Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
AMRC	AMERESCO INC	339,000	$9.356M	5.0%	$27.60	—	CL A	02361E108
ABM	ABM INDS INC	140,728	$6.226M	3.3%	$44.24	—	COM	000957100
OC	OWENS CORNING NEW	20,000	$3.179M	1.7%	$158.96	—	COM	690742101
WSR	WHITESTONE REIT	114,881	$2.178M	1.2%	$18.96	—	COM	966084204
HOG	HARLEY DAVIDSON INC	83,030	$2.031M	1.1%	$24.46	—	COM	412822108
JAKK	JAKKS PAC INC	76,598	$1.783M	1.0%	$23.28	—	COM NEW	47012E403
GBTG	GLOBAL BUSINESS TRAVEL GROUP	150,000	$1.409M	0.8%	$9.39	—	COM CL A	37890B100
KRSP	RICE ACQUISITION CORP 3	10,000	$107K	0.1%	$10.71	—	ORD SHS CL A	G7553X106

Increased Positions (8)

BRK/B BERKSHIRE HATHAWAY INC DEL 7.0%

Value $13.17M (+311.8%) Shares 26,324 (+294.4%) Est. Cost $498.64 Unrealized —

RRGB RED ROBIN GOURMET BURGERS IN 8.2%

Value $15.28M (+178.7%) Shares 1,912,614 (+2.2%) Est. Cost $5.34 Unrealized —

HHH HOWARD HUGHES HOLDINGS INC 12.0%

Value $22.46M (+51.6%) Shares 314,100 (+34.2%) Est. Cost $79.30 Unrealized —

SPY SPDR S&P 500 ETF TR 20.8%

Value $38.85M (+16.9%) Shares 51,888 (+1.9%) Est. Cost $587.98 Unrealized —

JHG JANUS HENDERSON GROUP PLC 1.7%

Value $3.117M (+116.7%) Shares 60,000 (+114.3%) Est. Cost $50.34 Unrealized —

DASH DOORDASH INC 0.9%

Value $1.771M (+78.8%) Shares 9,600 (+45.5%) Est. Cost $192.88 Unrealized —

MCD MCDONALDS CORP 2.1%

Value $4.001M (+9.1%) Shares 14,800 (+25.4%) Est. Cost $307.73 Unrealized —

BRN BARNWELL INDS INC 0.4%

Value $732K (+65.6%) Shares 724,547 (+77.1%) Est. Cost $1.05 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
BRK/B	BERKSHIRE HATHAWAY INC DEL	26,324 (+294.4%)	$13.17M (+311.8%)	7.0%	$498.64	—	CL B NEW	084670702
RRGB	RED ROBIN GOURMET BURGERS IN	1,912,614 (+2.2%)	$15.28M (+178.7%)	8.2%	$5.34	—	COM	75689M101
HHH	HOWARD HUGHES HOLDINGS INC	314,100 (+34.2%)	$22.46M (+51.6%)	12.0%	$79.30	—	COM	44267T102
SPY	SPDR S&P 500 ETF TR	51,888 (+1.9%)	$38.85M (+16.9%)	20.8%	$587.98	—	TR UNIT	78462F103
JHG	JANUS HENDERSON GROUP PLC	60,000 (+114.3%)	$3.117M (+116.7%)	1.7%	$50.34	—	ORD SHS	G4474Y214
DASH	DOORDASH INC	9,600 (+45.5%)	$1.771M (+78.8%)	0.9%	$192.88	—	CL A	25809K105
MCD	MCDONALDS CORP	14,800 (+25.4%)	$4.001M (+9.1%)	2.1%	$307.73	—	COM	580135101
BRN	BARNWELL INDS INC	724,547 (+77.1%)	$732K (+65.6%)	0.4%	$1.05	—	COM	068221100

Exited Positions (6)

SRE SEMPRA 5.5%

Value $10.37M Shares 106,400 Est. Cost $89.52 Unrealized —

AL AIR LEASE CORP 1.4%

Value $2.598M Shares 40,000 Est. Cost $64.51 Unrealized —

BJRI BJS RESTAURANTS INC 0.9%

Value $1.665M Shares 47,443 Est. Cost $39.46 Unrealized —

KW KENNEDY-WILSON HOLDINGS INC 0.9%

Value $1.645M Shares 151,334 Est. Cost $10.06 Unrealized —

FARM FARMER BROS CO 0.7%

Value $1.244M Shares 979,650 Est. Cost $6.85 Unrealized —

KRSP/U RICE ACQUISITION CORP 3 0.1%

Value $106K Shares 10,000 Est. Cost $10.50 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SRE	SEMPRA	106,400	$10.37M	5.5%	$89.52	—	—	816851109
AL	AIR LEASE CORP	40,000	$2.598M	1.4%	$64.51	—	—	00912X302
BJRI	BJS RESTAURANTS INC	47,443	$1.665M	0.9%	$39.46	—	—	09180C106
KW	KENNEDY-WILSON HOLDINGS INC	151,334	$1.645M	0.9%	$10.06	—	—	489398107
FARM	FARMER BROS CO	979,650	$1.244M	0.7%	$6.85	—	—	307675108
KRSP/U	RICE ACQUISITION CORP 3	10,000	$106K	0.1%	$10.50	—	—	G7553X122

Decreased Positions (3)

KMI KINDER MORGAN INC DEL 2.4%

Value $4.467M (-52.3%) Shares 139,731 (-50.0%) Est. Cost $26.97 Unrealized —

GNRC GENERAC HLDGS INC 2.0%

Value $3.722M (-50.5%) Shares 12,710 (-67.0%) Est. Cost $154.17 Unrealized —

SLF SUN LIFE FINANCIAL INC. 0.5%

Value $982K (+23.0%) Shares 12,520 (-1.9%) Est. Cost $64.20 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
KMI	KINDER MORGAN INC DEL	139,731 (-50.0%)	$4.467M (-52.3%)	2.4%	$26.97	—	COM	49456B101
GNRC	GENERAC HLDGS INC	12,710 (-67.0%)	$3.722M (-50.5%)	2.0%	$154.17	—	COM	368736104
SLF	SUN LIFE FINANCIAL INC.	12,520 (-1.9%)	$982K (+23.0%)	0.5%	$64.20	—	COM	866796105

Unchanged Positions (7)

UNFI UNITED NAT FOODS INC 12.1%

Value $22.58M Shares 494,371 Est. Cost $39.29 Unrealized —

FNF FIDELITY NATIONAL FINANCIAL 9.5%

Value $17.76M Shares 376,527 Est. Cost $55.49 Unrealized —

KR KROGER CO 0.4%

Value $683K Shares 12,293 Est. Cost $69.08 Unrealized —

FCRS/U FUTURECREST ACQUISITION CORP 1.8%

Value $3.456M Shares 330,677 Est. Cost $10.16 Unrealized —

VTI VANGUARD INDEX FDS 0.3%

Value $577K Shares 1,560 Est. Cost $320.81 Unrealized —

JYNT JOINT CORP 2.8%

Value $5.214M Shares 593,906 Est. Cost $10.73 Unrealized —

TLF TANDY LEATHER FACTORY INC 1.1%

Value $2.041M Shares 876,059 Est. Cost $4.68 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
UNFI	UNITED NAT FOODS INC	494,371	$22.58M	12.1%	$39.29	—	COM	911163103
FNF	FIDELITY NATIONAL FINANCIAL	376,527	$17.76M	9.5%	$55.49	—	COM SHS	31620R303
KR	KROGER CO	12,293	$683K	0.4%	$69.08	—	COM	501044101
FCRS/U	FUTURECREST ACQUISITION CORP	330,677	$3.456M	1.8%	$10.16	—	UNIT 99/99/9999	G3730U123
VTI	VANGUARD INDEX FDS	1,560	$577K	0.3%	$320.81	—	TOTAL STK MKT	922908769
JYNT	JOINT CORP	593,906	$5.214M	2.8%	$10.73	—	COM	47973J102
TLF	TANDY LEATHER FACTORY INC	876,059	$2.041M	1.1%	$4.68	—	COM	87538X105