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
AMGEN INC COM 031162100 11,355 46,672 SH   SOLE 0 0 0 46,672
APA CORPORATION COM 03743Q108 1,191 34,130 SH   SOLE 0 0 0 34,130
APPLE INC COM 037833100 242 1,768 SH   SOLE 0 0 0 1,768
ARCOS DORADOS HOLDINGS INC SHS CLASS -A - G0457F107 3,512 521,053 SH   SOLE 0 0 0 521,053
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 5,202 19,052 SH   SOLE 0 0 0 19,052
CORNING INC COM 219350105 9,014 286,079 SH   SOLE 0 0 0 286,079
DISNEY WALT CO COM 254687106 219 2,320 SH   SOLE 0 0 0 2,320
DONNELLEY FINL SOLUTIONS INC COM 25787G100 6,179 210,975 SH   SOLE 0 0 0 210,975
EXXON MOBIL CORP COM 30231G102 1,407 16,431 SH   SOLE 0 0 0 16,431
FIVE POINT HOLDINGS LLC COM CL A 33833Q106 4,787 1,224,298 SH   SOLE 0 0 0 1,224,298
FRANKLIN RESOURCES INC COM 354613101 6,799 291,669 SH   SOLE 0 0 0 291,669
GRAFTECH INTL LTD COM 384313508 4,710 666,168 SH   SOLE 0 0 0 666,168
HERSHA HOSPITALITY TR PR SHS BEN INT 427825500 3,347 341,159 SH   SOLE 0 0 0 341,159
JOHNSON & JOHNSON COM 478160104 791 4,455 SH   SOLE 0 0 0 4,455
JPMORGAN CHASE & CO COM 46625H100 354 3,140 SH   SOLE 0 0 0 3,140
KIMCO RLTY CORP COM 49446R109 7,256 367,039 SH   SOLE 0 0 0 367,039
LOEWS CORP COM 540424108 9,816 165,648 SH   SOLE 0 0 0 165,648
M & T BK CORP COM 55261F104 2,585 16,215 SH   SOLE 0 0 0 16,215
MCDONALDS CORP COM 580135101 321 1,300 SH   SOLE 0 0 0 1,300
MERCK & CO INC COM 58933Y105 342 3,756 SH   SOLE 0 0 0 3,756
NVIDIA CORPORATION COM 67066G104 27,807 183,439 SH   SOLE 0 0 0 183,439
PAYCHEX INC COM 704326107 991 8,707 SH   SOLE 0 0 0 8,707
PFIZER INC COM 717081103 319 6,075 SH   SOLE 0 0 0 6,075
PHILLIPS 66 COM 718546104 1,997 24,357 SH   SOLE 0 0 0 24,357
PROCTER AND GAMBLE CO COM 742718109 244 1,700 SH   SOLE 0 0 0 1,700
QUALCOMM INC COM 747525103 15,217 119,125 SH   SOLE 0 0 0 119,125
QUEST DIAGNOSTICS INC COM 74834L100 332 2,500 SH   SOLE 0 0 0 2,500
SERITAGE GROWTH PPTYS CL A 81752R100 690 132,460 SH   SOLE 0 0 0 132,460
STEPAN CO COM 858586100 5,123 50,552 SH   SOLE 0 0 0 50,552
TANGER FACTORY OUTLET CTRS I COM 875465106 5,817 409,106 SH   SOLE 0 0 0 409,106
TRINITY PL HLDGS INC COM 89656D101 483 477,780 SH   SOLE 0 0 0 477,780
UNION PAC CORP COM 907818108 1,438 6,744 SH   SOLE 0 0 0 6,744
UNITEDHEALTH GROUP INC COM 91324P102 205 400 SH   SOLE 0 0 0 400
WARNER BROS DISCOVERY INC COM SER A 934423104 6,201 462,085 SH   SOLE 0 0 0 462,085
WARRIOR MET COAL INC COM 93627C101 7,547 246,552 SH   SOLE 0 0 0 246,552
WEYERHAEUSER CO MTN BE COM NEW 962166104 9,327 281,610 SH   SOLE 0 0 0 281,610