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 10,605 47,048 SH   SOLE 0 0 0 47,048
APA CORPORATION COM 03743Q108 1,167 34,132 SH   SOLE 0 0 0 34,132
APPLE INC COM 037833100 253 1,832 SH   SOLE 0 0 0 1,832
ARCOS DORADOS HOLDINGS INC SHS CLASS -A - G0457F107 3,797 520,784 SH   SOLE 0 0 0 520,784
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 5,284 19,789 SH   SOLE 0 0 0 19,789
CORNING INC COM 219350105 8,431 290,528 SH   SOLE 0 0 0 290,528
DISNEY WALT CO COM 254687106 224 2,376 SH   SOLE 0 0 0 2,376
DONNELLEY FINL SOLUTIONS INC COM 25787G100 7,912 214,003 SH   SOLE 0 0 0 214,003
EXXON MOBIL CORP COM 30231G102 1,435 16,431 SH   SOLE 0 0 0 16,431
FIVE POINT HOLDINGS LLC COM CL A 33833Q106 3,344 1,286,343 SH   SOLE 0 0 0 1,286,343
GRAFTECH INTL LTD COM 384313508 3,085 715,854 SH   SOLE 0 0 0 715,854
HERSHA HOSPITALITY TR PR SHS BEN INT 427825500 2,749 344,459 SH   SOLE 0 0 0 344,459
JOHNSON & JOHNSON COM 478160104 728 4,455 SH   SOLE 0 0 0 4,455
JPMORGAN CHASE & CO COM 46625H100 313 2,995 SH   SOLE 0 0 0 2,995
KIMCO RLTY CORP COM 49446R109 6,729 365,534 SH   SOLE 0 0 0 365,534
LAZARD LTD SHS A G54050102 3,531 110,936 SH   SOLE 0 0 0 110,936
LOEWS CORP COM 540424108 8,261 165,749 SH   SOLE 0 0 0 165,749
M & T BK CORP COM 55261F104 2,861 16,228 SH   SOLE 0 0 0 16,228
MCDONALDS CORP COM 580135101 300 1,300 SH   SOLE 0 0 0 1,300
MERCK & CO INC COM 58933Y105 323 3,756 SH   SOLE 0 0 0 3,756
MICROSOFT CORP COM 594918104 203 873 SH   SOLE 0 0 0 873
NVIDIA CORPORATION COM 67066G104 22,361 184,206 SH   SOLE 0 0 0 184,206
PAYCHEX INC COM 704326107 977 8,707 SH   SOLE 0 0 0 8,707
PFIZER INC COM 717081103 266 6,075 SH   SOLE 0 0 0 6,075
PHILLIPS 66 COM 718546104 1,964 24,328 SH   SOLE 0 0 0 24,328
PROCTER AND GAMBLE CO COM 742718109 215 1,700 SH   SOLE 0 0 0 1,700
QUALCOMM INC COM 747525103 13,689 121,165 SH   SOLE 0 0 0 121,165
QUEST DIAGNOSTICS INC COM 74834L100 307 2,500 SH   SOLE 0 0 0 2,500
STEPAN CO COM 858586100 4,852 51,804 SH   SOLE 0 0 0 51,804
TANGER FACTORY OUTLET CTRS I COM 875465106 5,587 408,384 SH   SOLE 0 0 0 408,384
TRI POINTE HOMES INC COM 87265H109 3,182 210,573 SH   SOLE 0 0 0 210,573
TRINITY PL HLDGS INC COM 89656D101 422 478,780 SH   SOLE 0 0 0 478,780
UNION PAC CORP COM 907818108 1,314 6,744 SH   SOLE 0 0 0 6,744
UNITEDHEALTH GROUP INC COM 91324P102 252 499 SH   SOLE 0 0 0 499
WARNER BROS DISCOVERY INC COM SER A 934423104 5,588 485,873 SH   SOLE 0 0 0 485,873
WARRIOR MET COAL INC COM 93627C101 7,076 248,817 SH   SOLE 0 0 0 248,817
WEYERHAEUSER CO MTN BE COM NEW 962166104 8,228 288,103 SH   SOLE 0 0 0 288,103