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
Ashford Hospitality Trust, Inc. Common Stocks 044103109 141 22,000 SH   SOLE   22,000 0 0
Ashford Inc. Common Stocks 044104107 4,292 56,570 SH   SOLE   56,570 0 0
TD Ameritrade Holding Corporation Common Stocks 87236Y108 1,532 29,000 SH   SOLE   29,000 0 0
Alibaba Group Holding Ltd. Sponsored ADR Common Stocks 01609W102 2,145 13,019 SH   SOLE   13,019 0 0
Bank of America Corp Common Stocks 060505104 1,831 62,169 SH   SOLE   62,169 0 0
Berkshire Hathaway Inc. Class B Common Stocks 084670702 1,889 8,824 SH   SOLE   8,824 0 0
Citizens Financial Group, Inc. Common Stocks 174610105 491 12,738 SH   SOLE   12,738 0 0
Core Laboratories NV Common Stocks N22717107 1,969 17,000 SH   SOLE   17,000 0 0
Colony Capital, Inc. Class A Miscellaneous Equities 19626G108 280 46,000 SH   SOLE   46,000 0 0
Diamond Offshore Drilling, Inc. Common Stocks 25271C102 3,977 198,855 SH   SOLE   198,855 0 0
Eagle Bancorp Montana, Inc. Common Stocks 26942G100 6,061 333,919 SH   SOLE   333,919 0 0
Ensco plc Class A Common Stocks G3157S106 5,036 596,675 SH   SOLE   596,675 0 0
Facebook, Inc. Class A Common Stocks 30303M102 724 4,405 SH   SOLE   4,405 0 0
GDL Fund Mutual Fund 361570104 553 60,884 SH   SOLE   60,884 0 0
VanEck Vectors Gold Miners ETF Miscellaneous Equities 92189F106 5,505 297,228 SH   SOLE   297,228 0 0
VanEck Vectors Gold Miners ETF Miscellaneous Equities 92189F106 1,111 60,000 SH Call SOLE   60,000 0 0
VanEck Vectors Junior Gold Miners ETF Miscellaneous Equities 92189F791 2,502 91,430 SH   SOLE   91,430 0 0
Great Elm Capital Group, Inc. Common Stocks 39036P209 3,118 959,410 SH   SOLE   959,410 0 0
Alphabet Inc. Class A Common Stocks 02079K305 2,414 2,000 SH   SOLE   2,000 0 0
Halcon Resources Corp Common Stocks 40537Q605 302 67,500 SH Call SOLE   67,500 0 0
iShares Core MSCI Emerging Markets ETF Miscellaneous Equities 46434G103 1,067 20,605 SH   SOLE   20,605 0 0
SPDR S&P Regional Banking ETF Miscellaneous Equities 78464A698 3,054 51,400 SH   SOLE   51,400 0 0
KraneShares CSI China Internet ETF Miscellaneous Equities 500767306 536 10,975 SH   SOLE   10,975 0 0
Kayne Anderson MLP/Midstream Investment Company Miscellaneous Equities 486606106 553 31,000 SH   SOLE   31,000 0 0
Liberty Global Plc Class C Common Stocks G5480U120 375 13,307 SH   SOLE   13,307 0 0
Loral Space & Communications Inc. Common Stocks 543881106 1,660 36,572 SH   SOLE   36,572 0 0
McDermott International, Inc. Common Stocks 580037703 1,861 101,000 SH Call SOLE   101,000 0 0
Noble Corporation plc Common Stocks G65431101 562 80,000 SH   SOLE   80,000 0 0
Och-Ziff Capital Management Group LLC Class A Miscellaneous Equities 67551U105 5,157 3,484,756 SH   SOLE   3,484,756 0 0
Rowan Cos. Plc Class A Miscellaneous Equities G7665A101 1,883 100,000 SH   SOLE   100,000 0 0
Reading International, Inc. Class A Common Stocks 755408101 243 15,405 SH   SOLE   15,405 0 0
Transocean Ltd. Common Stocks H8817H100 3,793 271,927 SH   SOLE   271,927 0 0
Schwab International Equity ETF Miscellaneous Equities 808524805 1,298 38,716 SH   SOLE   38,716 0 0
Charles Schwab Corporation Common Stocks 808513105 4,232 86,110 SH   SOLE   86,110 0 0
Tidewater Inc Common Stocks 88642R109 2,243 71,915 SH   SOLE   71,915 0 0
Vanguard Small-Cap ETF Miscellaneous Equities 922908751 280 1,720 SH   SOLE   1,720 0 0
Vanguard Short-Term Corporate Bond ETF Miscellaneous Equities 92206C409 2,390 30,578 SH   SOLE   30,578 0 0
Vanguard Mid-Cap ETF Miscellaneous Equities 922908629 268 1,634 SH   SOLE   1,634 0 0
Vanguard Large-Cap ETF Miscellaneous Equities 922908637 1,479 11,079 SH   SOLE   11,079 0 0
Volt Information Sciences, Inc. Common Stocks 928703107 9,265 2,406,584 SH   SOLE   2,406,584 0 0
SPDR S&P Oil & Gas Equipment & Services ETF Miscellaneous Equities 78464A748 2,448 146,412 SH   SOLE   146,412 0 0
Financial Select Sector SPDR Fund Miscellaneous Equities 81369Y605 493 17,859 SH   SOLE   17,859 0 0
Yatra Online, Inc. Common Stocks G98338109 61 10,931 SH   SOLE   10,931 0 0
Zions Bancorporation, N.A. Common Stocks 989701107 552 11,000 SH   SOLE   11,000 0 0