| TTEJON RANCH CO COMTRC |
| 22.71% | 16.34% | $33.6M | 1.8M | $21.2M | 1.7M | +117,341+6.98% | Add |
| SST JOE COMPANYJOE |
| 22.26% | 25.51% | $33.0M | 526,496 | $33.1M | 527,600 | -1,104-0.21% | Reduce |
 CF INDS HLDGS INCCF |
| 10.64% | 12.14% | $15.8M | 125,225 | $15.8M | 121,430 | +3,795+3.13% | Add |
| BBEL FUSE INCBELFB |
| 5.71% | 3.87% | $8.5M | 25,400 | $5.0M | 25,400 | 00.00% | Unchanged |
 ENTERPRISE PRODS PARTNERS LEPD |
| 5.55% | 6.49% | $8.2M | 223,604 | $8.4M | 222,604 | +1,000+0.45% | Add |
 VISTRA CORPVST |
| 4.99% | 5.05% | $7.4M | 46,593 | $6.6M | 43,593 | +3,000+6.88% | Add |
 NATURAL RESOURCE PARTNERS L COMNRP |
| 4.27% | 6.08% | $6.3M | 65,213 | $7.9M | 64,209 | +1,004+1.56% | Add |
| BBOSTON OMAHA CORP CL A COM STKBOC |
| 3.83% | 3.28% | $5.7M | 415,950 | $4.3M | 364,350 | +51,600+14.16% | Add |
 EAGLE MATLS INCEXP |
| 3.04% | 2.75% | $4.5M | 19,985 | $3.6M | 18,865 | +1,120+5.94% | Add |
 BERKSHIRE HATHAWAY INC DELBRK.B |
| 3.03% | 2.98% | $4.5M | 8,977 | $3.9M | 8,077 | +900+11.14% | Add |
 MASTERCARD INCORPORATEDMA |
| 2.84% | 3.15% | $4.2M | 8,200 | $4.1M | 8,200 | 00.00% | Unchanged |
 BANK OZK LITTLE ROCK ARKOZK |
| 2.53% | 2.5% | $3.8M | 72,095 | $3.2M | 70,770 | +1,325+1.87% | Add |
| TTEXAS PACIFIC LAND CORPORATITPL |
| 2.29% | 2.83% | $3.4M | 7,743 | $3.7M | 7,743 | 00.00% | Unchanged |
 BRUNSWICK CORPBC |
| 1.44% | 1.36% | $2.1M | 25,399 | $1.8M | 24,199 | +1,200+4.96% | Add |
 SUNCOR ENERGY INC NEWSU |
| 1.43% | 2.16% | $2.1M | 39,445 | $2.8M | 42,470 | -3,025-7.12% | Reduce |
| BBEL FUSE INCBELFA |
| 1.38% | 0.97% | $2.0M | 7,000 | $1.3M | 7,000 | 00.00% | Unchanged |
 BERKSHIRE HATHAWAY INC CL ABRK.A |
| 0.51% | 0.55% | $748,850 | 1 | $718,140 | 1 | 00.00% | Unchanged |
 WILLIAMS COS INCWMB |
| 0.39% | 0.49% | $576,507 | 7,755 | $639,372 | 8,785 | -1,030-11.72% | Reduce |
 BALCHEM CORPBCPC |
| 0.27% | 0.31% | $405,480 | 2,400 | $406,752 | 2,400 | 00.00% | Unchanged |
 CENTRAL SECS CORPCET |
| 0.22% | 0.24% | $327,340 | 6,241 | $309,928 | 6,241 | 00.00% | Unchanged |
 MARATHON PETE CORPMPC |
| 0.18% | 0.26% | $273,567 | 1,070 | $334,526 | 1,370 | -300-21.90% | Reduce |
 RAYONIER INCRYN |
| 0.18% | — | $266,000 | 12,500 | $0 | 0 | +12,500 | New Buy |
 SRH TOTAL RETURN FUND INCORPORATEDSTEW |
| 0.17% | 0.19% | $253,302 | 14,151 | $241,982 | 14,151 | 00.00% | Unchanged |
 CISCO SYS INCCSCO |
| 0.14% | — | $204,615 | 1,742 | $0 | 0 | +1,742 | New Buy |
