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
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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 54 12,200 SH   SOLE   12,200 0 0
AGROFRESH SOLUTIONS, INC. CMN COM 00856G109 3,123 590,380 SH   SOLE   590,380 0 0
WTS/AGROFRESH SOLUTIONS 11.5000 EXP02/19/2019 WTS 00856G117 315 404,050 SH Call SOLE   404,050 0 0
ALPHABET INC. CMN CLASS C COM 02079K107 4,664 6,000 SH   SOLE   6,000 0 0
AMAZON.COM INC CMN COM 023135106 16,746 20,000 SH   SOLE   20,000 0 0
AMERCO CMN COM 023586100 324 1,000 SH   SOLE   1,000 0 0
AMERICAN SHARED HOSP SVCS CMN COM 029595105 233 75,058 SH   SOLE   75,058 0 0
APPLE INC. CMN COM 037833100 4,759 42,100 SH   SOLE   42,100 0 0
APPLIED MATERIALS INC CMN COM 038222105 6,152 204,030 SH   SOLE   204,030 0 0
ARES COMMERCIAL REAL ESTATE CO CMN COM 04013V108 875 69,472 SH   SOLE   69,472 0 0
BANK OF AMERICA CORP CMN COM 060505104 2,348 150,000 SH   SOLE   150,000 0 0
BLACKSTONE MORTGAGE TRUST INC CMN COM 09257W100 14,725 500,010 SH   SOLE   500,010 0 0
BOULDER GROWTH & INCOME FD INC MUTUAL FUND COM 101507101 604 72,106 SH   SOLE   72,106 0 0
BOULEVARD ACQUISITION CORP. II CORP II UNIT OTHER 10157Q201 1,021 100,000 SH   SOLE   100,000 0 0
CSW INDUSTRIALS, INC. CMN COM 126402106 242 7,477 SH   SOLE   7,477 0 0
CAPITOL ACQUISITION CORP III UNIT OTHER 14055M205 1,011 100,000 SH   SOLE   100,000 0 0
CAPSTEAD MORTGAGE CORPORATION CMN COM 14067E506 189 20,000 SH   SOLE   20,000 0 0
CHEMOURS COMPANY (THE) CMN COM 163851108 320 20,000 SH   SOLE   20,000 0 0
CITY OFFICE REIT, INC. CMN COM 178587101 237 18,600 SH   SOLE   18,600 0 0
CIVEO CORP CMN COM 17878Y108 431 377,900 SH   SOLE   377,900 0 0
CORENERGY INFRASTRUCTURE TRUST INC. CMN COM 21870U502 235 8,000 SH   SOLE   8,000 0 0
DANAHER CORPORATION CMN COM 235851102 784 10,000 SH   SOLE   10,000 0 0
DIGIRAD CORPORATION CMN COM 253827109 153 30,000 SH   SOLE   30,000 0 0
DOVER DOWNS GAMING & ENTMT INC CMN COM 260095104 17 16,157 SH   SOLE   16,157 0 0
ELLINGTON RESIDENTIAL MORT REIT CMN COM 288578107 1,119 86,225 SH   SOLE   86,225 0 0
ENVIROSTAR INC CMN COM 29414M100 618 75,874 SH   SOLE   75,874 0 0
EXPEDITORS INTL WASH INC CMN COM 302130109 258 5,000 SH   SOLE   5,000 0 0
FIRST CMNTY CORP S C CMN COM 319835104 304 19,301 SH   SOLE   19,301 0 0
FIRSTCASH INC CMN COM 33767D105 395 8,400 SH   SOLE   8,400 0 0
FORTRESS INVESTMENT GROUP LLC CMN CLASS A COM 34958B106 7,765 1,571,782 SH   SOLE   1,571,782 0 0
FORTIVE CORPORATION CMN COM 34959J108 255 5,000 SH   SOLE   5,000 0 0
GENVEC INC CMN COM 37246C307 6 11,800 SH   SOLE   11,800 0 0
GOLUB CAPITAL BDC LLC MUTUAL FUND COM 38173M102 1,495 80,527 SH   SOLE   80,527 0 0
GREAT AJAX CORP CMN COM 38983D300 341 25,000 SH   SOLE   25,000 0 0
GREAT ELM CAPITAL GROUP INC CMN COM 39036P100 78 16,666 SH   SOLE   16,666 0 0
ISHARES MSCI IRELAND CAPPED ETF ETF 46429B507 738 19,411 SH   SOLE   19,411 0 0
JPMORGAN CHASE & CO CMN COM 46625H100 2,664 40,000 SH   SOLE   40,000 0 0
JMP GROUP LLC. CMN COM 46629U107 189 34,174 SH   SOLE   34,174 0 0
LANDMARK BANCORP INC CMN COM 51504L107 278 10,500 SH   SOLE   10,500 0 0
LEUCADIA NATIONAL CORP CMN COM 527288104 388 20,400 SH   SOLE   20,400 0 0
LIBERTY TRIPADVISOR HLDGS INC CMN SERIES A COM 531465102 1,093 50,000 SH   SOLE   50,000 0 0
MGIC INVESTMENT CORP COMMON STOCK COM 552848103 3,514 439,300 SH   SOLE   439,300 0 0
MARLIN BUSINESS SERVICES, INC. CMN COM 571157106 415 21,400 SH   SOLE   21,400 0 0
MICROSOFT CORPORATION CMN COM 594918104 11,520 200,000 SH   SOLE   200,000 0 0
MODUSLINK GLOBAL SOLUTIONS, IN*C CMN COM 60786L206 16 10,000 SH   SOLE   10,000 0 0
NEW IRELAND FUND INC MUTUAL FUND COM 645673104 552 45,075 SH   SOLE   45,075 0 0
NICHOLAS FINANCIAL, INC. CMN COM 65373J209 3,620 353,900 SH   SOLE   353,900 0 0
PINNACLE ENTERTAINMENT INC. CMN COM 72348Y105 128 10,400 SH   SOLE   10,400 0 0
CALL/SVXY @ 35 EXP 01/20/2017 CALL 74347W627 161 40 SH Call SOLE   40 0 0
CALL/SVXY @ 40 EXP 01/20/2017 CALL 74347W627 687 200 SH Call SOLE   200 0 0
CALL/SVXY @ 40 EXP 01/19/2018 CALL 74347W627 8,690 2,200 SH Call SOLE   2,200 0 0
RADIANT LOGISTICS INC CMN COM 75025X100 103 36,410 SH   SOLE   36,410 0 0
SPDR S&P 500 ETF TRUST ETF 78462F103 329,527 1,523,471 SH   SOLE   1,523,471 0 0
PUT/SPY @ 181 EXP 10/21/2016 PUT 78462F103 53 15,000 SH Put SOLE   15,000 0 0
PUT/SPY @ 184 EXP 11/18/2016 PUT 78462F103 255 10,000 SH Put SOLE   10,000 0 0
PUT/SPY @ 185 EXP 10/21/2016 PUT 78462F103 45 10,000 SH Put SOLE   10,000 0 0
PUT/SPY @ 184 EXP 10/21/2016 PUT 78462F103 134 29,750 SH Put SOLE   29,750 0 0
SHIRE LIMITED SPONSORED ADR CMN COM 82481R106 2,873 14,820 SH   SOLE   14,820 0 0
THL CREDIT INC MUTUAL FUND COM 872438106 209 21,964 SH   SOLE   21,964 0 0
TRI POINTE GROUP INC CMN COM 87265H109 395 30,000 SH   SOLE   30,000 0 0
TEMPLETON GLOBAL INCOME FUND MUTUAL FUND COM 880198106 250 40,000 SH   SOLE   40,000 0 0
TOLL BROTHERS, INC. CMN COM 889478103 724 24,231 SH   SOLE   24,231 0 0
TRUSTCO BANK CORP NY CMN COM 898349105 1,843 260,000 SH   SOLE   260,000 0 0
U.S. GEOTHERMAL, INC. CMN COM 90338S102 297 410,200 SH   SOLE   410,200 0 0
VALVOLINE INC. CMN COM 92047W101 512 21,800 SH   SOLE   21,800 0 0
CALL/GDX @ 30.0000 EXP01/19/2018 CALL 92189F106 1,118 3,000 SH Call SOLE   3,000 0 0
VANGUARD SPECIALIZED PORTFOLIO VANGUARD DIVIDEND APPRECIATION MUTUAL FUND CL ETF SER VIPERS ETF 921908844 31,957 380,756 SH   SOLE   380,756 0 0
VANGUARD FTSE ALL-WORLD EX-US INDEX FUND ETF ETF 922042775 25 542 SH   SOLE   542 0 0
VANGUARD S&P 500 ETF ETF 922908363 306,940 1,544,818 SH   SOLE   1,544,818 0 0
VIAD CORP CMN COM 92552R406 863 23,400 SH   SOLE   23,400 0 0
VIDEOCON D2H LIMITED ADR CMN COM 92657J101 489 50,000 SH   SOLE   50,000 0 0
VIRTU FINANCIAL, INC. CMN CLASS A COM 928254101 4,343 290,100 SH   SOLE   290,100 0 0
ALLERGAN PLC CMN COM G0177J108 230 1,000 SH   SOLE   1,000 0 0
ELECTRUM SPL ACQUISITION CORP UNIT OTHER G3105C120 501 50,000 SH   SOLE   50,000 0 0
GREENLIGHT CAPITAL RE LTD-A CMN COM G4095J109 403 19,696 SH   SOLE   19,696 0 0