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
AFLAC INC COM 001055102   548,420 8,500 SH   SOLE   0 0 8,500
ALPHABET INC CAP STK CL C 02079K107   882,648 8,487 SH   SOLE   0 0 8,487
BANK AMERICA CORP COM 060505104   1,192,048 41,680 SH   SOLE   0 0 41,680
BANK NEW YORK MELLON CORP COM 064058100   2,596,896 57,150 SH   SOLE   0 0 57,150
BANK OF NT BUTTERFIELD&SON L SHS NEW G0772R208   474,525 17,575 SH   SOLE   0 0 17,575
BERKSHIRE HATHAWAY INC DEL CL A 084670108   2,793,600 6 SH   SOLE   0 0 6
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702   12,026,592 38,950 SH   SOLE   0 0 38,950
BLACK STONE MINERALS L P COM UNIT 09225M101   11,299,561 720,176 SH   SOLE   0 0 720,176
BRITISH AMERN TOB PLC SPONSORED ADR 110448107   10,664,996 303,673 SH   SOLE   0 0 303,673
BUILDERS FIRSTSOURCE INC COM 12008R107   2,298,781 25,893 SH   SOLE   0 0 25,893
CALUMET SPECIALTY PRODS PART UT LTD PARTNER 131476103   1,293,176 74,406 SH   SOLE   0 0 74,406
CANADIAN NAT RES LTD COM 136385101   2,546,100 46,000 SH   SOLE   0 0 46,000
CARMAX INC COM 143130102   992,740 15,444 SH   SOLE   0 0 15,444
CBOE GLOBAL MKTS INC COM 12503M108   865,311 6,446 SH   SOLE   0 0 6,446
CELANESE CORP DEL COM 150870103   217,780 2,000 SH   SOLE   0 0 2,000
CHECK POINT SOFTWARE TECH LT ORD M22465104   4,222,920 32,484 SH   SOLE   0 0 32,484
CORE LABORATORIES N V COM N22717107   754,397 34,213 SH   SOLE   0 0 34,213
CVR PARTNERS LP COM 126633205   1,153,503 12,936 SH   SOLE   0 0 12,936
DAVITA INC COM 23918K108   1,279,510 15,775 SH   SOLE   0 0 15,775
DHT HOLDINGS INC SHS NEW Y2065G121   2,657,120 245,802 SH   SOLE   0 0 245,802
ENBRIDGE INC COM 29250N105   763,000 20,000 SH   SOLE   0 0 20,000
ENTERPRISE PRODS PARTNERS L COM 293792107   3,367,881 130,034 SH   SOLE   0 0 130,034
EURONAV NV SHS B38564108   1,341,773 79,915 SH   SOLE   0 0 79,915
EXPEDITORS INTL WASH INC COM 302130109   242,264 2,200 SH   SOLE   0 0 2,200
FAIR ISAAC CORP COM 303250104   509,450 725 SH   SOLE   0 0 725
FG FINANCIAL GROUP INC COM 30329Y106   36,806 14,048 SH   SOLE   0 0 14,048
FRONTLINE PLC COM M46528101   357,017 21,559 SH   SOLE   0 0 21,559
FRP HLDGS INC COM 30292L107   473,343 8,178 SH   SOLE   0 0 8,178
GLOBE LIFE INC COM 37959E102   990,180 9,000 SH   SOLE   0 0 9,000
GRUPO AVAL ACCIONES Y VALORE SPONSORED ADS 40053W101   65,993 28,202 SH   SOLE   0 0 28,202
HINGHAM INSTN SVGS MASS COM 433323102   752,611 3,224 SH   SOLE   0 0 3,224
HUNTINGTON INGALLS INDS INC COM 446413106   673,850 3,255 SH   SOLE   0 0 3,255
INTERACTIVE BROKERS GROUP IN COM CL A 45841N107   2,589,247 31,362 SH   SOLE   0 0 31,362
INTERNATIONAL SEAWAYS INC COM Y41053102   2,252,095 54,033 SH   SOLE   0 0 54,033
JEFFERIES FINL GROUP INC COM 47233W109   4,680,444 147,462 SH   SOLE   0 0 147,462
JPMORGAN CHASE & CO COM 46625H100   1,355,224 10,400 SH   SOLE   0 0 10,400
LIBERTY BROADBAND CORP COM SER A 530307107   213,266 2,597 SH   SOLE   0 0 2,597
LIBERTY LATIN AMERICA LTD COM CL C G9001E128   1,677,507 203,088 SH   SOLE   0 0 203,088
LOCKHEED MARTIN CORP COM 539830109   2,174,558 4,600 SH   SOLE   0 0 4,600
MAGELLAN MIDSTREAM PRTNRS LP COM UNIT RP LP 559080106   2,749,354 50,670 SH   SOLE   0 0 50,670
MARKEL CORP COM 570535104   2,344,047 1,835 SH   SOLE   0 0 1,835
MIRION TECHNOLOGIES INC COM CL A 60471A101   137,793 16,135 SH   SOLE   0 0 16,135
NEW ENGLAND RLTY ASSOC LTD P DEPOSITRY RCPT 644206104   685,105 9,385 SH   SOLE   0 0 9,385
PARK AEROSPACE CORP COM 70014A104   514,113 38,224 SH   SOLE   0 0 38,224
PATRIOT TRANSN HLDG INC COM 70338W105   140,896 17,612 SH   SOLE   0 0 17,612
PETROLEO BRASILEIRO SA PETRO SP ADR NON VTG 71654V101   933,605 100,604 SH   SOLE   0 0 100,604
PHILIP MORRIS INTL INC COM 718172109   7,410,061 76,196 SH   SOLE   0 0 76,196
ROCKET COS INC COM CL A 77311W101   232,525 25,665 SH   SOLE   0 0 25,665
SEACOR MARINE HLDGS INC COM 78413P101   932,499 122,536 SH   SOLE   0 0 122,536
SITIO ROYALTIES CORP CLASS A COM 82983N108   1,094,066 48,410 SH   SOLE   0 0 48,410
SKY HARBOUR GROUP CORPORATIO *W EXP 10/21/202 83085C115   119,231 245,482 SH   SOLE   0 0 245,482
SPDR S&P 500 ETF TR TR UNIT 78462F103   6,140,850 15,000 SH   SOLE   0 0 15,000
SPROUTS FMRS MKT INC COM 85208M102   1,593,865 45,500 SH   SOLE   0 0 45,500
SUNCOR ENERGY INC NEW COM 867224107   2,061,720 66,400 SH   SOLE   0 0 66,400
TEEKAY CORPORATION COM Y8564W103   1,301,895 30,326 SH   SOLE   0 0 30,326
TURNING PT BRANDS INC COM 90041L105   2,473,380 117,780 SH   SOLE   0 0 117,780
VALARIS LIMITED *W EXP 04/29/202 G9460G119   442,167 40,197 SH   SOLE   0 0 40,197
VANGUARD TAX-MANAGED FDS VAN FTSE DEV MKT 921943858   10,524,610 233,000 SH   SOLE   0 0 233,000
VIRTU FINL INC CL A 928254101   1,180,721 62,472 SH   SOLE   0 0 62,472
WILLIAM PENN BANCORPORATION COM 96927A105   216,630 19,120 SH   SOLE   0 0 19,120
WILLIAMS COS INC COM 969457100   268,740 9,000 SH   SOLE   0 0 9,000