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
ALIBABA GROUP HLDG LTD SPONSORED ADS 01609W102 2,399 10,580 SH   SOLE   6,000 1 4,580
APPLE INC COM 037833100 1,926 14,060 SH   SOLE   9,800 1 4,260
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 13,885 49,960 SH   SOLE   0 1 49,960
BERKSHIRE HATHAWAY INC DEL CL A 084670108 419 1 SH   SOLE   0 0 1
COMMERCIAL METALS CO COM 201723103 17,145 558,100 SH   SOLE   391,100 1 167,000
ENBRIDGE INC COM 29250N105 14,246 355,800 SH   SOLE   225,000 1 130,800
ENERGY TRANSFER L P COM UT LTD PTN 29273V100 10,940 1,029,200 SH   SOLE   1,029,200 1 0
ENTERPRISE PRODS PARTNERS L COM 293792107 1,810 75,000 SH   SOLE   75,000 1 0
INTEL CORP COM 458140100 8,842 157,500 SH   SOLE   101,000 1 56,500
KINDER MORGAN INC DEL COM 49456B101 12,163 667,200 SH   SOLE   433,600 1 233,600
OLD REP INTL CORP COM 680223104 6,006 241,100 SH   SOLE   241,100 1 0
ST JOE CO COM 790148100 1,148,509 25,745,557 SH   SOLE   23,449,191 1 2,296,366
VISTRA CORP COM 92840M102 10,256 552,900 SH   SOLE   333,100 1 219,800
WESTERN MIDSTREAM PARTNERS L COM UNIT LP INT 958669103 10,417 486,300 SH   SOLE   486,300 1 0
WILLIAMS COS INC COM 969457100 8,090 304,700 SH   SOLE   165,300 1 139,400