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   1,024,413 67,307 SH   SOLE   0 0 67,307
BANK OF NT BUTTERFIELD&SON L SHS NEW G0772R208   715,929 26,167 SH   SOLE   0 0 26,167
LIBERTY LATIN AMERICA LTD COM CL C G9001E128   1,750,619 203,088 SH   SOLE   0 0 203,088
VALARIS LIMITED *W EXP 04/29/202 G9460G119   505,240 47,890 SH   SOLE   0 0 47,890
CHECK POINT SOFTWARE TECH LT ORD M22465104   3,418,497 27,213 SH   SOLE   0 0 27,213
FRONTLINE PLC COM M46528101   272,321 18,742 SH   SOLE   0 0 18,742
DHT HOLDINGS INC SHS NEW Y2065G121   1,840,791 215,802 SH   SOLE   0 0 215,802
INTERNATIONAL SEAWAYS INC COM Y41053102   1,657,972 43,357 SH   SOLE   0 0 43,357
TEEKAY TANKERS LTD CL A Y8565N300   1,015,312 26,558 SH   SOLE   0 0 26,558
AFLAC INC COM 001055102   523,500 7,500 SH   SOLE   0 0 7,500
ALPHABET INC CAP STK CL C 02079K107   1,026,672 8,487 SH   SOLE   0 0 8,487
BANK AMERICA CORP COM 060505104   1,023,659 35,680 SH   SOLE   0 0 35,680
BANK NEW YORK MELLON CORP COM 064058100   2,143,638 48,150 SH   SOLE   0 0 48,150
BERKSHIRE HATHAWAY INC DEL CL A 084670108   3,106,860 6 SH   SOLE   0 0 6
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702   13,213,750 38,750 SH   SOLE   0 0 38,750
BLACK STONE MINERALS L P COM UNIT 09225M101   9,221,477 578,149 SH   SOLE   0 0 578,149
BRITISH AMERN TOB PLC SPONSORED ADR 110448107   10,842,489 304,781 SH   SOLE   0 0 304,781
BUILDERS FIRSTSOURCE INC COM 12008R107   3,064,488 22,533 SH   SOLE   0 0 22,533
CBOE GLOBAL MKTS INC COM 12503M108   406,577 2,946 SH   SOLE   0 0 2,946
CVR PARTNERS LP COM 126633205   891,595 11,051 SH   SOLE   0 0 11,051
CALUMET SPECIALTY PRODS PART UT LTD PARTNER 131476103   1,226,216 77,315 SH   SOLE   0 0 77,315
CANADIAN NAT RES LTD COM 136385101   2,194,140 39,000 SH   SOLE   0 0 39,000
CARMAX INC COM 143130102   1,004,400 12,000 SH   SOLE   0 0 12,000
CELANESE CORP DEL COM 150870103   231,600 2,000 SH   SOLE   0 0 2,000
CORE LABORATORIES INC COM 21867A105   740,745 31,860 SH   SOLE   0 0 31,860
DAVITA INC COM 23918K108   1,315,253 13,091 SH   SOLE   0 0 13,091
ENBRIDGE INC COM 29250N105   371,500 10,000 SH   SOLE   0 0 10,000
ENTERPRISE PRODS PARTNERS L COM 293792107   2,781,058 105,543 SH   SOLE   0 0 105,543
EXPEDITORS INTL WASH INC COM 302130109   266,486 2,200 SH   SOLE   0 0 2,200
FRP HLDGS INC COM 30292L107   734,420 12,757 SH   SOLE   0 0 12,757
FAIR ISAAC CORP COM 303250104   424,835 525 SH   SOLE   0 0 525
GLOBE LIFE INC COM 37959E102   712,530 6,500 SH   SOLE   0 0 6,500
GRUPO AVAL ACCIONES Y VALORE SPONSORED ADS 40053W101   65,245 28,123 SH   SOLE   0 0 28,123
HINGHAM INSTN SVGS MASS COM 433323102   665,974 3,124 SH   SOLE   0 0 3,124
HUNTINGTON INGALLS INDS INC COM 446413106   631,590 2,775 SH   SOLE   0 0 2,775
INTERACTIVE BROKERS GROUP IN COM CL A 45841N107   2,161,398 26,019 SH   SOLE   0 0 26,019
JPMORGAN CHASE & CO COM 46625H100   1,512,576 10,400 SH   SOLE   0 0 10,400
JEFFERIES FINL GROUP INC COM 47233W109   3,565,145 107,481 SH   SOLE   0 0 107,481
LIBERTY BROADBAND CORP COM SER A 530307107   207,059 2,597 SH   SOLE   0 0 2,597
LOCKHEED MARTIN CORP COM 539830109   1,795,482 3,900 SH   SOLE   0 0 3,900
MAGELLAN MIDSTREAM PRTNRS LP COM UNIT RP LP 559080106   2,409,914 38,670 SH   SOLE   0 0 38,670
MARKEL GROUP INC COM 570535104   1,587,891 1,148 SH   SOLE   0 0 1,148
NEW ENGLAND RLTY ASSOC LTD P DEPOSITRY RCPT 644206104   663,297 9,090 SH   SOLE   0 0 9,090
PBF ENERGY INC CL A 69318G106   608,123 14,854 SH   SOLE   0 0 14,854
PARK AEROSPACE CORP COM 70014A104   454,517 32,936 SH   SOLE   0 0 32,936
PATRIOT TRANSN HLDG INC COM 70338W105   147,726 17,472 SH   SOLE   0 0 17,472
PETROLEO BRASILEIRO SA PETRO SP ADR NON VTG 71654V101   1,071,440 86,616 SH   SOLE   0 0 86,616
PHILIP MORRIS INTL INC COM 718172109   7,503,464 76,864 SH   SOLE   0 0 76,864
ROCKET COS INC COM CL A 77311W101   193,276 21,571 SH   SOLE   0 0 21,571
SEACOR MARINE HLDGS INC COM 78413P101   1,203,259 105,272 SH   SOLE   0 0 105,272
SPDR S&P 500 ETF TR TR UNIT 78462F103   6,649,200 15,000 SH   SOLE   0 0 15,000
SITIO ROYALTIES CORP CLASS A COM 82983N108   1,096,431 41,737 SH   SOLE   0 0 41,737
SKY HARBOUR GROUP CORPORATIO *W EXP 10/21/202 83085C115   34,090 110,002 SH   SOLE   0 0 110,002
SPROUTS FMRS MKT INC COM 85208M102   1,340,645 36,500 SH   SOLE   0 0 36,500
SUNCOR ENERGY INC NEW COM 867224107   1,653,648 56,400 SH   SOLE   0 0 56,400
TURNING PT BRANDS INC COM 90041L105   2,823,096 117,580 SH   SOLE   0 0 117,580
VANGUARD TAX-MANAGED FDS VAN FTSE DEV MKT 921943858   10,759,940 233,000 SH   SOLE   0 0 233,000
VIRTU FINL INC CL A 928254101   1,249,775 73,129 SH   SOLE   0 0 73,129
WILLIAM PENN BANCORPORATION COM 96927A105   202,452 19,946 SH   SOLE   0 0 19,946
WILLIAMS COS INC COM 969457100   293,670 9,000 SH   SOLE   0 0 9,000