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 FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
ALPHABET INC CAP STK CL A 02079K305   616,259 2,535 SH   SOLE   2,211 0 324
ALPHABET INC CAP STK CL C 02079K107   16,612,302 68,209 SH   SOLE   56,166 0 12,043
AMERICAN TOWER CORP NEW COM 03027X100   21,592,920 112,276 SH   SOLE   105,442 0 6,834
AON PLC SHS CL A G0403H108   38,017,490 106,617 SH   SOLE   101,151 0 5,466
APPLIED MATLS INC COM 038222105   33,211,694 162,214 SH   SOLE   153,401 0 8,813
AST SPACEMOBILE INC COM CL A 00217D100   174,597,830 3,557,413 SH   SOLE   3,453,907 0 103,506
BROOKFIELD ASSET MANAGMT LTD CL A LMT VTG SHS 113004105   22,981,553 403,610 SH   SOLE   393,565 0 10,045
BROOKFIELD CORP CL A LTD VT SH 11271J107   55,619,409 811,015 SH   SOLE   769,691 0 41,324
BROOKFIELD WEALTH SOL LTD CL A EXCHANGEAB G17434104   1,076,731 15,721 SH   SOLE   15,721 0 0
CARMAX INC COM 143130102   13,465,981 300,111 SH   SOLE   284,655 0 15,456
CDW CORP COM 12514G108   20,470,347 128,518 SH   SOLE   124,740 0 3,778
COGENT COMMUNICATIONS HLDGS COM NEW 19239V302   24,698,551 644,030 SH   SOLE   615,107 0 28,923
DANAHER CORPORATION COM 235851102   14,063,573 70,935 SH   SOLE   70,935 0 0
DISNEY WALT CO COM 254687106   4,819,706 42,094 SH   SOLE   34,376 0 7,718
ENCORE CAP GROUP INC COM 292554102   1,491,495 35,733 SH   SOLE   30,319 0 5,414
FLOOR & DECOR HLDGS INC CL A 339750101   4,569,400 62,000 SH   SOLE   62,000 0 0
HILTON WORLDWIDE HLDGS INC COM 43300A203   16,640,222 64,139 SH   SOLE   64,139 0 0
MARKEL CORP COM 570535104   39,272,714 20,547 SH   SOLE   19,484 0 1,063
NVR INC COM 62944T105   22,384,563 2,786 SH   SOLE   2,672 0 114
OREILLY AUTOMOTIVE INC COM 67103H107   43,080,337 399,595 SH   SOLE   379,094 0 20,501
RELX PLC SPONSORED ADR 759530108   2,244,720 47,000 SH   SOLE   47,000 0 0
RH COM 74967X103   13,124,745 64,603 SH   SOLE   62,585 0 2,018
SHENANDOAH TELECOMMUNICATION COM 82312B106   12,044,115 897,475 SH   SOLE   878,440 0 19,035
TRANSDIGM GROUP INC COM 893641100   14,235,934 10,801 SH   SOLE   10,801 0 0