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
SEMPRA ENERGY COM 816851109 353 3,121 SH   SOLE   3,121 0 0
JOHNSON & JOHNSON COM 478160104 2,853 21,754 SH   SOLE   21,754 0 0
DISCOVERY INC COM SER C 25470F302 806 45,970 SH   SOLE   45,970 0 0
COVANTA HLDG CORP COM 22282E102 344 40,250 SH   SOLE   40,250 0 0
COSTCO WHSL CORP NEW COM 22160K105 678 2,379 SH   SOLE   2,379 0 0
CLEVELAND CLIFFS INC COM 185899101 48 12,120 SH   SOLE   12,120 0 0
CROSS TIMBERS RTY TR TR UNIT 22757R109 659 119,793 SH   SOLE   119,793 0 0
PERMIAN BASIN RTY TR UNIT BEN INT 714236106 185 64,550 SH   SOLE   64,550 0 0
SABINE ROYALTY TR UNIT BEN INT 785688102 984 35,158 SH   SOLE   35,158 0 0
OCCIDENTAL PETE CORP COM 674599105 150 12,957 SH   SOLE   12,956 0 0
INTEL CORP COM 458140100 397 7,336 SH   SOLE   7,336 0 0
CLOROX CO DEL COM 189054109 260 1,500 SH   SOLE   1,500 0 0
AMERCO COM 023586100 1,671 5,751 SH   SOLE   5,751 0 0
ISHARES SILVER TRUST ISHARES 46428Q109 287 21,990 SH   SOLE   21,990 0 0
TIDEWATER INC NEW COM 88642R109 337 47,644 SH   SOLE   47,644 0 0
SANOFI SPONSORED ADR 80105N105 223 5,100 SH   SOLE   5,100 0 0
MERCK & CO. INC COM 58933Y105 201 2,606 SH   SOLE   2,606 0 0
EMERSON ELEC CO COM 291011104 1,052 22,070 SH   SOLE   22,070 0 0
AMERICAN NATL INS CO COM 028591105 862 10,459 SH   SOLE   10,459 0 0
ANNALY CAPITAL MANAGEMENT IN COM 035710409 71 14,000 SH   SOLE   14,000 0 0
NVR INC COM 62944T105 920 358 SH   SOLE   358 0 0
CORNING INC COM 219350105 311 15,154 SH   SOLE   15,154 0 0
PARK HOTELS RESORTS INC COM 700517105 190 24,000 SH   SOLE   24,000 0 0
CONTURA ENERGY INC COM 21241B100 28 11,918 SH   SOLE   11,918 0 0
BANK NEW YORK MELLON CORP COM 064058100 3,115 92,499 SH   SOLE   92,498 0 0
TEGNA INC COM 87901J105 1,018 93,730 SH   SOLE   93,730 0 0
VERIZON COMMUNICATIONS INC COM 92343V104 288 5,352 SH   SOLE   5,352 0 0
PEPSICO INC COM 713448108 343 2,858 SH   SOLE   2,858 0 0
BLACK STONE MINERALS L P COM UNIT 09225M101 80 17,200 SH   SOLE   17,200 0 0
US BANCORP DEL COM NEW 902973304 390 11,308 SH   SOLE   11,308 0 0
BRIGHTHOUSE FINL INC COM 10922N103 200 8,276 SH   SOLE   8,276 0 0
DUPONT DE NEMOURS INC COM 26614N102 430 12,607 SH   SOLE   12,607 0 0
SOUTHERN CO COM 842587107 373 6,890 SH   SOLE   6,890 0 0
BROADRIDGE FINL SOLUTIONS IN COM 11133T103 1,807 19,050 SH   SOLE   19,050 0 0
CENTURYLINK INC COM 156700106 1,168 123,485 SH   SOLE   123,484 0 0
CENOVUS ENERGY INC COM 15135U109 129 63,975 SH   SOLE   63,975 0 0
CARS COM INC COM 14575E105 139 32,382 SH   SOLE   32,382 0 0
NUTRIEN LTD COM 67077M108 222 6,534 SH   SOLE   6,534 0 0
PATTERSON UTI ENERGY INC COM 703481101 72 30,500 SH   SOLE   30,500 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 45,377 248,194 SH   SOLE   248,194 0 0
WEYERHAEUSER CO COM 962166104 385 22,693 SH   SOLE   22,693 0 0
SOLAR CAP LTD COM 83413U100 137 11,763 SH   SOLE   11,763 0 0
COMCAST CORP NEW CL A 20030N101 328 9,533 SH   SOLE   9,532 0 0
MICROSOFT CORP COM 594918104 8,068 51,157 SH   SOLE   51,157 0 0
CANADIAN NAT RES LTD COM 136385101 915 67,541 SH   SOLE   67,541 0 0
SCHLUMBERGER LTD COM 806857108 180 13,337 SH   SOLE   13,337 0 0
JEFFERIES FINL GROUP INC COM 47233W109 8,704 636,738 SH   SOLE   636,737 0 0
V F CORP COM 918204108 406 7,500 SH   SOLE   7,500 0 0
SPECTRUM BRANDS HLDGS INC NE COM 84790A105 515 14,158 SH   SOLE   14,158 0 0
ST JOE CO COM 790148100 621 37,001 SH   SOLE   37,001 0 0
MONMOUTH REAL ESTATE INVT CO CL A 609720107 482 40,000 SH   SOLE   40,000 0 0
BERKSHIRE HATHAWAY INC DEL CL A 084670108 1,904 7 SH   SOLE   7 0 0
ROYCE MICRO-CAP TR INC COM 780915104 776 139,634 SH   SOLE   139,633 0 0
VANGUARD SCOTTSDALE FDS SHORT TERM TREAS 92206C102 220 3,537 SH   SOLE   3,537 0 0
SOUTHWESTERN ENERGY CO COM 845467109 163 96,400 SH   SOLE   96,400 0 0
MACERICH CO COM 554382101 100 17,800 SH   SOLE   17,800 0 0
ISTAR INC COM 45031U101 999 94,120 SH   SOLE   94,120 0 0
TEJON RANCH CO COM 879080109 154 10,957 SH   SOLE   10,957 0 0
VANGUARD INTL EQUITY INDEX F FTSE EUROPE ETF 922042874 267 6,165 SH   SOLE   6,165 0 0
BROOKFIELD ASSET MGMT INC CL A LTD VT SH 112585104 1,168 26,385 SH   SOLE   26,385 0 0
DOW INC COM 260557103 369 12,607 SH   SOLE   12,607 0 0
GENERAL AMERN INVS INC COM 368802104 2,535 92,430 SH   SOLE   92,429 0 0
DIAMOND S SHIPPING INC COM Y20676105 378 32,017 SH   SOLE   32,017 0 0
SPROTT PHYSICAL SILVER TR TR UNIT 85207K107 300 57,413 SH   SOLE   57,413 0 0
GOLUB CAP BDC INC COM 38173M102 356 28,364 SH   SOLE   28,364 0 0
CORTEVA INC COM 22052L104 301 12,807 SH   SOLE   12,807 0 0
BORR DRILLING LTD SHS G1466R207 17 34,862 SH   SOLE   34,862 0 0
GRINDROD SHIPPING HOLDINGS L SHS Y28895103 70 24,445 SH   SOLE   24,445 0 0
VALARIS PLC SHS CLASS A G9402V109 7 15,727 SH   SOLE   15,727 0 0
AIR PRODS & CHEMS INC COM 009158106 739 3,703 SH   SOLE   3,703 0 0
NEXTIER OILFIELD SOLUTIONS COM 65290C105 34 29,316 SH   SOLE   29,316 0 0
PICO HLDGS INC COM NEW 693366205 927 119,190 SH   SOLE   119,189 0 0
UNITED SECURITY BANCSHARES C COM 911460103 135 21,049 SH   SOLE   21,049 0 0
OAK VALLEY BANCORP OAKDALE C COM 671807105 225 14,265 SH   SOLE   14,265 0 0
SOURCE CAP INC COM 836144105 1,429 46,562 SH   SOLE   46,561 0 0
RPC INC COM 749660106 880 427,235 SH   SOLE   427,235 0 0
FREEPORT-MCMORAN INC CL B 35671D857 279 41,365 SH   SOLE   41,365 0 0
SYSCO CORP COM 871829107 448 9,825 SH   SOLE   9,825 0 0
ENTERGY CORP NEW COM 29364G103 575 6,122 SH   SOLE   6,122 0 0
CATHAY GEN BANCORP COM 149150104 217 9,460 SH   SOLE   9,460 0 0
EURONAV NV ANTWERPEN SHS B38564108 300 26,591 SH   SOLE   26,591 0 0
CREDIT ACCEP CORP MICH COM 225310101 1,047 4,093 SH   SOLE   4,093 0 0
ABERDEEN EMRG MRKTS EQT INM COM 00301W105 377 72,810 SH   SOLE   72,810 0 0
ROYCE VALUE TR INC COM 780910105 878 90,753 SH   SOLE   90,753 0 0
CONSOLIDATED TOMOKA LD CO COM 210226106 1,167 25,746 SH   SOLE   25,746 0 0
TRINITY PL HLDGS INC COM 89656D101 28 15,350 SH   SOLE   15,350 0 0
GEOSPACE TECHNOLOGIES CORP COM 37364X109 213 33,270 SH   SOLE   33,270 0 0
NOVARTIS A G SPONSORED ADR 66987V109 597 7,245 SH   SOLE   7,245 0 0
TOTAL S.A. SPONSORED ADS 89151E109 296 7,950 SH   SOLE   7,950 0 0
CIMAREX ENERGY CO COM 171798101 571 33,915 SH   SOLE   33,915 0 0
WHITE MTNS INS GROUP LTD COM G9618E107 24,007 26,381 SH   SOLE   26,381 0 0
MOHAWK INDS INC COM 608190104 1,196 15,690 SH   SOLE   15,690 0 0
ENBRIDGE INC COM 29250N105 227 7,820 SH   SOLE   7,820 0 0
GENCO SHIPPING & TRADING LTD SHS Y2685T131 162 25,284 SH   SOLE   25,284 0 0
TEEKAY CORPORATION COM Y8564W103 82 26,000 SH   SOLE   26,000 0 0
CUSTOMERS BANCORP INC COM 23204G100 129 11,800 SH   SOLE   11,800 0 0
ZOETIS INC CL A 98978V103 294 2,500 SH   SOLE   2,500 0 0
BLACKSTONE GROUP INC COM CL A 09260D107 597 13,100 SH   SOLE   13,100 0 0
HALLADOR ENERGY COMPANY COM 40609P105 14 14,671 SH   SOLE   14,670 0 0
OFG BANCORP COM 67103X102 196 17,550 SH   SOLE   17,550 0 0
AMBAC FINL GROUP INC COM NEW 023139884 260 21,100 SH   SOLE   21,100 0 0
BLACKSTONE MTG TR INC COM CL A 09257W100 258 13,875 SH   SOLE   13,875 0 0
GENERAL DYNAMICS CORP COM 369550108 482 3,643 SH   SOLE   3,643 0 0
CISCO SYS INC COM 17275R102 604 15,357 SH   SOLE   15,357 0 0
LIBERTY GLOBAL PLC SHS CL C G5480U120 488 31,034 SH   SOLE   31,034 0 0
LENNAR CORP CL B 526057302 937 32,415 SH   SOLE   32,415 0 0
AT&T INC COM 00206R102 576 19,758 SH   SOLE   19,758 0 0
ROYCE GLOBAL VALUE TR INC COM 78081T104 87 10,810 SH   SOLE   10,810 0 0
CONTANGO OIL & GAS CO COM NEW 21075N204 153 102,132 SH   SOLE   102,132 0 0
NOBLE CORP PLC SHS USD G65431101 9 32,875 SH   SOLE   32,875 0 0
TEXAS PAC LD TR SUB CTF PROP I T 882610108 205 540 SH   SOLE   540 0 0
SCORPIO BULKERS INC COM Y7546A122 169 66,800 SH   SOLE   66,800 0 0
DIAMOND OFFSHORE DRILLING IN COM 25271C102 237 129,321 SH   SOLE   129,321 0 0
WELLS FARGO CO NEW COM 949746101 444 15,470 SH   SOLE   15,470 0 0
GOLAR LNG LTD SHS G9456A100 350 44,411 SH   SOLE   44,410 0 0
DORCHESTER MINERALS LP COM UNIT 25820R105 651 69,976 SH   SOLE   69,976 0 0
WESTAMERICA BANCORPORATION COM 957090103 3,611 61,433 SH   SOLE   61,433 0 0
INTL PAPER CO COM 460146103 353 11,350 SH   SOLE   11,350 0 0
CHEVRON CORP NEW COM 166764100 854 11,783 SH   SOLE   11,783 0 0
CONOCOPHILLIPS COM 20825C104 722 23,436 SH   SOLE   23,435 0 0
MARKEL CORP COM 570535104 16,707 18,005 SH   SOLE   18,005 0 0
BK OF AMERICA CORP COM 060505104 254 11,961 SH   SOLE   11,961 0 0
GANNETT CO INC COM 36472T109 27 18,087 SH   SOLE   18,087 0 0
PFIZER INC COM 717081103 207 6,342 SH   SOLE   6,342 0 0
3M CO COM 88579Y101 241 1,765 SH   SOLE   1,765 0 0
AMERICAN EXPRESS CO COM 025816109 629 7,349 SH   SOLE   7,348 0 0
AMGEN INC COM 031162100 1,192 5,880 SH   SOLE   5,880 0 0
APPLIED MATLS INC COM 038222105 490 10,700 SH   SOLE   10,700 0 0
ALLY FINL INC COM 02005N100 193 13,379 SH   SOLE   13,379 0 0
TCW STRATEGIC INCOME FD INC COM 872340104 203 39,233 SH   SOLE   39,233 0 0
SAN JUAN BASIN RTY TR UNIT BEN INT 798241105 344 163,952 SH   SOLE   163,952 0 0
WILLIAMS COS INC COM 969457100 161 11,400 SH   SOLE   11,400 0 0
NOW INC COM 67011P100 764 148,083 SH   SOLE   148,083 0 0
VANGUARD SPECIALIZED FUNDS DIV APP ETF 921908844 1,630 15,768 SH   SOLE   15,768 0 0
ENSTAR GROUP LIMITED SHS G3075P101 13,208 83,043 SH   SOLE   83,043 0 0
ANTERO RESOURCES CORP COM 03674X106 46 64,731 SH   SOLE   64,731 0 0
LIBERTY MEDIA CORP DEL COM SER C FRMLA 531229854 385 14,154 SH   SOLE   14,154 0 0
ORION ENGINEERED CARBONS S A COM L72967109 135 18,080 SH   SOLE   18,080 0 0
DAILY JOURNAL CORP COM 233912104 203 889 SH   SOLE   889 0 0
LIBERTY BROADBAND CORP COM SER A 530307107 232 2,170 SH   SOLE   2,170 0 0
LIBERTY BROADBAND CORP COM SER C 530307305 716 6,470 SH   SOLE   6,470 0 0
CALIFORNIA RES CORP COM NEW 13057Q206 67 66,671 SH   SOLE   66,671 0 0
CNA FINL CORP COM 126117100 947 30,499 SH   SOLE   30,499 0 0
HELMERICH & PAYNE INC COM 423452101 530 33,880 SH   SOLE   33,880 0 0
PNC FINL SVCS GROUP INC COM 693475105 531 5,550 SH   SOLE   5,550 0 0
GRAHAM HLDGS CO COM CL B 384637104 213 625 SH   SOLE   625 0 0
BERKLEY W R CORP COM 084423102 15,502 297,140 SH   SOLE   297,139 0 0
LOEWS CORP COM 540424108 11,474 329,422 SH   SOLE   329,422 0 0
SPROTT FOCUS TR INC COM 85208J109 85 16,837 SH   SOLE   16,837 0 0
EXXON MOBIL CORP COM 30231G102 293 7,704 SH   SOLE   7,704 0 0
PARTY CITY HOLDCO INC COM 702149105 6 13,950 SH   SOLE   13,950 0 0
CABLE ONE INC COM 12685J105 1,028 625 SH   SOLE   625 0 0
PAYPAL HLDGS INC COM 70450Y103 624 6,513 SH   SOLE   6,513 0 0
SCHWAB CHARLES CORP COM 808513105 1,594 47,422 SH   SOLE   47,421 0 0
APPLE INC COM 037833100 2,000 7,865 SH   SOLE   7,865 0 0
ABBOTT LABS COM 002824100 2,203 27,923 SH   SOLE   27,923 0 0
VANGUARD INTL EQUITY INDEX F TT WRLD ST ETF 922042742 245 3,900 SH   SOLE   3,900 0 0
ALLEGHANY CORP DEL COM 017175100 19,894 36,017 SH   SOLE   36,017 0 0
FAIRFAX FINL HLDGS LTD SUB VTG Stock 303901102 9,667 31,501 SH   SOLE   31,501 0 0