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
ARI NETWORK SERVICES INC (NEW) CMN COM 001930205 51 12,200 SH   SOLE   12,200 0 0
AGNICO EAGLE MINES LTD CMN COM 008474108 5,698 106,500 SH   SOLE   106,500 0 0
AGROFRESH SOLUTIONS, INC. CMN COM 00856G109 4,214 793,530 SH   SOLE   793,530 0 0
WTS/AGROFRESH SOLUTIONS 11.5000 EXP02/19/2019 WTS 00856G117 384 404,250 SH Call SOLE   404,250 0 0
ALPHA PRO TECH LTD CMN COM 020772109 8 3,600 SH   SOLE   3,600 0 0
ALPHABET INC. CMN CLASS C COM 02079K107 5,537 8,000 SH   SOLE   8,000 0 0
AMAZON.COM INC CMN COM 023135106 14,312 20,000 SH   SOLE   20,000 0 0
AMERCO CMN COM 023586100 375 1,000 SH   SOLE   1,000 0 0
AMERICAN SHARED HOSP SVCS CMN COM 029595105 152 75,058 SH   SOLE   75,058 0 0
APPLE, INC. CMN COM 037833100 29 300 SH   SOLE   300 0 0
APPLIED MATERIALS INC CMN COM 038222105 2,397 100,000 SH   SOLE   100,000 0 0
ARALEZ PHARMACEUTICALS INC. CMN COM 03852X100 4 1,076 SH   SOLE   1,076 0 0
ARES COMMERCIAL REAL ESTATE CO CMN COM 04013V108 854 69,472 SH   SOLE   69,472 0 0
ARROW ELECTRONICS INC. CMN COM 042735100 460 7,426 SH   SOLE   7,426 0 0
AXCELIS TECHNOLOGIES, INC. CMN COM 054540109 36 13,516 SH   SOLE   13,516 0 0
BANK OF AMERICA CORP CMN COM 060505104 1,991 150,000 SH   SOLE   150,000 0 0
BERKSHIRE HATHAWAY INC CL-A (DEL) CLASS A COM 084670108 11,934 55 SH   SOLE   55 0 0
BLACKSTONE MORTGAGE TRUST INC CMN COM 09257W100 13,835 500,010 SH   SOLE   500,010 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 586 72,106 SH   SOLE   72,106 0 0
BOULEVARD ACQUISITION CORP. II CORP II UNIT OTHER 10157Q201 989 100,000 SH   SOLE   100,000 0 0
CSW INDUSTRIALS, INC. CMN COM 126402106 244 7,477 SH   SOLE   7,477 0 0
CU BANCORP CMN COM 126534106 168 7,397 SH   SOLE   7,397 0 0
CAPITAL SOUTHWEST CORPORATION MUTUAL FUND COM 140501107 102 7,477 SH   SOLE   7,477 0 0
CAPITOL ACQUISITION CORP III UNIT OTHER 14055M205 992 100,000 SH   SOLE   100,000 0 0
CAPSTEAD MORTGAGE CORPORATION CMN COM 14067E506 194 20,000 SH   SOLE   20,000 0 0
CASH AMER INTL INC CMN COM 14754D100 426 10,000 SH   SOLE   10,000 0 0
CENTRAL SECURITIES CORP. MUTUAL FUND COM 155123102 116 5,900 SH   SOLE   5,900 0 0
CHEMOURS COMPANY (THE) CMN COM 163851108 165 20,000 SH   SOLE   20,000 0 0
CITY OFFICE REIT, INC. CMN COM 178587101 241 18,600 SH   SOLE   18,600 0 0
CIVEO CORP CMN COM 17878Y108 2 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. CMN COM 21870U502 231 8,000 SH   SOLE   8,000 0 0
VELOCITYSHARES DAILY INVERSE VIX MEDIUM TERM ETN ETF 22542D829 4,210 108,735 SH   SOLE   108,735 0 0
DANAHER CORPORATION CMN COM 235851102 1,010 10,000 SH   SOLE   10,000 0 0
DEL TACO RESTAURANTS INC CMN COM 245496104 1 100 SH   SOLE   100 0 0
DIAMOND HILL INVESTMENT GROUP CMN COM 25264R207 188 1,000 SH   SOLE   1,000 0 0
DIGIRAD CORPORATION CMN COM 253827109 155 30,000 SH   SOLE   30,000 0 0
DIXIE GROUP INC CMN CLASS A COM 255519100 4 1,000 SH   SOLE   1,000 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 1,126 86,225 SH   SOLE   86,225 0 0
EMERGENT CAPITAL, INC CMN COM 29102N105 478 142,125 SH   SOLE   142,125 0 0
ENVIROSTAR INC CMN COM 29414M100 291 75,874 SH   SOLE   75,874 0 0
EXPEDITORS INTL WASH INC CMN COM 302130109 245 5,000 SH   SOLE   5,000 0 0
E Z CORP INC CL-A NON VTG CMN CLASS A COM 302301106 3,274 433,092 SH   SOLE   433,092 0 0
FEDERATED NATL HLDG CO CMN COM 31422T101 948 49,800 SH   SOLE   49,800 0 0
FIRST CMNTY CORP S C CMN COM 319835104 270 19,301 SH   SOLE   19,301 0 0
FIRST SOLAR, INC. CMN COM 336433107 194 4,000 SH   SOLE   4,000 0 0
FORD MOTOR COMPANY CMN COM 345370860 2,514 200,000 SH   SOLE   200,000 0 0
FORTRESS INVESTMENT GROUP LLC CMN CLASS A COM 34958B106 6,947 1,571,782 SH   SOLE   1,571,782 0 0
FULL HOUSE RESORTS CMN COM 359678109 2 1,000 SH   SOLE   1,000 0 0
GAMING AND LEISURE PROP, INC. CMN COM 36467J108 305 8,840 SH   SOLE   8,840 0 0
GENVEC INC CMN COM 37246C307 7 11,800 SH   SOLE   11,800 0 0
GIBRALTAR INDUSTRIES INC CMN COM 374689107 1,207 38,233 SH   SOLE   38,233 0 0
GILEAD SCIENCES CMN COM 375558103 2,169 26,000 SH   SOLE   26,000 0 0
GOLUB CAPITAL BDC LLC MUTUAL FUND COM 38173M102 1,455 80,527 SH   SOLE   80,527 0 0
GREAT AJAX CORP CMN COM 38983D300 347 25,000 SH   SOLE   25,000 0 0
GREAT ELM CAPITAL GROUP INC CMN COM 39036P100 110 16,666 SH   SOLE   16,666 0 0
GUARANTY FEDERAL BANCSHARES INC COM 40108P101 80 5,000 SH   SOLE   5,000 0 0
HARVARD BIOSCIENCE INC CMN COM 416906105 18 6,200 SH   SOLE   6,200 0 0
HEARTLAND FINL USA INC CMN COM 42234Q102 12 326 SH   SOLE   326 0 0
HERCULES CAPITAL INC . COM 427096508 12 1,000 SH   SOLE   1,000 0 0
HISTOGENICS CORP CMN COM 43358V109 2 1,000 SH   SOLE   1,000 0 0
HUDSON GLOBAL, INC. CMN COM 443787106 10 4,845 SH   SOLE   4,845 0 0
INSPERITY INC CMN COM 45778Q107 77 1,000 SH   SOLE   1,000 0 0
IRIDEX CORP CMN COM 462684101 222 15,000 SH   SOLE   15,000 0 0
ISHARES MSCI JAPAN ETF ge. ETF 464286848 2,300 200,000 SH   SOLE   200,000 0 0
ISHARES MSCI IRELAND CAPPED ETF ETF 46429B507 698 19,411 SH   SOLE   19,411 0 0
JPMORGAN CHASE & CO CMN COM 46625H100 6,214 100,000 SH   SOLE   100,000 0 0
JMP GROUP LLC. CMN COM 46629U107 294 54,174 SH   SOLE   54,174 0 0
JAKKS PACIFIC INC CMN COM 47012E106 78 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 266 10,500 SH   SOLE   10,500 0 0
LEUCADIA NATIONAL CORP CMN COM 527288104 354 20,400 SH   SOLE   20,400 0 0
LIBERTY TRIPADVISOR HLDGS INC CMN SERIES A COM 531465102 1,094 50,000 SH   SOLE   50,000 0 0
LINDBLAD EXPEDITIONS HLDGS INC CMN COM 535219109 1,177 122,200 SH   SOLE   122,200 0 0
WTS/LINDBLAD EXPEDITIONS HOLDINGS INC 11.5000 EXP07/08/2020 WTS 535219117 281 142,900 SH Call SOLE   142,900 0 0
LORAL SPACE &COMMUNICATION INC*. CMN COM 543881106 69 1,957 SH   SOLE   1,957 0 0
LUBYS INC CMN STOCK CMN COM 549282101 5 900 SH   SOLE   900 0 0
MGIC INVESTMENT CORP COMMON STOCK COM 552848103 3,209 539,300 SH   SOLE   539,300 0 0
MRV COMMUNICATIONS, INC. CMN COM 553477407 20 1,800 SH   SOLE   1,800 0 0
MAIN STREET CAPITAL CORP MUTUAL FUND COM 56035L104 736 22,400 SH   SOLE   22,400 0 0
MARLIN BUSINESS SERVICES, INC. CMN COM 571157106 349 21,400 SH   SOLE   21,400 0 0
MODUSLINK GLOBAL SOLUTIONS, IN*C CMN COM 60786L206 12 10,000 SH   SOLE   10,000 0 0
MORGAN STANLEY CHINA A SHARE FUND, INC. COM 617468103 18 1,000 SH   SOLE   1,000 0 0
NATIONAL OILWELL VARCO, INC. COMMON STOCK CMN COM 637071101 34 1,000 SH   SOLE   1,000 0 0
NATIONSTAR MTG HLDGS INC CMN COM 63861C109 11 1,000 SH   SOLE   1,000 0 0
NEW IRELAND FUND INC MUTUAL FUND COM 645673104 534 45,075 SH   SOLE   45,075 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 3,638 353,900 SH   SOLE   353,900 0 0
OCWEN FINANCIAL CORPORATION CMN COM 675746309 2 1,000 SH   SOLE   1,000 0 0
PARK ELECTROCHEMICAL CRP CMN COM 700416209 15 1,000 SH   SOLE   1,000 0 0
PENNANTPARK INVESTMENT CORP MUTUAL FUND COM 708062104 10 1,405 SH   SOLE   1,405 0 0
PENNANTPARK FLOATING RATE CAP LTD COM 70806A106 77 6,245 SH   SOLE   6,245 0 0
PEPSICO INC CMN COM 713448108 106 1,000 SH   SOLE   1,000 0 0
PINNACLE ENTERTAINMENT INC. CMN COM 72348Y105 115 10,400 SH   SOLE   10,400 0 0
CALL/SVXY @ 35 EXP 01/20/2017 CALL 74347W627 74 40 SH Call SOLE   40 0 0
CALL/SVXY @ 40 EXP 01/20/2017 CALL 74347W627 313 200 SH Call SOLE   200 0 0
CALL/SVXY @ 40 EXP 01/19/2018 CALL 74347W627 4,499 2,200 SH Call SOLE   2,200 0 0
QCR HOLDINGS INC CMN COM 74727A104 27 1,000 SH   SOLE   1,000 0 0
RADIANT LOGISTICS INC CMN COM 75025X100 25 8,410 SH   SOLE   8,410 0 0
RESOLUTE FOREST PRODUCTS INC CMN COM 76117W109 5 1,000 SH   SOLE   1,000 0 0
ROYAL GOLD, INC. CMN COM 780287108 7 100 SH   SOLE   100 0 0
SPDR S&P 500 ETF TRUST ETF 78462F103 319,129 1,523,471 SH   SOLE   1,523,471 0 0
PUT/SPY @ 175 EXP 07/22/2016 PUT 78462F103 60 10,000 SH Put SOLE   10,000 0 0
PUT/SPY @ 175 EXP 08/19/2016 PUT 78462F103 375 13,649 SH Put SOLE   13,649 0 0
SAFEGUARD SCIENTIFICS INC CMN COM 786449207 35 2,800 SH   SOLE   2,800 0 0
SHIRE LIMITED SPONSORED ADR CMN COM 82481R106 2,728 14,820 SH   SOLE   14,820 0 0
SILVER RUN ACQUISITION CORP. UNIT OTHER 82811P200 3,743 375,000 SH   SOLE   375,000 0 0
SOLAR CAPITAL LTD. MUTUAL FUND COM 83413U100 95 5,000 SH   SOLE   5,000 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 244 21,964 SH   SOLE   21,964 0 0
TRI POINTE GROUP INC CMN COM 87265H109 355 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 652 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 1,667 260,000 SH   SOLE   260,000 0 0
CALL/TWTR @ 30 EXP 01/19/2018 CALL 90184L102 4 40 SH Call SOLE   40 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 336 410,200 SH   SOLE   410,200 0 0
CALL/GDX @ 30.0000 EXP01/19/2018 CALL 92189F106 1,553 3,000 SH Call SOLE   3,000 0 0
VANGUARD SPECIALIZED PORTFOLIO VANGUARD DIVIDEND APPRECIATION MUTUAL FUND CL ETF SER VIPERS ETF 921908844 31,694 380,756 SH   SOLE   380,756 0 0
VANGUARD WHITEHALL FUNDS-VANGU*ARD HIGH DIVIDEND YIELD IDX FD (VANGUARD HIGH DIVIDEND YIELD ETF ETF 921946406 1,422 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 296,914 1,544,818 SH   SOLE   1,544,818 0 0
VIAD CORP CMN COM 92552R406 725 23,400 SH   SOLE   23,400 0 0
VIDEOCON D2H LIMITED ADR CMN COM 92657J101 424 50,000 SH   SOLE   50,000 0 0
VIRTU FINANCIAL, INC. CMN CLASS A COM 928254101 5,739 318,849 SH   SOLE   318,849 0 0
VOLT INFO SCIENCES, INC. CMN COM 928703107 1,043 176,401 SH   SOLE   176,401 0 0
WEBSTER FINANCIAL CORP CMN COM 947890109 119 3,500 SH   SOLE   3,500 0 0
WINTHROP REALTY TRUST CMN COM 976391300 2,026 230,500 SH   SOLE   230,500 0 0
CALL/YUM @ 85 EXP 01/20/2017 CALL 988498101 94 200 SH Call SOLE   200 0 0
ALLERGAN PLC CMN COM G0177J108 231 1,000 SH   SOLE   1,000 0 0
ELECTRUM SPL ACQUISITION CORP UNIT OTHER G3105C120 501 50,000 SH   SOLE   50,000 0 0
ESSENT GROUP LTD. CMN COM G3198U102 44 2,000 SH   SOLE   2,000 0 0
GREENLIGHT CAPITAL RE LTD-A CMN COM G4095J109 397 19,696 SH   SOLE   19,696 0 0