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
BANK OF NT BUTTERFIELD&SON L SHS NEW G0772R208   1,478,271 42,092 SH   SOLE   0 0 42,092
BURFORD CAP LTD ORD SHS G17977110   251,500 19,272 SH   SOLE   0 0 19,272
ROYALTY PHARMA PLC SHS CLASS A G7709Q104   399,875 15,164 SH   SOLE   0 0 15,164
TORM PLC SHS CL A G89479102   366,764 9,460 SH   SOLE   0 0 9,460
LIBERTY LATIN AMERICA LTD COM CL C G9001E128   1,325,193 137,754 SH   SOLE   0 0 137,754
VALARIS LTD *W EXP 04/29/202 G9460G119   816,562 62,333 SH   SOLE   0 0 62,333
CHECK POINT SOFTWARE TECH LT ORD M22465104   4,490,145 27,213 SH   SOLE   0 0 27,213
CRESUD S A C I F Y A *W EXP 03/09/202 P3311R259   150,015 294,148 SH   SOLE   0 0 294,148
DHT HOLDINGS INC SHS NEW Y2065G121   1,131,592 97,804 SH   SOLE   0 0 97,804
INTERNATIONAL SEAWAYS INC COM Y41053102   1,264,259 21,381 SH   SOLE   0 0 21,381
AFLAC INC COM 001055102   669,825 7,500 SH   SOLE   0 0 7,500
A-MARK PRECIOUS METALS INC COM 00181T107   409,319 12,645 SH   SOLE   0 0 12,645
EA SERIES TRUST ALPHA ARCH 1-3 02072L565   3,477,573 32,255 SH   SOLE   0 0 32,255
ALPHABET INC CAP STK CL C 02079K107   1,556,686 8,487 SH   SOLE   0 0 8,487
BANK AMERICA CORP COM 060505104   1,418,994 35,680 SH   SOLE   0 0 35,680
BANK NEW YORK MELLON CORP COM 064058100   2,883,704 48,150 SH   SOLE   0 0 48,150
BERKSHIRE HATHAWAY INC DEL CL A 084670108   3,673,446 6 SH   SOLE   0 0 6
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702   15,767,568 38,760 SH   SOLE   0 0 38,760
BLACK STONE MINERALS L P COM UNIT 09225M101   8,598,098 548,698 SH   SOLE   0 0 548,698
BRAGG GAMING GROUP INC COM NEW 104833306   115,400 20,000 SH   SOLE   0 0 20,000
BRITISH AMERN TOB PLC SPONSORED ADR 110448107   9,728,444 314,531 SH   SOLE   0 0 314,531
BUILDERS FIRSTSOURCE INC COM 12008R107   3,118,793 22,533 SH   SOLE   0 0 22,533
CBOE GLOBAL MKTS INC COM 12503M108   500,997 2,946 SH   SOLE   0 0 2,946
CVR PARTNERS LP COM 126633205   836,119 11,051 SH   SOLE   0 0 11,051
CALUMET SPECIALTY PRODS PART UT LTD PARTNER 131476103   1,220,394 76,037 SH   SOLE   0 0 76,037
CANADIAN NAT RES LTD COM 136385101   2,914,465 81,867 SH   SOLE   0 0 81,867
CELANESE CORP DEL COM 150870103   269,780 2,000 SH   SOLE   0 0 2,000
CORE LABORATORIES INC COM 21867A105   646,439 31,860 SH   SOLE   0 0 31,860
DAVITA INC COM 23918K108   1,814,020 13,091 SH   SOLE   0 0 13,091
DIAGEO PLC SPON ADR NEW 25243Q205   502,933 3,989 SH   SOLE   0 0 3,989
ENTERPRISE PRODS PARTNERS L COM 293792107   4,039,001 139,372 SH   SOLE   0 0 139,372
EXPEDITORS INTL WASH INC COM 302130109   274,538 2,200 SH   SOLE   0 0 2,200
FRP HLDGS INC COM 30292L107   1,312,547 46,022 SH   SOLE   0 0 46,022
GRUPO AVAL ACCIONES Y VALORE SPONSORED ADS 40053W101   67,826 31,113 SH   SOLE   0 0 31,113
INTERACTIVE BROKERS GROUP IN COM CL A 45841N107   3,053,476 24,906 SH   SOLE   0 0 24,906
JPMORGAN CHASE & CO. COM 46625H100   2,103,504 10,400 SH   SOLE   0 0 10,400
JEFFERIES FINL GROUP INC COM 47233W109   5,348,255 107,481 SH   SOLE   0 0 107,481
LOCKHEED MARTIN CORP COM 539830109   1,821,690 3,900 SH   SOLE   0 0 3,900
MARKEL GROUP INC COM 570535104   1,514,209 961 SH   SOLE   0 0 961
MID-AMER APT CMNTYS INC COM 59522J103   286,361 2,008 SH   SOLE   0 0 2,008
NEW ENGLAND RLTY ASSOC LTD P DEPOSITRY RCPT 644206104   609,529 8,636 SH   SOLE   0 0 8,636
PARK AEROSPACE CORP COM 70014A104   887,586 64,882 SH   SOLE   0 0 64,882
PHILIP MORRIS INTL INC COM 718172109   10,757,902 106,167 SH   SOLE   0 0 106,167
SEACOR MARINE HLDGS INC COM 78413P101   1,455,058 107,862 SH   SOLE   0 0 107,862
SLM CORP COM 78442P106   918,752 44,192 SH   SOLE   0 0 44,192
SPDR S&P 500 ETF TR TR UNIT 78462F103   8,163,300 15,000 SH   SOLE   0 0 15,000
SITIO ROYALTIES CORP CLASS A COM 82983N108   985,411 41,737 SH   SOLE   0 0 41,737
SPROUTS FMRS MKT INC COM 85208M102   3,053,590 36,500 SH   SOLE   0 0 36,500
SUNCOR ENERGY INC NEW COM 867224107   2,148,840 56,400 SH   SOLE   0 0 56,400
TIDEWATER INC NEW COM 88642R109   728,642 7,653 SH   SOLE   0 0 7,653
TURNING PT BRANDS INC COM 90041L105   833,185 25,964 SH   SOLE   0 0 25,964
VANGUARD TAX-MANAGED FDS VAN FTSE DEV MKT 921943858   11,514,860 233,000 SH   SOLE   0 0 233,000
VIRTU FINL INC CL A 928254101   1,853,966 82,582 SH   SOLE   0 0 82,582
WARRIOR MET COAL INC COM 93627C101   389,111 6,199 SH   SOLE   0 0 6,199
WIDEOPENWEST INC COM 96758W101   71,466 13,210 SH   SOLE   0 0 13,210
WILLIAMS COS INC COM 969457100   382,500 9,000 SH   SOLE   0 0 9,000