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   1,273,486 39,784 SH   SOLE   0 0 39,784
TORM PLC SHS CL A G89479102   502,100 16,511 SH   SOLE   0 0 16,511
LIBERTY LATIN AMERICA LTD COM CL C G9001E128   1,047,814 142,754 SH   SOLE   0 0 142,754
VALARIS LTD *W EXP 04/29/202 G9460G119   671,263 54,797 SH   SOLE   0 0 54,797
CHECK POINT SOFTWARE TECH LT ORD M22465104   4,157,874 27,213 SH   SOLE   0 0 27,213
CRESUD S A C I F Y A *W EXP 03/09/202 P3311R259   75,693 130,482 SH   SOLE   0 0 130,482
DHT HOLDINGS INC SHS NEW Y2065G121   2,222,956 226,601 SH   SOLE   0 0 226,601
INTERNATIONAL SEAWAYS INC COM Y41053102   1,971,876 43,357 SH   SOLE   0 0 43,357
AFLAC INC COM 001055102   618,750 7,500 SH   SOLE   0 0 7,500
EA SERIES TRUST ALPHA ARCH 1-3 02072L565   781,475 7,432 SH   SOLE   0 0 7,432
ALPHABET INC CAP STK CL C 02079K107   1,196,073 8,487 SH   SOLE   0 0 8,487
BANK AMERICA CORP COM 060505104   1,201,346 35,680 SH   SOLE   0 0 35,680
BANK NEW YORK MELLON CORP COM 064058100   2,506,208 48,150 SH   SOLE   0 0 48,150
BERKSHIRE HATHAWAY INC DEL CL A 084670108   3,255,750 6 SH   SOLE   0 0 6
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702   13,824,142 38,760 SH   SOLE   0 0 38,760
BLACK STONE MINERALS L P COM UNIT 09225M101   8,757,220 548,698 SH   SOLE   0 0 548,698
BRITISH AMERN TOB PLC SPONSORED ADR 110448107   9,130,601 300,831 SH   SOLE   0 0 300,831
BUILDERS FIRSTSOURCE INC COM 12008R107   3,761,659 22,533 SH   SOLE   0 0 22,533
CBOE GLOBAL MKTS INC COM 12503M108   526,038 2,946 SH   SOLE   0 0 2,946
CVR PARTNERS LP COM 126633205   723,841 11,051 SH   SOLE   0 0 11,051
CALUMET SPECIALTY PRODS PART UT LTD PARTNER 131476103   1,384,764 77,491 SH   SOLE   0 0 77,491
CANADIAN NAT RES LTD COM 136385101   2,555,280 39,000 SH   SOLE   0 0 39,000
CARMAX INC COM 143130102   920,880 12,000 SH   SOLE   0 0 12,000
CELANESE CORP DEL COM 150870103   310,740 2,000 SH   SOLE   0 0 2,000
CORE LABORATORIES INC COM 21867A105   562,648 31,860 SH   SOLE   0 0 31,860
DAVITA INC COM 23918K108   1,371,413 13,091 SH   SOLE   0 0 13,091
ENTERPRISE PRODS PARTNERS L COM 293792107   3,672,452 139,372 SH   SOLE   0 0 139,372
EXPEDITORS INTL WASH INC COM 302130109   279,840 2,200 SH   SOLE   0 0 2,200
FRP HLDGS INC COM 30292L107   1,446,932 23,011 SH   SOLE   0 0 23,011
GLOBE LIFE INC COM 37959E102   791,180 6,500 SH   SOLE   0 0 6,500
GRUPO AVAL ACCIONES Y VALORE SPONSORED ADS 40053W101   68,339 28,123 SH   SOLE   0 0 28,123
HINGHAM INSTN SVGS MASS COM 433323102   545,098 2,804 SH   SOLE   0 0 2,804
HUNTINGTON INGALLS INDS INC COM 446413106   720,501 2,775 SH   SOLE   0 0 2,775
INTERACTIVE BROKERS GROUP IN COM CL A 45841N107   2,156,975 26,019 SH   SOLE   0 0 26,019
JPMORGAN CHASE & CO COM 46625H100   1,769,040 10,400 SH   SOLE   0 0 10,400
JEFFERIES FINL GROUP INC COM 47233W109   4,343,307 107,481 SH   SOLE   0 0 107,481
LOCKHEED MARTIN CORP COM 539830109   1,767,636 3,900 SH   SOLE   0 0 3,900
MARKEL GROUP INC COM 570535104   1,630,045 1,148 SH   SOLE   0 0 1,148
NEW ENGLAND RLTY ASSOC LTD P DEPOSITRY RCPT 644206104   563,176 8,080 SH   SOLE   0 0 8,080
PARK AEROSPACE CORP COM 70014A104   969,142 65,928 SH   SOLE   0 0 65,928
PETROLEO BRASILEIRO SA PETRO SP ADR NON VTG 71654V101   1,323,492 86,616 SH   SOLE   0 0 86,616
PHILIP MORRIS INTL INC COM 718172109   7,431,661 78,993 SH   SOLE   0 0 78,993
ROCKET COS INC COM CL A 77311W101   312,348 21,571 SH   SOLE   0 0 21,571
SEACOR MARINE HLDGS INC COM 78413P101   1,357,983 107,862 SH   SOLE   0 0 107,862
SPDR S&P 500 ETF TR TR UNIT 78462F103   7,129,650 15,000 SH   SOLE   0 0 15,000
SITIO ROYALTIES CORP CLASS A COM 82983N108   981,237 41,737 SH   SOLE   0 0 41,737
SPIRIT AIRLS INC COM 848577102   327,800 20,000 SH   SOLE   0 0 20,000
SPROUTS FMRS MKT INC COM 85208M102   1,756,015 36,500 SH   SOLE   0 0 36,500
SUNCOR ENERGY INC NEW COM 867224107   1,807,056 56,400 SH   SOLE   0 0 56,400
TIDEWATER INC NEW COM 88642R109   521,860 7,237 SH   SOLE   0 0 7,237
TURNING PT BRANDS INC COM 90041L105   2,847,824 108,200 SH   SOLE   0 0 108,200
VANGUARD TAX-MANAGED FDS VAN FTSE DEV MKT 921943858   11,160,700 233,000 SH   SOLE   0 0 233,000
VIRTU FINL INC CL A 928254101   1,583,177 78,143 SH   SOLE   0 0 78,143
WILLIAMS COS INC COM 969457100   313,470 9,000 SH   SOLE   0 0 9,000