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
ADCARE HEALTH SYSTEMS INC COM NEW 00650w300 507 150,895 SH   SOLE   150,895 0 0
AMERICAN AIRLS GROUP INC COM 02376r102 1,220 31,400 SH   SOLE   31,400 0 0
AMERICAN NATL INS CO COM 028591105 244 2,500 SH   SOLE   2,500 0 0
BANK AMER CORP *W EXP 01/16/201 060505146 2,310 403,145 SH   SOLE   403,145 0 0
BLACKROCK CAPITAL INVESTMENT COM 092533108 1,650 186,231 SH   SOLE   186,231 0 0
CAPITAL PRODUCT PARTNERS L P COM UNIT LP y11082107 688 111,680 SH   SOLE   111,680 0 0
CRH MEDICAL CORP COM 12626F105 200 62,900 SH   SOLE   62,900 0 0
DELTA AIR LINES INC DEL COM NEW 247361702 1,357 30,241 SH   SOLE   30,241 0 0
E TRADE FINANCIAL CORP COM NEW 269246401 1,547 58,776 SH   SOLE   58,776 0 0
EAGLE BANCORP MONT INC COM 26942G100 175 15,404 SH   SOLE   15,404 0 0
FTD COS INC COM 30281v108 1,554 52,166 SH   SOLE   52,166 0 0
GENERAL MTRS CO COM 37045v100 1,243 41,406 SH   SOLE   41,406 0 0
ISHARES GOLD TRUST ISHARES 464285105 262 24,300 SH   SOLE   24,300 0 0
KORN FERRY INTL COM NEW 500643200 1,719 51,990 SH   SOLE   51,990 0 0
LEUCADIA NATL CORP COM 527288104 1,174 57,940 SH   SOLE   57,940 0 0
LIBERTY GLOBAL PLC SHS CL A g5480u104 2,154 50,176 SH   SOLE   50,176 0 0
LINDBLAD EXPEDITIONS HLDGS I *W EXP 07/08/202 535219117 107 57,199 SH   SOLE   57,199 0 0
MACQUARIE INFRASTRUCTURE COR COM 55608b105 2,283 30,580 SH   SOLE   30,580 0 0
MRV COMMUNICATIONS INC COM NEW 553477407 451 31,521 SH   SOLE   31,521 0 0
NAVIGATORS GROUP INC COM 638904102 281 3,600 SH   SOLE   3,600 0 0
NAVIOS MARITIME MIDSTREAM LP COM UNIT LTD y62134104 839 67,150 SH   SOLE   67,150 0 0
NEVSUN RES LTD COM 64156L101 231 79,500 SH   SOLE   79,500 0 0
NEXPOINT RESIDENTIAL TR INC COM 65341d102 1,853 138,733 SH   SOLE   138,733 0 0
NOBILIS HEALTH CORP COM 65500B103 94 18,000 SH   SOLE   18,000 0 0
OCEAN SHORE HLDG CO NEW COM 67501r103 1,018 63,288 SH   SOLE   63,288 0 0
ORBITAL ATK INC COM 68557n103 1,327 18,454 SH   SOLE   18,454 0 0
PINNACLE ENTMT INC COM 723456109 1,487 43,899 SH   SOLE   43,899 0 0
RACKSPACE HOSTING INC COM 750086100 435 17,600 SH   SOLE   17,600 0 0
SEAWORLD ENTMT INC COM 81282V100 329 18,500 SH   SOLE   18,500 0 0
SOTHEBYS COM 835898107 1,393 43,553 SH   SOLE   43,553 0 0
SPDR S&P MIDCAP 400 ETF TR UTSER1 S&PDCRP 78467y107 279 1,120 SH   SOLE   1,120 0 0
SUNEDISON INC COM 86732y109 603 83,806 SH   SOLE   83,806 0 0
THL CR INC COM 872438106 797 73,032 SH   SOLE   73,032 0 0
TICC CAPITAL CORP COM 87244T109 161 24,000 SH   SOLE   24,000 0 0
TRIANGLE CAP CORP COM 895848109 643 39,010 SH   SOLE   39,010 0 0
VOYA FINL INC COM 929089100 2,140 55,180 SH   SOLE   55,180 0 0
WEBSTER FINL CORP CONN COM 947890109 2,532 71,072 SH   SOLE   71,072 0 0
WMIH CORP COM 92936P100 411 158,070 SH   SOLE   158,070 0 0
XO GROUP INC COM 983772104 544 38,529 SH   SOLE   38,529 0 0