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 (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
ALIBABA GROUP HLDG LTD SPONSORED ADS 01609W102 1,566 10,580 SH   SOLE   6,000 1 4,580
APPLE INC COM 037833100 1,989 14,060 SH   SOLE   9,800 1 4,260
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 13,636 49,960 SH   SOLE   0 1 49,960
BERKSHIRE HATHAWAY INC DEL CL A 084670108 411 1 SH   SOLE   0 0 1
COMMERCIAL METALS CO COM 201723103 34,426 1,130,200 SH   SOLE   918,300 1 211,900
ENBRIDGE INC COM 29250N105 15,554 390,800 SH   SOLE   260,000 1 130,800
ENERGY TRANSFER L P COM UT LTD PTN 29273V100 14,267 1,489,200 SH   SOLE   1,489,200 1 0
ENTERPRISE PRODS PARTNERS L COM 293792107 34,481 1,593,400 SH   SOLE   1,593,400 1 0
INTEL CORP COM 458140100 22,303 418,600 SH   SOLE   314,200 1 104,400
KINDER MORGAN INC DEL COM 49456B101 15,641 934,900 SH   SOLE   663,600 1 271,300
NUTRIEN LTD COM 67077M108 1,297 20,000 SH   SOLE   20,000 1 0
OLD REP INTL CORP COM 680223104 7,658 331,100 SH   SOLE   331,100 1 0
ST JOE CO COM 790148100 1,062,734 25,243,090 SH   SOLE   23,449,191 1 1,793,899
WESTERN MIDSTREAM PARTNERS L COM UNIT LP INT 958669103 7,877 375,800 SH   SOLE   375,800 1 0
WILLIAMS COS INC COM 969457100 8,604 331,700 SH   SOLE   192,300 1 139,400