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   1,538,463 42,092 SH   SOLE   0 0 42,092
BURFORD CAP LTD ORD SHS G17977110   296,960 23,291 SH   SOLE   0 0 23,291
ROYALTY PHARMA PLC SHS CLASS A G7709Q104   489,537 19,190 SH   SOLE   0 0 19,190
LIBERTY LATIN AMERICA LTD COM CL C G9001E128   873,360 137,754 SH   SOLE   0 0 137,754
VALARIS LTD CL A G9460G101   445,939 10,080 SH   SOLE   0 0 10,080
VALARIS LTD *W EXP 04/29/202 G9460G119   561,895 81,434 SH   SOLE   0 0 81,434
CHECK POINT SOFTWARE TECH LT ORD M22465104   2,459,773 13,175 SH   SOLE   0 0 13,175
CRESUD S A C I F Y A *W EXP 03/09/202 P3311R259   319,644 295,967 SH   SOLE   0 0 295,967
DHT HOLDINGS INC SHS NEW Y2065G121   908,599 97,804 SH   SOLE   0 0 97,804
INTERNATIONAL SEAWAYS INC COM Y41053102   768,433 21,381 SH   SOLE   0 0 21,381
AFLAC INC COM 001055102   775,800 7,500 SH   SOLE   0 0 7,500
A-MARK PRECIOUS METALS INC COM 00181T107   454,840 16,600 SH   SOLE   0 0 16,600
EA SERIES TRUST ALPHA ARCH 1-3 02072L565   4,680,835 42,445 SH   SOLE   0 0 42,445
ALPHABET INC CAP STK CL C 02079K107   1,616,264 8,487 SH   SOLE   0 0 8,487
BANK AMERICA CORP COM 060505104   762,093 17,340 SH   SOLE   0 0 17,340
BANK NEW YORK MELLON CORP COM 064058100   1,039,126 13,525 SH   SOLE   0 0 13,525
BERKSHIRE HATHAWAY INC DEL CL A 084670108   4,085,520 6 SH   SOLE   0 0 6
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702   9,591,405 21,160 SH   SOLE   0 0 21,160
BLACK STONE MINERALS L P COM UNIT 09225M101   8,444,961 578,422 SH   SOLE   0 0 578,422
BRITISH AMERN TOB PLC SPONSORED ADR 110448107   11,423,766 314,531 SH   SOLE   0 0 314,531
BUILDERS FIRSTSOURCE INC COM 12008R107   1,386,564 9,701 SH   SOLE   0 0 9,701
CANADIAN NAT RES LTD COM 136385101   5,586,359 180,964 SH   SOLE   0 0 180,964
DAVITA INC COM 23918K108   619,586 4,143 SH   SOLE   0 0 4,143
DIAGEO PLC SPON ADR NEW 25243Q205   507,122 3,989 SH   SOLE   0 0 3,989
ENTERPRISE PRODS PARTNERS L COM 293792107   4,370,706 139,372 SH   SOLE   0 0 139,372
EXPEDITORS INTL WASH INC COM 302130109   243,694 2,200 SH   SOLE   0 0 2,200
FRP HLDGS INC COM 30292L107   1,434,342 46,828 SH   SOLE   0 0 46,828
INTERACTIVE BROKERS GROUP IN COM CL A 45841N107   3,975,075 22,500 SH   SOLE   0 0 22,500
JPMORGAN CHASE & CO. COM 46625H100   958,840 4,000 SH   SOLE   0 0 4,000
JEFFERIES FINL GROUP INC COM 47233W109   3,205,070 40,881 SH   SOLE   0 0 40,881
LOCKHEED MARTIN CORP COM 539830109   1,895,166 3,900 SH   SOLE   0 0 3,900
MID-AMER APT CMNTYS INC COM 59522J103   310,377 2,008 SH   SOLE   0 0 2,008
NEW ENGLAND RLTY ASSOC LTD P DEPOSITRY RCPT 644206104   714,197 8,636 SH   SOLE   0 0 8,636
PARK AEROSPACE CORP COM 70014A104   1,023,771 69,882 SH   SOLE   0 0 69,882
PHILIP MORRIS INTL INC COM 718172109   12,777,198 106,167 SH   SOLE   0 0 106,167
SEACOR MARINE HLDGS INC COM 78413P101   847,329 129,166 SH   SOLE   0 0 129,166
SLM CORP COM 78442P106   1,599,723 58,003 SH   SOLE   0 0 58,003
SPDR S&P 500 ETF TR TR UNIT 78462F103   8,791,200 15,000 SH   SOLE   0 0 15,000
TIDEWATER INC NEW COM 88642R109   1,400,302 25,595 SH   SOLE   0 0 25,595
VANGUARD TAX-MANAGED FDS VAN FTSE DEV MKT 921943858   11,142,060 233,000 SH   SOLE   0 0 233,000
VIRTU FINL INC CL A 928254101   2,946,526 82,582 SH   SOLE   0 0 82,582
WARRIOR MET COAL INC COM 93627C101   1,053,992 19,432 SH   SOLE   0 0 19,432