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   1,346,523 42,092 SH   SOLE   0 0 42,092
TORM PLC SHS CL A G89479102   714,623 20,447 SH   SOLE   0 0 20,447
LIBERTY LATIN AMERICA LTD COM CL C G9001E128   997,850 142,754 SH   SOLE   0 0 142,754
VALARIS LTD *W EXP 04/29/202 G9460G119   782,452 58,831 SH   SOLE   0 0 58,831
CHECK POINT SOFTWARE TECH LT ORD M22465104   4,463,204 27,213 SH   SOLE   0 0 27,213
CRESUD S A C I F Y A *W EXP 03/09/202 P3311R259   121,080 225,642 SH   SOLE   0 0 225,642
DHT HOLDINGS INC SHS NEW Y2065G121   2,605,912 226,601 SH   SOLE   0 0 226,601
INTERNATIONAL SEAWAYS INC COM Y41053102   2,306,592 43,357 SH   SOLE   0 0 43,357
AFLAC INC COM 001055102   643,950 7,500 SH   SOLE   0 0 7,500
EA SERIES TRUST ALPHA ARCH 1-3 02072L565   1,918,409 18,020 SH   SOLE   0 0 18,020
ALPHABET INC CAP STK CL C 02079K107   1,292,231 8,487 SH   SOLE   0 0 8,487
BANK AMERICA CORP COM 060505104   1,352,986 35,680 SH   SOLE   0 0 35,680
BANK NEW YORK MELLON CORP COM 064058100   2,774,403 48,150 SH   SOLE   0 0 48,150
BERKSHIRE HATHAWAY INC DEL CL A 084670108   3,806,640 6 SH   SOLE   0 0 6
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702   16,299,355 38,760 SH   SOLE   0 0 38,760
BLACK STONE MINERALS L P COM UNIT 09225M101   8,768,194 548,698 SH   SOLE   0 0 548,698
BRITISH AMERN TOB PLC SPONSORED ADR 110448107   9,507,796 311,731 SH   SOLE   0 0 311,731
BUILDERS FIRSTSOURCE INC COM 12008R107   4,699,257 22,533 SH   SOLE   0 0 22,533
CBOE GLOBAL MKTS INC COM 12503M108   541,269 2,946 SH   SOLE   0 0 2,946
CVR PARTNERS LP COM 126633205   868,498 11,051 SH   SOLE   0 0 11,051
CALUMET SPECIALTY PRODS PART UT LTD PARTNER 131476103   1,151,516 77,491 SH   SOLE   0 0 77,491
CANADIAN NAT RES LTD COM 136385101   2,976,480 39,000 SH   SOLE   0 0 39,000
CARMAX INC COM 143130102   1,045,320 12,000 SH   SOLE   0 0 12,000
CELANESE CORP DEL COM 150870103   343,720 2,000 SH   SOLE   0 0 2,000
CORE LABORATORIES INC COM 21867A105   544,169 31,860 SH   SOLE   0 0 31,860
DAVITA INC COM 23918K108   1,807,213 13,091 SH   SOLE   0 0 13,091
DIAGEO PLC SPON ADR NEW 25243Q205   374,825 2,520 SH   SOLE   0 0 2,520
ENTERPRISE PRODS PARTNERS L COM 293792107   4,066,875 139,372 SH   SOLE   0 0 139,372
EXPEDITORS INTL WASH INC COM 302130109   267,454 2,200 SH   SOLE   0 0 2,200
FRP HLDGS INC COM 30292L107   1,412,875 23,011 SH   SOLE   0 0 23,011
GLOBE LIFE INC COM 37959E102   756,405 6,500 SH   SOLE   0 0 6,500
GRUPO AVAL ACCIONES Y VALORE SPONSORED ADS 40053W101   64,964 28,123 SH   SOLE   0 0 28,123
HUNTINGTON INGALLS INDS INC COM 446413106   668,924 2,295 SH   SOLE   0 0 2,295
INTERACTIVE BROKERS GROUP IN COM CL A 45841N107   2,838,104 25,406 SH   SOLE   0 0 25,406
JPMORGAN CHASE & CO COM 46625H100   2,083,120 10,400 SH   SOLE   0 0 10,400
JEFFERIES FINL GROUP INC COM 47233W109   4,739,912 107,481 SH   SOLE   0 0 107,481
LOCKHEED MARTIN CORP COM 539830109   1,773,993 3,900 SH   SOLE   0 0 3,900
MARKEL GROUP INC COM 570535104   1,462,142 961 SH   SOLE   0 0 961
NEW ENGLAND RLTY ASSOC LTD P DEPOSITRY RCPT 644206104   620,928 8,636 SH   SOLE   0 0 8,636
PARK AEROSPACE CORP COM 70014A104   1,096,383 65,928 SH   SOLE   0 0 65,928
PHILIP MORRIS INTL INC COM 718172109   9,073,953 99,039 SH   SOLE   0 0 99,039
ROCKET COS INC COM CL A 77311W101   313,858 21,571 SH   SOLE   0 0 21,571
SEACOR MARINE HLDGS INC COM 78413P101   1,503,596 107,862 SH   SOLE   0 0 107,862
SLM CORP COM 78442P106   513,002 23,543 SH   SOLE   0 0 23,543
SPDR S&P 500 ETF TR TR UNIT 78462F103   7,846,050 15,000 SH   SOLE   0 0 15,000
SITIO ROYALTIES CORP CLASS A COM 82983N108   1,031,739 41,737 SH   SOLE   0 0 41,737
SPROUTS FMRS MKT INC COM 85208M102   2,353,520 36,500 SH   SOLE   0 0 36,500
SUNCOR ENERGY INC NEW COM 867224107   2,081,724 56,400 SH   SOLE   0 0 56,400
TIDEWATER INC NEW COM 88642R109   1,035,368 11,254 SH   SOLE   0 0 11,254
TURNING PT BRANDS INC COM 90041L105   2,560,996 87,406 SH   SOLE   0 0 87,406
VANGUARD TAX-MANAGED FDS VAN FTSE DEV MKT 921943858   11,689,610 233,000 SH   SOLE   0 0 233,000
VIRTU FINL INC CL A 928254101   1,694,583 82,582 SH   SOLE   0 0 82,582
WILLIAMS COS INC COM 969457100   350,730 9,000 SH   SOLE   0 0 9,000