Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
MBI	M B I A Inc	4,213,920 (+104.9%)	$27.47M (+126.1%)	4.3%	$6.52	$6.48	—	COM	55262C100
Z	Zillow Group Inc	1,182,261 (+116.8%)	$37.26M (+65.2%)	5.9%	$31.52	$44.08	—	COM	98954M200
SEG	Seaport Entmt Group	917,005 (+2.7%)	$24.39M (+27.1%)	3.9%	$26.60	$22.53	—	COM	812215200
RFL	Rafael Holdings Inc Class B	150,493 (+157.0%)	$494K (+574.4%)	0.1%	$3.28	$5.19	—	COM	75062E106
BMY	Bristol-Myers Squibb	174,152 (+2.2%)	$10.03M (-2.9%)	1.6%	$57.62	$38.92	—	COM	110122108
WRLC	Windrock LTD Co	807 (+50.3%)	$444K (+76.2%)	0.1%	$549.99	$501.36	—	COM	97349V107
JPM	JPMorgan Chase	2,878 (+2.1%)	$942K (+13.6%)	0.1%	$327.33	$267.07	—	COM	46625H100
MSFT	Microsoft	2,168 (+3.6%)	$809K (+4.4%)	0.1%	$373.02	$419.13	—	COM	594918104
HLN	Haleon PLC	58,341 (+3.4%)	$544K (-3.6%)	0.1%	$9.33	$5891.12	—	COM	405552100

Exited Positions (1)

CMCSA Comcast Corp New CL A 0.0%

Value $206K Shares 7,169 Share Price $28.71 Est. Cost/Share $33.35 Unrealized @ Report Date —

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
CMCSA	Comcast Corp New CL A	7,169	$206K	0.0%	$28.71	$33.35	—	—	20030N101

Decreased Positions (13)

SEB Seaboard Corp 3.8%

Value $24.06M (-27.5%) Shares 5,389 (-8.2%) Share Price $4464.33 Est. Cost/Share $3356.54 Unrealized @ Report Date —

PTEN Patterson Uti Energy 2.4%

Value $15.27M (-16.6%) Shares 1,663,758 (-1.6%) Share Price $9.18 Est. Cost/Share $8.43 Unrealized @ Report Date —

OGN Organon & Co 5.7%

Value $36.16M (+9.0%) Shares 2,670,523 (-51.8%) Share Price $13.54 Est. Cost/Share $12.32 Unrealized @ Report Date —

PFE Pfizer 1.8%

Value $11.17M (-17.9%) Shares 464,001 (-4.3%) Share Price $24.08 Est. Cost/Share $26.12 Unrealized @ Report Date —

IDT IDT Corp Class B 3.2%

Value $20.45M (+11.8%) Shares 351,660 (-5.6%) Share Price $58.16 Est. Cost/Share $42.35 Unrealized @ Report Date —

DIS Walt Disney 5.5%

Value $34.56M (-5.4%) Shares 359,092 (-5.2%) Share Price $96.25 Est. Cost/Share $98.53 Unrealized @ Report Date —

MRK Merck & Co. Inc. 4.4%

Value $28.04M (+2.5%) Shares 218,182 (-4.0%) Share Price $128.50 Est. Cost/Share $69.85 Unrealized @ Report Date —

XOM ExxonMobil 0.4%

Value $2.414M (-22.1%) Shares 17,655 (-3.3%) Share Price $136.72 Est. Cost/Share $81.31 Unrealized @ Report Date —

GSK GSK PLC ADR 1.3%

Value $8.305M (-6.5%) Shares 158,438 (-1.6%) Share Price $52.42 Est. Cost/Share $38.40 Unrealized @ Report Date —

GNE Genie Energy LTD Class B 0.3%

Value $2.196M (-11.3%) Shares 151,941 (-13.2%) Share Price $14.45 Est. Cost/Share $5.90 Unrealized @ Report Date —

CSX CSX Corp Com 0.3%

Value $1.653M (+10.4%) Shares 34,781 (-4.7%) Share Price $47.53 Est. Cost/Share $30.58 Unrealized @ Report Date —

NVS Novartis AG 0.3%

Value $2.067M (+1.1%) Shares 13,186 (-1.5%) Share Price $156.72 Est. Cost/Share $54881.75 Unrealized @ Report Date —

PG Procter & Gamble 0.0%

Value $257K (-4.0%) Shares 1,752 (-5.4%) Share Price $146.64 Est. Cost/Share $141.96 Unrealized @ Report Date —

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
SEB	Seaboard Corp	5,389 (-8.2%)	$24.06M (-27.5%)	3.8%	$4464.33	$3356.54	—	COM	811543107
PTEN	Patterson Uti Energy	1,663,758 (-1.6%)	$15.27M (-16.6%)	2.4%	$9.18	$8.43	—	COM	703481101
OGN	Organon & Co	2,670,523 (-51.8%)	$36.16M (+9.0%)	5.7%	$13.54	$12.32	—	COM	68622V106
PFE	Pfizer	464,001 (-4.3%)	$11.17M (-17.9%)	1.8%	$24.08	$26.12	—	COM	717081103
IDT	IDT Corp Class B	351,660 (-5.6%)	$20.45M (+11.8%)	3.2%	$58.16	$42.35	—	COM	448947507
DIS	Walt Disney	359,092 (-5.2%)	$34.56M (-5.4%)	5.5%	$96.25	$98.53	—	COM	254687106
MRK	Merck & Co. Inc.	218,182 (-4.0%)	$28.04M (+2.5%)	4.4%	$128.50	$69.85	—	COM	58933Y105
XOM	ExxonMobil	17,655 (-3.3%)	$2.414M (-22.1%)	0.4%	$136.72	$81.31	—	COM	30231G102
GSK	GSK PLC ADR	158,438 (-1.6%)	$8.305M (-6.5%)	1.3%	$52.42	$38.40	—	COM	37733W204
GNE	Genie Energy LTD Class B	151,941 (-13.2%)	$2.196M (-11.3%)	0.3%	$14.45	$5.90	—	COM	372284208
CSX	CSX Corp Com	34,781 (-4.7%)	$1.653M (+10.4%)	0.3%	$47.53	$30.58	—	COM	126408103
NVS	Novartis AG	13,186 (-1.5%)	$2.067M (+1.1%)	0.3%	$156.72	$54881.75	—	COM	66987V109
PG	Procter & Gamble	1,752 (-5.4%)	$257K (-4.0%)	0.0%	$146.64	$141.96	—	COM	742718109

Unchanged Positions (25)

C Citigroup Inc 18.5%

Value $117M Shares 836,337 Share Price $139.96 Est. Cost/Share $51.81 Unrealized @ Report Date —

BAYRY Bayer AG Spons ADR 14.1%

Value $89.31M Shares 6,518,603 Share Price $13.70 Est. Cost/Share $7.28 Unrealized @ Report Date —

GOOG Alphabet Inc Class C 6.8%

Value $42.72M Shares 120,906 Share Price $353.33 Est. Cost/Share $186.14 Unrealized @ Report Date —

FLG Flagstar Financial, Inc. 9.6%

Value $60.88M Shares 4,074,720 Share Price $14.94 Est. Cost/Share $10.93 Unrealized @ Report Date —

BP BP PLC 3.7%

Value $23.09M Shares 624,999 Share Price $36.95 Est. Cost/Share $33444.40 Unrealized @ Report Date —

TRMLF Tourmaline Oil Corp Com 0.2%

Value $1.127M Shares 26,959 Share Price $41.80 Est. Cost/Share $44.05 Unrealized @ Report Date —

AAPL Apple Inc Com 0.1%

Value $895K Shares 3,092 Share Price $289.36 Est. Cost/Share $189.73 Unrealized @ Report Date —

PEYUF Peyto Expl & Dev Corp 0.1%

Value $522K Shares 31,307 Share Price $16.68 Est. Cost/Share $7.83 Unrealized @ Report Date —

FBAK First Natl BK Alaska 0.2%

Value $1.556M Shares 4,920 Share Price $316.20 Est. Cost/Share $169.71 Unrealized @ Report Date —

CVX Chevron Corp. 0.1%

Value $324K Shares 1,953 Share Price $165.76 Est. Cost/Share $150.48 Unrealized @ Report Date —

BAC Bank Of America Corp 0.1%

Value $539K Shares 9,459 Share Price $56.98 Est. Cost/Share $29.17 Unrealized @ Report Date —

SEIC Sei Invt Co Pa PV $0.01 0.1%

Value $579K Shares 6,596 Share Price $87.71 Est. Cost/Share $68.63 Unrealized @ Report Date —

FRFHF Fairfax Finl HLDGS LTD Sub VTG 0.3%

Value $1.674M Shares 1,018 Share Price $1644.39 Est. Cost/Share $1014.79 Unrealized @ Report Date —

PNC PNC Finl SVCS Group Inc Com 0.1%

Value $330K Shares 1,342 Share Price $246.22 Est. Cost/Share $163.40 Unrealized @ Report Date —

IBM Intl Business Machines 0.1%

Value $345K Shares 1,228 Share Price $281.21 Est. Cost/Share $188.97 Unrealized @ Report Date —

VZ Verizon 0.0%

Value $241K Shares 5,682 Share Price $42.34 Est. Cost/Share $39.91 Unrealized @ Report Date —

PIFYF Pine Cliff Energy LTD Com 0.0%

Value $209K Shares 520,000 Share Price $0.40 Est. Cost/Share $0.42 Unrealized @ Report Date —

DB Deutsche Bank AG 0.1%

Value $338K Shares 10,000 Share Price $33.76 Est. Cost/Share $15.63 Unrealized @ Report Date —

OBT Orange CNTY Bancorp 0.0%

Value $294K Shares 8,000 Share Price $36.78 Est. Cost/Share $24.41 Unrealized @ Report Date —

PEP Pepsico Inc Com 0.0%

Value $244K Shares 1,800 Share Price $135.40 Est. Cost/Share $109.33 Unrealized @ Report Date —

ZDGE Zedge Inc 0.0%

Value $242K Shares 78,126 Share Price $3.10 Est. Cost/Share $3.69 Unrealized @ Report Date —

BX Blackstone Inc Com 0.0%

Value $271K Shares 2,300 Share Price $117.67 Est. Cost/Share $155.85 Unrealized @ Report Date —

PEG Public SVC Enterprise Group 0.0%

Value $286K Shares 3,524 Share Price $81.16 Est. Cost/Share $61.86 Unrealized @ Report Date —

AM Antero Midstream Corp 0.0%

Value $269K Shares 11,806 Share Price $22.75 Est. Cost/Share $11.50 Unrealized @ Report Date —

— Tphgreenwich Trust Uni ⚠ 0.0%

Value $0 Shares 166,999 Share Price $0.00 Est. Cost/Share — Unrealized @ Report Date —

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
C	Citigroup Inc	836,337	$117M	18.5%	$139.96	$51.81	—	COM	172967424
BAYRY	Bayer AG Spons ADR	6,518,603	$89.31M	14.1%	$13.70	$7.28	—	COM	072730302
GOOG	Alphabet Inc Class C	120,906	$42.72M	6.8%	$353.33	$186.14	—	COM	02079K107
FLG	Flagstar Financial, Inc.	4,074,720	$60.88M	9.6%	$14.94	$10.93	—	COM	649445400
BP	BP PLC	624,999	$23.09M	3.7%	$36.95	$33444.40	—	COM	055622104
TRMLF	Tourmaline Oil Corp Com	26,959	$1.127M	0.2%	$41.80	$44.05	—	COM	89156V106
AAPL	Apple Inc Com	3,092	$895K	0.1%	$289.36	$189.73	—	COM	037833100
PEYUF	Peyto Expl & Dev Corp	31,307	$522K	0.1%	$16.68	$7.83	—	COM	717046106
FBAK	First Natl BK Alaska	4,920	$1.556M	0.2%	$316.20	$169.71	—	COM	32112J106
CVX	Chevron Corp.	1,953	$324K	0.1%	$165.76	$150.48	—	COM	166764100
BAC	Bank Of America Corp	9,459	$539K	0.1%	$56.98	$29.17	—	COM	060505104
SEIC	Sei Invt Co Pa PV $0.01	6,596	$579K	0.1%	$87.71	$68.63	—	COM	784117103
FRFHF	Fairfax Finl HLDGS LTD Sub VTG	1,018	$1.674M	0.3%	$1644.39	$1014.79	—	COM	303901102
PNC	PNC Finl SVCS Group Inc Com	1,342	$330K	0.1%	$246.22	$163.40	—	COM	693475105
IBM	Intl Business Machines	1,228	$345K	0.1%	$281.21	$188.97	—	COM	459200101
VZ	Verizon	5,682	$241K	0.0%	$42.34	$39.91	—	COM	92343V104
PIFYF	Pine Cliff Energy LTD Com	520,000	$209K	0.0%	$0.40	$0.42	—	COM	722524105
DB	Deutsche Bank AG	10,000	$338K	0.1%	$33.76	$15.63	—	COM	D18190898
OBT	Orange CNTY Bancorp	8,000	$294K	0.0%	$36.78	$24.41	—	COM	68417L107
PEP	Pepsico Inc Com	1,800	$244K	0.0%	$135.40	$109.33	—	COM	713448108
ZDGE	Zedge Inc	78,126	$242K	0.0%	$3.10	$3.69	—	COM	98923T104
BX	Blackstone Inc Com	2,300	$271K	0.0%	$117.67	$155.85	—	COM	09260D107
PEG	Public SVC Enterprise Group	3,524	$286K	0.0%	$81.16	$61.86	—	COM	744573106
AM	Antero Midstream Corp	11,806	$269K	0.0%	$22.75	$11.50	—	COM	03676B102
—	Tphgreenwich Trust Uni ⚠	166,999	$0	0.0%	$0.00	—	—	COM	008997017