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
ACCENTURE PLC IRELAND SHS CLASS A G1151C101 357 2,026 SH   SOLE   0 0 2,026
ALLEGHANY CORP DEL COM 017175100 3,007 4,910 SH   SOLE   0 0 4,910
ALPHABET INC CAP STK CL C 02079K107 9,179 7,823 SH   SOLE   0 0 7,823
ALPHABET INC CAP STK CL A 02079K305 580 493 SH   SOLE   0 0 493
AMERICAN EXPRESS CO COM 025816109 946 8,652 SH   SOLE   0 0 8,652
AMERICAN INTL GROUP INC *W EXP 01/19/202 026874156 39 7,000 SH   SOLE   0 0 7,000
AMERICAN INTL GROUP INC COM NEW 026874784 3,275 76,050 SH   SOLE   0 0 76,050
APPLE INC COM 037833100 11,377 59,894 SH   SOLE   0 0 59,894
ARTISAN PARTNERS ASSET MGMT CL A 04316A108 356 14,132 SH   SOLE   0 0 14,132
BANK AMER CORP COM 060505104 3,159 114,501 SH   SOLE   0 0 114,501
BERKSHIRE HATHAWAY INC DEL CL A 084670108 6,627 22 SH   SOLE   0 0 22
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 22,313 111,072 SH   SOLE   0 0 111,072
BLACKSTONE MTG TR INC COM CL A 09257W100 280 8,097 SH   SOLE   0 0 8,097
BLUE HILLS BANCORP INC COM 095573101 699 29,242 SH   SOLE   0 0 29,242
BROOKFIELD ASSET MGMT INC CL A LTD VT SH 112585104 4,644 99,550 SH   SOLE   0 0 99,550
BROOKFIELD PROPERTY REIT INC CL A 11282X103 2,150 104,928 SH   SOLE   0 0 104,928
BUILDERS FIRSTSOURCE INC COM 12008R107 1,034 77,500 SH   SOLE   0 0 77,500
CANADIAN NATL RY CO COM 136375102 966 10,800 SH   SOLE   0 0 10,800
CARMAX INC COM 143130102 349 5,000 SH   SOLE   0 0 5,000
CASEYS GEN STORES INC COM 147528103 1,199 9,315 SH   SOLE   0 0 9,315
CIMAREX ENERGY CO COM 171798101 4,302 61,550 SH   SOLE   0 0 61,550
COSTCO WHSL CORP NEW COM 22160K105 2,845 11,750 SH   SOLE   0 0 11,750
ENSCO PLC SHS CLASS A G3157S106 118 30,000 SH   SOLE   0 0 30,000
FACEBOOK INC CL A 30303M102 334 2,005 SH   SOLE   0 0 2,005
FS BANCORP INC COM 30263Y104 214 4,240 SH   SOLE   0 0 4,240
GABELLI EQUITY TR INC COM 362397101 1,805 293,568 SH   SOLE   0 0 293,568
GRANITE PT MTG TR INC COM 38741L107 186 10,000 SH   SOLE   0 0 10,000
HOWARD HUGHES CORP COM 44267D107 3,972 36,110 SH   SOLE   0 0 36,110
ISHARES TR CORE S&P500 ETF 464287200 756 2,655 SH   SOLE   0 0 2,655
ISHARES TR RUS MID CAP ETF 464287499 209 3,880 SH   SOLE   0 0 3,880
JEFFERIES FINL GROUP INC COM 47233W109 269 14,315 SH   SOLE   0 0 14,315
JOHNSON & JOHNSON COM 478160104 5,200 37,202 SH   SOLE   0 0 37,202
LADDER CAP CORP CL A 505743104 277 16,300 SH   SOLE   0 0 16,300
LIBERTY LATIN AMERICA LTD COM CL C G9001E128 396 20,342 SH   SOLE   0 0 20,342
LIBERTY MEDIA CORP DELAWARE COM A SIRIUSXM 531229409 6,820 178,639 SH   SOLE   0 0 178,639
LIBERTY MEDIA CORP DELAWARE COM C SIRIUSXM 531229607 18 468 SH   SOLE   0 0 468
LIBERTY MEDIA CORP DELAWARE COM A BRAVES GRP 531229706 3 122 SH   SOLE   0 0 122
LIBERTY MEDIA CORP DELAWARE COM SER C FRMLA 531229854 4 115 SH   SOLE   0 0 115
LIBERTY MEDIA CORP DELAWARE COM SER A FRMLA 531229870 3,431 100,807 SH   SOLE   0 0 100,807
LIBERTY MEDIA CORP DELAWARE COM C BRAVES GRP 531229888 4 145 SH   SOLE   0 0 145
MARKEL CORP COM 570535104 625 627 SH   SOLE   0 0 627
MASTERCARD INC CL A 57636Q104 2,297 9,755 SH   SOLE   0 0 9,755
MONDELEZ INTL INC CL A 609207105 1,498 30,000 SH   SOLE   0 0 30,000
MONMOUTH REAL ESTATE INVT CO CL A 609720107 221 16,750 SH   SOLE   0 0 16,750
PANHANDLE OIL AND GAS INC CL A 698477106 273 17,400 SH   SOLE   0 0 17,400
PARK HOTELS RESORTS INC COM 700517105 305 9,800 SH   SOLE   0 0 9,800
PEPSICO INC COM 713448108 625 5,100 SH   SOLE   0 0 5,100
PRICESMART INC COM 741511109 797 13,530 SH   SOLE   0 0 13,530
RENN FD INC COM 759720105 133 78,065 SH   SOLE   0 0 78,065
ROYCE MICRO-CAP TR INC COM 780915104 759 91,115 SH   SOLE   0 0 91,115
RYMAN HOSPITALITY PPTYS INC COM 78377T107 206 2,500 SH   SOLE   0 0 2,500
SCHLUMBERGER LTD COM 806857108 966 22,178 SH   SOLE   0 0 22,178
SEASPAN CORP SHS Y75638109 3,373 387,700 SH   SOLE   0 0 387,700
SOURCE CAP INC COM 836144105 3,593 99,813 SH   SOLE   0 0 99,813
SOUTHWEST AIRLS CO COM 844741108 223 4,300 SH   SOLE   0 0 4,300
STORE CAP CORP COM 862121100 687 20,500 SH   SOLE   0 0 20,500
TANGER FACTORY OUTLET CTRS I COM 875465106 1,743 83,100 SH   SOLE   0 0 83,100
TCW STRATEGIC INCOME FUND IN COM 872340104 71 12,879 SH   SOLE   0 0 12,879
TEXAS PAC LD TR SUB CTF PROP I T 882610108 7,207 9,316 SH   SOLE   0 0 9,316
TIDEWATER INC NEW COM 88642R109 261 11,236 SH   SOLE   0 0 11,236
TIDEWATER INC NEW *W EXP 07/31/202 88642R117 90 25,130 SH   SOLE   0 0 25,130
TIDEWATER INC NEW *W EXP 07/31/202 88642R125 74 21,762 SH   SOLE   0 0 21,762
UMH PPTYS INC COM 903002103 928 65,884 SH   SOLE   0 0 65,884
UNILEVER PLC SPON ADR NEW 904767704 346 6,000 SH   SOLE   0 0 6,000
UNION PACIFIC CORP COM 907818108 3,479 20,806 SH   SOLE   0 0 20,806
VERISK ANALYTICS INC COM 92345Y106 1,057 7,950 SH   SOLE   0 0 7,950
WELLS FARGO CO NEW COM 949746101 4,600 95,197 SH   SOLE   0 0 95,197
WHITE MTNS INS GROUP LTD COM G9618E107 3,235 3,495 SH   SOLE   0 0 3,495
WYNDHAM HOTELS & RESORTS INC COM 98311A105 1,366 27,325 SH   SOLE   0 0 27,325