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
Expires: July 31, 2015
Estimated average burden
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
BOX INC CL A 10316T104 3,215,383 117,136 SH SOLE 117,136 0 0
CASS INFORMATION SYS INC COM 14808P109 1,540,024 29,401 SH SOLE 29,401 0 0
CBL & ASSOC PPTYS INC COMMON STOCK 124830878 3,653,234 66,086 SH SOLE 66,086 0 0
CINEMARK HLDGS INC COM 17243V102 2,047,820 64,600 SH SOLE 64,600 0 0
CME GROUP INC COM 12572Q105 2,794,176 12,096 SH SOLE 12,096 0 0
GEO GROUP INC COM 36162J106 2,725,666 89,867 SH SOLE 89,867 0 0
GRINDR INC COM 39854F101 3,476,904 221,600 SH SOLE 221,600 0 0
IDT CORP CL B NEW 448947507 2,536,240 43,766 SH SOLE 43,766 0 0
INTERACTIVE BROKERS GROUP IN COM CL A 45841N107 8,004,580 85,840 SH SOLE 85,840 0 0
JONES LANG LASALLE INC COM 48020Q107 4,803,902 15,090 SH SOLE 15,090 0 0
LAM RESEARCH CORP COM NEW 512807306 10,192,323 26,050 SH SOLE 26,050 0 0
LIBERTY LIVE HOLDINGS INC COM SHS SER C 530909308 4,754,635 44,324 SH SOLE 44,324 0 0
LOEWS CORP COM 540424108 20,440,718 179,116 SH SOLE 179,116 0 0
MARRIOTT INTL INC NEW CL A 571903202 5,563,474 15,105 SH SOLE 15,105 0 0
MONARCH CASINO & RESORT INC COM 609027107 1,151,947 8,855 SH SOLE 8,855 0 0
MOODYS CORP COM 615369105 6,330,156 13,515 SH SOLE 13,515 0 0
NEW YORK TIMES CO MTN BE CL A 650111107 3,442,331 47,950 SH SOLE 47,950 0 0
PROGRESSIVE CORP COM 743315103 360,480 1,600 SH SOLE 1,600 0 0
REPUBLIC SVCS INC COM 760759100 9,609,346 44,755 SH SOLE 44,755 0 0
SOMNIGROUP INTERNATIONAL INC COM 88023U101 4,362,034 56,525 SH SOLE 56,525 0 0
SONIDA SENIOR LIVING INC COM 140475203 10,897,706 261,148 SH SOLE 261,148 0 0
SPDR GOLD TR GOLD SHS 78463V107 4,467,583 12,055 SH SOLE 12,055 0 0
SPDR SERIES TRUST SP O&G EXPL PRO 78468R556 2,390,813 15,550 SH SOLE 15,550 0 0
TAIWAN SEMICONDUCTOR MANUFAC SPONSORED ADS 874039100 9,513,185 21,415 SH SOLE 21,415 0 0
TOAST INC CL A 888787108 1,975,248 68,800 SH SOLE 68,800 0 0
WHITESTONE REIT COM 966084204 7,421,912 117,689 SH SOLE 117,689 0 0
WISE GROUP PLC ORD SHS CLASS A G9723Y105 1,298,301 468,819 SH SOLE 468,819 0 0
ZILLOW GROUP INC CL A 98954M101 3,637,210 111,400 SH SOLE 111,400 0 0