O'Keefe Stevens Advisory, Inc. Long-Term Concentrated

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CALY	TOPGOLF CALLAWAY BRANDS CORP	1,168,047 (+236.6%)	$13,631 (+313.5%)	3.5%	$10.15	+3.9%	COM	131193104
CMP	COMPASS MINERALS INTL INC	593,887 (+4.2%)	$11,664 (+6.6%)	3.0%	$14.06	+31.6%	COM	20451N101
HII	HUNTINGTON INGALLS INDS INC	6,105 (+6.0%)	$2,076 (+25.2%)	0.5%	$228.24	+35.6%	COM	446413106
ARCO	ARCOS DORADOS HOLDINGS INC	529,728 (+2.5%)	$3,888 (+11.4%)	1.0%	$7.04	+1.5%	SHS CLASS -A -	G0457F107
XOM	EXXON MOBIL CORP	30,318 (+2.3%)	$3,648 (+9.2%)	0.9%	$77.60	+48.8%	COM	30231G102
UPS	UNITED PARCEL SERVICE INC	10,638 (+6.2%)	$1,055 (+26.1%)	0.3%	$113.54	-18.3%	CL B	911312106
JPM	JPMORGAN CHASE & CO.	10,108 (+3.3%)	$3,257 (+5.5%)	0.8%	$163.05	+89.8%	COM	46625H100
TKO	TKO GROUP HOLDINGS INC	9,052 (+6.0%)	$1,892 (+9.7%)	0.5%	$156.12	+24.1%	CL A	87256C101
BRK/B	BERKSHIRE HATHAWAY INC DEL	28,403 (+1.2%)	$14,277 (+1.2%)	3.7%	$271.71	+83.1%	CL B NEW	084670702
SWX	SOUTHWEST GAS HLDGS INC	20,048 (+7.3%)	$1,604 (+9.6%)	0.4%	$73.51	+9.0%	COM	844895102
PSX	PHILLIPS 66	25,007 (+1.3%)	$3,227 (-3.9%)	0.8%	$67.03	+99.9%	COM	718546104
KO	COCA COLA CO	16,847 (+6.5%)	$1,178 (+12.3%)	0.3%	$63.52	+9.2%	COM	191216100
GPC	GENUINE PARTS CO	8,546 (+4.7%)	$1,051 (-7.1%)	0.3%	$125.80	+2.3%	COM	372460105
APD	AIR PRODS & CHEMS INC	4,243 (+2.6%)	$1,048 (-7.1%)	0.3%	$267.79	-6.0%	COM	009158106
ROKU	ROKU INC	6,485 (+4.0%)	$704 (+12.7%)	0.2%	$71.68	+41.6%	COM CL A	77543R102
MDT	MEDTRONIC PLC	12,087 (+6.3%)	$1,161 (+7.3%)	0.3%	$83.65	+16.1%	SHS	G5960L103
BLK	BLACKROCK INC	1,332 (+5.8%)	$1,426 (-2.9%)	0.4%	$984.66	+10.6%	COM	09290D101
ENB	ENBRIDGE INC	33,645 (+7.2%)	$1,609 (+1.6%)	0.4%	$37.97	+24.1%	COM	29250N105
SEG	SEAPORT ENTMT GROUP INC	14,171 (+8.5%)	$280 (-6.4%)	0.1%	$19.66	+14.0%	COMMON STOCK	812215200
APA	APA CORPORATION	30,093 (+1.9%)	$736 (+2.6%)	0.2%	$16.59	+45.5%	COM	03743Q108
SBUX	STARBUCKS CORP	12,120 (+2.1%)	$1,021 (+1.7%)	0.3%	$88.74	-5.3%	COM	855244109
WMB	WILLIAMS COS INC	20,792 (+6.5%)	$1,250 (+1.1%)	0.3%	$45.62	+31.7%	COM	969457100
DUK	DUKE ENERGY CORP NEW	10,359 (+4.6%)	$1,214 (-0.9%)	0.3%	$104.48	+16.4%	COM NEW	26441C204

Exited Positions (3)

ORCL ORACLE CORP 0.1%

Value ($000) $302 Shares 1,073 Est. Cost $115.44 Unrealized +106.2%

META META PLATFORMS INC 0.1%

Value ($000) $213 Shares 290 Est. Cost $616.61 Unrealized +8.2%

DFIN DONNELLEY FINL SOLUTIONS INC 0.1%

Value ($000) $204 Shares 3,970 Est. Cost $34.17 Unrealized +41.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ORCL	ORACLE CORP	1,073	$302	0.1%	$115.44	+106.2%	—	68389X105
META	META PLATFORMS INC	290	$213	0.1%	$616.61	+8.2%	—	30303M102
DFIN	DONNELLEY FINL SOLUTIONS INC	3,970	$204	0.1%	$34.17	+41.5%	—	25787G100

Decreased Positions (9)

NVDA NVIDIA CORPORATION 17.7%

Value ($000) $68,189 (-5.2%) Shares 365,626 (-5.2%) Est. Cost $86.35 Unrealized +115.6%

SPHR SPHERE ENTERTAINMENT CO 4.1%

Value ($000) $15,938 (+24.1%) Shares 167,623 (-18.9%) Est. Cost $33.02 Unrealized +130.8%

PRGO PERRIGO CO PLC 0.6%

Value ($000) $2,336 (-53.3%) Shares 167,803 (-25.2%) Est. Cost $28.35 Unrealized -41.2%

WY WEYERHAEUSER CO MTN BE 1.8%

Value ($000) $6,948 (-23.8%) Shares 293,300 (-20.3%) Est. Cost $25.12 Unrealized -8.5%

BGC BGC GROUP INC 3.9%

Value ($000) $14,974 (-9.4%) Shares 1,676,791 (-4.0%) Est. Cost $5.45 Unrealized +65.0%

PFE PFIZER INC 0.5%

Value ($000) $1,973 (-16.9%) Shares 79,247 (-15.0%) Est. Cost $25.29 Unrealized -1.0%

QCOM QUALCOMM INC 6.3%

Value ($000) $24,263 (+1.7%) Shares 141,847 (-1.1%) Est. Cost $76.02 Unrealized +124.7%

SCL STEPAN CO 0.9%

Value ($000) $3,395 (-8.2%) Shares 71,680 (-7.5%) Est. Cost $80.17 Unrealized -42.9%

LMT LOCKHEED MARTIN CORP 0.2%

Value ($000) $904 (-6.0%) Shares 1,870 (-3.0%) Est. Cost $462.17 Unrealized +3.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
NVDA	NVIDIA CORPORATION	365,626 (-5.2%)	$68,189 (-5.2%)	17.7%	$86.35	+115.6%	COM	67066G104
SPHR	SPHERE ENTERTAINMENT CO	167,623 (-18.9%)	$15,938 (+24.1%)	4.1%	$33.02	+130.8%	CL A	55826T102
PRGO	PERRIGO CO PLC	167,803 (-25.2%)	$2,336 (-53.3%)	0.6%	$28.35	-41.2%	SHS	G97822103
WY	WEYERHAEUSER CO MTN BE	293,300 (-20.3%)	$6,948 (-23.8%)	1.8%	$25.12	-8.5%	COM NEW	962166104
BGC	BGC GROUP INC	1,676,791 (-4.0%)	$14,974 (-9.4%)	3.9%	$5.45	+65.0%	CL A	088929104
PFE	PFIZER INC	79,247 (-15.0%)	$1,973 (-16.9%)	0.5%	$25.29	-1.0%	COM	717081103
QCOM	QUALCOMM INC	141,847 (-1.1%)	$24,263 (+1.7%)	6.3%	$76.02	+124.7%	COM	747525103
SCL	STEPAN CO	71,680 (-7.5%)	$3,395 (-8.2%)	0.9%	$80.17	-42.9%	COM	858586100
LMT	LOCKHEED MARTIN CORP	1,870 (-3.0%)	$904 (-6.0%)	0.2%	$462.17	+3.0%	COM	539830109

Unchanged Positions (32)

HCC WARRIOR MET COAL INC 6.7%

Value ($000) $25,709 Shares 291,580 Est. Cost $24.11 Unrealized +211.8%

AER AERCAP HOLDINGS NV 5.2%

Value ($000) $20,195 Shares 140,479 Est. Cost $93.49 Unrealized +41.7%

BABA ALIBABA GROUP HLDG LTD 3.2%

Value ($000) $12,348 Shares 84,242 Est. Cost $85.20 Unrealized —

AMGN AMGEN INC 4.3%

Value ($000) $16,565 Shares 50,609 Est. Cost $150.56 Unrealized +109.9%

GLW CORNING INC 7.1%

Value ($000) $27,332 Shares 312,154 Est. Cost $24.74 Unrealized +247.6%

TPH TRI POINTE HOMES INC 3.5%

Value ($000) $13,555 Shares 430,731 Est. Cost $25.48 Unrealized +27.6%

FPH FIVE POINT HOLDINGS LLC 3.4%

Value ($000) $13,092 Shares 2,342,069 Est. Cost $6.39 Unrealized -7.5%

L LOEWS CORP 4.6%

Value ($000) $17,642 Shares 167,528 Est. Cost $46.77 Unrealized +120.7%

MTB M & T BK CORP 2.4%

Value ($000) $9,421 Shares 46,757 Est. Cost $118.74 Unrealized +60.1%

AMAT APPLIED MATLS INC 0.2%

Value ($000) $831 Shares 3,234 Est. Cost $144.48 Unrealized +65.8%

PAYX PAYCHEX INC 0.3%

Value ($000) $978 Shares 8,722 Est. Cost $53.25 Unrealized +118.9%

UNP UNION PAC CORP 1.6%

Value ($000) $6,261 Shares 27,066 Est. Cost $188.95 Unrealized +20.3%

GOOG ALPHABET INC 0.1%

Value ($000) $480 Shares 1,531 Est. Cost $147.03 Unrealized +94.7%

AAPL APPLE INC 0.4%

Value ($000) $1,370 Shares 5,038 Est. Cost $184.09 Unrealized +45.8%

JNJ JOHNSON & JOHNSON 0.2%

Value ($000) $745 Shares 3,601 Est. Cost $113.61 Unrealized +73.4%

ROK ROCKWELL AUTOMATION INC 0.2%

Value ($000) $623 Shares 1,600 Est. Cost $253.98 Unrealized +47.7%

MRK MERCK & CO INC 0.1%

Value ($000) $270 Shares 2,569 Est. Cost $48.69 Unrealized +91.5%

MSFT MICROSOFT CORP 0.2%

Value ($000) $663 Shares 1,371 Est. Cost $277.33 Unrealized +80.5%

CLMT CALUMET INC 0.1%

Value ($000) $544 Shares 27,380 Est. Cost $19.17 Unrealized +0.4%

DGX QUEST DIAGNOSTICS INC 0.1%

Value ($000) $325 Shares 1,875 Est. Cost $89.87 Unrealized +102.6%

PG PROCTER AND GAMBLE CO 0.1%

Value ($000) $398 Shares 2,778 Est. Cost $123.63 Unrealized +19.0%

BK BANK NEW YORK MELLON CORP 0.1%

Value ($000) $366 Shares 3,154 Est. Cost $53.02 Unrealized +108.4%

ABT ABBOTT LABS 0.1%

Value ($000) $202 Shares 1,615 Est. Cost $125.48 Unrealized +1.5%

ITW ILLINOIS TOOL WKS INC 0.1%

Value ($000) $232 Shares 940 Est. Cost $197.50 Unrealized +25.3%

SCHW SCHWAB CHARLES CORP 0.1%

Value ($000) $266 Shares 2,665 Est. Cost $77.67 Unrealized +22.0%

GE GE AEROSPACE 0.1%

Value ($000) $293 Shares 952 Est. Cost $218.59 Unrealized +37.6%

BNL BROADSTONE NET LEASE INC 0.1%

Value ($000) $280 Shares 16,128 Est. Cost $15.87 Unrealized —

CVX CHEVRON CORP NEW 0.1%

Value ($000) $204 Shares 1,337 Est. Cost $152.28 Unrealized -0.6%

PM PHILIP MORRIS INTL INC 0.1%

Value ($000) $286 Shares 1,782 Est. Cost $96.85 Unrealized +58.6%

MCD MCDONALDS CORP 0.1%

Value ($000) $397 Shares 1,300 Est. Cost $217.67 Unrealized +40.2%

OMC OMNICOM GROUP INC 0.2%

Value ($000) $908 Shares 11,244 Est. Cost $83.40 Unrealized -9.2%

DIS DISNEY WALT CO 0.1%

Value ($000) $301 Shares 2,649 Est. Cost $102.60 Unrealized +6.8%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
HCC	WARRIOR MET COAL INC	291,580	$25,709	6.7%	$24.11	+211.8%	COM	93627C101
AER	AERCAP HOLDINGS NV	140,479	$20,195	5.2%	$93.49	+41.7%	SHS	N00985106
BABA	ALIBABA GROUP HLDG LTD	84,242	$12,348	3.2%	$85.20	—	SPONSORED ADS	01609W102
AMGN	AMGEN INC	50,609	$16,565	4.3%	$150.56	+109.9%	COM	031162100
GLW	CORNING INC	312,154	$27,332	7.1%	$24.74	+247.6%	COM	219350105
TPH	TRI POINTE HOMES INC	430,731	$13,555	3.5%	$25.48	+27.6%	COM	87265H109
FPH	FIVE POINT HOLDINGS LLC	2,342,069	$13,092	3.4%	$6.39	-7.5%	COM CL A	33833Q106
L	LOEWS CORP	167,528	$17,642	4.6%	$46.77	+120.7%	COM	540424108
MTB	M & T BK CORP	46,757	$9,421	2.4%	$118.74	+60.1%	COM	55261F104
AMAT	APPLIED MATLS INC	3,234	$831	0.2%	$144.48	+65.8%	COM	038222105
PAYX	PAYCHEX INC	8,722	$978	0.3%	$53.25	+118.9%	COM	704326107
UNP	UNION PAC CORP	27,066	$6,261	1.6%	$188.95	+20.3%	COM	907818108
GOOG	ALPHABET INC	1,531	$480	0.1%	$147.03	+94.7%	CAP STK CL C	02079K107
AAPL	APPLE INC	5,038	$1,370	0.4%	$184.09	+45.8%	COM	037833100
JNJ	JOHNSON & JOHNSON	3,601	$745	0.2%	$113.61	+73.4%	COM	478160104
ROK	ROCKWELL AUTOMATION INC	1,600	$623	0.2%	$253.98	+47.7%	COM	773903109
MRK	MERCK & CO INC	2,569	$270	0.1%	$48.69	+91.5%	COM	58933Y105
MSFT	MICROSOFT CORP	1,371	$663	0.2%	$277.33	+80.5%	COM	594918104
CLMT	CALUMET INC	27,380	$544	0.1%	$19.17	+0.4%	COM	131428104
DGX	QUEST DIAGNOSTICS INC	1,875	$325	0.1%	$89.87	+102.6%	COM	74834L100
PG	PROCTER AND GAMBLE CO	2,778	$398	0.1%	$123.63	+19.0%	COM	742718109
BK	BANK NEW YORK MELLON CORP	3,154	$366	0.1%	$53.02	+108.4%	COM	064058100
ABT	ABBOTT LABS	1,615	$202	0.1%	$125.48	+1.5%	COM	002824100
ITW	ILLINOIS TOOL WKS INC	940	$232	0.1%	$197.50	+25.3%	COM	452308109
SCHW	SCHWAB CHARLES CORP	2,665	$266	0.1%	$77.67	+22.0%	COM	808513105
GE	GE AEROSPACE	952	$293	0.1%	$218.59	+37.6%	COM NEW	369604301
BNL	BROADSTONE NET LEASE INC	16,128	$280	0.1%	$15.87	—	COM	11135E203
CVX	CHEVRON CORP NEW	1,337	$204	0.1%	$152.28	-0.6%	COM	166764100
PM	PHILIP MORRIS INTL INC	1,782	$286	0.1%	$96.85	+58.6%	COM	718172109
MCD	MCDONALDS CORP	1,300	$397	0.1%	$217.67	+40.2%	COM	580135101
OMC	OMNICOM GROUP INC	11,244	$908	0.2%	$83.40	-9.2%	COM	681919106
DIS	DISNEY WALT CO	2,649	$301	0.1%	$102.60	+6.8%	COM	254687106