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   575,625 7,500 SH   SOLE   0 0 7,500
ALPHABET INC CAP STK CL C 02079K107   1,119,011 8,487 SH   SOLE   0 0 8,487
BANK AMERICA CORP COM 060505104   976,918 35,680 SH   SOLE   0 0 35,680
BANK NEW YORK MELLON CORP COM 064058100   2,053,598 48,150 SH   SOLE   0 0 48,150
BANK OF NT BUTTERFIELD&SON L SHS NEW G0772R208   864,258 31,915 SH   SOLE   0 0 31,915
BERKSHIRE HATHAWAY INC DEL CL A 084670108   3,188,862 6 SH   SOLE   0 0 6
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702   13,574,125 38,750 SH   SOLE   0 0 38,750
BLACK STONE MINERALS L P COM UNIT 09225M101   9,454,067 548,698 SH   SOLE   0 0 548,698
BRITISH AMERN TOB PLC SPONSORED ADR 110448107   9,708,234 298,181 SH   SOLE   0 0 298,181
BUILDERS FIRSTSOURCE INC COM 12008R107   2,805,133 22,533 SH   SOLE   0 0 22,533
CALUMET SPECIALTY PRODS PART UT LTD PARTNER 131476103   1,480,078 77,491 SH   SOLE   0 0 77,491
CANADIAN NAT RES LTD COM 136385101   2,522,130 39,000 SH   SOLE   0 0 39,000
CARMAX INC COM 143130102   848,760 12,000 SH   SOLE   0 0 12,000
CBOE GLOBAL MKTS INC COM 12503M108   460,195 2,946 SH   SOLE   0 0 2,946
CELANESE CORP DEL COM 150870103   251,040 2,000 SH   SOLE   0 0 2,000
CHECK POINT SOFTWARE TECH LT ORD M22465104   3,626,949 27,213 SH   SOLE   0 0 27,213
CORE LABORATORIES INC COM 21867A105   764,959 31,860 SH   SOLE   0 0 31,860
CVR PARTNERS LP COM 126633205   912,923 11,051 SH   SOLE   0 0 11,051
DAVITA INC COM 23918K108   1,237,492 13,091 SH   SOLE   0 0 13,091
DHT HOLDINGS INC SHS NEW Y2065G121   2,222,761 215,802 SH   SOLE   0 0 215,802
EA SERIES TRUST ALPHA ARCH 1-3 02072L565   770,550 7,432 SH   SOLE   0 0 7,432
ENBRIDGE INC COM 29250N105   331,900 10,000 SH   SOLE   0 0 10,000
ENTERPRISE PRODS PARTNERS L COM 293792107   3,247,259 118,643 SH   SOLE   0 0 118,643
EQUITY COMWLTH COM SH BEN INT 294628102   303,105 16,500 SH   SOLE   0 0 16,500
EURONAV NV ANTWERPEN SHS B38564108   1,105,854 67,307 SH   SOLE   0 0 67,307
EXPEDITORS INTL WASH INC COM 302130109   252,186 2,200 SH   SOLE   0 0 2,200
FAIR ISAAC CORP COM 303250104   455,978 525 SH   SOLE   0 0 525
FRONTLINE PLC COM M46528101   351,975 18,742 SH   SOLE   0 0 18,742
FRP HLDGS INC COM 30292L107   888,670 16,466 SH   SOLE   0 0 16,466
GLOBE LIFE INC COM 37959E102   706,745 6,500 SH   SOLE   0 0 6,500
GRUPO AVAL ACCIONES Y VALORE SPONSORED ADS 40053W101   68,058 28,123 SH   SOLE   0 0 28,123
HINGHAM INSTN SVGS MASS COM 433323102   523,647 2,804 SH   SOLE   0 0 2,804
HUNTINGTON INGALLS INDS INC COM 446413106   567,710 2,775 SH   SOLE   0 0 2,775
INTERACTIVE BROKERS GROUP IN COM CL A 45841N107   2,252,205 26,019 SH   SOLE   0 0 26,019
INTERNATIONAL SEAWAYS INC COM Y41053102   1,951,065 43,357 SH   SOLE   0 0 43,357
JEFFERIES FINL GROUP INC COM 47233W109   3,937,029 107,481 SH   SOLE   0 0 107,481
JPMORGAN CHASE & CO COM 46625H100   1,508,208 10,400 SH   SOLE   0 0 10,400
LIBERTY BROADBAND CORP COM SER A 530307107   202,638 2,229 SH   SOLE   0 0 2,229
LIBERTY LATIN AMERICA LTD COM CL C G9001E128   1,164,873 142,754 SH   SOLE   0 0 142,754
LOCKHEED MARTIN CORP COM 539830109   1,594,944 3,900 SH   SOLE   0 0 3,900
MARKEL GROUP INC COM 570535104   1,690,419 1,148 SH   SOLE   0 0 1,148
NEW ENGLAND RLTY ASSOC LTD P DEPOSITRY RCPT 644206104   544,862 7,960 SH   SOLE   0 0 7,960
PARK AEROSPACE CORP COM 70014A104   977,660 62,953 SH   SOLE   0 0 62,953
PATRIOT TRANSN HLDG INC COM 70338W105   125,306 15,328 SH   SOLE   0 0 15,328
PBF ENERGY INC CL A 69318G106   795,135 14,854 SH   SOLE   0 0 14,854
PETROLEO BRASILEIRO SA PETRO SP ADR NON VTG 71654V101   1,187,505 86,616 SH   SOLE   0 0 86,616
PHILIP MORRIS INTL INC COM 718172109   6,959,053 75,168 SH   SOLE   0 0 75,168
ROCKET COS INC COM CL A 77311W101   176,451 21,571 SH   SOLE   0 0 21,571
SEACOR MARINE HLDGS INC COM 78413P101   1,497,125 107,862 SH   SOLE   0 0 107,862
SITIO ROYALTIES CORP CLASS A COM 82983N108   1,010,453 41,737 SH   SOLE   0 0 41,737
SKY HARBOUR GROUP CORPORATIO *W EXP 10/21/202 83085C115   7,390 36,952 SH   SOLE   0 0 36,952
SPDR S&P 500 ETF TR TR UNIT 78462F103   6,412,200 15,000 SH   SOLE   0 0 15,000
SPROUTS FMRS MKT INC COM 85208M102   1,562,200 36,500 SH   SOLE   0 0 36,500
SUNCOR ENERGY INC NEW COM 867224107   1,939,032 56,400 SH   SOLE   0 0 56,400
TURNING PT BRANDS INC COM 90041L105   2,498,338 108,200 SH   SOLE   0 0 108,200
VALARIS LTD *W EXP 04/29/202 G9460G119   697,757 47,890 SH   SOLE   0 0 47,890
VANGUARD TAX-MANAGED FDS VAN FTSE DEV MKT 921943858   10,186,760 233,000 SH   SOLE   0 0 233,000
VIRTU FINL INC CL A 928254101   1,160,786 67,214 SH   SOLE   0 0 67,214
WILLIAM PENN BANCORPORATION COM 96927A105   248,926 19,946 SH   SOLE   0 0 19,946
WILLIAMS COS INC COM 969457100   303,210 9,000 SH   SOLE   0 0 9,000