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 FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
ASSOCIATED CAP GROUP INC CL A 045528106   4,572 108,875 SH   SOLE   0 0 108,875
BOEING CO COM 097023105   974 5,115 SH   SOLE   0 0 5,115
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702   3,054 9,888 SH   SOLE   0 0 9,888
CACI INTL INC CL A 127190304   7,103 23,630 SH   SOLE   0 0 23,630
CBOE GLOBAL MKTS INC COM 12503M108   1,146 9,130 SH   SOLE   0 0 9,130
CME GROUP INC COM 12572Q105   1,437 8,544 SH   SOLE   0 0 8,544
CIVEO CORP CDA COM NEW 17878Y207   10,702 344,100 SH   SOLE   0 0 344,100
DISNEY WALT CO COM 254687106   209 2,400 SH   SOLE   0 0 2,400
EBAY INC. COM 278642103   238 5,750 SH   SOLE   0 0 5,750
FRANCO NEV CORP COM 351858105   5,363 39,292 SH   SOLE   0 0 39,292
LIBERTY MEDIA CORP DEL COM SER C FRMLA 531229854   527 8,811 SH   SOLE   0 0 8,811
GAMCO INVS INC CL A COM 361438104   184 12,050 SH   SOLE   0 0 12,050
HOWARD HUGHES CORP COM 44267D107   1,132 14,819 SH   SOLE   0 0 14,819
INTERCONTINENTAL EXCHANGE IN COM 45866F104   1,073 10,455 SH   SOLE   0 0 10,455
JOHNSON & JOHNSON COM 478160104   212 1,200 SH   SOLE   0 0 1,200
MESABI TR CTF BEN INT 590672101   5,089 282,425 SH   SOLE   0 0 282,425
NUVEEN AMT FREE QLTY MUN INC COM 670657105   301 26,500 SH   SOLE   0 0 26,500
PERMIAN BASIN RTY TR UNIT BEN INT 714236106   8,349 331,327 SH   SOLE   0 0 331,327
RENN FD INC COM 759720105   51 28,000 SH   SOLE   0 0 28,000
RLI CORP COM 749607107   788 6,000 SH   SOLE   0 0 6,000
RUMBLE INC COM CL A 78137L105   251 42,200 SH   SOLE   0 0 42,200
SANDSTORM GOLD LTD COM NEW 80013R206   914 173,718 SH   SOLE   0 0 173,718
TEXAS PACIFIC LAND CORPORATI COM 88262P102   107,394 45,812 SH   SOLE   0 0 45,812
TEJON RANCH CO COM 879080109   4,471 237,325 SH   SOLE   0 0 237,325
MAMMOTH ENERGY SVCS INC COM 56155L108   93 10,700 SH   SOLE   0 0 10,700
WHEATON PRECIOUS METALS CORP COM 962879102   6,745 172,602 SH   SOLE   0 0 172,602