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
Balchem Corp. Com COM 057665200 40,538 436,836 SH   SOLE   436,836 0 0
Bel Fuse Inc. - Class A Common Stock CL A 077347201 502 23,434 SH   SOLE   23,434 0 0
Bel Fuse Inc. - Class B Common Stock CL B 077347300 3,546 140,257 SH   SOLE   140,257 0 0
Berkshire Hathaway Inc. Common Stock CL A 084670108 1,205 4 SH   SOLE   4 0 0
Boston Omaha Corporation - Class A Common Stock CL A 101044105 6,660 267,055 SH   SOLE   267,055 0 0
Broadridge Financial Solutions, Inc.Common Stock COM 11133T103 4,229 40,793 SH   SOLE   40,793 0 0
Dolby Laboratories Common Stock COM 25659T107 547 8,679 SH   SOLE   8,679 0 0
Flushing Financial Corporation - Common Stock COM 343873105 831 37,894 SH   SOLE   37,894 0 0
Franco-Nevada Corporation COM 351858105 801 10,676 SH   SOLE   10,676 0 0
Frequency Electronics, Inc. - Common Stock COM 358010106 147 12,393 SH   SOLE   12,393 0 0
Garmin Ltd. - Common Stock COM H2906T109 2,656 30,755 SH   SOLE   30,755 0 0
IBERIABANK Corporation - Common Stock COM 450828108 1,600 22,316 SH   SOLE   22,316 0 0
J. W. Mays, Inc. - Common Stock COM 578473100 395 10,415 SH   SOLE   10,415 0 0
KeyCorp Common Stock COM 493267108 225 14,262 SH   SOLE   14,262 0 0
Liberty Media Corporation - Series C Liberty SiriusXM Common Stock COM SER C 531229607 332 8,679 SH   SOLE   8,679 0 0
Live Nation Entertainment, Inc. Common Stock COM 538034109 298 4,687 SH   SOLE   4,687 0 0
Mastercard Incorporated Common Stock COM 57636Q104 27,588 117,170 SH   SOLE   117,170 0 0
Metropolitan Bank Holding Corp. Common Stock COM 591774104 272 7,811 SH   SOLE   7,811 0 0
MMA Capital Management, LLC - Common Stock COM 55315D105 789 26,038 SH   SOLE   26,038 0 0
Pathfinder Bancorp, Inc. - Common Stock COM 70319R109 160 12,285 SH   SOLE   12,285 0 0
Simulations Plus, Inc. - Common Stock COM 829214105 606 28,696 SH   SOLE   28,696 0 0
Texas Pacific Land Trust Common Stock COM 882610108 13,834 17,882 SH   SOLE   17,882 0 0
Trinity Place Holdings Inc. Common Stock COM 89656D101 267 66,739 SH   SOLE   66,739 0 0
Virtus Investment Partners, Inc. - Common Stock COM 92828Q109 593 6,076 SH   SOLE   6,076 0 0
WisdomTree Investments, Inc. - Common Stock COM 97717P104 387 54,766 SH   SOLE   54,766 0 0
WPP plc American Depositary Shares ADR 92937A102 1,723 32,639 SH   SOLE   32,639 0 0