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
Estimated average burden
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 520 4,260 SH   SOLE 1 0 0 4,260
AT&T INC COM 00206R102 12,072 398,800 SH   SOLE 1 262,000 0 136,800
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 12,763 49,960 SH   SOLE 1 0 0 49,960
BERKSHIRE HATHAWAY INC DEL CL A 084670108 386 1 SH   SOLE   0 0 1
CVS HEALTH CORP COM 126650100 11,059 147,000 SH   SOLE 1 93,700 0 53,300
ENBRIDGE INC COM 29250N105 12,442 341,800 SH   SOLE 1 211,000 0 130,800
ENERGY TRANSFER LP COM UT LTD PTN 29273V100 7,904 1,029,200 SH   SOLE 1 1,029,200 0 0
KINDER MORGAN INC DEL COM 49456B101 11,109 667,200 SH   SOLE 1 433,600 0 233,600
OLD REP INTL CORP COM 680223104 5,266 241,100 SH   SOLE 1 241,100 0 0
ST JOE CO COM 790148100 1,104,484 25,745,557 SH   SOLE 1 23,449,191 0 2,296,366
TC ENERGY CORP COM 87807B107 2,772 60,600 SH   SOLE 1 37,300 0 23,300
VERIZON COMMUNICATIONS INC COM 92343V104 4,472 76,900 SH   SOLE 1 53,300 0 23,600
VISTRA CORP COM 92840M102 8,714 492,900 SH   SOLE 1 302,600 0 190,300
WESTERN MIDSTREAM PARTNERS L COM UNIT LP INT 958669103 10,347 556,600 SH   SOLE 1 556,600 0 0
WILLIAMS COS INC COM 969457100 7,218 304,700 SH   SOLE 1 165,300 0 139,400