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
AG MTG INVT TR INC COM 001228105 1,823 139,486 SH   SOLE   139,486 0 0
ALIBABA GROUP HLDG LTD SPONSORED ADS 01609W102 669 8,460 SH   SOLE   8,460 0 0
ALPHABET INC CAP STK CL C 02079K107 2,855 3,832 SH   SOLE   3,832 0 0
ALTISOURCE ASSET MGMT CORP COM 02153X108 109 9,207 SH   SOLE   9,207 0 0
ALTISOURCE RESIDENTIAL CORP CL B 02153W100 783 65,260 SH   SOLE   65,260 0 0
AMERICAN AIRLS GROUP INC COM 02376R102 47 1,145 SH   SOLE   1,145 0 0
APOLLO RESIDENTIAL MTG INC COM 03763V102 1,315 98,015 SH   SOLE   98,015 0 0
APPLE INC COM 037833100 2,732 25,070 SH   SOLE   25,070 0 0
ASTRAZENECA PLC SPONSORED ADR 046353108 216 7,679 SH   SOLE   7,679 0 0
BAIDU INC SPON ADR REP A 056752108 1,189 6,229 SH   SOLE   6,229 0 0
BLACKSTONE GROUP L P COM UNIT LTD 09253U108 98 3,505 SH   SOLE   3,505 0 0
BMC STK HLDGS INC COM 05591B109 185 11,160 SH   SOLE   11,160 0 0
CITIGROUP INC COM NEW 172967424 1,813 43,431 SH   SOLE   43,431 0 0
CLIFFS NAT RES INC COM 18683K101 36 12,114 SH   SOLE   12,114 0 0
CLOVIS ONCOLOGY INC COM 189464100 282 14,666 SH   SOLE   14,666 0 0
EMERGENT CAP INC COM 29102N105 347 86,341 SH   SOLE   86,341 0 0
EQUUS TOTAL RETURN INC COM 294766100 52 32,573 SH   SOLE   32,573 0 0
EUROSEAS LTD SHS NEW Y23592309 12 6,545 SH   SOLE   6,545 0 0
FIRST MAJESTIC SILVER CORP COM 32076V103 145 222,374 SH   SOLE   222,374 0 0
FREEPORT-MCMORAN INC CL B 35671D857 40 3,885 SH   SOLE   3,885 0 0
GENERAL MOLY INC COM 370373102 7 20,895 SH   SOLE   20,895 0 0
GENERAL MTRS CO COM 37045V100 3,720 118,353 SH   SOLE   118,353 0 0
GENERAL MTRS CO *W EXP 07/10/201 37045V118 360 16,599 SH   SOLE   16,599 0 0
GENERAL MTRS CO *W EXP 07/10/201 37045V126 230 16,814 SH   SOLE   16,814 0 0
GLOBUS MARITIME LIMITED NEW COM Y27265209 1 4,398 SH   SOLE   4,398 0 0
GRAHAM HLDGS CO COM 384637104 135 281 SH   SOLE   281 0 0
GRAN TIERRA ENERGY INC COM 38500T101 113 45,936 SH   SOLE   45,936 0 0
GULFPORT ENERGY CORP COM NEW 402635304 66 2,317 SH   SOLE   2,317 0 0
IAC INTERACTIVECORP COM 44919P508 345 7,331 SH   SOLE   7,331 0 0
INVESCO MORTGAGE CAPITAL INC COM 46131B100 443 36,339 SH   SOLE   36,339 0 0
ISHARES TR HDG MSCI GERMN 46434V704 2,221 96,542 SH   SOLE   96,542 0 0
LEJU HLDGS LTD SPONSORED ADS 50187J108 48 9,225 SH   SOLE   9,225 0 0
MARKET VECTORS ETF TR GOLD MINER ETF 57060U100 469 23,481 SH   SOLE   23,481 0 0
MARKET VECTORS ETF TR JR GOLD MINERS E 57061R544 1,094 39,280 SH   SOLE   39,280 0 0
MARKET VECTORS ETF TR OIL SVCS ETF 57060U191 95 3,554 SH   SOLE   3,554 0 0
MARVELL TECHNOLOGY GROUP LTD ORD G5876H105 417 40,476 SH   SOLE   40,476 0 0
MECHEL OAO SPON ADR PFD 583840509 22 94,298 SH   SOLE   94,298 0 0
MGIC INVT CORP WIS COM 552848103 190 24,765 SH   SOLE   24,765 0 0
MICRON TECHNOLOGY INC COM 595112103 1,084 103,576 SH   SOLE   103,576 0 0
MORGANS HOTEL GROUP CO COM 61748W108 102 74,196 SH   SOLE   74,196 0 0
NORTHSTAR RLTY FIN CORP COM 66704R803 3,704 282,348 SH   SOLE   282,348 0 0
PENNYMAC MTG INVT TR COM 70931T103 1,624 119 SH   SOLE   119 0 0
PICO HLDGS INC COM NEW 693366205 138 13,505 SH   SOLE   13,505 0 0
PJT PARTNERS INC COM CL A 69343T107 2 87 SH   SOLE   87 0 0
RALPH LAUREN CORP CL A 751212101 111 1,156 SH   SOLE   1,156 0 0
SENIOR HSG PPTYS TR SH BEN INT 81721M109 266 14,877 SH   SOLE   14,877 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 17,978 87,478 SH   SOLE   87,478 0 0
SPDR S&P 500 ETF TR PUT 78462F953 18 500 SH Put SOLE   500 0 0
SPDR SERIES TRUST S&P BIOTECH 78464A870 129 2,505 SH   SOLE   2,505 0 0
ST JUDE MED INC COM 790849103 1,064 19,352 SH   SOLE   19,352 0 0
TITAN INTL INC ILL COM 88830M102 43 8,016 SH   SOLE   8,016 0 0
UCP INC CL A 90265Y106 312 38,855 SH   SOLE   38,855 0 0
VALEANT PHARMACEUTICALS INTL COM 91911K102 492 18,715 SH   SOLE   18,715 0 0
VEREIT INC COM 92339V100 229 25,823 SH   SOLE   25,823 0 0
WALTER INVT MGMT CORP COM 93317W102 35 4,337 SH   SOLE   4,337 0 0
YANDEX N V SHS CLASS A N97284108 103 6,693 SH   SOLE   6,693 0 0
YUME INC COM 98872B104 11 2,832 SH   SOLE   2,832 0 0