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
Expires: July 31, 2015
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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
APPLE INC COM 037833100 228,970 1,116 SH SOLE 0 0 0 1,116
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 4,948,653 10,187 SH SOLE 0 0 0 10,187
BLACK STONE MINERALS L P COM UNIT 09225M101 20,638,767 1,577,887 SH SOLE 0 4,597 0 1,573,290
BRITISH AMERN TOB PLC SPONSORED ADR 110448107 27,724,806 585,777 SH SOLE 0 1,638 0 584,139
CACI INTL INC CL A 127190304 6,030,732 12,651 SH SOLE 0 32 0 12,619
CANADIAN NAT RES LTD COM 136385101 10,397,336 331,125 SH SOLE 0 445 0 330,680
CARDINAL HEALTH INC COM 14149Y108 731,976 4,357 SH SOLE 0 0 0 4,357
COMCAST CORP NEW CL A 20030N101 11,114,379 311,414 SH SOLE 0 416 0 310,998
ENTERPRISE PRODS PARTNERS L COM 293792107 16,571,903 534,405 SH SOLE 0 1,746 0 532,659
HUNTINGTON INGALLS INDS INC COM 446413106 28,174,778 116,685 SH SOLE 0 345 0 116,340
INNOVEX INTERNATIONAL INC COM 457651107 10,006,563 640,625 SH SOLE 0 2,080 0 638,545
INTERNATIONAL MNY EXPRESS IN COM 46005L101 7,890,703 782,032 SH SOLE 0 2,058 0 779,974
ISHARES TR NATIONAL MUN ETF 464288414 3,467,796 33,191 SH SOLE 0 0 0 33,191
ISHARES TR 20 YR TR BD ETF 464287432 351,339 282,200 SH Put SOLE 0 0 0 282,200
ISHARES TR 20 YR TR BD ETF 464287432 371,863 177,500 SH Put SOLE 0 0 0 177,500
ISHARES TR SHORT TREAS BD 464288679 2,415,106 21,872 SH SOLE 0 0 0 21,872
KONINKLIJKE PHILIPS N V NY REGIS SHS NEW 500472303 12,122,058 505,507 SH SOLE 0 1,642 0 503,865
LIBERTY BROADBAND CORP COM SER C 530307305 22,905,520 232,827 SH SOLE 0 460 0 232,367
MCKESSON CORP COM 58155Q103 13,600,099 18,560 SH SOLE 0 64 0 18,496
NVIDIA CORPORATION COM 67066G104 320,720 2,030 SH SOLE 0 0 0 2,030
PHILIP MORRIS INTL INC COM 718172109 22,580,812 123,982 SH SOLE 0 348 0 123,634
QVC GROUP INC COM SER A NEW 74915M605 135,413 49,241 SH SOLE 0 78 0 49,163
SOLVENTUM CORP COM SHS 83444M101 17,809,735 234,833 SH SOLE 0 671 0 234,162
SPDR GOLD TR GOLD SHS 78463V107 841,418 65,100 SH Call SOLE 0 200 0 64,900
SPDR S&P 500 ETF TR TR UNIT 78462F103 533,820 65,100 SH Put SOLE 0 200 0 64,900
SPROTT INC COM NEW 852066208 768,903 11,129 SH SOLE 0 0 0 11,129
THERMO FISHER SCIENTIFIC INC COM 883556102 228,274 563 SH SOLE 0 0 0 563
TRIUMPH FINANCIAL INC COM 89679E300 13,644,134 247,580 SH SOLE 0 733 0 246,847
UBER TECHNOLOGIES INC COM 90353T100 41,782,259 447,827 SH SOLE 0 1,274 0 446,553
VANGUARD INDEX FDS S&P 500 ETF SHS 922908363 461,888 813 SH SOLE 0 0 0 813