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
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
Balchem Corp. Com COM 057665200 43,330 436,836 SH   SOLE   436,836 0 0
Bel Fuse Inc. - Class A Common Stock CL A 077347201 323 23,434 SH   SOLE   23,434 0 0
Bel Fuse Inc. - Class B Common Stock CL B 077347300 2,108 140,257 SH   SOLE   140,257 0 0
Berkshire Hathaway Inc. Common Stock CL A 084670108 1,247 4 SH   SOLE   4 0 0
Boston Omaha Corporation - Class A Common Stock CL A 101044105 5,296 267,055 SH   SOLE   267,055 0 0
Broadridge Financial Solutions, Inc.Common Stock COM 11133T103 5,076 40,793 SH   SOLE   40,793 0 0
Dolby Laboratories Common Stock COM 25659T107 561 8,679 SH   SOLE   8,679 0 0
Flushing Financial Corporation - Common Stock COM 343873105 766 37,894 SH   SOLE   37,894 0 0
Franco-Nevada Corporation COM 351858105 973 10,676 SH   SOLE   10,676 0 0
Frequency Electronics, Inc. - Common Stock COM 358010106 151 12,393 SH   SOLE   12,393 0 0
Garmin Ltd. - Common Stock COM H2906T109 3,452 40,755 SH   SOLE   40,755 0 0
IBERIABANK Corporation - Common Stock COM 450828108 1,686 22,316 SH   SOLE   22,316 0 0
J. W. Mays, Inc. - Common Stock COM 578473100 406 10,415 SH   SOLE   10,415 0 0
KeyCorp Common Stock COM 493267108 254 14,262 SH   SOLE   14,262 0 0
Liberty Media Corporation - Series C Liberty SiriusXM Common Stock COM SER C 531229607 364 8,679 SH   SOLE   8,679 0 0
Live Nation Entertainment, Inc. Common Stock COM 538034109 311 4,687 SH   SOLE   4,687 0 0
Mastercard Incorporated Common Stock COM 57636Q104 31,820 117,170 SH   SOLE   117,170 0 0
Metropolitan Bank Holding Corp. Common Stock COM 591774104 307 7,811 SH   SOLE   7,811 0 0
MMA Capital Management, LLC - Common Stock COM 55315D105 781 26,038 SH   SOLE   26,038 0 0
Pathfinder Bancorp, Inc. - Common Stock COM 70319R109 165 12,285 SH   SOLE   12,285 0 0
Simulations Plus, Inc. - Common Stock COM 829214105 996 28,696 SH   SOLE   28,696 0 0
Texas Pacific Land Trust Common Stock COM 882610108 12,355 19,020 SH   SOLE   19,020 0 0
Trinity Place Holdings Inc. Common Stock COM 89656D101 267 66,739 SH   SOLE   66,739 0 0
Virtus Investment Partners, Inc. - Common Stock COM 92828Q109 672 6,076 SH   SOLE   6,076 0 0
WisdomTree Investments, Inc. - Common Stock COM 97717P104 286 54,766 SH   SOLE   54,766 0 0
WPP plc American Depositary Shares ADR 92937A102 2,043 32,639 SH   SOLE   32,639 0 0