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   1,552,353 42,092 SH   SOLE   0 0 42,092
BURFORD CAP LTD ORD SHS G17977110   308,839 23,291 SH   SOLE   0 0 23,291
ROYALTY PHARMA PLC SHS CLASS A G7709Q104   542,885 19,190 SH   SOLE   0 0 19,190
TORM PLC SHS CL A G89479102   323,437 9,460 SH   SOLE   0 0 9,460
LIBERTY LATIN AMERICA LTD COM CL C G9001E128   1,307,285 137,754 SH   SOLE   0 0 137,754
VALARIS LTD *W EXP 04/29/202 G9460G119   523,597 62,333 SH   SOLE   0 0 62,333
CHECK POINT SOFTWARE TECH LT ORD M22465104   5,225,151 27,100 SH   SOLE   0 0 27,100
CRESUD S A C I F Y A *W EXP 03/09/202 P3311R259   168,701 295,967 SH   SOLE   0 0 295,967
DHT HOLDINGS INC SHS NEW Y2065G121   1,078,778 97,804 SH   SOLE   0 0 97,804
INTERNATIONAL SEAWAYS INC COM Y41053102   1,102,404 21,381 SH   SOLE   0 0 21,381
AFLAC INC COM 001055102   838,500 7,500 SH   SOLE   0 0 7,500
A-MARK PRECIOUS METALS INC COM 00181T107   733,056 16,600 SH   SOLE   0 0 16,600
EA SERIES TRUST ALPHA ARCH 1-3 02072L565   3,615,931 33,195 SH   SOLE   0 0 33,195
ALPHABET INC CAP STK CL C 02079K107   1,418,942 8,487 SH   SOLE   0 0 8,487
BANK AMERICA CORP COM 060505104   1,415,782 35,680 SH   SOLE   0 0 35,680
BANK NEW YORK MELLON CORP COM 064058100   3,460,059 48,150 SH   SOLE   0 0 48,150
BERKSHIRE HATHAWAY INC DEL CL A 084670108   4,147,080 6 SH   SOLE   0 0 6
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702   17,839,678 38,760 SH   SOLE   0 0 38,760
BLACK STONE MINERALS L P COM UNIT 09225M101   8,285,340 548,698 SH   SOLE   0 0 548,698
BRITISH AMERN TOB PLC SPONSORED ADR 110448107   11,505,544 314,531 SH   SOLE   0 0 314,531
BUILDERS FIRSTSOURCE INC COM 12008R107   4,294,193 22,151 SH   SOLE   0 0 22,151
CBOE GLOBAL MKTS INC COM 12503M108   603,547 2,946 SH   SOLE   0 0 2,946
CVR PARTNERS LP COM 126633205   741,854 11,051 SH   SOLE   0 0 11,051
CANADIAN NAT RES LTD COM 136385101   5,160,934 155,403 SH   SOLE   0 0 155,403
CELANESE CORP DEL COM 150870103   271,920 2,000 SH   SOLE   0 0 2,000
CORE LABORATORIES INC COM 21867A105   590,366 31,860 SH   SOLE   0 0 31,860
DAVITA INC COM 23918K108   2,146,008 13,091 SH   SOLE   0 0 13,091
DIAGEO PLC SPON ADR NEW 25243Q205   559,816 3,989 SH   SOLE   0 0 3,989
ENTERPRISE PRODS PARTNERS L COM 293792107   4,057,119 139,372 SH   SOLE   0 0 139,372
EXPEDITORS INTL WASH INC COM 302130109   289,080 2,200 SH   SOLE   0 0 2,200
FRP HLDGS INC COM 30292L107   1,374,217 46,022 SH   SOLE   0 0 46,022
GRUPO AVAL ACCIONES Y VALORE SPONSORED ADS 40053W101   63,159 31,113 SH   SOLE   0 0 31,113
INTERACTIVE BROKERS GROUP IN COM CL A 45841N107   3,470,900 24,906 SH   SOLE   0 0 24,906
JPMORGAN CHASE & CO. COM 46625H100   2,192,944 10,400 SH   SOLE   0 0 10,400
JEFFERIES FINL GROUP INC COM 47233W109   3,334,841 54,181 SH   SOLE   0 0 54,181
LOCKHEED MARTIN CORP COM 539830109   2,279,784 3,900 SH   SOLE   0 0 3,900
MARKEL GROUP INC COM 570535104   1,507,405 961 SH   SOLE   0 0 961
MID-AMER APT CMNTYS INC COM 59522J103   319,071 2,008 SH   SOLE   0 0 2,008
NEW ENGLAND RLTY ASSOC LTD P DEPOSITRY RCPT 644206104   716,788 8,636 SH   SOLE   0 0 8,636
PARK AEROSPACE CORP COM 70014A104   845,412 64,882 SH   SOLE   0 0 64,882
PHILIP MORRIS INTL INC COM 718172109   12,888,674 106,167 SH   SOLE   0 0 106,167
SEACOR MARINE HLDGS INC COM 78413P101   1,040,868 107,862 SH   SOLE   0 0 107,862
SLM CORP COM 78442P106   1,206,415 52,751 SH   SOLE   0 0 52,751
SPDR S&P 500 ETF TR TR UNIT 78462F103   8,606,400 15,000 SH   SOLE   0 0 15,000
SITIO ROYALTIES CORP CLASS A COM 82983N108   869,799 41,737 SH   SOLE   0 0 41,737
SPROUTS FMRS MKT INC COM 85208M102   4,029,965 36,500 SH   SOLE   0 0 36,500
TIDEWATER INC NEW COM 88642R109   549,409 7,653 SH   SOLE   0 0 7,653
TURNING PT BRANDS INC COM 90041L105   1,120,347 25,964 SH   SOLE   0 0 25,964
VANGUARD TAX-MANAGED FDS VAN FTSE DEV MKT 921943858   12,304,730 233,000 SH   SOLE   0 0 233,000
VIRTU FINL INC CL A 928254101   2,515,448 82,582 SH   SOLE   0 0 82,582
WARRIOR MET COAL INC COM 93627C101   1,241,705 19,432 SH   SOLE   0 0 19,432