Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
MCO	MOODYS CORP	12,250	$5.375M	4.1%	$489.58	0.0%	COM	615369105
HAL	HALLIBURTON CO	115,150	$4.376M	3.3%	$33.54	0.0%	COM	406216101
GRND	GRINDR INC	309,790	$3.702M	2.8%	$11.60	0.0%	COM	39854F101
PM	PHILIP MORRIS INTL INC	12,500	$1.967M	1.5%	$175.91	0.0%	COM	718172109
CBRE	CBRE GROUP INC	13,025	$1.752M	1.3%	$161.40	0.0%	CL A	12504L109
JOE	ST JOE CO	26,618	$1.713M	1.3%	$66.41	0.0%	COM	790148100
OTIS	OTIS WORLDWIDE CORP	19,525	$1.512M	1.2%	$89.52	0.0%	COM	68902V107

Increased Positions (8)

BOX BOX INC 5.7%

Value $7.418M (+51.4%) Shares 313,400 (+84.4%) Est. Cost $29.49 Unrealized -13.2%

Z ZILLOW GROUP INC 3.0%

Value $3.897M (+178.8%) Shares 96,236 (+353.9%) Est. Cost $61.92 Unrealized -5.1%

SPOT SPOTIFY TECHNOLOGY S A 5.4%

Value $7.117M (-15.3%) Shares 15,143 (+3.6%) Est. Cost $438.06 Unrealized +13.5%

LRCX LAM RESEARCH CORP 4.2%

Value $5.43M (+24.6%) Shares 24,460 (+3.9%) Est. Cost $157.99 Unrealized +43.0%

SNDA SONIDA SENIOR LIVING INC 5.8%

Value $7.538M (+12.0%) Shares 234,824 (+11.4%) Est. Cost $25.35 Unrealized +29.8%

IDT IDT CORP 1.6%

Value $2.073M (+60.6%) Shares 42,078 (+64.8%) Est. Cost $48.59 Unrealized +1.8%

MCRI MONARCH CASINO & RESORT INC 3.9%

Value $5.107M (+10.4%) Shares 52,960 (+9.9%) Est. Cost $82.69 Unrealized +13.1%

SGI SOMNIGROUP INTERNATIONAL INC 5.4%

Value $7.054M (+4.9%) Shares 95,825 (+26.5%) Est. Cost $67.73 Unrealized +35.8%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
BOX	BOX INC	313,400 (+84.4%)	$7.418M (+51.4%)	5.7%	$29.49	-13.2%	CL A	10316T104
Z	ZILLOW GROUP INC	96,236 (+353.9%)	$3.897M (+178.8%)	3.0%	$61.92	-5.1%	CL C CAP STK	98954M200
SPOT	SPOTIFY TECHNOLOGY S A	15,143 (+3.6%)	$7.117M (-15.3%)	5.4%	$438.06	+13.5%	SHS	L8681T102
LRCX	LAM RESEARCH CORP	24,460 (+3.9%)	$5.43M (+24.6%)	4.2%	$157.99	+43.0%	COM NEW	512807306
SNDA	SONIDA SENIOR LIVING INC	234,824 (+11.4%)	$7.538M (+12.0%)	5.8%	$25.35	+29.8%	COM	140475203
IDT	IDT CORP	42,078 (+64.8%)	$2.073M (+60.6%)	1.6%	$48.59	+1.8%	CL B NEW	448947507
MCRI	MONARCH CASINO & RESORT INC	52,960 (+9.9%)	$5.107M (+10.4%)	3.9%	$82.69	+13.1%	COM	609027107
SGI	SOMNIGROUP INTERNATIONAL INC	95,825 (+26.5%)	$7.054M (+4.9%)	5.4%	$67.73	+35.8%	COM	88023U101

Exited Positions (5)

HLT HILTON WORLDWIDE HLDGS INC 3.9%

Value $5.133M Shares 17,519 Est. Cost $254.54 Unrealized +19.9%

ARMK ARAMARK 3.0%

Value $3.89M Shares 106,332 Est. Cost $37.92 Unrealized +3.0%

ZG ZILLOW GROUP INC 2.0%

Value $2.636M Shares 40,179 Est. Cost $78.72 Unrealized -26.0%

BKD BROOKDALE SR LIVING INC 1.1%

Value $1.388M Shares 128,000 Est. Cost $9.83 Unrealized +40.8%

AN AUTONATION INC 0.8%

Value $995K Shares 4,820 Est. Cost $210.78 Unrealized -0.7%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
HLT	HILTON WORLDWIDE HLDGS INC	17,519	$5.133M	3.9%	$254.54	+19.9%	—	43300A203
ARMK	ARAMARK	106,332	$3.89M	3.0%	$37.92	+3.0%	—	03852U106
ZG	ZILLOW GROUP INC	40,179	$2.636M	2.0%	$78.72	-26.0%	—	98954M101
BKD	BROOKDALE SR LIVING INC	128,000	$1.388M	1.1%	$9.83	+40.8%	—	112463104
AN	AUTONATION INC	4,820	$995K	0.8%	$210.78	-0.7%	—	05329W102

Decreased Positions (7)

WSR WHITESTONE REIT 7.8%

Value $10.21M (-41.6%) Shares 632,000 (-50.1%) Est. Cost $13.60 Unrealized —

L LOEWS CORP 7.7%

Value $10.05M (-15.9%) Shares 94,254 (-17.4%) Est. Cost $96.92 Unrealized +9.8%

LLYVK LIBERTY LIVE HOLDINGS INC 3.3%

Value $4.303M (-28.6%) Shares 45,374 (-36.7%) Est. Cost $85.87 Unrealized +0.9%

NYT NEW YORK TIMES CO MTN BE 5.8%

Value $7.638M (-16.8%) Shares 89,450 (-32.0%) Est. Cost $53.60 Unrealized +34.8%

CASS CASS INFORMATION SYS INC 4.3%

Value $5.655M (-16.5%) Shares 127,559 (-23.6%) Est. Cost $41.29 Unrealized +6.2%

CME CME GROUP INC 7.4%

Value $9.719M (+8.6%) Shares 32,731 (-1.3%) Est. Cost $245.15 Unrealized +18.0%

IBKR INTERACTIVE BROKERS GROUP IN 5.3%

Value $6.94M (-8.0%) Shares 102,190 (-8.9%) Est. Cost $45.90 Unrealized +60.4%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
WSR	WHITESTONE REIT	632,000 (-50.1%)	$10.21M (-41.6%)	7.8%	$13.60	—	COM	966084204
L	LOEWS CORP	94,254 (-17.4%)	$10.05M (-15.9%)	7.7%	$96.92	+9.8%	COM	540424108
LLYVK	LIBERTY LIVE HOLDINGS INC	45,374 (-36.7%)	$4.303M (-28.6%)	3.3%	$85.87	+0.9%	COM SHS SER C	530909308
NYT	NEW YORK TIMES CO MTN BE	89,450 (-32.0%)	$7.638M (-16.8%)	5.8%	$53.60	+34.8%	CL A	650111107
CASS	CASS INFORMATION SYS INC	127,559 (-23.6%)	$5.655M (-16.5%)	4.3%	$41.29	+6.2%	COM	14808P109
CME	CME GROUP INC	32,731 (-1.3%)	$9.719M (+8.6%)	7.4%	$245.15	+18.0%	COM	12572Q105
IBKR	INTERACTIVE BROKERS GROUP IN	102,190 (-8.9%)	$6.94M (-8.0%)	5.3%	$45.90	+60.4%	COM CL A	45841N107

Unchanged Positions (2)

GLD SPDR GOLD TR 4.0%

Value $5.278M Shares 12,055 Est. Cost $245.15 Unrealized —

CBL CBL & ASSOC PPTYS INC 3.8%

Value $4.956M Shares 125,840 Est. Cost $26.11 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
GLD	SPDR GOLD TR	12,055	$5.278M	4.0%	$245.15	—	GOLD SHS	78463V107
CBL	CBL & ASSOC PPTYS INC	125,840	$4.956M	3.8%	$26.11	—	COMMON STOCK	124830878