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 (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
GANNETT CO INC COM 36473H104 603 60,275 SH   SOLE   60,275 0 0
SEMPRA ENERGY COM 816851109 434 3,818 SH   SOLE   3,818 0 0
NAVIOS MARITIME PARTNERS L P UNIT LPI Y62267102 41 23,693 SH   SOLE   23,693 0 0
EBAY INC COM 278642103 228 6,915 SH   SOLE   6,915 0 0
AMERICAS CAR MART INC COM 03062T105 237 3,030 SH   SOLE   3,030 0 0
FOREST CITY RLTY TR INC COM CL A 345605109 2,668 106,344 SH   SOLE   106,343 0 0
JOHNSON & JOHNSON COM 478160104 3,368 24,379 SH   SOLE   24,379 0 0
DISCOVERY INC COM SER C 25470F302 1,176 39,773 SH   SOLE   39,773 0 0
COVANTA HLDG CORP COM 22282E102 654 40,250 SH   SOLE   40,250 0 0
VANGUARD WHITEHALL FDS INC INTL DVD ETF 921946810 329 5,100 SH   SOLE   5,100 0 0
COSTCO WHSL CORP NEW COM 22160K105 583 2,484 SH   SOLE   2,484 0 0
CROSS TIMBERS RTY TR TR UNIT 22757R109 1,811 122,679 SH   SOLE   122,678 0 0
PERMIAN BASIN RTY TR UNIT BEN INT 714236106 556 69,650 SH   SOLE   69,650 0 0
SABINE ROYALTY TR UNIT BEN INT 785688102 1,582 37,479 SH   SOLE   37,478 0 0
LIBERTY MEDIA CORP DELAWARE COM C BRAVES GRP 531229888 270 9,917 SH   SOLE   9,917 0 0
PROCTER AND GAMBLE CO COM 742718109 348 4,184 SH   SOLE   4,184 0 0
COCA COLA CO COM 191216100 2,188 47,360 SH   SOLE   47,360 0 0
OCCIDENTAL PETE CORP DEL COM 674599105 568 6,907 SH   SOLE   6,907 0 0
INTEL CORP COM 458140100 387 8,194 SH   SOLE   8,194 0 0
CLOROX CO DEL COM 189054109 226 1,500 SH   SOLE   1,500 0 0
AMERCO COM 023586100 1,543 4,326 SH   SOLE   4,326 0 0
TIDEWATER INC NEW COM 88642R109 1,978 63,405 SH   SOLE   63,405 0 0
SANOFI SPONSORED ADR 80105N105 255 5,700 SH   SOLE   5,700 0 0
MERCK & CO INC COM 58933Y105 309 4,354 SH   SOLE   4,354 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 446 1,534 SH   SOLE   1,534 0 0
EMERSON ELEC CO COM 291011104 1,883 24,584 SH   SOLE   24,584 0 0
AMERICAN NATL INS CO COM 028591105 1,563 12,091 SH   SOLE   12,091 0 0
ANNALY CAP MGMT INC COM 035710409 194 18,950 SH   SOLE   18,950 0 0
ALASKA AIR GROUP INC COM 011659109 317 4,600 SH   SOLE   4,600 0 0
ANIXTER INTL INC COM 035290105 239 3,400 SH   SOLE   3,400 0 0
CORNING INC COM 219350105 544 15,420 SH   SOLE   15,420 0 0
BANK NEW YORK MELLON CORP COM 064058100 4,071 79,840 SH   SOLE   79,840 0 0
TEGNA INC COM 87901J105 1,670 139,605 SH   SOLE   139,605 0 0
VERIZON COMMUNICATIONS INC COM 92343V104 286 5,352 SH   SOLE   5,352 0 0
PEPSICO INC COM 713448108 355 3,171 SH   SOLE   3,171 0 0
C&J ENERGY SVCS INC NEW COM 12674R100 794 38,195 SH   SOLE   38,195 0 0
MARATHON OIL CORP COM 565849106 1,067 45,816 SH   SOLE   45,816 0 0
US BANCORP DEL COM NEW 902973304 838 15,869 SH   SOLE   15,869 0 0
BRIGHTHOUSE FINL INC COM 10922N103 541 12,230 SH   SOLE   12,230 0 0
DOWDUPONT INC COM 26078J100 2,452 38,130 SH   SOLE   38,130 0 0
SOUTHERN CO COM 842587107 369 8,466 SH   SOLE   8,466 0 0
BROADRIDGE FINL SOLUTIONS IN COM 11133T103 2,618 19,840 SH   SOLE   19,840 0 0
CENOVUS ENERGY INC COM 15135U109 101 10,100 SH   SOLE   10,100 0 0
CARS COM INC COM 14575E105 1,156 41,857 SH   SOLE   41,857 0 0
ENSCO PLC SHS CLASS A G3157S106 742 87,941 SH   SOLE   87,941 0 0
PATTERSON UTI ENERGY INC COM 703481101 601 35,125 SH   SOLE   35,125 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 55,718 260,229 SH   SOLE   260,229 0 0
WEYERHAEUSER CO COM 962166104 801 24,825 SH   SOLE   24,825 0 0
SOLAR CAP LTD COM 83413U100 230 10,763 SH   SOLE   10,763 0 0
PG&E CORP COM 69331C108 358 7,781 SH   SOLE   7,781 0 0
COMCAST CORP NEW CL A 20030N101 391 11,055 SH   SOLE   11,055 0 0
MICROSOFT CORP COM 594918104 6,994 61,149 SH   SOLE   61,149 0 0
CANADIAN NAT RES LTD COM 136385101 722 22,107 SH   SOLE   22,107 0 0
JEFFERIES FINL GROUP INC COM 47233W109 12,128 552,287 SH   SOLE   552,287 0 0
V F CORP COM 918204108 710 7,600 SH   SOLE   7,600 0 0
SOLITARIO ZINC CORP COM 8342EP107 5 14,300 SH   SOLE   14,300 0 0
ST JOE CO COM 790148100 496 29,501 SH   SOLE   29,501 0 0
MONMOUTH REAL ESTATE INVT CO CL A 609720107 1,001 59,840 SH   SOLE   59,840 0 0
BERKSHIRE HATHAWAY INC DEL CL A 084670108 2,560 8 SH   SOLE   8 0 0
ROYCE MICRO-CAP TR INC COM 780915104 1,514 148,265 SH   SOLE   148,264 0 0
ARGO GROUP INTL HLDGS LTD COM G0464B107 328 5,200 SH   SOLE   5,200 0 0
ISTAR INC COM 45031U101 903 80,800 SH   SOLE   80,800 0 0
TEJON RANCH CO COM 879080109 251 11,562 SH   SOLE   11,562 0 0
VANGUARD INTL EQUITY INDEX F FTSE EUROPE ETF 922042874 347 6,165 SH   SOLE   6,165 0 0
BROOKFIELD ASSET MGMT INC CL A LTD VT SH 112585104 942 21,151 SH   SOLE   21,151 0 0
METHANEX CORP COM 59151K108 695 8,800 SH   SOLE   8,800 0 0
GENERAL AMERN INVS INC COM 368802104 4,152 112,307 SH   SOLE   112,306 0 0
GOLUB CAP BDC INC COM 38173M102 466 24,864 SH   SOLE   24,864 0 0
INVESCO EXCHANGE TRADED FD T S&P500 EQL WGT 46137V357 646 6,051 SH   SOLE   6,051 0 0
TAHOE RES INC COM 873868103 39 13,900 SH   SOLE   13,900 0 0
AIR PRODS & CHEMS INC COM 009158106 630 3,774 SH   SOLE   3,774 0 0
MEDLEY CAP CORP COM 58503F106 135 35,398 SH   SOLE   35,398 0 0
PICO HLDGS INC COM NEW 693366205 1,755 139,863 SH   SOLE   139,862 0 0
UNITED SECURITY BANCSHARES C COM 911460103 234 21,049 SH   SOLE   21,049 0 0
OAK VALLEY BANCORP OAKDALE C COM 671807105 444 22,600 SH   SOLE   22,600 0 0
AERCAP HOLDINGS NV SHS N00985106 504 8,769 SH   SOLE   8,769 0 0
SOURCE CAP INC COM 836144105 2,413 60,023 SH   SOLE   60,023 0 0
RPC INC COM 749660106 6,176 398,995 SH   SOLE   398,994 0 0
SYSCO CORP COM 871829107 908 12,400 SH   SOLE   12,400 0 0
ENTERGY CORP NEW COM 29364G103 502 6,192 SH   SOLE   6,192 0 0
EDISON INTL COM 281020107 237 3,500 SH   SOLE   3,500 0 0
CATHAY GEN BANCORP COM 149150104 435 10,500 SH   SOLE   10,500 0 0
EURONAV NV ANTWERPEN SHS B38564108 330 37,899 SH   SOLE   37,899 0 0
NEW YORK REIT INC COM NEW 64976L208 231 12,712 SH   SOLE   12,712 0 0
OAKTREE CAP GROUP LLC UNIT CL A 674001201 633 15,295 SH   SOLE   15,295 0 0
VANECK VECTORS ETF TR OIL SVCS ETF 92189F718 275 10,900 SH   SOLE   10,900 0 0
ABERDEEN EMRG MRKTS EQT INM COM 00301W105 578 84,199 SH   SOLE   84,199 0 0
ROYCE VALUE TR INC COM 780910105 1,504 92,014 SH   SOLE   92,014 0 0
CONSOLIDATED TOMOKA LD CO COM 210226106 1,877 30,140 SH   SOLE   30,140 0 0
CELGENE CORP COM 151020104 304 3,400 SH   SOLE   3,400 0 0
TRINITY PL HLDGS INC COM 89656D101 68 11,092 SH   SOLE   11,092 0 0
GEOSPACE TECHNOLOGIES CORP COM 37364X109 522 38,095 SH   SOLE   38,095 0 0
CAPITAL PRODUCT PARTNERS L P COM UNIT LP Y11082107 31 11,018 SH   SOLE   11,018 0 0
METLIFE INC COM 59156R108 486 10,402 SH   SOLE   10,402 0 0
TECHNIPFMC PLC COM G87110105 353 11,300 SH   SOLE   11,300 0 0
NOVARTIS A G SPONSORED ADR 66987V109 629 7,306 SH   SOLE   7,306 0 0
TOTAL S A SPONSORED ADR 89151E109 567 8,801 SH   SOLE   8,801 0 0
MCDERMOTT INTL INC COM 580037703 896 48,607 SH   SOLE   48,607 0 0
CIMAREX ENERGY CO COM 171798101 3,960 42,603 SH   SOLE   42,602 0 0
WHITE MTNS INS GROUP LTD COM G9618E107 26,458 28,271 SH   SOLE   28,271 0 0
ENBRIDGE ENERGY MANAGEMENT L SHS UNITS LLI 29250X103 308 28,200 SH   SOLE   28,199 0 0
TRI POINTE GROUP INC COM 87265H109 2,446 197,267 SH   SOLE   197,267 0 0
ZOETIS INC CL A 98978V103 283 3,086 SH   SOLE   3,086 0 0
BLACKSTONE GROUP L P COM UNIT LTD 09253U108 545 14,300 SH   SOLE   14,300 0 0
HALLADOR ENERGY COMPANY COM 40609P105 104 16,658 SH   SOLE   16,658 0 0
OFG BANCORP COM 67103X102 369 22,866 SH   SOLE   22,866 0 0
BLACKSTONE MTG TR INC COM CL A 09257W100 485 14,475 SH   SOLE   14,475 0 0
GENERAL DYNAMICS CORP COM 369550108 737 3,600 SH   SOLE   3,600 0 0
CISCO SYS INC COM 17275R102 774 15,900 SH   SOLE   15,900 0 0
LIBERTY GLOBAL PLC SHS CL C G5480U120 332 11,791 SH   SOLE   11,791 0 0
APACHE CORP COM 037411105 576 12,089 SH   SOLE   12,089 0 0
LENNAR CORP CL B 526057302 1,413 36,691 SH   SOLE   36,691 0 0
AT&T INC COM 00206R102 1,601 47,682 SH   SOLE   47,682 0 0
GENERAL ELECTRIC CO COM 369604103 177 15,650 SH   SOLE   15,650 0 0
CONTANGO OIL & GAS COMPANY COM NEW 21075N204 152 24,593 SH   SOLE   24,593 0 0
NOBLE CORP PLC SHS USD G65431101 259 36,875 SH   SOLE   36,875 0 0
DIAMOND OFFSHORE DRILLING IN COM 25271C102 962 48,111 SH   SOLE   48,111 0 0
WELLS FARGO CO NEW COM 949746101 874 16,633 SH   SOLE   16,633 0 0
UNION PAC CORP COM 907818108 231 1,420 SH   SOLE   1,419 0 0
SCRIPPS E W CO OHIO CL A NEW 811054402 585 35,458 SH   SOLE   35,458 0 0
DORCHESTER MINERALS LP COM UNIT 25820R105 1,377 67,476 SH   SOLE   67,476 0 0
JPMORGAN CHASE & CO COM 46625H100 235 2,082 SH   SOLE   2,082 0 0
WESTAMERICA BANCORPORATION COM 957090103 4,309 71,633 SH   SOLE   71,633 0 0
INTL PAPER CO COM 460146103 651 13,251 SH   SOLE   13,251 0 0
HARTFORD FINL SVCS GROUP INC COM 416515104 471 9,427 SH   SOLE   9,427 0 0
CHEVRON CORP NEW COM 166764100 1,556 12,725 SH   SOLE   12,725 0 0
CONOCOPHILLIPS COM 20825C104 1,948 25,172 SH   SOLE   25,171 0 0
MARKEL CORP COM 570535104 18,978 15,968 SH   SOLE   15,968 0 0
BANK AMER CORP COM 060505104 397 13,482 SH   SOLE   13,482 0 0
INTERNATIONAL BUSINESS MACHS COM 459200101 1,436 9,498 SH   SOLE   9,498 0 0
PFIZER INC COM 717081103 439 9,968 SH   SOLE   9,968 0 0
3M CO COM 88579Y101 211 1,002 SH   SOLE   1,002 0 0
AMERICAN EXPRESS CO COM 025816109 877 8,238 SH   SOLE   8,238 0 0
AMGEN INC COM 031162100 1,243 5,996 SH   SOLE   5,995 0 0
APPLIED MATLS INC COM 038222105 473 12,234 SH   SOLE   12,234 0 0
ALLY FINL INC COM 02005N100 201 7,587 SH   SOLE   7,587 0 0
TCW STRATEGIC INCOME FUND IN COM 872340104 252 45,033 SH   SOLE   45,033 0 0
SAN JUAN BASIN RTY TR UNIT BEN INT 798241105 689 139,092 SH   SOLE   139,092 0 0
NOW INC COM 67011P100 3,688 222,821 SH   SOLE   222,821 0 0
VANGUARD GROUP DIV APP ETF 921908844 1,949 17,604 SH   SOLE   17,604 0 0
ENSTAR GROUP LIMITED SHS G3075P101 12,859 61,674 SH   SOLE   61,674 0 0
ANTERO RES CORP COM 03674X106 751 42,411 SH   SOLE   42,411 0 0
LIBERTY MEDIA CORP DELAWARE COM SER C FRMLA 531229854 589 15,831 SH   SOLE   15,831 0 0
DAILY JOURNAL CORP COM 233912104 214 889 SH   SOLE   889 0 0
LIBERTY BROADBAND CORP COM SER C 530307305 525 6,229 SH   SOLE   6,229 0 0
CALIFORNIA RES CORP COM NEW 13057Q206 4,173 85,992 SH   SOLE   85,992 0 0
CNA FINL CORP COM 126117100 1,606 35,191 SH   SOLE   35,191 0 0
COMPASS MINERALS INTL INC COM 20451N101 222 3,300 SH   SOLE   3,300 0 0
HELMERICH & PAYNE INC COM 423452101 2,445 35,550 SH   SOLE   35,550 0 0
PNC FINL SVCS GROUP INC COM 693475105 756 5,550 SH   SOLE   5,550 0 0
GRAHAM HLDGS CO COM 384637104 362 625 SH   SOLE   625 0 0
W R BERKLEY CORPORATION COM 084423102 17,028 213,032 SH   SOLE   213,032 0 0
LOEWS CORP COM 540424108 15,686 312,281 SH   SOLE   312,280 0 0
SPROTT FOCUS TR INC COM 85208J109 124 16,837 SH   SOLE   16,837 0 0
EXXON MOBIL CORP COM 30231G102 606 7,130 SH   SOLE   7,129 0 0
KEMPHARM INC COM 488445107 68 14,245 SH   SOLE   14,245 0 0
VODAFONE GROUP PLC NEW SPONSORED ADR 92857W308 410 18,877 SH   SOLE   18,877 0 0
CABLE ONE INC COM 12685J105 552 625 SH   SOLE   625 0 0
CHEMOURS CO COM 163851108 232 5,882 SH   SOLE   5,882 0 0
PAYPAL HLDGS INC COM 70450Y103 595 6,773 SH   SOLE   6,773 0 0
SCHWAB CHARLES CORP NEW COM 808513105 2,326 47,335 SH   SOLE   47,334 0 0
APPLE INC COM 037833100 1,829 8,103 SH   SOLE   8,103 0 0
ABBOTT LABS COM 002824100 2,260 30,804 SH   SOLE   30,804 0 0
ALLEGHANY CORP DEL COM 017175100 24,895 38,152 SH   SOLE   38,152 0 0