Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
BRK/B	BERKSHIRE HATHAWAY INC DEL	212,237	$54.22M	15.8%	$115.89	+109.6%	CL B NEW	084670702
WTM	WHITE MTNS INS GROUP LTD	23,695	$26.42M	7.7%	$595.64	+87.8%	COM	G9618E107
—	ALLEGHANY CORP DEL	32,993	$20.66M	6.0%	$404.07	—	COM	017175100
—	ENSTAR GROUP LIMITED	82,962	$20.47M	6.0%	$163.29	—	SHS	G3075P101
WRB	BERKLEY W R CORP	263,638	$19.86M	5.8%	$14.35	+90.8%	COM	084423102
MKL	MARKEL CORP	17,019	$19.39M	5.6%	$619.88	+74.0%	COM	570535104
JEF	JEFFERIES FINL GROUP INC	588,617	$17.72M	5.2%	$16.22	+44.4%	COM	47233W109
L	LOEWS CORP	296,474	$15.2M	4.4%	$42.22	+13.3%	COM	540424108
FRFHF	FAIRFAX FINL HLDGS LTD SUB VTG	31,744	$13.78M	4.0%	$394.37	-6.3%	Stock	303901102
MSFT	MICROSOFT CORP	25,418	$5.993M	1.7%	$26.70	+734.7%	COM	594918104
UHAL	AMERCO	6,700	$4.104M	1.2%	$33.83	+57.3%	COM	023586100
BK	BANK NEW YORK MELLON CORP	81,611	$3.859M	1.1%	$24.83	+54.2%	COM	064058100
JNJ	JOHNSON & JOHNSON	19,855	$3.263M	0.9%	$60.59	+132.3%	COM	478160104
—	GENERAL AMERN INVS CO INC	80,139	$3.193M	0.9%	$31.93	—	COM	368802104
SCHW	SCHWAB CHARLES CORP	47,335	$3.085M	0.9%	$49.84	+14.2%	COM	808513105
MHK	MOHAWK INDS INC	14,365	$2.763M	0.8%	$133.40	+24.9%	COM	608190104
BRK/A	BERKSHIRE HATHAWAY INC DEL	7	$2.7M	0.8%	$283601.72	+29.3%	CL A	084670108
LEN/B	LENNAR CORP	29,114	$2.397M	0.7%	$34.48	+77.6%	CL B	526057302
AVUV	AMERICAN CENTY ETF TR	32,369	$2.337M	0.7%	$67.32	—	US SML CP VALU	025072877
CNQ	CANADIAN NAT RES LTD	70,859	$2.187M	0.6%	$9.20	+17.4%	COM	136385101
NVR	NVR INC	457	$2.153M	0.6%	$3543.19	+26.7%	COM	62944T105
LUMN	LUMEN TECHNOLOGIES INC	152,527	$2.036M	0.6%	$10.83	0.0%	COM	550241103
AAPL	APPLE INC	16,553	$2.022M	0.6%	$73.01	+71.3%	COM	037833100
RES	RPC INC	373,712	$2.018M	0.6%	$11.20	-58.5%	COM	749660106
AVDV	AMERICAN CENTY ETF TR	30,772	$1.914M	0.6%	$58.46	—	INTL SMCP VLU	025072802
BR	BROADRIDGE FINL SOLUTIONS IN	12,390	$1.897M	0.6%	$21.85	+522.4%	COM	11133T103
TPL	TEXAS PACIFIC LAND CORPORATI	1,151	$1.829M	0.5%	$117.17	0.0%	COM	88262P102
GHC	GRAHAM HLDGS CO	3,231	$1.817M	0.5%	$376.87	+46.5%	COM CL B	384637104
CACC	CREDIT ACCEP CORP MICH	5,034	$1.813M	0.5%	$428.63	-15.4%	COM	225310101
—	CIMAREX ENERGY CO	29,129	$1.73M	0.5%	$66.60	—	COM	171798101
—	DISCOVERY INC	43,534	$1.606M	0.5%	$20.37	—	COM SER C	25470F302
EMR	EMERSON ELEC CO	17,355	$1.566M	0.5%	$38.98	+99.6%	COM	291011104
—	ROYCE VALUE TR INC	85,093	$1.541M	0.4%	$15.28	—	COM	780910105
—	BROOKFIELD ASSET MGMT INC	34,044	$1.515M	0.4%	$37.75	—	CL A LTD VT SH	112585104
—	SOURCE CAP INC	34,574	$1.513M	0.4%	$55.20	—	COM	836144105
CTO	CTO REALTY GROWTH INC	29,022	$1.509M	0.4%	$52.00	—	COM	22948Q101
FCX	FREEPORT-MCMORAN INC	45,317	$1.492M	0.4%	$10.56	+187.5%	CL B	35671D857
VONV	VANGUARD SCOTTSDALE FDS	10,952	$1.456M	0.4%	$120.99	—	VNG RUS1000VAL	92206C714
—	ISTAR INC	81,533	$1.45M	0.4%	$10.65	—	COM	45031U101
—	ROYCE MICRO-CAP TR INC	126,960	$1.435M	0.4%	$10.46	—	COM	780915104
VIG	VANGUARD SPECIALIZED FUNDS	9,472	$1.393M	0.4%	$76.53	—	DIV APP ETF	921908844
OXY	OCCIDENTAL PETE CORP	50,316	$1.339M	0.4%	$23.83	-1.1%	COM	674599105
JOE	ST JOE CO	31,120	$1.335M	0.4%	$17.07	+180.1%	COM	790148100
AMGN	AMGEN INC	5,241	$1.304M	0.4%	$91.03	+124.9%	COM	031162100
TGNA	TEGNA INC	66,900	$1.26M	0.4%	$18.79	-6.7%	COM	87901J105
ABT	ABBOTT LABS	10,509	$1.259M	0.4%	$28.85	+276.6%	COM	002824100
AMAT	APPLIED MATLS INC	8,700	$1.162M	0.3%	$12.31	+759.0%	COM	038222105
CNA	CNA FINL CORP	25,987	$1.16M	0.3%	$15.22	+98.2%	COM	126117100
CVX	CHEVRON CORP NEW	10,598	$1.111M	0.3%	$70.82	+12.4%	COM	166764100
VIGI	VANGUARD WHITEHALL FDS	13,055	$1.081M	0.3%	$73.71	—	INTL DVD ETF	921946810
VYM	VANGUARD WHITEHALL FDS	10,434	$1.055M	0.3%	$101.11	—	HIGH DIV YLD	921946406
DNOW	NOW INC	104,308	$1.052M	0.3%	$16.66	-41.3%	COM	67011P100
APD	AIR PRODS & CHEMS INC	3,735	$1.051M	0.3%	$64.78	+270.8%	COM	009158106
—	VIDLER WATER RESOUCES INC	117,685	$1.047M	0.3%	$8.90	—	COM	92660E107
AXP	AMERICAN EXPRESS CO	7,306	$1.033M	0.3%	$57.26	+117.2%	COM	025816109
COP	CONOCOPHILLIPS	19,291	$1.022M	0.3%	$34.28	+20.8%	COM	20825C104
—	ISHARES GOLD TR	61,528	$1M	0.3%	$17.74	—	ISHARES	464285105
PSLV	SPROTT PHYSICAL SILVER TR	109,934	$965K	0.3%	$6.42	—	TR UNIT	85207K107
DD	DUPONT DE NEMOURS INC	12,321	$952K	0.3%	$27.24	+6.7%	COM	26614N102
LBRDK	LIBERTY BROADBAND CORP	6,169	$926K	0.3%	$48.64	+191.4%	COM SER C	530307305
CUBI	CUSTOMERS BANCORP INC	29,000	$923K	0.3%	$15.35	+71.5%	COM	23204G100
SJT	SAN JUAN BASIN RTY TR	228,251	$904K	0.3%	$9.88	—	UNIT BEN INT	798241105
SBR	SABINE ROYALTY TR	29,553	$896K	0.3%	$35.81	—	UNIT BEN INT	785688102
CRT	CROSS TIMBERS RTY TR	103,005	$871K	0.3%	$17.96	—	TR UNIT	22757R109
CMBT	EURONAV NV	94,459	$864K	0.3%	$4.84	+6.7%	SHS	B38564108
—	AMERICAN NATIONAL GROUP INC	7,976	$860K	0.3%	$67.56	—	COM NEW	02772A109
SLB	SCHLUMBERGER LTD	30,436	$828K	0.2%	$21.99	+7.8%	COM	806857108
DOW	DOW INC	12,618	$807K	0.2%	$36.37	+26.0%	COM	260557103
BX	BLACKSTONE GROUP INC	10,695	$797K	0.2%	$39.22	+49.4%	COM	09260D107
DMLP	DORCHESTER MINERALS LP	56,076	$766K	0.2%	$15.32	—	COM UNIT	25820R105
PYPL	PAYPAL HLDGS INC	3,132	$761K	0.2%	$35.85	+602.7%	COM	70450Y103
—	CORE LABORATORIES N V	25,276	$728K	0.2%	$21.89	—	COM	N22717107
USB	US BANCORP DEL	12,808	$708K	0.2%	$25.39	+58.8%	COM NEW	902973304
EBAY	EBAY INC.	11,397	$698K	0.2%	$42.53	+25.1%	COM	278642103
—	LIBERTY GLOBAL PLC	27,248	$696K	0.2%	$33.90	—	SHS CL C	G5480U120
—	CONTANGO OIL & GAS CO	177,207	$691K	0.2%	$3.09	—	COM NEW	21075N204
HP	HELMERICH & PAYNE INC	24,503	$661K	0.2%	$65.64	-57.9%	COM	423452101
VGSH	VANGUARD SCOTTSDALE FDS	10,539	$648K	0.2%	$62.10	—	SHORT TERM TREAS	92206C102
WABC	WESTAMERICA BANCORPORATION	10,309	$647K	0.2%	$29.77	+72.3%	COM	957090103
CABO	CABLE ONE INC	350	$640K	0.2%	$366.69	+395.1%	COM	12685J105
AR	ANTERO RESOURCES CORP	61,948	$632K	0.2%	$11.97	-29.2%	COM	03674X106
CVS	CVS HEALTH CORP	8,401	$632K	0.2%	$52.38	+18.9%	COM	126650100
VFC	V F CORP	7,500	$599K	0.2%	$49.70	+63.3%	COM	918204108
CTVA	CORTEVA INC	12,813	$597K	0.2%	$26.67	+57.1%	COM	22052L104
WY	WEYERHAEUSER CO MTN BE	16,719	$595K	0.2%	$18.86	+47.8%	COM NEW	962166104
—	MONMOUTH REAL ESTATE INVT CO	33,125	$586K	0.2%	$10.46	—	CL A	609720107
—	ABERDEEN EMRG MRKTS EQT INM	65,831	$569K	0.2%	$6.97	—	COM	00301W105
WFC	WELLS FARGO CO NEW	14,505	$567K	0.2%	$30.19	+4.7%	COM	949746101
GLW	CORNING INC	12,995	$565K	0.2%	$10.68	+214.6%	COM	219350105
—	LIBERTY MEDIA CORP DEL	13,011	$563K	0.2%	$37.15	—	COM SER C FRMLA	531229854
—	COVANTA HLDG CORP	40,250	$558K	0.2%	$20.02	—	COM	22282E102
INTC	INTEL CORP	8,535	$546K	0.2%	$27.77	+94.8%	COM	458140100
TDW	TIDEWATER INC NEW	42,870	$537K	0.2%	$25.88	-53.1%	COM	88642R109
NVS	NOVARTIS AG	6,245	$534K	0.2%	$72.71	—	SPONSORED ADR	66987V109
T	AT&T INC	17,432	$528K	0.2%	$13.28	+21.6%	COM	00206R102
BXMT	BLACKSTONE MTG TR INC	16,587	$514K	0.1%	$28.37	—	COM CL A	09257W100
IVOL	KRANESHARES TR	17,242	$493K	0.1%	$28.59	—	QUADRTC INT RT	500767736
CRC	CALIFORNIA RES CORP	20,452	$492K	0.1%	$17.02	+30.8%	COM STOCK	13057Q305
IP	INTERNATIONAL PAPER CO	8,850	$479K	0.1%	$22.81	+72.8%	COM	460146103
—	SOUTHWESTERN ENERGY CO	101,400	$472K	0.1%	$2.09	—	COM	845467109
CMCSA	COMCAST CORP NEW	8,511	$461K	0.1%	$27.44	+68.2%	CL A	20030N101
CSCO	CISCO SYS INC	8,502	$440K	0.1%	$16.34	+148.5%	COM	17275R102
SO	SOUTHERN CO	6,890	$428K	0.1%	$27.42	+81.8%	COM	842587107
OEC	ORION ENGINEERED CARBONS S A	21,180	$418K	0.1%	$21.20	-15.0%	COM	L72967109
GBDC	GOLUB CAP BDC INC	28,066	$410K	0.1%	$7.57	+18.7%	COM	38173M102
OFG	OFG BANCORP	17,200	$389K	0.1%	$16.32	+21.8%	COM	67103X102
MET	METLIFE INC	6,362	$387K	0.1%	$28.97	+64.3%	COM	59156R108
FNF	FIDELITY NATIONAL FINANCIAL	9,513	$387K	0.1%	$24.90	+21.2%	FNF GROUP COM	31620R303
CATY	CATHAY GEN BANCORP	9,185	$375K	0.1%	$14.04	+134.3%	COM	149150104
GD	GENERAL DYNAMICS CORP	2,028	$368K	0.1%	$56.44	+160.5%	COM	369550108
VGK	VANGUARD INTL EQUITY INDEX F	5,656	$356K	0.1%	$53.52	—	FTSE EUROPE ETF	922042874
NTR	NUTRIEN LTD	6,594	$355K	0.1%	$38.88	+20.4%	COM	67077M108
OSG	AMBAC FINL GROUP INC	21,100	$353K	0.1%	$18.92	-13.6%	COM NEW	023139884
VEA	VANGUARD TAX-MANAGED INTL FD	7,165	$352K	0.1%	$40.86	—	FTSE DEV MKT ETF	921943858
ZTS	ZOETIS INC	2,170	$342K	0.1%	$79.49	+90.8%	CL A	98978V103
WMB	WILLIAMS COS INC	13,625	$323K	0.1%	$14.52	+22.8%	COM	969457100
VT	VANGUARD INTL EQUITY INDEX F	3,235	$315K	0.1%	$75.64	—	TT WRLD ST ETF	922042742
SRE	SEMPRA ENERGY	2,294	$304K	0.1%	$28.74	+84.7%	COM	816851109
VZ	VERIZON COMMUNICATIONS INC	5,202	$302K	0.1%	$28.97	+45.8%	COM	92343V104
LBRDA	LIBERTY BROADBAND CORP	2,064	$300K	0.1%	$79.63	+74.6%	COM SER A	530307107
DSSI	DIAMOND S SHIPPING INC	29,792	$299K	0.1%	$14.10	—	COM	Y20676105
ENB	ENBRIDGE INC	8,089	$294K	0.1%	$20.51	+24.6%	COM	29250N105
COST	COSTCO WHSL CORP NEW	827	$292K	0.1%	$142.32	+131.7%	COM	22160K105
VTWV	VANGUARD SCOTTSDALE FDS	2,030	$284K	0.1%	$87.16	—	VNG RUS2000VAL	92206C649
DJCO	DAILY JOURNAL CORP	889	$281K	0.1%	$220.08	+54.0%	COM	233912104
ALLY	ALLY FINL INC	6,189	$280K	0.1%	$25.55	+39.1%	COM	02005N100
ETR	ENTERGY CORP NEW	2,772	$276K	0.1%	$23.86	+65.5%	COM	29364G103
GEOS	GEOSPACE TECHNOLOGIES CORP	30,070	$274K	0.1%	$12.82	-24.9%	COM	37364X109
PNC	PNC FINL SVCS GROUP INC	1,550	$272K	0.1%	$106.49	+30.1%	COM	693475105
CARS	CARS COM INC	20,109	$261K	0.1%	$26.86	-51.2%	COM	14575E105
QCOM	QUALCOMM INC	1,970	$261K	0.1%	$95.15	+36.3%	COM	747525103
BHF	BRIGHTHOUSE FINL INC	5,876	$260K	0.1%	$33.58	+22.3%	COM	10922N103
—	TOTAL SE	5,550	$258K	0.1%	$49.85	—	SPONSORED ADS	89151E109
GNK	GENCO SHIPPING & TRADING LTD	25,188	$254K	0.1%	$8.17	+18.0%	SHS	Y2685T131
AVEM	AMERICAN CENTY ETF TR	3,856	$253K	0.1%	$65.61	—	AVANTIS EMGMKT	025072604
AMR	ALPHA METALLURGICAL RESOUR I	19,768	$250K	0.1%	$13.54	0.0%	COM	020764106
KMB	KIMBERLY-CLARK CORP	1,800	$250K	0.1%	$110.86	0.0%	COM	494368103
—	CENTRAL SECS CORP	6,310	$239K	0.1%	$28.88	—	COM	155123102
MAC	MACERICH CO	19,888	$233K	0.1%	$24.50	—	COM	554382101
TFSL	TFS FINL CORP	11,370	$232K	0.1%	$13.24	0.0%	COM	87240R107
OVLY	OAK VY BANCORP OAKDALE CALIF	13,515	$232K	0.1%	$8.75	+93.1%	COM	671807105
CLF	CLEVELAND-CLIFFS INC NEW	11,321	$228K	0.1%	$7.30	+123.0%	COM	185899101
EQT	EQT CORP	11,914	$221K	0.1%	$13.53	+20.8%	COM	26884L109
IMO	IMPERIAL OIL LTD	9,180	$221K	0.1%	$19.43	0.0%	COM NEW	453038408
—	LIBERTY MEDIA CORP DEL	7,837	$218K	0.1%	$24.88	—	COM C BRAVES GRP	531229888
CSW	CSW INDUSTRIALS INC	1,600	$216K	0.1%	$70.66	+75.7%	COM	126402106
BAC	BK OF AMERICA CORP	5,593	$216K	0.1%	$30.64	0.0%	COM	060505104
SLV	ISHARES SILVER TR	9,307	$211K	0.1%	$24.51	—	ISHARES	46428Q109
VTV	VANGUARD INDEX FDS	1,597	$210K	0.1%	$131.50	—	VALUE ETF	922908744
SLRC	SLR INVESTMENT CORP	11,663	$207K	0.1%	$10.00	+11.2%	COM	83413U100
LMT	LOCKHEED MARTIN CORP	552	$204K	0.1%	$299.96	0.0%	COM	539830109
MRK	MERCK & CO. INC	2,606	$201K	0.1%	$31.85	+98.0%	COM	58933Y105
CEF	SPROTT PHYSICAL GOLD & SILVE	11,000	$191K	0.1%	$17.03	—	TR UNIT	85208R101
PTEN	PATTERSON-UTI ENERGY INC	25,962	$185K	0.1%	$21.55	-67.3%	COM	703481101
—	GRINDROD SHIPPING HOLDINGS L	24,445	$178K	0.1%	$4.26	—	SHS	Y28895103
TRC	TEJON RANCH CO	10,012	$168K	0.0%	$20.20	-18.4%	COM	879080109
UBFO	UNITED SEC BANCSHARES CALIF	19,862	$163K	0.0%	$2.58	+118.5%	COM	911460103
BSM	BLACK STONE MINERALS L P	15,200	$133K	0.0%	$11.76	—	COM UNIT	09225M101
—	SPROTT FOCUS TR INC	16,837	$131K	0.0%	$7.84	—	COM	85208J109
—	ANNALY CAPITAL MANAGEMENT IN	13,000	$112K	0.0%	$9.96	—	COM	035710409
—	RAMACO RES INC	25,000	$106K	0.0%	$3.52	—	COM	75134P303
—	TEEKAY CORPORATION	25,880	$83,000	0.0%	$4.24	—	COM	Y8564W103
FTI	TECHNIPFMC PLC	10,400	$80,000	0.0%	$8.02	0.0%	COM	G87110105
ARQ	ADVANCED EMISSIONS SOLUTS IN	12,150	$67,000	0.0%	$5.60	0.0%	COM	00770C101
TDAY	GANNETT CO INC	11,098	$60,000	0.0%	$7.33	-33.2%	COM	36472T109
MTR	MESA RTY TR	11,371	$52,000	0.0%	$4.10	—	UNIT BEN INT	590660106
WTI	W & T OFFSHORE INC	10,000	$36,000	0.0%	$1.93	+61.2%	COM	92922P106
TTI	TETRA TECHNOLOGIES INC DEL	15,000	$36,000	0.0%	$0.61	+252.4%	COM	88162F105
TPHS	TRINITY PL HLDGS INC	12,050	$25,000	0.0%	$3.82	-47.5%	COM	89656D101
HNRG	HALLADOR ENERGY COMPANY	12,500	$23,000	0.0%	$4.97	-65.7%	COM	40609P105
—	BORR DRILLING LTD	18,754	$18,000	0.0%	$8.06	—	SHS	G1466R207