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
EURONAV NV SHS B38564108   1,361,752 79,915 SH   SOLE   0 0 79,915
LIBERTY LATIN AMERICA LTD COM CL C G9001E128   1,543,469 203,088 SH   SOLE   0 0 203,088
CHECK POINT SOFTWARE TECH LT ORD M22465104   4,098,181 32,484 SH   SOLE   0 0 32,484
CORE LABORATORIES N V COM N22717107   693,498 34,213 SH   SOLE   0 0 34,213
DHT HOLDINGS INC SHS NEW Y2065G121   2,182,722 245,802 SH   SOLE   0 0 245,802
INTERNATIONAL SEAWAYS INC COM Y41053102   2,000,302 54,033 SH   SOLE   0 0 54,033
TEEKAY CORPORATION COM Y8564W103   2,308,285 74,920 SH   SOLE   0 0 74,920
AFLAC INC COM 001055102   611,490 8,500 SH   SOLE   0 0 8,500
ALPHABET INC CAP STK CL C 02079K107   753,052 8,487 SH   SOLE   0 0 8,487
B. RILEY FINANCIAL INC COM 05580M108   1,565,437 45,773 SH   SOLE   0 0 45,773
BANK AMERICA CORP COM 060505104   894,240 27,000 SH   SOLE   0 0 27,000
BANK NEW YORK MELLON CORP COM 064058100   2,601,468 57,150 SH   SOLE   0 0 57,150
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702   1,467,913 203 SH   SOLE   0 0 203
BLACK STONE MINERALS L P COM UNIT 09225M101   12,149,369 720,176 SH   SOLE   0 0 720,176
BRITISH AMERN TOB PLC SPONSORED ADR 110448107   10,335,989 258,529 SH   SOLE   0 0 258,529
BUILDERS FIRSTSOURCE INC COM 12008R107   1,679,938 25,893 SH   SOLE   0 0 25,893
CBOE GLOBAL MKTS INC COM 12503M108   878,290 7,000 SH   SOLE   0 0 7,000
CVR PARTNERS LP COM 126633205   1,301,103 12,936 SH   SOLE   0 0 12,936
CANADIAN NAT RES LTD COM 136385101   2,554,380 46,000 SH   SOLE   0 0 46,000
CARMAX INC COM 143130102   940,385 15,444 SH   SOLE   0 0 15,444
CELANESE CORP DEL COM 150870103   204,480 2,000 SH   SOLE   0 0 2,000
DAVITA INC COM 23918K108   1,177,919 15,775 SH   SOLE   0 0 15,775
ENBRIDGE INC COM 29250N105   782,000 20,000 SH   SOLE   0 0 20,000
ENTERPRISE PRODS PARTNERS L COM 293792107   3,136,420 130,034 SH   SOLE   0 0 130,034
EXPEDITORS INTL WASH INC COM 302130109   228,624 2,200 SH   SOLE   0 0 2,200
FG FINANCIAL GROUP INC COM 30259W104   40,037 14,048 SH   SOLE   0 0 14,048
FRP HLDGS INC COM 30292L107   344,596 6,398 SH   SOLE   0 0 6,398
FAIR ISAAC CORP COM 303250104   433,971 725 SH   SOLE   0 0 725
GLOBE LIFE INC COM 37959E102   1,084,950 9,000 SH   SOLE   0 0 9,000
HINGHAM INSTN SVGS MASS COM 433323102   695,971 2,522 SH   SOLE   0 0 2,522
INTERACTIVE BROKERS GROUP IN COM CL A 45841N107   1,887,612 26,090 SH   SOLE   0 0 26,090
JPMORGAN CHASE & CO COM 46625H100   1,394,640 10,400 SH   SOLE   0 0 10,400
JEFFERIES FINL GROUP INC COM 47233W109   5,054,997 147,462 SH   SOLE   0 0 147,462
LOCKHEED MARTIN CORP COM 539830109   2,237,854 4,600 SH   SOLE   0 0 4,600
MAGELLAN MIDSTREAM PRTNRS LP COM UNIT RP LP 559080106   2,544,141 50,670 SH   SOLE   0 0 50,670
MARKEL CORP COM 570535104   2,417,594 1,835 SH   SOLE   0 0 1,835
MIRION TECHNOLOGIES INC COM CL A 60471A101   106,652 16,135 SH   SOLE   0 0 16,135
NEW ENGLAND RLTY ASSOC LTD P DEPOSITRY RCPT 644206104   652,206 9,186 SH   SOLE   0 0 9,186
PARK AEROSPACE CORP COM 70014A104   485,750 36,223 SH   SOLE   0 0 36,223
PATRIOT TRANSN HLDG INC COM 70338W105   123,812 17,612 SH   SOLE   0 0 17,612
PETROLEO BRASILEIRO SA PETRO SPONSORED ADR 71654V408   800,752 86,195 SH   SOLE   0 0 86,195
PHILIP MORRIS INTL INC COM 718172109   6,791,191 67,100 SH   SOLE   0 0 67,100
QURATE RETAIL INC COM SER A 74915M100   329,890 9,629 SH   SOLE   0 0 9,629
SITIO ROYALTIES CORP CLASS A COM 82982V101   692,458 24,002 SH   SOLE   0 0 24,002
SPROUTS FMRS MKT INC COM 85208M102   1,472,835 45,500 SH   SOLE   0 0 45,500
SUNCOR ENERGY INC NEW COM 867224107   2,106,872 66,400 SH   SOLE   0 0 66,400
TURNING PT BRANDS INC COM 90041L105   2,547,581 117,780 SH   SOLE   0 0 117,780
VIRTU FINL INC CL A 928254101   836,810 41,000 SH   SOLE   0 0 41,000
WELLS FARGO CO NEW COM 949746101   822,703 19,925 SH   SOLE   0 0 19,925
WILLIAM PENN BANCORPORATION COM 96927A105   231,734 19,120 SH   SOLE   0 0 19,120
WILLIAMS COS INC COM 969457100   1,770,020 53,800 SH   SOLE   0 0 53,800