME FD INC MUTUAL FUND COM 101507101 598 70,906 SH   SOLE   70,906 0 0
BOULEVARD ACQUISITION CORP CMN COM 10157P104 2,500 200,000 SH   SOLE   200,000 0 0
WTS/BOULEVARD ACQUISITION CORP EXP03/31/19 WTS 10157P112 1,434 392,980 SH Call SOLE   392,980 0 0
BROOKDALE SENIOR LIVING, INC. CMN COM 112463104 1,735 50,000 SH   SOLE   50,000 0 0
CBL & ASSOC PROPERTIES, INC. CMN COM 124830100 810 50,000 SH   SOLE   50,000 0 0
CIGNA CORPORATION CMN COM 125509109 5,228 32,274 SH   SOLE   32,274 0 0
CU BANCORP CMN COM 126534106 164 7,397 SH   SOLE   7,397 0 0
CVS HEALTH CORP CMN COM 126650100 1,049 10,000 SH   SOLE   10,000 0 0
CAPITOL ACQUISITION CORP. II CMN COM 14056V105 1,055 100,000 SH   SOLE   100,000 0 0
WTS/CAPITOL ACQUISITION CORP. EXP12/31/2016 WTS 14056V113 235 100,000 SH Call SOLE   100,000 0 0
CAPSTEAD MORTGAGE CORPORATION CMN COM 14067E506 111 10,000 SH   SOLE   10,000 0 0
CASH AMER INTL INC CMN COM 14754D100 262 10,000 SH   SOLE   10,000 0 0
CENTRAL SECURITIES CORP. MUTUAL FUND COM 155123102 126 5,900 SH   SOLE   5,900 0 0
CITY OFFICE REIT, INC. CMN COM 178587101 231 18,600 SH   SOLE   18,600 0 0
CIVEO CORP CMN COM 178787107 3 1,000 SH   SOLE   1,000 0 0
CONTINENTAL MATERIALS CORP CMN COM 211615307 74 4,771 SH   SOLE   4,771 0 0
VELOCITYSHARES DAILY INVERSE VIX SHORT TERM ETN ETF 22542D795 2,640 65,000 SH   SOLE   65,000 0 0
DIGIRAD CORPORATION CMN COM 253827109 130 30,000 SH   SOLE   30,000 0 0
DIXIE GROUP INC CMN CLASS A COM 255519100 11 1,000 SH   SOLE   1,000 0 0
DOVER DOWNS GAMING & ENTMT INC CMN COM 260095104 15 16,157 SH   SOLE   16,157 0 0
ELLINGTON RESIDENTIAL MORT REIT CMN COM 288578107 1,231 86,225 SH   SOLE   86,225 0 0
ENOVA INTERNATIONAL, INC. CMN COM 29357K103 171 9,150 SH   SOLE   9,150 0 0
ENVIROSTAR INC CMN COM 29414M100 109 24,486 SH   SOLE   24,486 0 0
E Z CORP INC CL-A NON VTG CMN CLASS A COM 302301106 2,629 353,796 SH   SOLE   353,796 0 0
FEDERATED NATL HLDG CO CMN COM 31422T101 1,208 49,900 SH   SOLE   49,900 0 0
FIRST CMNTY CORP S C CMN COM 319835104 228 19,301 SH   SOLE   19,301 0 0
FORTRESS INVESTMENT GROUP LLC CMN CLASS A COM 34958B106 2,007 274,982 SH   SOLE   274,982 0 0
GENERAL ELECTRIC CO CMN COM 369604103 2,657 100,000 SH   SOLE   100,000 0 0
GENVEC INC CMN COM 37246C307 24 11,800 SH   SOLE   11,800 0 0
GIBRALTAR INDUSTRIES INC CMN COM 374689107 779 38,233 SH   SOLE   38,233 0 0
GOLUB CAPITAL BDC LLC CMN COM 38173M102 1,334 80,527 SH   SOLE   80,527 0 0
GREAT AJAX CORP CMN COM 38983D300 355 25,000 SH   SOLE   25,000 0 0
GROUP 1 AUTOMOTIVE, INC. CMN COM 398905109 908 10,000 SH   SOLE   10,000 0 0
GUARANTY FEDERAL BANCSHARES INC COM 40108P101 74 5,000 SH   SOLE   5,000 0 0
HARVARD BIOSCIENCE INC CMN COM 416906105 35 6,200 SH   SOLE   6,200 0 0
HERCULES TECHNOLOGY GROWTH CAPITAL, INC. COM 427096508 12 1,000 SH   SOLE   1,000 0 0
HISTOGENICS CORP CMN COM 43358V109 6 1,000 SH   SOLE   1,000 0 0
HUDSON GLOBAL, INC. CMN COM 443787106 11 4,845 SH   SOLE   4,845 0 0
HUMANA INC. CMN COM 444859102 3,826 20,000 SH   SOLE   20,000 0 0
ISTAR FINANCIAL INC. CMN COM 45031U101 266 20,000 SH   SOLE   20,000 0 0
IMPERIAL HOLDINGS, INC. CMN COM 452834104 551 95,125 SH   SOLE   95,125 0 0
INSPERITY INC CMN COM 45778Q107 51 1,000 SH   SOLE   1,000 0 0
IRIDEX CORP CMN COM 462684101 124 15,000 SH   SOLE   15,000 0 0
ISHARES MSCI JAPAN ETF ge. ETF 464286848 2,562 200,000 SH   SOLE   200,000 0 0
JPMORGAN CHASE & CO CMN COM 46625H100 3,388 50,000 SH   SOLE   50,000 0 0
JMP GROUP LLC. CMN COM 46629U107 78 10,000 SH   SOLE   10,000 0 0
JAKKS PACIFIC INC CMN COM 47012E106 98 9,900 SH   SOLE   9,900 0 0
KEMET CORPORATION CMN COM 488360207 1 100 SH   SOLE   100 0 0
LANDMARK BANCORP INC CMN COM 51504L107 5 200 SH   SOLE   200 0 0
LEUCADIA NATIONAL CORP CMN COM 527288104 495 20,400 SH   SOLE   20,400 0 0
LEVY ACQUISITION CORPORATION CMN COM 52748T104 2 100 SH   SOLE   100 0 0
WTS/LEVY ACQUISITION CORPORATI EXP12/31/2018 WTS 52748T112 580 100,000 SH Call SOLE   100,000 0 0
LORAL SPACE &COMMUNICATION INC*. CMN COM 543881106 631 10,000 SH   SOLE   10,000 0 0
LUBYS INC CMN STOCK CMN COM 549282101 4 900 SH   SOLE   900 0 0
MAGNETEK, INC. CMN COM 559424403 1,834 53,300 SH   SOLE   53,300 0 0
MAIN STREET CAPITAL CORP CMN COM 56035L104 715 22,400 SH   SOLE   22,400 0 0
MODUSLINK GLOBAL SOLUTIONS, IN*C CMN COM 60786L206 680 200,000 SH   SOLE   200,000 0 0
NCR CORPORATION CMN COM 62886E108 3,748 124,527 SH   SOLE   124,527 0 0
NEW MOUNTAIN FINANCE CORP MUTUAL FUND COM 647551100 14 1,000 SH   SOLE   1,000 0 0
NEW YORK REIT INC CONV CMN COM 64976L109 100 10,000 SH   SOLE   10,000 0 0
PACIFIC PREMIER BANCORP CMN COM 69478X105 1,380 81,391 SH   SOLE   81,391 0 0
PEAK RESORTS, INC. CMN COM 70469L100 716 100,000 SH   SOLE   100,000 0 0
PENNANTPARK INVESTMENT CORP MUTUAL FUND COM 708062104 12 1,405 SH   SOLE   1,405 0 0
PENNANTPARK FLOATING RATE CAP LTD COM 70806A106 87 6,245 SH   SOLE   6,245 0 0
PEPSICO INC CMN COM 713448108 93 1,000 SH   SOLE   1,000 0 0
QCR HOLDINGS INC CMN COM 74727A104 22 1,000 SH   SOLE   1,000 0 0
QC HOLDINGS, INC. CMN COM 74729T101 5 2,749 SH   SOLE   2,749 0 0
RADIANT LOGISTICS INC CMN COM 75025X100 61 8,410 SH   SOLE   8,410 0 0
SPDR S&P 500 ETF TRUST ETF 78462F103 313,607 1,523,471 SH   SOLE   1,523,471 0 0
SAFEGUARD SCIENTIFICS INC CMN COM 786449207 54 2,800 SH   SOLE   2,800 0 0
SIGMA DESIGNS INC CMN COM 826565103 2,386 200,000 SH   SOLE   200,000 0 0
TCP CAP CORP MUTUAL FUND COM 87238Q103 15 1,000 SH   SOLE   1,000 0 0
THL CREDIT INC MUTUAL FUND COM 872438106 254 21,964 SH   SOLE   21,964 0 0
TRI POINTE HOMES INC CMN COM 87265H109 459 30,000 SH   SOLE   30,000 0 0
TOLL BROTHERS, INC. CMN COM 889478103 925 24,231 SH   SOLE   24,231 0 0
TRIANGLE CAPITAL CORPORATION MUTUAL FUND COM 895848109 23 1,000 SH   SOLE   1,000 0 0
U.S. GLOBAL INVESTORS INC A CMN COM 902952100 3 1,000 SH   SOLE   1,000 0 0
VANGUARD SPECIALIZED PORTFOLIO VANGUARD DIVIDEND APPRECIATION MUTUAL FUND CL ETF SER VIPERS ETF 921908844 29,920 380,756 SH   SOLE   380,756 0 0
VANGUARD FTSE DEVELOPED MKTS CMN ETF ETF 921943858 15,860 400,000 SH   SOLE   400,000 0 0
VANGUARD INDEX FUNDS (VANGUARD HIGH DIVIDEND YIELD ETF ETF 921946406 1,340 19,900 SH   SOLE   19,900 0 0
VANGUARD FTSE ALL-WORLD EX-US INDEX FUND ETF ETF 922042775 26 542 SH   SOLE   542 0 0
VANGUARD S&P 500 ETF ETF 922908363 286,247 1,515,818 SH   SOLE   1,515,818 0 0
VIRTU FINANCIAL, INC. CMN CLASS A COM 928254101 1,472 62,700 SH   SOLE   62,700 0 0
VOLT INFO SCIENCES, INC. CMN COM 928703107 11 1,102 SH   SOLE   1,102 0 0
WL ROSS HOLDING CORP. CMN COM 92939D104 1,041 100,000 SH   SOLE   100,000 0 0
THE WILLIAMS COMPANIES, INC. CMN COM 969457100 1,148 20,000 SH   SOLE   20,000 0 0
WILLIS LEASE FINANCE CORP CMN COM 970646105 18 1,000 SH   SOLE   1,000 0 0
YAMANA GOLD INC CMN COM 98462Y100 469 156,352 SH   SOLE   156,352 0 0
ELECTRUM SPL ACQUISITION CORP UNIT OTHER G3105C120 501 50,000 SH   SOLE   50,000 0 0
ESSENT GROUP LTD. CMN COM G3198U102 821 30,000 SH   SOLE   30,000 0 0
GREENLIGHT CAPITAL RE LTD-A CMN COM G4095J109 575 19,696 SH   SOLE   19,696 0 0
NORD ANGLIA EDUCATION, INC. CMN COM G6583A102 245 10,000 SH   SOLE   10,000 0 0
SODASTREAM INTERNATIONAL LTD. CMN COM M9068E105 44 2,100 SH   SOLE   2,100 0 0