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
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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
Ashford Inc Common Stocks 044104107 4,530 69,902 SH   SOLE   69,902 0 0
Bank of America Corp Common Stocks 060505104 4,186 148,500 SH   SOLE   148,500 0 0
Berkshire Hathaway Inc. Class B Common Stocks 084670702 4,517 24,202 SH   SOLE   24,202 0 0
Colony Capital, Inc. Class A Miscellaneous Equities 19626G108 212 34,000 SH   SOLE   34,000 0 0
Delta Air Lines, Inc. Common Stocks 247361702 6,143 124,000 SH   SOLE   124,000 0 0
Diamond Offshore Drilling, Inc. Common Stocks 25271C102 417 20,000 SH   SOLE   20,000 0 0
Eagle Bancorp Montana, Inc. Common Stocks 26942G100 6,432 333,266 SH   SOLE   333,266 0 0
Ensco plc Class A Common Stocks G3157S106 987 135,900 SH   SOLE   135,900 0 0
Facebook, Inc. Class A Common Stocks 30303M102 1,585 8,155 SH   SOLE   8,155 0 0
GDL Fund Mutual Fund 361570104 715 77,884 SH   SOLE   77,884 0 0
VanEck Vectors Gold Miners ETF Miscellaneous Equities 92189F106 9,168 410,919 SH   SOLE   410,919 0 0
VanEck Vectors Gold Miners ETF Miscellaneous Equities 92189F106 1,341 60,100 SH Call SOLE   60,100 0 0
VanEck Vectors Junior Gold Miners ETF Miscellaneous Equities 92189F791 4,480 137,000 SH   SOLE   137,000 0 0
Great Elm Capital Group, Inc. Common Stocks 39036P209 3,493 970,199 SH   SOLE   970,199 0 0
Alphabet Inc. Class C Common Stocks 02079K107 3,196 2,865 SH   SOLE   2,865 0 0
Halliburton Company Common Stocks 406216101 4,326 96,000 SH   SOLE   96,000 0 0
Halcon Resources Corp Common Stocks 40537Q605 296 67,500 SH Call SOLE   67,500 0 0
iShares NASDAQ Biotechnology ETF Miscellaneous Equities 464287556 221 2,010 SH   SOLE   2,010 0 0
iShares Core MSCI Emerging Markets ETF Miscellaneous Equities 46434G103 968 18,429 SH   SOLE   18,429 0 0
JPMorgan Chase & Co. Common Stocks 46625H100 4,220 40,500 SH   SOLE   40,500 0 0
Kayne Anderson Acquisition Corp. Units Common Stocks 48661U201 614 59,050 SH   SOLE   59,050 0 0
Kansas City Life Insurance Company Common Stocks 484836200 6,709 167,725 SH   SOLE   167,725 0 0
Liberty Broadband Corp. Class A Common Stocks 530307107 4,048 53,511 SH   SOLE   53,511 0 0
Liberty Global Plc Class C Common Stocks G5480U120 11,103 417,258 SH   SOLE   417,258 0 0
Liberty Latin America Ltd. Class C Common Stocks G9001E128 246 12,688 SH   SOLE   12,688 0 0
Loral Space & Communications Inc. Common Stocks 543881106 4,612 122,663 SH   SOLE   122,663 0 0
Matlin and Partners Acq Warrants 57682V106 121 178,185 SH   SOLE   178,185 0 0
McDermott International, Inc. Common Stocks 580037703 1,965 100,000 SH Call SOLE   100,000 0 0
Noble Corporation plc Common Stocks G65431101 1,078 170,300 SH   SOLE   170,300 0 0
Och-Ziff Capital Management Group LLC Class A Miscellaneous Equities 67551U105 6,685 3,463,584 SH   SOLE   3,463,584 0 0
Reading International, Inc. Class A Common Stocks 755408101 937 58,736 SH   SOLE   58,736 0 0
Transocean Ltd. Common Stocks H8817H100 403 30,000 SH   SOLE   30,000 0 0
Schwab International Equity ETF Miscellaneous Equities 808524805 1,802 54,532 SH   SOLE   54,532 0 0
Solaris Oilfield Infrastructure, Inc. Class A Common Stocks 83418M103 904 63,278 SH   SOLE   63,278 0 0
Tencent Holdings Ltd. Unsponsored ADR Common Stocks 88032Q109 6,030 120,000 SH   SOLE   120,000 0 0
Tidewater Inc Common Stocks 88642R109 769 26,588 SH   SOLE   26,588 0 0
Unisys Corporation Common Stocks 909214306 390 30,240 SH   SOLE   30,240 0 0
Vanguard Small-Cap ETF Miscellaneous Equities 922908751 262 1,685 SH   SOLE   1,685 0 0
Vanguard Short-Term Corporate Bond ETF Miscellaneous Equities 92206C409 2,162 27,687 SH   SOLE   27,687 0 0
Vanguard Mid-Cap ETF Miscellaneous Equities 922908629 296 1,876 SH   SOLE   1,876 0 0
Vanguard Large-Cap ETF Miscellaneous Equities 922908637 1,736 13,913 SH   SOLE   13,913 0 0
Volt Information Sciences, Inc. Common Stocks 928703107 8,182 2,406,584 SH   SOLE   2,406,584 0 0
SPDR S&P Oil & Gas Equipment & Services ETF Miscellaneous Equities 78464A748 8,028 473,336 SH   SOLE   473,336 0 0
Financial Select Sector SPDR Fund Miscellaneous Equities 81369Y605 371 13,959 SH   SOLE   13,959 0 0
Yatra Online, Inc. Common Stocks G98338109 67 12,504 SH   SOLE   12,504 0 0