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
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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 41,560 425,686 SH   SOLE   425,686 0 0
Bel Fuse Inc. - Class A Common Stock CL A 077347201 274 23,434 SH   SOLE   23,434 0 0
Bel Fuse Inc. - Class B Common Stock CL B 077347300 722 67,634 SH   SOLE   67,634 0 0
Berkshire Hathaway Inc. Common Stock CL A 084670108 1,280 4 SH   SOLE   4 0 0
Black Knight Inc. COM 09215C105 248 2,852 SH   SOLE   2,852 0 0
Boston Omaha Corporation - Class A Common Stock CL A 101044105 4,273 267,055 SH   SOLE   267,055 0 0
Broadridge Financial Solutions, Inc.Common Stock COM 11133T103 5,385 40,793 SH   SOLE   40,793 0 0
Dolby Laboratories Common Stock COM 25659T107 575 8,679 SH   SOLE   8,679 0 0
First Horizon National Corp. COM 320517105 965 102,296 SH   SOLE   102,296 0 0
Flushing Financial Corporation - Common Stock COM 343873105 229 21,745 SH   SOLE   21,745 0 0
Franco-Nevada Corporation COM 351858105 1,490 10,676 SH   SOLE   10,676 0 0
Frequency Electronics, Inc. - Common Stock COM 358010106 125 12,393 SH   SOLE   12,393 0 0
Garmin Ltd. - Common Stock COM H2906T109 2,696 40,755 SH   SOLE   40,755 0 0
J. W. Mays, Inc. - Common Stock COM 578473100 208 10,415 SH   SOLE   10,415 0 0
Mastercard Incorporated Common Stock COM 57636Q104 39,623 117,170 SH   SOLE   117,170 0 0
Metropolitan Bank Holding Corp. Common Stock COM 591774104 219 7,811 SH   SOLE   7,811 0 0
MMA Capital Management, LLC - Common Stock COM 55315D105 586 26,038 SH   SOLE   26,038 0 0
Pathfinder Bancorp, Inc. - Common Stock COM 70319R109 130 12,285 SH   SOLE   12,285 0 0
Simulations Plus, Inc. - Common Stock COM 829214105 2,163 28,696 SH   SOLE   28,696 0 0
Texas Pacific Land Trust Common Stock COM 882610108 8,175 18,104 SH   SOLE   18,104 0 0
Virtus Investment Partners, Inc. - Common Stock COM 92828Q109 842 6,076 SH   SOLE   6,076 0 0