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
APPLE INC COM 037833100 1,425 8,420 SH   SOLE   8,300 0 120
ADOBE SYS INC COM 00724F101 491 2,800 SH   SOLE   2,700 0 100
AMERICAN INTL GROUP INC *W EXP 01/19/202 026874156 1,033 57,000 SH   SOLE   22,500 0 34,500
ALBEMARLE CORP COM 012653101 345 2,700 SH   SOLE   2,700 0 0
ALLY FINL INC COM 02005N100 3,444 118,123 SH   SOLE   95,700 0 22,423
APPLIED MATLS INC COM 038222105 460 9,000 SH   SOLE   9,000 0 0
AMBAC FINL GROUP INC COM NEW 023139884 3,792 237,316 SH   SOLE   192,731 0 44,585
AMERIPRISE FINL INC COM 03076C106 1,441 8,503 SH   SOLE   6,725 0 1,778
AMERICAN TOWER CORP NEW COM 03027X100 624 4,375 SH   SOLE   4,000 0 375
APOLLO GLOBAL MGMT LLC CL A SHS 037612306 472 14,100 SH   SOLE   14,100 0 0
ARES MGMT L P COM UNIT RP IN 04014Y101 2,085 104,237 SH   SOLE   101,600 0 2,637
BROADCOM LTD SHS Y09827109 488 1,900 SH   SOLE   1,900 0 0
AMERICAN WTR WKS CO INC NEW COM 030420103 576 6,300 SH   SOLE   6,300 0 0
BANC OF CALIFORNIA INC COM 05990K106 310 15,000 SH   SOLE   15,000 0 0
BBX CAP CORP NEW CL A 05491N104 3,075 385,809 SH   SOLE   327,141 0 58,668
POPULAR INC COM NEW 733174700 1,171 33,000 SH   SOLE   33,000 0 0
BLACKSTONE GROUP L P COM UNIT LTD 09253U108 2,875 89,775 SH   SOLE   76,300 0 13,475
CITIGROUP INC COM NEW 172967424 1,840 24,722 SH   SOLE   18,100 0 6,622
CALATLANTIC GROUP INC COM 128195104 456 8,093 SH   SOLE   6,124 0 1,969
CATERPILLAR INC DEL COM 149123101 804 5,100 SH   SOLE   5,100 0 0
CARLYLE GROUP L P COM UTS LTD PTN 14309L102 1,840 80,369 SH   SOLE   78,300 0 2,069
CIT GROUP INC COM NEW 125581801 295 6,000 SH   SOLE   6,000 0 0
COLONY NORTHSTAR INC CL A COM 19625W104 2,704 237,001 SH   SOLE   197,511 0 39,490
CAPITAL ONE FINL CORP *W EXP 11/14/201 14040H139 1,635 28,200 SH   SOLE   27,420 0 780
COWEN INC CL A NEW 223622606 2,715 198,903 SH   SOLE   177,973 0 20,930
CISCO SYS INC COM 17275R102 437 11,400 SH   SOLE   11,400 0 0
CINTAS CORP COM 172908105 810 5,200 SH   SOLE   5,200 0 0
CARVANA CO CL A 146869102 493 25,781 SH   SOLE   21,800 0 3,981
CHEVRON CORP NEW COM 166764100 766 6,120 SH   SOLE   6,000 0 120
CAESARS ENTMT CORP COM 127686103 601 47,500 SH   SOLE   47,500 0 0
DCT INDUSTRIAL TRUST INC COM NEW 233153204 946 16,100 SH   SOLE   16,100 0 0
DISCOVER FINL SVCS COM 254709108 286 3,720 SH   SOLE   0 0 3,720
DIGITAL RLTY TR INC COM 253868103 900 7,900 SH   SOLE   7,900 0 0
ENLINK MIDSTREAM LLC COM UNIT REP LTD 29336T100 296 16,807 SH   SOLE   13,590 0 3,217
ENLINK MIDSTREAM PARTNERS LP COM UNIT REP LTD 29336U107 384 25,000 SH   SOLE   25,000 0 0
ENTERPRISE PRODS PARTNERS L COM 293792107 734 27,700 SH   SOLE   27,700 0 0
WISDOMTREE TR INDIA ERNGS FD 97717W422 473 17,000 SH   SOLE   17,000 0 0
COMMUNITY BANKERS TR CORP COM 203612106 755 92,691 SH   SOLE   92,691 0 0
ETSY INC COM 29786A106 585 28,600 SH   SOLE   28,600 0 0
FIRST DATA CORP NEW COM CL A 32008D106 351 21,000 SH   SOLE   21,000 0 0
FIRST HAWAIIAN INC COM 32051X108 409 14,000 SH   SOLE   14,000 0 0
GENERAL DYNAMICS CORP COM 369550108 977 4,800 SH   SOLE   4,800 0 0
GREAT ELM CAP GROUP INC COM NEW 39036P209 315 77,697 SH   SOLE   61,200 0 16,497
PRUDENTIAL GLB SHT DUR HG YL COM 74433A109 1,064 73,826 SH   SOLE   55,556 0 18,270
HOME DEPOT INC COM 437076102 1,327 7,000 SH   SOLE   7,000 0 0
HDFC BANK LTD ADR REPS 3 SHS 40415F101 834 8,200 SH   SOLE   8,200 0 0
HONEYWELL INTL INC COM 438516106 1,028 6,700 SH   SOLE   6,700 0 0
HOPE BANCORP INC COM 43940T109 438 24,000 SH   SOLE   24,000 0 0
IAC INTERACTIVECORP COM 44919P508 306 2,500 SH   SOLE   2,500 0 0
ISHARES TR MSCI INDIA ETF 46429B598 473 13,100 SH   SOLE   13,100 0 0
ISHARES TR RUS 2000 VAL ETF 464287630 271 2,155 SH   SOLE   0 0 2,155
JANUS HENDERSON GROUP PLC NOTE 0.750% 7/1 47102XAH8 340 8,882 SH   SOLE   6,959 0 1,923
KINGSTONE COS INC COM 496719105 2,075 110,395 SH   SOLE   91,740 0 18,655
KKR INCOME OPPORTUNITIES FD COM 48249T106 288 17,947 SH   SOLE   0 0 17,947
KKR & CO L P DEL COM UNITS 48248M102 3,553 168,730 SH   SOLE   145,534 0 23,196
LENNAR CORP CL A 526057104 892 14,100 SH   SOLE   14,100 0 0
LOCKHEED MARTIN CORP COM 539830109 931 2,900 SH   SOLE   2,900 0 0
LA QUINTA HLDGS INC COM 50420D108 417 22,568 SH   SOLE   18,200 0 4,368
LAS VEGAS SANDS CORP COM 517834107 417 6,000 SH   SOLE   6,000 0 0
MCDONALDS CORP COM 580135101 964 5,600 SH   SOLE   5,600 0 0
MOHAWK INDS INC COM 608190104 855 3,100 SH   SOLE   3,100 0 0
MELCO RESORT ENTERTAINMENT L ADR 585464100 784 27,000 SH   SOLE   27,000 0 0
MICROSOFT CORP COM 594918104 1,026 12,000 SH   SOLE   11,600 0 400
NMI HLDGS INC CL A 629209305 2,854 167,856 SH   SOLE   128,005 0 39,851
OAKTREE CAP GROUP LLC UNIT CL A 674001201 417 9,900 SH   SOLE   9,900 0 0
OFG BANCORP COM 67103X102 1,197 127,302 SH   SOLE   105,922 0 21,380
ONEOK INC NEW COM 682680103 355 6,641 SH   SOLE   5,500 0 1,141
OM ASSET MGMT PLC SHS G67506108 327 19,510 SH   SOLE   13,900 0 5,610
ONEMAIN HLDGS INC COM 68268W103 1,984 76,340 SH   SOLE   62,197 0 14,143
OUTFRONT MEDIA INC COM 69007J106 294 12,669 SH   SOLE   10,200 0 2,469
PRESTIGE BRANDS HLDGS INC COM 74112D101 263 5,927 SH   SOLE   4,685 0 1,242
PENN NATL GAMING INC COM 707569109 729 23,256 SH   SOLE   16,060 0 7,196
POWERSHARES ETF TRUST DYNA BUYBK ACH 73935X286 375 6,361 SH   SOLE   0 0 6,361
PRIMERICA INC COM 74164M108 626 6,167 SH   SOLE   4,730 0 1,437
PHILLIPS 66 COM 718546104 860 8,500 SH   SOLE   8,500 0 0
PVH CORP COM 693656100 1,015 7,400 SH   SOLE   7,400 0 0
ROYAL DUTCH SHELL PLC SPONS ADR A 780259206 1,454 21,800 SH   SOLE   21,800 0 0
RAYMOND JAMES FINANCIAL INC COM 754730109 264 2,958 SH   SOLE   2,130 0 828
REALOGY HLDGS CORP COM 75605Y106 861 32,494 SH   SOLE   32,000 0 494
RE MAX HLDGS INC CL A 75524W108 325 6,701 SH   SOLE   4,900 0 1,801
RYDEX ETF TRUST GUG S&P500 EQ WT 78355W106 832 8,237 SH   SOLE   0 0 8,237
STARBUCKS CORP COM 855244109 574 10,000 SH   SOLE   10,000 0 0
SLM CORP COM 78442P106 1,622 143,499 SH   SOLE   111,700 0 31,799
SUNTRUST BKS INC *W EXP 11/14/201 867914111 3,669 175,469 SH   SOLE   145,962 0 29,507
DIREXION SHS ETF TR DLY SMCAP BULL3X 25459W847 2,263 32,000 SH   SOLE   32,000 0 0
PROSHARES TR ULTRPRO S&P500 74347X864 2,284 16,300 SH   SOLE   16,300 0 0
UNITED RENTALS INC COM 911363109 756 4,400 SH   SOLE   4,400 0 0
VOYA FINL INC COM 929089100 2,644 53,441 SH   SOLE   43,200 0 10,241
WELLCARE HEALTH PLANS INC COM 94946T106 586 2,916 SH   SOLE   2,295 0 621
WAL-MART STORES INC COM 931142103 1,195 12,100 SH   SOLE   12,100 0 0
WASHINGTON PRIME GROUP NEW COM 93964W108 319 44,808 SH   SOLE   40,000 0 4,808
AQUA AMERICA INC COM 03836W103 1,075 27,400 SH   SOLE   27,400 0 0
WYNN RESORTS LTD COM 983134107 1,062 6,300 SH   SOLE   6,300 0 0
ZIONS BANCORPORATION *W EXP 05/22/202 989701115 2,798 148,819 SH   SOLE   122,596 0 26,223
ZIONS BANCORPORATION *W EXP 11/14/201 989701131 3,095 209,850 SH   SOLE   179,179 0 30,671