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
ABBVIE INC. CMN COM 00287Y109 5,441 100,000 SH   SOLE   100,000 0 0
ADVANCE AUTO PARTS, INC. CMN COM 00751Y106 190 1,000 SH   SOLE   1,000 0 0
AGNICO EAGLE MINES LTD CMN COM 008474108 2,697 106,500 SH   SOLE   106,500 0 0
AGROFRESH SOLUTIONS, INC. CMN COM 00856G109 1,605 202,200 SH   SOLE   202,200 0 0
WTS/AGROFRESH SOLUTIONS 11.5000 EXP02/19/2019 WTS 00856G117 876 400,000 SH Call SOLE   400,000 0 0
ALPHA PRO TECH LTD CMN COM 020772109 7 3,600 SH   SOLE   3,600 0 0
AMAZON.COM INC CMN COM 023135106 6,143 12,000 SH   SOLE   12,000 0 0
AMAYA INC. CMN COM 02314M108 248 13,600 SH   SOLE   13,600 0 0
AMERCO CMN COM 023586100 393 1,000 SH   SOLE   1,000 0 0
AMERICAN CAPITAL AGENCY CORP. CMN COM 02503X105 187 10,000 SH   SOLE   10,000 0 0
WTS/AMERICAN INTERNATIONAL GRO 45.0000 EXP01/19/2021 WTS 026874156 454 20,000 SH Call SOLE   20,000 0 0
AMERICAN INTL GROUP, INC. CMN COM 026874784 568 10,000 SH   SOLE   10,000 0 0
AMERICAN SHARED HOSP SVCS CMN COM 029595105 145 75,058 SH   SOLE   75,058 0 0
APPLE, INC. CMN COM 037833100 33 300 SH   SOLE   300 0 0
APPLIED MATERIALS INC CMN COM 038222105 147 10,000 SH   SOLE   10,000 0 0
ARES COMMERCIAL REAL ESTATE CO CMN COM 04013V108 833 69,472 SH   SOLE   69,472 0 0
ARROW ELECTRONICS INC. CMN COM 042735100 411 7,426 SH   SOLE   7,426 0 0
AXCELIS TECHNOLOGIES, INC. CMN COM 054540109 267 100,000 SH   SOLE   100,000 0 0
BANK OF AMERICA CORP CMN COM 060505104 2,337 150,000 SH   SOLE   150,000 0 0
WTS/BANK OF AMERICA CORP 13.3000 EXP01/16/2019 WTS 060505146 2,292 400,000 SH Call SOLE   400,000 0 0
BARCLAYS BK PLC-IPATH S&P 500 *VIX S-T FUTURES ETN NEW 2013 FUTURES ETN NEW 2013 ETN ETF 06742E711 3,921 153,000 SH   SOLE   153,000 0 0
BAXALTA INCORPORATED CMN COM 07177M103 3,151 100,000 SH   SOLE   100,000 0 0
BERKSHIRE HATHAWAY INC CL-A (DEL) CLASS A COM 084670108 7,224 37 SH   SOLE   37 0 0
BLACKSTONE MORTGAGE TRUST INC CMN COM 09257W100 10,819 394,279 SH   SOLE   394,279 0 0
BOULDER GROWTH & INCOME FD INC MUTUAL FUND COM 101507101 528 70,906 SH   SOLE   70,906 0 0
BOULEVARD ACQUISITION CORP. II CORP II UNIT OTHER 10157Q201 997 100,000 SH   SOLE   100,000 0 0
BROOKDALE SENIOR LIVING, INC. CMN COM 112463104 1,148 50,000 SH   SOLE   50,000 0 0
CBL & ASSOC PROPERTIES, INC. CMN COM 124830100 688 50,000 SH   SOLE   50,000 0 0
CIGNA CORPORATION CMN COM 125509109 4,358 32,274 SH   SOLE   32,274 0 0
CU BANCORP CMN COM 126534106 166 7,397 SH   SOLE   7,397 0 0
CVS HEALTH CORP CMN COM 126650100 965 10,000 SH   SOLE   10,000 0 0
CAPITAL SOUTHWEST CORPORATION MUTUAL FUND COM 140501107 354 7,477 SH   SOLE   7,477 0 0
CAPSTEAD MORTGAGE CORPORATION CMN COM 14067E506 99 10,000 SH   SOLE   10,000 0 0
CASH AMER INTL INC CMN COM 14754D100 280 10,000 SH   SOLE   10,000 0 0
CENTRAL SECURITIES CORP. MUTUAL FUND COM 155123102 117 5,900 SH   SOLE   5,900 0 0
CHEMOURS COMPANY (THE) CMN COM 163851108 129 20,000 SH   SOLE   20,000 0 0
CITY OFFICE REIT, INC. CMN COM 178587101 211 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 73 4,771 SH   SOLE   4,771 0 0
CORENERGY INFRASTRUCTURE TRUST INC COM 21870U205 177 40,000 SH   SOLE   40,000 0 0
VELOCITYSHARES DAILY INVERSE VIX MEDIUM TERM ETN ETF 22542D829 9,480 252,665 SH   SOLE   252,665 0 0
DANAHER CORPORATION CMN COM 235851102 852 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 517 100,000 SH Call SOLE   100,000 0 0
DIAMOND HILL INVESTMENT GROUP CMN COM 25264R207 186 1,000 SH   SOLE   1,000 0 0
DIGIRAD CORPORATION CMN COM 253827109 112 30,000 SH   SOLE   30,000 0 0
DIXIE GROUP INC CMN CLASS A COM 255519100 8 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 1,048 86,225 SH   SOLE   86,225 0 0
EMERGENT CAPITAL, INC CMN COM 29102N105 1,211 222,125 SH   SOLE   222,125 0 0
ENVIROSTAR INC CMN COM 29414M100 303 75,874 SH   SOLE   75,874 0 0
EXPEDITORS INTL WASH INC CMN COM 302130109 235 5,000 SH   SOLE   5,000 0 0
E Z CORP INC CL-A NON VTG CMN CLASS A COM 302301106 3,104 503,092 SH   SOLE   503,092 0 0
FEDERATED NATL HLDG CO CMN COM 31422T101 1,196 49,800 SH   SOLE   49,800 0 0
FIRST CMNTY CORP S C CMN COM 319835104 239 19,301 SH   SOLE   19,301 0 0
FORTRESS INVESTMENT GROUP LLC CMN CLASS A COM 34958B106 3,267 588,582 SH   SOLE   588,582 0 0
GENVEC INC CMN COM 37246C307 27 11,800 SH   SOLE   11,800 0 0
GIBRALTAR INDUSTRIES INC CMN COM 374689107 702 38,233 SH   SOLE   38,233 0 0
GILEAD SCIENCES CMN COM 375558103 982 10,000 SH   SOLE   10,000 0 0
GOLUB CAPITAL BDC LLC CMN COM 38173M102 1,287 80,527 SH   SOLE   80,527 0 0
GOOGLE INC. CMN CLASS C COM 38259P706 4,867 8,000 SH   SOLE   8,000 0 0
GREAT AJAX CORP CMN COM 38983D300 309 25,000 SH   SOLE   25,000 0 0
GROUP 1 AUTOMOTIVE, INC. CMN COM 398905109 852 10,000 SH   SOLE   10,000 0 0
GUARANTY FEDERAL BANCSHARES INC COM 40108P101 73 5,000 SH   SOLE   5,000 0 0
HARVARD BIOSCIENCE INC CMN COM 416906105 23 6,200 SH   SOLE   6,200 0 0
HERCULES TECHNOLOGY GROWTH CAPITAL, INC. COM 427096508 10 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 12 4,845 SH   SOLE   4,845 0 0
HUMANA INC. CMN COM 444859102 5,370 30,000 SH   SOLE   30,000 0 0
ISTAR INC CMN COM 45031U101 252 20,000 SH   SOLE   20,000 0 0
INFRAREIT, INC. CMN COM 45685L100 1,184 50,000 SH   SOLE   50,000 0 0
INSPERITY INC CMN COM 45778Q107 44 1,000 SH   SOLE   1,000 0 0
IRIDEX CORP CMN COM 462684101 114 15,000 SH   SOLE   15,000 0 0
ISHARES MSCI JAPAN ETF ge. ETF 464286848 2,286 200,000 SH   SOLE   200,000 0 0
JPMORGAN CHASE & CO CMN COM 46625H100 3,658 60,000 SH   SOLE   60,000 0 0
JMP GROUP LLC. CMN COM 46629U107 336 54,174 SH   SOLE   54,174 0 0
JAKKS PACIFIC INC CMN COM 47012E106 84 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 255 10,000 SH   SOLE   10,000 0 0
LEUCADIA NATIONAL CORP CMN COM 527288104 413 20,400 SH   SOLE   20,400 0 0
LINDBLAD EXPEDITIONS HLDGS INC CMN COM 535219109 1,194 122,200 SH   SOLE   122,200 0 0
WTS/LINDBLAD EXPEDITIONS HLDGS IN 11.5000 EXP05/15/2016 WTS 535219117 187 100,000 SH Call SOLE   100,000 0 0
LORAL SPACE &COMMUNICATION INC*. CMN COM 543881106 471 10,000 SH   SOLE   10,000 0 0
LUBYS INC CMN STOCK CMN COM 549282101 4 900 SH   SOLE   900 0 0
MGIC INVESTMENT CORP COMMON STOCK COM 552848103 1,134 122,492 SH   SOLE   122,492 0 0
MRV COMMUNICATIONS, INC. CMN COM 553477407 26 1,800 SH   SOLE   1,800 0 0
MAIN STREET CAPITAL CORP CMN COM 56035L104 597 22,400 SH   SOLE   22,400 0 0
MODUSLINK GLOBAL SOLUTIONS, IN*C CMN COM 60786L206 572 200,000 SH   SOLE   200,000 0 0
MONSTER WORLDWIDE INC. CMN COM 611742107 888 138,304 SH   SOLE   138,304 0 0
MORGAN STANLEY CHINA A SHARE FUND, INC. COM 617468103 22 1,000 SH   SOLE   1,000 0 0
NATIONSTAR MTG HLDGS INC CMN COM 63861C109 14 1,000 SH   SOLE   1,000 0 0
NEW MOUNTAIN FINANCE CORP MUTUAL FUND COM 647551100 14 1,000 SH   SOLE   1,000 0 0
NICHOLAS FINANCIAL, INC. CMN COM 65373J209 772 59,454 SH   SOLE   59,454 0 0
OCWEN FINANCIAL CORPORATION CMN COM 675746309 7 1,000 SH   SOLE   1,000 0 0
PACIFIC PREMIER BANCORP CMN COM 69478X105 1,654 81,391 SH   SOLE   81,391 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 75 6,245 SH   SOLE   6,245 0 0
PEPSICO INC CMN COM 713448108 94 1,000 SH   SOLE   1,000 0 0
PINNACLE ENTMT INC CMN COM 723456109 352 10,400 SH   SOLE   10,400 0 0
PROSHARES SHORT VIX SHORT-TERM FUTURES EXCHANGE TRADED FUND ETF 74347W627 8,099 170,000 SH   SOLE   170,000 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 38 8,410 SH   SOLE   8,410 0 0
RICE ENERGY INC CMN COM 762760106 81 5,000 SH   SOLE   5,000 0 0
SPDR S&P 500 ETF TRUST ETF 78462F103 291,943 1,523,471 SH   SOLE   1,523,471 0 0
SAFEGUARD SCIENTIFICS INC CMN COM 786449207 44 2,800 SH   SOLE   2,800 0 0
SIGMA DESIGNS INC CMN COM 826565103 1,378 200,000 SH   SOLE   200,000 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 240 21,964 SH   SOLE   21,964 0 0
TRI POINTE GROUP INC CMN COM 87265H109 393 30,000 SH   SOLE   30,000 0 0
TEMPLETON GLOBAL INCOME FUND MUTUAL FUND COM 880198106 244 40,000 SH   SOLE   40,000 0 0
TOLL BROTHERS, INC. CMN COM 889478103 830 24,231 SH   SOLE   24,231 0 0
TRIANGLE CAPITAL CORPORATION MUTUAL FUND COM 895848109 16 1,000 SH   SOLE   1,000 0 0
U.S. GLOBAL INVESTORS INC A CMN COM 902952100 2 1,000 SH   SOLE   1,000 0 0
U.S. GEOTHERMAL, INC. CMN COM 90338S102 253 410,200 SH   SOLE   410,200 0 0
UNWIRED PLANET INC CMN COM 91531F103 145 200,000 SH   SOLE   200,000 0 0
VANGUARD SPECIALIZED PORTFOLIO VANGUARD DIVIDEND APPRECIATION MUTUAL FUND CL ETF SER VIPERS ETF 921908844 28,077 380,756 SH   SOLE   380,756 0 0
VANGUARD FTSE DEVELOPED MKTS CMN ETF ETF 921943858 14,256 400,000 SH   SOLE   400,000 0 0
VANGUARD WHITEHALL FUNDS-VANGU*ARD HIGH DIVIDEND YIELD IDX FD (VANGUARD HIGH DIVIDEND YIELD ETF ETF 921946406 1,247 19,900 SH   SOLE   19,900 0 0
VANGUARD FTSE ALL-WORLD EX-US INDEX FUND ETF ETF 922042775 23 542 SH   SOLE   542 0 0
VANGUARD S&P 500 ETF ETF 922908363 266,344 1,515,818 SH   SOLE   1,515,818 0 0
VIAD CORP CMN COM 92552R406 678 23,400 SH   SOLE   23,400 0 0
VIDEOCON D2H LTD ADR CMN COM 92657J101 97 10,000 SH   SOLE   10,000 0 0
VIRTU FINANCIAL, INC. CMN CLASS A COM 928254101 4,723 206,083 SH   SOLE   206,083 0 0
VOLT INFO SCIENCES, INC. CMN COM 928703107 1,605 176,401 SH   SOLE   176,401 0 0
WL ROSS HOLDING CORP. CMN COM 92939D104 1,038 100,000 SH   SOLE   100,000 0 0
WEBSTER FINANCIAL CORP CMN COM 947890109 125 3,500 SH   SOLE   3,500 0 0
THE WILLIAMS COMPANIES, INC. CMN COM 969457100 1,010 27,400 SH   SOLE   27,400 0 0
WILLIS LEASE FINANCE CORP CMN COM 970646105 16 1,000 SH   SOLE   1,000 0 0
XENON PHARMACEUTICALS INC. CMN COM 98420N105 567 68,690 SH   SOLE   68,690 0 0
YAMANA GOLD INC CMN COM 98462Y100 266 156,352 SH   SOLE   156,352 0 0
ALLERGAN PLC CMN COM G0177J108 272 1,000 SH   SOLE   1,000 0 0
ELECTRUM SPL ACQUISITION CORP UNIT OTHER G3105C120 494 50,000 SH   SOLE   50,000 0 0
ESSENT GROUP LTD. CMN COM G3198U102 746 30,000 SH   SOLE   30,000 0 0
GREENLIGHT CAPITAL RE LTD-A CMN COM G4095J109 439 19,696 SH   SOLE   19,696 0 0
NORD ANGLIA EDUCATION, INC. CMN COM G6583A102 203 10,000 SH   SOLE   10,000 0 0