Summary of Other Holdings

Kimco Realty (KIM)Kimco is a real estate investment trust (REIT) and is one of the largest owners and operators of open-air, grocery-anchored shopping centers with over 500 properties. Kimco merged with Weingarten Realty in August 2021 adding over 150 properties to the portfolio of properties.
Franklin Resources (BEN)Franklin Resources is a global investment management organization serving clients in over 165 countries and has over $1.5 billion in assets under management. During the past several years Franklin has acquired money manager Legg Mason and several private equity investment firms. Franklin has increased its cash dividend for 42 consecutive years.
Five Point Holdings (FPH)Five Point Holdings is a developer of mixed-use planned communities in Orange, Los Angeles and San Francisco counties. These communities are designed to include approximately 40,000 residential homes and 23 million square feet of commercial space.
Tanger Outlets (SKT)Tanger Outlets is a leading operator of 36 upscale open-air outlet centers in 20 states and Canada. Tanger, like many retailers, has been recovering from the Covid-19 forced closing of its properties in 2020.
Berkshire Hathaway (BRK.B)Berkshire Hathaway is a holding company owning subsidiaries engaged in numerous diverse business activities. Among these is insurance, rail transportation, utilities, and energy generation. Berkshire also owns partial positions in publicly traded companies such as: American Express, Apple, Bank of America, Bank of New York Mellon and Coca-Cola.
Graftech (EAF)Graftech is a leading manufacturer of high-quality graphite electrode products essential to the production of electric arc furnace steel. Graftech enjoys the benefit of being a low-cost producer due to its vertical integration by owning it own needle coke manufacturing, a key raw material for make graphite electrodes.
Donnelley Financial (DFIN)Donnelley Financial provides regulatory filing and compliance solutions. Its customers are public and private companies, mutual funds, and other regulated investment firms. Donnelley has almost no debt and is undergoing a successful business model transformation.
Arcos Dorados (ARCO)Arcos Dorados is the world’s largest McDonald’s franchise, operating in Latin America and the Caribbean. Arcos operates more than 2,250 restaurants. Arcos is demonstrating a strong rebound from the effects of Covid-19.
Stepan (SCL)Stepan is a major manufacturer of specialty chemicals. It’s a leading producer of surfactants, a key ingredient in cleaning and disinfection products. Stepan is also a leading supplier of polyurethane polyol used for insulation. Stepan was a beneficiary during Covid-19 and the surge in disinfection products.
Fannie Mae (FNMA)Fannie Mae is an insurer to the U.S. mortgage market. It provides guarantees that make the 30-year mortgage possible. Fannie Mae is an incredibly important company and highly profitable. It continues to be under the conservatorship of the U.S. Treasury since September 7th, 2008. Our investment thesis is contingent on Fannie Mae being returned to public ownership.

Disclaimer: Advisory services offered through O’Keefe Stevens Advisory, an investment adviser registered with the U.S. Securities & Exchange Commission. Fact sheet is for informational purposes only. O’Keefe Stevens Advisory is not providing any investment recommendations with the publishing of this fact sheet. No performance data is included in this document.

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