Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
CNQ	CANADIAN NAT RES LTD MED TER	233,208 (+2.2%)	$11.36M (+47.1%)	8.8%	$31.59	+17.8%	COM	136385101
MRX	MAREX GROUP PLC	65,400 (+293.8%)	$2.916M (+357.7%)	2.3%	$38.52	+4.0%	ORD	G5S37H101
CHKP	CHECK POINT SOFTWARE TECH LT	13,808 (+4.8%)	$1.972M (-19.3%)	1.5%	$127.15	+38.8%	ORD	M22465104
BOXX	EA SERIES TRUST	59,046 (+2.5%)	$6.866M (+3.5%)	5.3%	$108.73	—	ALPHA ARCH 1-3	02072L565

Exited Positions (6)

VAL VALARIS LTD 1.1%

Value $1.386M Shares 27,493 Est. Cost $43.33 Unrealized +56.2%

BLDR BUILDERS FIRSTSOURCE INC 0.8%

Value $998K Shares 9,701 Est. Cost $62.46 Unrealized +88.2%

SMHI SEACOR MARINE HLDGS INC 0.7%

Value $934K Shares 155,230 Est. Cost $7.38 Unrealized -7.6%

CRESW CRESUD S A C I F Y A 0.3%

Value $389K Shares 310,967 Est. Cost $0.56 Unrealized —

VAL/WS VALARIS LTD 0.1%

Value $147K Shares 83,658 Est. Cost $10.17 Unrealized —

MXCT MAXCYTE INC 0.1%

Value $96,306 Shares 62,133 Est. Cost $2.97 Unrealized -65.1%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
VAL	VALARIS LTD	27,493	$1.386M	1.1%	$43.33	+56.2%	—	G9460G101
BLDR	BUILDERS FIRSTSOURCE INC	9,701	$998K	0.8%	$62.46	+88.2%	—	12008R107
SMHI	SEACOR MARINE HLDGS INC	155,230	$934K	0.7%	$7.38	-7.6%	—	78413P101
CRESW	CRESUD S A C I F Y A	310,967	$389K	0.3%	$0.56	—	—	P3311R259
VAL/WS	VALARIS LTD	83,658	$147K	0.1%	$10.17	—	—	G9460G119
MXCT	MAXCYTE INC	62,133	$96,306	0.1%	$2.97	-65.1%	—	57777K106

Decreased Positions (4)

BTI BRITISH AMERN TOB PLC 13.2%

Value $16.98M (-5.0%) Shares 290,381 (-8.0%) Est. Cost $38.95 Unrealized —

DHT DHT HOLDINGS INC 0.2%

Value $289K (-73.8%) Shares 15,826 (-82.5%) Est. Cost $7.09 Unrealized +101.8%

INSW INTERNATIONAL SEAWAYS INC 0.3%

Value $346K (-66.7%) Shares 4,745 (-77.8%) Est. Cost $28.15 Unrealized +111.2%

GOOG ALPHABET INC 1.3%

Value $1.643M (-8.6%) Shares 5,727 (-25.9%) Est. Cost $94.73 Unrealized +241.7%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
BTI	BRITISH AMERN TOB PLC	290,381 (-8.0%)	$16.98M (-5.0%)	13.2%	$38.95	—	SPONSORED ADR	110448107
DHT	DHT HOLDINGS INC	15,826 (-82.5%)	$289K (-73.8%)	0.2%	$7.09	+101.8%	SHS NEW	Y2065G121
INSW	INTERNATIONAL SEAWAYS INC	4,745 (-77.8%)	$346K (-66.7%)	0.3%	$28.15	+111.2%	COM	Y41053102
GOOG	ALPHABET INC	5,727 (-25.9%)	$1.643M (-8.6%)	1.3%	$94.73	+241.7%	CAP STK CL C	02079K107

Unchanged Positions (19)

BSM BLACK STONE MINERALS L P 6.8%

Value $8.78M Shares 580,716 Est. Cost $16.75 Unrealized —

VIRT VIRTU FINL INC 2.8%

Value $3.632M Shares 82,582 Est. Cost $20.11 Unrealized +86.0%

EPD ENTERPRISE PRODS PARTNERS L 4.1%

Value $5.274M Shares 139,372 Est. Cost $24.76 Unrealized —

PM PHILIP MORRIS INTL INC 13.7%

Value $17.64M Shares 106,667 Est. Cost $83.22 Unrealized +111.4%

BRK/B BERKSHIRE HATHAWAY INC DEL 7.9%

Value $10.14M Shares 21,160 Est. Cost $296.98 Unrealized +66.2%

VEA VANGUARD TAX-MANAGED FDS 11.6%

Value $15M Shares 234,089 Est. Cost $41.97 Unrealized —

BRK/A BERKSHIRE HATHAWAY INC DEL 3.3%

Value $4.309M Shares 6 Est. Cost $448761.72 Unrealized +65.0%

IBKR INTERACTIVE BROKERS GROUP IN 3.7%

Value $4.829M Shares 72,000 Est. Cost $40.12 Unrealized +83.5%

HCC WARRIOR MET COAL INC 2.8%

Value $3.638M Shares 39,052 Est. Cost $55.64 Unrealized +65.3%

SPY STATE STR SPDR S&P 500 ETF T 2.7%

Value $3.533M Shares 5,432 Est. Cost $382.43 Unrealized —

NTB BANK OF N T BUTTERFIELD & SO 1.7%

Value $2.219M Shares 42,292 Est. Cost $26.19 Unrealized +96.7%

CLPT CLEARPOINT NEURO INC 0.1%

Value $107K Shares 11,729 Est. Cost $12.58 Unrealized +12.8%

FRPH FRP HLDGS INC 1.0%

Value $1.274M Shares 58,217 Est. Cost $28.54 Unrealized -16.8%

MRVI MARAVAI LIFESCIENCES HLDGS I 0.2%

Value $283K Shares 100,078 Est. Cost $3.15 Unrealized +9.9%

MAA MID-AMER APT CMNTYS INC 0.2%

Value $245K Shares 2,008 Est. Cost $125.55 Unrealized +10.8%

NEN NEW ENGLAND RLTY ASSOC LTD P 0.4%

Value $527K Shares 8,636 Est. Cost $71.08 Unrealized —

EXPD EXPEDITORS INTL WASH INC 0.2%

Value $315K Shares 2,200 Est. Cost $99.06 Unrealized +58.3%

SGOV ISHARES TR 2.8%

Value $3.558M Shares 35,350 Est. Cost $100.38 Unrealized —

AFL AFLAC INC 0.6%

Value $823K Shares 7,500 Est. Cost $62.49 Unrealized +78.0%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
BSM	BLACK STONE MINERALS L P	580,716	$8.78M	6.8%	$16.75	—	COM UNIT	09225M101
VIRT	VIRTU FINL INC	82,582	$3.632M	2.8%	$20.11	+86.0%	CL A	928254101
EPD	ENTERPRISE PRODS PARTNERS L	139,372	$5.274M	4.1%	$24.76	—	COM	293792107
PM	PHILIP MORRIS INTL INC	106,667	$17.64M	13.7%	$83.22	+111.4%	COM	718172109
BRK/B	BERKSHIRE HATHAWAY INC DEL	21,160	$10.14M	7.9%	$296.98	+66.2%	CL B NEW	084670702
VEA	VANGUARD TAX-MANAGED FDS	234,089	$15M	11.6%	$41.97	—	VAN FTSE DEV MKT	921943858
BRK/A	BERKSHIRE HATHAWAY INC DEL	6	$4.309M	3.3%	$448761.72	+65.0%	CL A	084670108
IBKR	INTERACTIVE BROKERS GROUP IN	72,000	$4.829M	3.7%	$40.12	+83.5%	COM CL A	45841N107
HCC	WARRIOR MET COAL INC	39,052	$3.638M	2.8%	$55.64	+65.3%	COM	93627C101
SPY	STATE STR SPDR S&P 500 ETF T	5,432	$3.533M	2.7%	$382.43	—	TR UNIT	78462F103
NTB	BANK OF N T BUTTERFIELD & SO	42,292	$2.219M	1.7%	$26.19	+96.7%	SHS NEW	G0772R208
CLPT	CLEARPOINT NEURO INC	11,729	$107K	0.1%	$12.58	+12.8%	COM	18507C103
FRPH	FRP HLDGS INC	58,217	$1.274M	1.0%	$28.54	-16.8%	COM	30292L107
MRVI	MARAVAI LIFESCIENCES HLDGS I	100,078	$283K	0.2%	$3.15	+9.9%	COM CL A	56600D107
MAA	MID-AMER APT CMNTYS INC	2,008	$245K	0.2%	$125.55	+10.8%	COM	59522J103
NEN	NEW ENGLAND RLTY ASSOC LTD P	8,636	$527K	0.4%	$71.08	—	DEPOSITRY RCPT	644206104
EXPD	EXPEDITORS INTL WASH INC	2,200	$315K	0.2%	$99.06	+58.3%	COM	302130109
SGOV	ISHARES TR	35,350	$3.558M	2.8%	$100.38	—	0-3 MNTH TREASRY	46436E718
AFL	AFLAC INC	7,500	$823K	0.6%	$62.49	+78.0%	COM	001055102