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
ASSOCIATED CAP GROUP INC CL A 045528106   3,637,225 99,650 SH   SOLE   0 0 99,650
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702   2,754,409 7,863 SH   SOLE   0 0 7,863
BOEING CO COM 097023105   973,352 5,078 SH   SOLE   0 0 5,078
CACI INTL INC CL A 127190304   6,806,003 21,680 SH   SOLE   0 0 21,680
CARNIVAL CORP COMMON STOCK 143658300   3,999,380 291,500 SH   SOLE   0 0 291,500
CBOE GLOBAL MKTS INC COM 12503M108   1,383,240 8,855 SH   SOLE   0 0 8,855
CIVEO CORP CDA COM NEW 17878Y207   6,747,386 325,489 SH   SOLE   0 0 325,489
CME GROUP INC COM 12572Q105   1,490,438 7,444 SH   SOLE   0 0 7,444
FRANCO NEV CORP COM 351858105   5,580,538 41,805 SH   SOLE   0 0 41,805
HOWARD HUGHES HOLDINGS INC COM 44267T102   226,097 3,050 SH   SOLE   0 0 3,050
INTERCONTINENTAL EXCHANGE IN COM 45866F104   1,147,509 10,430 SH   SOLE   0 0 10,430
INVESCO EXCHANGE TRADED FD T S&P500 EQL WGT 46137V357   230,388 1,626 SH   SOLE   0 0 1,626
ISHARES TR MSCI ACWI EX US 464288240   381,957 8,125 SH   SOLE   0 0 8,125
LIBERTY MEDIA CORP DEL COM LBTY SRM S C 531229789   292,686 4,698 SH   SOLE   0 0 4,698
MESABI TR CTF BEN INT 590672101   7,131,072 355,310 SH   SOLE   0 0 355,310
PERMIAN BASIN RTY TR UNIT BEN INT 714236106   7,134,256 335,730 SH   SOLE   0 0 335,730
RENN FD INC COM 759720105   50,120 28,000 SH   SOLE   0 0 28,000
RLI CORP COM 749607107   747,395 5,500 SH   SOLE   0 0 5,500
RUMBLE INC COM CL A 78137L105   211,650 41,500 SH   SOLE   0 0 41,500
SANDSTORM GOLD LTD COM NEW 80013R206   1,363,587 292,615 SH   SOLE   0 0 292,615
TEJON RANCH CO COM 879080109   3,461,754 213,425 SH   SOLE   0 0 213,425
TEXAS PACIFIC LAND CORPORATI COM 88262P102   73,659,709 40,393 SH   SOLE   0 0 40,393
VANGUARD INDEX FDS TOTAL STK MKT 922908769   2,651,302 12,482 SH   SOLE   0 0 12,482
VANGUARD SPECIALIZED FUNDS DIV APP ETF 921908844   1,561,880 10,052 SH   SOLE   0 0 10,052
WHEATON PRECIOUS METALS CORP COM 962879102   7,703,341 189,971 SH   SOLE   0 0 189,971