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 1COLUMN 2COLUMN 3COLUMN 4COLUMN 5COLUMN 6COLUMN 7COLUMN 8
VALUESHRS ORSH/PUT/INVESTMENTOTHERVOTING AUTHORITY
NAME OF ISSUERTITLE OF CLASSCUSIP(x$1000)PRN AMTPRNCALLDISCRETIONMANAGERSOLESHAREDNONE
PFIZER INCCOM7170811032226,175SH SOLE0006,175
DISNEY WALT COCOM2546871064352,320SH SOLE0002,320
AT&T INCCOM00206R1022046,590SH SOLE0006,590
UNION PAC CORPCOM9078181081,5286,904SH SOLE0006,904
MERCK & CO. INCCOM58933Y1052833,716SH SOLE0003,716
APA CORPORATIONCOM03743Q10864335,710SH SOLE00035,710
PAYCHEX INCCOM7043261077217,607SH SOLE0007,607
FIVE POINT HOLDINGS LLCCOM CL A33833Q1067,9221,056,204SH SOLE0001,056,204
SERITAGE GROWTH PPTYSCL A81752R1002,572135,320SH SOLE000135,320
QUALCOMM INCCOM74752510312,73391,321SH SOLE00091,321
PROCTER AND GAMBLE COCOM7427181092321,700SH SOLE0001,700
KIMCO RLTY CORPCOM49446R1097,371379,930SH SOLE000379,930
STEPAN COCOM8585861005,57444,063SH SOLE00044,063
INTEL CORPCOM4581401004,85273,240SH SOLE00073,240
EXXON MOBIL CORPCOM30231G10296517,060SH SOLE00017,060
TIDEWATER INC NEWCOM88642R1093,633286,932SH SOLE000286,932
JPMORGAN CHASE & COCOM46625H1004642,995SH SOLE0002,995
ROCKWELL AUTOMATION INCCOM773903109209800SH SOLE000800
BERKSHIRE HATHAWAY INC DELCL B NEW0846707023,62813,763SH SOLE00013,763
WARRIOR MET COAL INCCOM93627C1013,979222,685SH SOLE000222,685
CORNING INCCOM21935010511,992270,759SH SOLE000270,759
WEYERHAEUSER CO MTN BECOM NEW9621661048,710236,504SH SOLE000236,504
TRINITY PL HLDGS INCCOM89656D1011,077520,110SH SOLE000520,110
ILLINOIS TOOL WKS INCCOM452308109207940SH SOLE000940
QUEST DIAGNOSTICS INCCOM74834L1003192,500SH SOLE0002,500
TANGER FACTORY OUTLET CTRS ICOM8754651066,640415,018SH SOLE000415,018
AMGEN INCCOM03116210011,04944,531SH SOLE00044,531
LOEWS CORPCOM5404241088,858166,030SH SOLE000166,030
NVIDIA CORPORATIONCOM67066G10426,51246,862SH SOLE00046,862
FRANKLIN RESOURCES INCCOM3546131017,519246,925SH SOLE000246,925
DEVON ENERGY CORP NEWCOM25179M10387939,031SH SOLE00039,031
PHILLIPS 66COM7185461042,23727,966SH SOLE00027,966
HERSHA HOSPITALITY TRPR SHS BEN INT4278255003,612339,113SH SOLE000339,113
ARCOS DORADOS HOLDINGS INCSHS CLASS -A -G0457F1072,694517,035SH SOLE000517,035
FORTIS INCCOM3495531072185,000SH SOLE0005,000
JOHNSON & JOHNSONCOM4781601047294,455SH SOLE0004,455
M & T BK CORPCOM55261F1042,02713,149SH SOLE00013,149
TEEKAY LNG PARTNERS L PPRTNRSP UNITSY8564M1055,808394,543SH SOLE000394,543