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

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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
BALCHEM CORP COM 057665200 405,480 2,400 SH SOLE 2,400 0 0
BANK OZK LITTLE ROCK ARK COM 06417N103 3,755,429 72,095 SH SOLE 72,095 0 0
BEL FUSE INC CL B 077347300 8,459,216 25,400 SH SOLE 25,400 0 0
BEL FUSE INC CL A 077347201 2,038,610 7,000 SH SOLE 7,000 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 4,492,001 8,977 SH SOLE 8,578 0 399
BERKSHIRE HATHAWAY INC DEL CL A 084670108 748,850 1 SH SOLE 1 0 0
BOSTON OMAHA CORP CL A COM STK 101044105 5,673,558 415,950 SH SOLE 404,056 0 11,894
BRUNSWICK CORP COM 117043109 2,139,612 25,399 SH SOLE 24,312 0 1,087
CENTRAL SECS CORP COM 155123102 327,340 6,241 SH SOLE 6,241 0 0
CISCO SYS INC COM 17275R102 204,615 1,742 SH SOLE 1,742 0 0
CF INDUSTRIES HOLD COM 125269100 15,766,471 125,225 SH SOLE 121,879 0 3,346
EAGLE MATLS INC COM 26969P108 4,496,625 19,985 SH SOLE 19,594 0 391
ENTERPRISE PRODS PARTNERS L COM 293792107 8,219,683 223,604 SH SOLE 218,297 0 5,307
MARATHON PETE CORP COM 56585A102 273,567 1,070 SH SOLE 1,070 0 0
MASTERCARD INCORPORATED CL A 57636Q104 4,211,520 8,200 SH SOLE 8,200 0 0
NATURAL RESOURCE PARTNERS LP COM UNIT LTD PAR 63900P608 6,325,661 65,213 SH SOLE 63,503 0 1,710
RAYONIER INC COM 754907103 266,000 12,500 SH SOLE 12,500 0 0
SRH TOTAL RETURN FUND INC COM 101507101 253,302 14,151 SH SOLE 14,151 0 0
ST JOE CO COM 790148100 32,974,444 526,496 SH SOLE 504,400 0 22,096
SUNCOR ENERGY INC NEW COM 867224107 2,117,408 39,445 SH SOLE 37,932 0 1,513
TEJON RANCH CO COM 879080109 33,639,524 1,798,905 SH SOLE 1,777,506 0 21,399
TEXAS PACIFIC LAND CORPORATI COM 88262P102 3,388,647 7,743 SH SOLE 7,439 0 304
VISTRA CORP COM 92840M102 7,391,048 46,593 SH SOLE 44,685 0 1,908
WILLIAMS COS INC COM 969457100 576,507 7,755 SH SOLE 7,638 0 117