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		<nameOfIssuer>AUTONATION INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>05329W102</cusip>
		<value>3496322</value>
		<shrsOrPrnAmt>
			<sshPrnamt>15640</sshPrnamt>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>15640</Sole>
			<Shared>0</Shared>
			<None>0</None>
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	<infoTable>
		<nameOfIssuer>BOX INC</nameOfIssuer>
		<titleOfClass>CL A</titleOfClass>
		<cusip>10316T104</cusip>
		<value>5997356</value>
		<shrsOrPrnAmt>
			<sshPrnamt>186950</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>186950</Sole>
			<Shared>0</Shared>
			<None>0</None>
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		<nameOfIssuer>CASS INFORMATION SYS INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>14808P109</cusip>
		<value>5286404</value>
		<shrsOrPrnAmt>
			<sshPrnamt>134995</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>134995</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>CBL &amp; ASSOC PPTYS INC</nameOfIssuer>
		<titleOfClass>COMMON STOCK</titleOfClass>
		<cusip>124830878</cusip>
		<value>3859513</value>
		<shrsOrPrnAmt>
			<sshPrnamt>125840</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>125840</Sole>
			<Shared>0</Shared>
			<None>0</None>
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	<infoTable>
		<nameOfIssuer>CME GROUP INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>12572Q105</cusip>
		<value>10475425</value>
		<shrsOrPrnAmt>
			<sshPrnamt>39405</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>39405</Sole>
			<Shared>0</Shared>
			<None>0</None>
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	<infoTable>
		<nameOfIssuer>GLOBAL BUSINESS TRAVEL GROUP</nameOfIssuer>
		<titleOfClass>COM CL A</titleOfClass>
		<cusip>37890B100</cusip>
		<value>1826056</value>
		<shrsOrPrnAmt>
			<sshPrnamt>229404</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>229404</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>GRINDR INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>39854F101</cusip>
		<value>1968401</value>
		<shrsOrPrnAmt>
			<sshPrnamt>132285</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>132285</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>HILTON WORLDWIDE HLDGS INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>43300A203</cusip>
		<value>2838115</value>
		<shrsOrPrnAmt>
			<sshPrnamt>11054</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>11054</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>IDT CORP</nameOfIssuer>
		<titleOfClass>CL B NEW</titleOfClass>
		<cusip>448947507</cusip>
		<value>2350616</value>
		<shrsOrPrnAmt>
			<sshPrnamt>46409</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>46409</Sole>
			<Shared>0</Shared>
			<None>0</None>
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	<infoTable>
		<nameOfIssuer>INTERACTIVE BROKERS GROUP IN</nameOfIssuer>
		<titleOfClass>COM CL A</titleOfClass>
		<cusip>45841N107</cusip>
		<value>8768074</value>
		<shrsOrPrnAmt>
			<sshPrnamt>127480</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>127480</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>LIBERTY MEDIA CORP DEL</nameOfIssuer>
		<titleOfClass>COM LBTY LIV S C</titleOfClass>
		<cusip>531229722</cusip>
		<value>6788370</value>
		<shrsOrPrnAmt>
			<sshPrnamt>71827</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>71827</Sole>
			<Shared>0</Shared>
			<None>0</None>
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	<infoTable>
		<nameOfIssuer>LOEWS CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>540424108</cusip>
		<value>8196677</value>
		<shrsOrPrnAmt>
			<sshPrnamt>81844</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>81844</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>MONARCH CASINO &amp; RESORT INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>609027107</cusip>
		<value>4771548</value>
		<shrsOrPrnAmt>
			<sshPrnamt>45168</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>45168</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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		<nameOfIssuer>NEW YORK TIMES CO</nameOfIssuer>
		<titleOfClass>CL A</titleOfClass>
		<cusip>650111107</cusip>
		<value>6728928</value>
		<shrsOrPrnAmt>
			<sshPrnamt>120850</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>120850</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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		<nameOfIssuer>PHILIP MORRIS INTL INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>718172109</cusip>
		<value>2588237</value>
		<shrsOrPrnAmt>
			<sshPrnamt>16090</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>16090</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>SOMNIGROUP INTERNATIONAL INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>88023U101</cusip>
		<value>6120831</value>
		<shrsOrPrnAmt>
			<sshPrnamt>73550</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>73550</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>SONIDA SENIOR LIVING INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>140475203</cusip>
		<value>5556193</value>
		<shrsOrPrnAmt>
			<sshPrnamt>201020</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>201020</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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		<nameOfIssuer>SPDR GOLD TR</nameOfIssuer>
		<titleOfClass>GOLD SHS</titleOfClass>
		<cusip>78463V107</cusip>
		<value>4291942</value>
		<shrsOrPrnAmt>
			<sshPrnamt>12055</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>12055</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>SPOTIFY TECHNOLOGY S A</nameOfIssuer>
		<titleOfClass>SHS</titleOfClass>
		<cusip>L8681T102</cusip>
		<value>9993799</value>
		<shrsOrPrnAmt>
			<sshPrnamt>14263</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>14263</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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		<nameOfIssuer>WHITESTONE REIT</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>966084204</cusip>
		<value>15391172</value>
		<shrsOrPrnAmt>
			<sshPrnamt>1262643</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>1262643</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>YEXT INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>98585N106</cusip>
		<value>3149979</value>
		<shrsOrPrnAmt>
			<sshPrnamt>373663</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>373663</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>ZILLOW GROUP INC</nameOfIssuer>
		<titleOfClass>CL A</titleOfClass>
		<cusip>98954M101</cusip>
		<value>2859941</value>
		<shrsOrPrnAmt>
			<sshPrnamt>40179</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>40179</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>ZILLOW GROUP INC</nameOfIssuer>
		<titleOfClass>CL C CAP STK</titleOfClass>
		<cusip>98954M200</cusip>
		<value>4030378</value>
		<shrsOrPrnAmt>
			<sshPrnamt>54850</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>54850</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
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