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

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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
Apple, Inc. COM 037833100 33,770 115,000 SH   SOLE   115,000 0 0
Berkshire Hathaway Inc. Class A CLA 084670108 16,980 50 SH   SOLE   50 0 0
Brandywine Realty Trust SH BEN 105368203 24,413 1,550,000 SH   SOLE   1,550,000 0 0
Customers Bancorp, Inc. COM 23204G100 15,060 632,500 SH   SOLE   632,500 0 0
Facebook, Inc. CLA 30303M102 20,012 97,500 SH   SOLE   97,500 0 0
FedEx Corporation COM 31428X106 20,565 136,000 SH   SOLE   136,000 0 0
Federal Agric Mtg Corp CLC 313148306 4,593 55,000 SH   SOLE   55,000 0 0
Federal Agric Mtg Corp CLA 313148108 5,591 76,082 SH   SOLE   76,082 0 0
Goldman Sachs Group, Inc. COM 38141G104 40,583 176,500 SH   SOLE   176,500 0 0
JP Morgan Chase & Co COM 46625H100 24,395 175,000 SH   SOLE   175,000 0 0
KKR & Co. LP CLA 48251W104 24,503 840,000 SH   SOLE   840,000 0 0
Kansas City Southern COM 485170302 23,740 155,000 SH   SOLE   155,000 0 0
Mastercard Inc. CLA 57636Q104 7,465 25,000 SH   SOLE   25,000 0 0
Polaris Industries, Inc. COM 731068102 24,561 241,500 SH   SOLE   241,500 0 0
Toll Brothers COM 889478103 14,816 375,000 SH   SOLE   375,000 0 0