Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
BRK/B	BERKSHIRE HATHAWAY INC DEL	260,053	$52.24M	16.2%	$115.89	+74.2%	CL B NEW	084670702
WTM	WHITE MTNS INS GROUP LTD	28,110	$26.02M	8.1%	$595.64	+52.1%	COM	G9618E107
—	ALLEGHANY CORP DEL	38,059	$23.31M	7.2%	$403.08	—	COM	017175100
MKL	MARKEL CORP	18,394	$18.32M	5.7%	$619.88	+63.8%	COM	570535104
WRB	BERKLEY W R CORP	210,760	$17.86M	5.5%	$9.64	+110.1%	COM	084423102
L	LOEWS CORP	335,532	$16.08M	5.0%	$42.30	+8.4%	COM	540424108
—	ENSTAR GROUP LIMITED	75,231	$13.09M	4.1%	$162.69	—	SHS	G3075P101
FRFHF	FAIRFAX FINL HLDGS LTD SUB VTG	27,146	$12.59M	3.9%	$413.99	+1.1%	Stock	303901102
JEF	JEFFERIES FINL GROUP INC	580,110	$10.9M	3.4%	$16.52	-13.6%	COM	47233W109
MSFT	MICROSOFT CORP	57,319	$6.76M	2.1%	$26.70	+283.1%	COM	594918104
RES	RPC INC	424,210	$4.84M	1.5%	$11.72	-17.2%	COM	749660106
BK	BANK NEW YORK MELLON CORP	85,522	$4.313M	1.3%	$23.69	+78.7%	COM	064058100
WABC	WESTAMERICA BANCORPORATION	62,233	$3.846M	1.2%	$29.77	+66.3%	COM	957090103
—	GENERAL AMERN INVS INC	108,405	$3.611M	1.1%	$31.93	—	COM	368802104
JNJ	JOHNSON & JOHNSON	22,631	$3.164M	1.0%	$60.59	+82.1%	COM	478160104
—	CIMAREX ENERGY CO	41,205	$2.88M	0.9%	$66.60	—	COM	171798101
DNOW	NOW INC	205,523	$2.869M	0.9%	$16.66	-16.6%	COM	67011P100
BRK/A	BERKSHIRE HATHAWAY INC DEL	8	$2.41M	0.7%	$283601.72	+6.8%	CL A	084670108
—	CALIFORNIA RES CORP	91,042	$2.341M	0.7%	$15.30	—	COM NEW	13057Q206
ABT	ABBOTT LABS	29,221	$2.336M	0.7%	$28.85	+129.2%	COM	002824100
HP	HELMERICH & PAYNE INC	38,530	$2.141M	0.7%	$65.64	-17.0%	COM	423452101
MHK	MOHAWK INDS INC	16,885	$2.13M	0.7%	$133.40	-2.4%	COM	608190104
—	SOURCE CAP INC	56,713	$2.042M	0.6%	$55.20	—	COM	836144105
SCHW	THE CHARLES SCHWAB CORPORATI	47,335	$2.024M	0.6%	$49.84	-17.8%	COM	808513105
—	DOWDUPONT INC	37,830	$2.017M	0.6%	$69.17	—	COM	26078J100
BR	BROADRIDGE FINL SOLUTIONS IN	19,050	$1.975M	0.6%	$21.85	+308.1%	COM	11133T103
AAPL	APPLE INC	10,351	$1.966M	0.6%	$26.11	+54.9%	COM	037833100
VIG	VANGUARD GROUP	17,249	$1.891M	0.6%	$76.53	—	DIV APP ETF	921908844
UHAL	AMERCO	4,841	$1.798M	0.6%	$35.08	+3.6%	COM	023586100
—	CONSOLIDATED TOMOKA LD CO	29,541	$1.744M	0.5%	$50.65	—	COM	210226106
SBR	SABINE ROYALTY TR	37,140	$1.723M	0.5%	$35.81	—	UNIT BEN INT	785688102
COP	CONOCOPHILLIPS	25,373	$1.693M	0.5%	$34.28	+54.6%	COM	20825C104
TGNA	TEGNA INC	118,405	$1.67M	0.5%	$18.83	-32.6%	COM	87901J105
EMR	EMERSON ELEC CO	24,331	$1.666M	0.5%	$38.98	+43.7%	COM	291011104
CRT	CROSS TIMBERS RTY TR	130,386	$1.486M	0.5%	$17.96	—	TR UNIT	22757R109
CVX	CHEVRON CORP NEW	11,916	$1.468M	0.5%	$70.82	+23.5%	COM	166764100
TDW	TIDEWATER INC NEW	62,060	$1.439M	0.4%	$26.89	-16.5%	COM	88642R109
—	AMERICAN NATL INS CO	11,843	$1.431M	0.4%	$100.11	—	COM	028591105
LEN/B	LENNAR CORP	36,322	$1.421M	0.4%	$34.48	-6.5%	CL B	526057302
CNA	CNA FINL CORP	32,181	$1.395M	0.4%	$15.22	+76.9%	COM	126117100
—	PICO HLDGS INC	140,186	$1.388M	0.4%	$18.08	—	COM NEW	693366205
CNQ	CANADIAN NAT RES LTD	48,519	$1.334M	0.4%	$9.97	-6.2%	COM	136385101
—	ROYCE VALUE TR INC	94,357	$1.298M	0.4%	$15.30	—	COM	780910105
DMLP	DORCHESTER MINERALS LP	67,901	$1.24M	0.4%	$15.37	—	COM UNIT	25820R105
—	ROYCE MICRO-CAP TR INC	143,713	$1.197M	0.4%	$10.46	—	COM	780915104
AMGN	AMGEN INC	5,488	$1.043M	0.3%	$83.83	+84.5%	COM	031162100
IBM	INTERNATIONAL BUSINESS MACHS	7,139	$1.007M	0.3%	$103.59	-8.6%	COM	459200101
—	DISCOVERY INC	39,398	$1.001M	0.3%	$21.26	—	COM SER C	25470F302
—	BROOKFIELD ASSET MGMT INC	21,151	$987K	0.3%	$35.47	—	CL A LTD VT SH	112585104
CARS	CARS COM INC	39,872	$909K	0.3%	$26.86	-9.9%	COM	14575E105
—	ISTAR INC	105,820	$891K	0.3%	$10.65	—	COM	45031U101
AXP	AMERICAN EXPRESS CO	8,113	$887K	0.3%	$55.97	+71.2%	COM	025816109
SJT	SAN JUAN BASIN RTY TR	153,092	$825K	0.3%	$13.90	—	UNIT BEN INT	798241105
CSCO	CISCO SYS INC	14,948	$807K	0.3%	$15.65	+152.5%	COM	17275R102
—	DIAMOND OFFSHORE DRILLING IN	76,511	$803K	0.2%	$34.67	—	COM	25271C102
WFC	WELLS FARGO CO NEW	16,053	$776K	0.2%	$30.19	+35.0%	COM	949746101
—	MONMOUTH REAL ESTATE INVT CO	57,340	$756K	0.2%	$10.46	—	CL A	609720107
—	OAKTREE CAP GROUP LLC	14,702	$730K	0.2%	$45.31	—	UNIT CL A	674001201
APD	AIR PRODS & CHEMS INC	3,703	$707K	0.2%	$64.78	+124.8%	COM	009158106
NVS	NOVARTIS A G	7,306	$702K	0.2%	$72.71	—	SPONSORED ADR	66987V109
—	COVANTA HLDG CORP	40,250	$697K	0.2%	$20.02	—	COM	22282E102
SYY	SYSCO CORP	10,400	$694K	0.2%	$25.02	+116.4%	COM	871829107
PYPL	PAYPAL HLDGS INC	6,673	$693K	0.2%	$35.85	+163.4%	COM	70450Y103
OXY	OCCIDENTAL PETE CORP	10,357	$686K	0.2%	$57.73	-2.2%	COM	674599105
PNC	PNC FINL SVCS GROUP INC	5,550	$681K	0.2%	$47.34	+104.5%	COM	693475105
T	AT&T INC	21,681	$680K	0.2%	$13.28	+6.7%	COM	00206R102
XOM	EXXON MOBIL CORP	8,404	$679K	0.2%	$55.56	-0.2%	COM	30231G102
VFC	V F CORP	7,600	$661K	0.2%	$49.70	+56.9%	COM	918204108
—	CENTURYLINK INC	53,801	$645K	0.2%	$11.99	—	COM	156700106
WY	WEYERHAEUSER CO	23,739	$625K	0.2%	$18.73	+3.0%	COM	962166104
LBRDK	LIBERTY BROADBAND CORP	6,681	$613K	0.2%	$48.64	+63.8%	COM SER C	530307305
IP	INTL PAPER CO	13,250	$613K	0.2%	$22.81	+39.4%	COM	460146103
CABO	CABLE ONE INC	625	$613K	0.2%	$366.69	+127.2%	COM	12685J105
GD	GENERAL DYNAMICS CORP	3,600	$609K	0.2%	$56.44	+154.6%	COM	369550108
—	ABERDEEN EMRG MRKTS EQT INM	83,310	$606K	0.2%	$6.97	—	COM	00301W105
JOE	ST JOE CO	36,501	$602K	0.2%	$17.03	-9.6%	COM	790148100
COST	COSTCO WHSL CORP NEW	2,479	$600K	0.2%	$142.32	+39.4%	COM	22160K105
SCHB	SCHWAB STRATEGIC TR	8,671	$590K	0.2%	$68.04	—	US BRD MKT ETF	808524102
ETR	ENTERGY CORP NEW	6,122	$585K	0.2%	$23.86	+47.6%	COM	29364G103
—	LIBERTY MEDIA CORP DELAWARE	15,451	$542K	0.2%	$37.15	—	COM SER C FRMLA	531229854
—	GANNETT CO INC	51,325	$541K	0.2%	$14.73	—	COM	36473H104
BXMT	BLACKSTONE MTG TR INC	15,475	$535K	0.2%	$27.82	—	COM CL A	09257W100
INTC	INTEL CORP	9,702	$521K	0.2%	$22.39	+95.8%	COM	458140100
GBDC	GOLUB CAP BDC INC	28,864	$516K	0.2%	$7.51	+21.4%	COM	38173M102
—	CONTURA ENERGY INC	8,768	$508K	0.2%	$64.91	—	COM	21241B100
PBT	PERMIAN BASIN RTY TR	67,543	$508K	0.2%	$12.56	—	UNIT BEN INT	714236106
MEOH	METHANEX CORP	8,800	$500K	0.2%	$31.94	+76.5%	COM	59151K108
GLW	CORNING INC	15,120	$500K	0.2%	$10.68	+153.3%	COM	219350105
—	BLACKSTONE GROUP L P	14,200	$497K	0.2%	$23.89	—	COM UNIT LTD	09253U108
PTEN	PATTERSON UTI ENERGY INC	35,125	$492K	0.2%	$21.55	-39.1%	COM	703481101
AMAT	APPLIED MATLS INC	12,234	$485K	0.2%	$12.31	+187.0%	COM	038222105
GEOS	GEOSPACE TECHNOLOGIES CORP	37,095	$480K	0.1%	$13.32	+9.7%	COM	37364X109
—	C&J ENERGY SVCS INC NEW	30,095	$467K	0.1%	$26.80	—	COM	12674R100
—	TOTAL S A	8,301	$462K	0.1%	$49.85	—	SPONSORED ADS	89151E109
USB	US BANCORP DEL	9,463	$456K	0.1%	$22.51	+67.0%	COM NEW	902973304
AR	ANTERO RES CORP	49,330	$436K	0.1%	$20.10	-53.0%	COM	03674X106
PG	PROCTER AND GAMBLE CO	4,164	$433K	0.1%	$58.43	+40.5%	COM	742718109
SRE	SEMPRA ENERGY	3,422	$431K	0.1%	$28.74	+64.0%	COM	816851109
SPY	SPDR S&P 500 ETF TR	1,519	$429K	0.1%	$217.64	—	TR UNIT	78462F103
GHC	GRAHAM HLDGS CO	625	$427K	0.1%	$339.79	+83.6%	COM	384637104
OFG	OFG BANCORP	21,550	$426K	0.1%	$16.32	+18.7%	COM	67103X102
PFE	PFIZER INC	9,823	$417K	0.1%	$17.63	+65.8%	COM	717081103
—	APACHE CORP	11,889	$412K	0.1%	$38.94	—	COM	037411105
BHF	BRIGHTHOUSE FINL INC	11,076	$402K	0.1%	$56.67	-33.9%	COM	10922N103
OVLY	OAK VALLEY BANCORP OAKDALE C	22,600	$399K	0.1%	$8.75	+106.0%	COM	671807105
CMCSA	COMCAST CORP NEW	9,618	$385K	0.1%	$27.32	+15.4%	CL A	20030N101
HIG	HARTFORD FINL SVCS GROUP INC	7,727	$384K	0.1%	$22.20	+83.6%	COM	416515104
—	MCDERMOTT INTL INC	51,426	$383K	0.1%	$18.65	—	COM	580037703
AER	AERCAP HOLDINGS NV	8,217	$382K	0.1%	$44.09	+0.8%	SHS	N00985106
ENB	ENBRIDGE INC	10,504	$381K	0.1%	$20.25	+13.1%	COM	29250N105
OSG	AMBAC FINL GROUP INC	20,100	$364K	0.1%	$19.10	0.0%	COM NEW	023139884
CATY	CATHAY GEN BANCORP	10,500	$356K	0.1%	$14.04	+106.6%	COM	149150104
SO	SOUTHERN CO	6,890	$356K	0.1%	$27.42	+36.5%	COM	842587107
PEP	PEPSICO INC	2,878	$353K	0.1%	$81.92	+12.9%	COM	713448108
BAC	BANK AMER CORP	12,233	$338K	0.1%	$12.48	+91.4%	COM	060505104
—	ARGO GROUP INTL HLDGS LTD	4,700	$332K	0.1%	$51.93	—	COM	G0464B107
VGK	VANGUARD INTL EQUITY INDEX F	6,165	$331K	0.1%	$53.52	—	FTSE EUROPE ETF	922042874
CMBT	EURONAV NV ANTWERPEN	39,899	$325K	0.1%	$4.20	-9.2%	SHS	B38564108
MRK	MERCK & CO INC	3,882	$323K	0.1%	$31.85	+89.3%	COM	58933Y105
VZ	VERIZON COMMUNICATIONS INC	5,352	$316K	0.1%	$28.62	+36.1%	COM	92343V104
CVE	CENOVUS ENERGY INC	36,395	$316K	0.1%	$7.63	-4.8%	COM	15135U109
VIGI	VANGUARD WHITEHALL FDS INC	4,820	$311K	0.1%	$64.35	—	INTL DVD ETF	921946810
ALLY	ALLY FINL INC	11,057	$304K	0.1%	$21.00	0.0%	COM	02005N100
VOD	VODAFONE GROUP PLC NEW	16,615	$302K	0.1%	$36.24	—	SPONSORED ADR	92857W308
—	CELGENE CORP	3,100	$292K	0.1%	$89.12	—	COM	151020104
OEC	ORION ENGINEERED CARBONS S A	15,080	$286K	0.1%	$25.12	0.0%	COM	L72967109
—	LIBERTY GLOBAL PLC	11,737	$284K	0.1%	$48.63	—	SHS CL C	G5480U120
CRMT	AMERICAS CAR MART INC	3,030	$277K	0.1%	$72.56	+7.2%	COM	03062T105
MET	METLIFE INC	6,462	$275K	0.1%	$25.07	+39.7%	COM	59156R108
—	LIBERTY MEDIA CORP DELAWARE	9,794	$272K	0.1%	$14.63	—	COM C BRAVES GRP	531229888
ZTS	ZOETIS INC	2,500	$252K	0.1%	$79.49	+8.1%	CL A	98978V103
SLRC	SOLAR CAP LTD	11,763	$245K	0.1%	$10.00	+4.6%	COM	83413U100
CLX	CLOROX CO DEL	1,500	$241K	0.1%	$60.00	+111.4%	COM	189054109
RSP	INVESCO EXCHANGE TRADED FD T	2,291	$239K	0.1%	$102.27	—	S&P500 EQL WGT	46137V357
EBAY	EBAY INC	6,365	$236K	0.1%	$30.92	0.0%	COM	278642103
FTI	TECHNIPFMC PLC	9,800	$230K	0.1%	$15.89	0.0%	COM	G87110105
ALK	ALASKA AIR GROUP INC	4,100	$230K	0.1%	$65.42	-9.0%	COM	011659109
SNY	SANOFI	5,100	$226K	0.1%	$40.03	—	SPONSORED ADR	80105N105
UBFO	UNITED SECURITY BANCSHARES C	21,049	$223K	0.1%	$2.58	+167.3%	COM	911460103
CC	CHEMOURS CO	5,882	$219K	0.1%	$27.31	0.0%	COM	163851108
—	TCW STRATEGIC INCOME FUND IN	39,433	$217K	0.1%	$5.53	—	COM	872340104
MMM	3M CO	1,000	$208K	0.1%	$131.07	0.0%	COM	88579Y101
LBRDA	LIBERTY BROADBAND CORP	2,247	$206K	0.1%	$79.63	0.0%	COM SER A	530307107
JPM	JPMORGAN CHASE & CO	1,998	$202K	0.1%	$68.54	+24.5%	COM	46625H100
UNP	UNION PACIFIC CORP	1,210	$202K	0.1%	$138.09	0.0%	COM	907818108
TRC	TEJON RANCH CO	11,112	$196K	0.1%	$20.20	-8.8%	COM	879080109
GNK	GENCO SHIPPING & TRADING LTD	25,184	$188K	0.1%	$8.17	0.0%	SHS	Y2685T131
FCX	FREEPORT-MCMORAN INC	14,256	$184K	0.1%	$10.78	+3.2%	CL B	35671D857
—	ANNALY CAP MGMT INC	16,000	$160K	0.0%	$9.96	—	COM	035710409
SALTUSD	SCORPIO BULKERS INC	37,150	$143K	0.0%	$3.85	—	COM	Y7546A122
—	NOBLE CORP PLC	47,775	$137K	0.0%	$24.88	—	SHS USD	G65431101
—	SPROTT FOCUS TR INC	16,837	$115K	0.0%	$7.84	—	COM	85208J109
—	CONTANGO OIL & GAS COMPANY	35,093	$111K	0.0%	$6.80	—	COM NEW	21075N204
—	MEDLEY CAP CORP	34,828	$108K	0.0%	$3.76	—	COM	58503F106
HNRG	HALLADOR ENERGY COMPANY	16,660	$88,000	0.0%	$4.97	+8.9%	COM	40609P105
—	EAGLE BULK SHIPPING INC	18,654	$87,000	0.0%	$4.66	—	SHS NEW	Y2187A143
—	RAMACO RES INC	11,100	$64,000	0.0%	$4.95	—	COM	75134P303
—	CAPITAL PRODUCT PARTNERS L P	23,118	$53,000	0.0%	$2.54	—	COM UNIT LP	Y11082107
—	ENZO BIOCHEM INC	18,100	$49,000	0.0%	$2.76	—	COM	294100102
—	NAVIOS MARITIME PARTNERS L P	33,693	$31,000	0.0%	$1.61	—	UNIT LPI	Y62267102
XPL	SOLITARIO ZINC CORP	14,300	$6,000	0.0%	$0.76	-59.3%	COM	8342EP107