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
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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 FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
Balchem Corp. - Common Stock COM 057665200   30,774 198,604 SH   SOLE   203,004 0 0
Bel Fuse Inc. - Class A Common Stock CL A 077347201   1,659 23,434 SH   SOLE   23,434 0 0
Bel Fuse Inc. - Class B Common Stock CL B 077347300   4,079 67,634 SH   SOLE   67,634 0 0
Berkshire Hathaway Inc. Common Stock CL A 084670108   2,538 4 SH   SOLE   4 0 0
Boston Omaha Corporation - Class A Common Stock CL A 101044105   2,074 134,155 SH   SOLE   134,155 0 0
Broadridge Financial Solutions, Inc. - Common Stock COM 11133T103   8,357 40,793 SH   SOLE   40,793 0 0
Franco-Nevada Corporation - Common Stock COM 351858105   1,272 10,676 SH   SOLE   10,676 0 0
Garmin Ltd. - Common Stock COM H2906T109   6,067 40,755 SH   SOLE   40,755 0 0
Mastercard Incorporated - Common Stock COM 57636Q104   49,202 102,170 SH   SOLE   102,170 0 0
Metropolitan Bank Holding Corp. - Common Stock COM 591774104   301 7,811 SH   SOLE   7,811 0 0
Permian Basin Royalty Trust - Common Stock COM 714236106   1,047 86,500 SH   SOLE   86,500 0 0
Psychemedics Corp. - Common Stock COM 744375205   59 20,000 SH   SOLE   20,000 0 0
Simulations Plus, Inc. - Common Stock COM 829214105   1,177 28,596 SH   SOLE   28,596 0 0
Tejon Ranch Co. - Common Stock COM 879080109   2,708 175,701 SH   SOLE   175,701 0 0
Texas Pacific Land Corp. - Common Stock COM 882610108   31,811 54,988 SH   SOLE   18,330 0 0
Virtus Investment Partners, Inc. - Common Stock COM 92828Q109   1,507 6,076 SH   SOLE   6,076 0 0