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    <nameOfIssuer>APPLE INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>037833100</cusip>
    <value>694464</value>
    <shrsOrPrnAmt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
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      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>2400</None>
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  <infoTable>
    <nameOfIssuer>BANK OZK</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>06417N103</cusip>
    <value>47988026</value>
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    <otherManager>1</otherManager>
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      <Sole>764600</Sole>
      <Shared>0</Shared>
      <None>156652</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>BERKSHIRE HATHAWAY INC DEL</nameOfIssuer>
    <titleOfClass>CL A</titleOfClass>
    <cusip>084670108</cusip>
    <value>8237350</value>
    <shrsOrPrnAmt>
      <sshPrnamt>11</sshPrnamt>
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    <otherManager>1</otherManager>
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      <Sole>10</Sole>
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      <None>1</None>
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  <infoTable>
    <nameOfIssuer>BERKSHIRE HATHAWAY INC DEL</nameOfIssuer>
    <titleOfClass>CL B NEW</titleOfClass>
    <cusip>084670702</cusip>
    <value>43960262</value>
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      <Sole>39800</Sole>
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      <None>48052</None>
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  <infoTable>
    <nameOfIssuer>ENTERPRISE PRODS PARTNERS L</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>293792107</cusip>
    <value>200555208</value>
    <shrsOrPrnAmt>
      <sshPrnamt>5455800</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>4991100</Sole>
      <Shared>0</Shared>
      <None>464700</None>
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  <infoTable>
    <nameOfIssuer>HOME BANCSHARES INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>436893200</cusip>
    <value>345455</value>
    <shrsOrPrnAmt>
      <sshPrnamt>12100</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>1</otherManager>
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      <Sole>12100</Sole>
      <Shared>0</Shared>
      <None>0</None>
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  <infoTable>
    <nameOfIssuer>KRAFT HEINZ CO</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>500754106</cusip>
    <value>4778326</value>
    <shrsOrPrnAmt>
      <sshPrnamt>202300</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>193800</Sole>
      <Shared>0</Shared>
      <None>8500</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>PFIZER INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>717081103</cusip>
    <value>5562480</value>
    <shrsOrPrnAmt>
      <sshPrnamt>231000</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>231000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PROGRESSIVE CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>743315103</cusip>
    <value>15772090</value>
    <shrsOrPrnAmt>
      <sshPrnamt>72200</sshPrnamt>
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    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>55600</Sole>
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      <None>16600</None>
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  <infoTable>
    <nameOfIssuer>ST JOE CO</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>790148100</cusip>
    <value>1138761645</value>
    <shrsOrPrnAmt>
      <sshPrnamt>18182367</sshPrnamt>
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    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>16983591</Sole>
      <Shared>0</Shared>
      <None>1198776</None>
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  <infoTable>
    <nameOfIssuer>THE CAMPBELLS COMPANY</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>134429109</cusip>
    <value>2594455</value>
    <shrsOrPrnAmt>
      <sshPrnamt>116500</sshPrnamt>
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    <otherManager>1</otherManager>
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      <Sole>108000</Sole>
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      <None>8500</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>UNITED PARCEL SVCS INC</nameOfIssuer>
    <titleOfClass>CL B</titleOfClass>
    <cusip>911312106</cusip>
    <value>2558500</value>
    <shrsOrPrnAmt>
      <sshPrnamt>23800</sshPrnamt>
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    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>22500</Sole>
      <Shared>0</Shared>
      <None>1300</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>WR Berkley Corp</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>084423102</cusip>
    <value>18080365</value>
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      <sshPrnamt>256350</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>187650</Sole>
      <Shared>0</Shared>
      <None>68700</None>
    </votingAuthority>
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</informationTable>
