# EDGAR Filing Document

**Accession Number:** 0001542324
**File Stem:** 0001214659-25-010859
**Filing Date:** 2025-7
**Character Count:** 20392
**Document Hash:** 951fc3a4255cc8203dd632a669aaeea6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001214659-25-010859.hdr.sgml**: 20250724

**ACCESSION NUMBER**: 0001214659-25-010859

**CONFORMED SUBMISSION TYPE**: 13F-HR/A

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250331

**FILED AS OF DATE**: 20250724

**DATE AS OF CHANGE**: 20250724

**EFFECTIVENESS DATE**: 20250724

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Mraz, Amerine & Associates, Inc.
- **CENTRAL INDEX KEY:** 0001542324

**ORGANIZATION NAME:**
- **EIN:** 453660564
- **STATE OF INCORPORATION:** CA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-14861
- **FILM NUMBER:** 251145858

**BUSINESS ADDRESS:**
- **STREET 1:** 1120 13TH STREET,
- **STREET 2:** STE C
- **CITY:** MODESTO
- **STATE:** CA
- **ZIP:** 95354
- **BUSINESS PHONE:** 209-593-5870

**MAIL ADDRESS:**
- **STREET 1:** 1120 13TH STREET,
- **STREET 2:** STE C
- **CITY:** MODESTO
- **STATE:** CA
- **ZIP:** 95354

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 03-31-2025

**Check here if Amendment** [x] **Amendment Number:** 1

**This Amendment (Check only one.):** [x] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** Mraz Amerine  Associates Inc.<br>**Address:** 1120 13th Street<br>Ste C<br>Modesto, CA 95354

**Form 13F File Number:** 028-14861

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Deidre Mraz<br>**Title:** Chief Compliance Officer<br>**Phone:** 209-593-5870

**Signature, Place, and Date of Signing:**

/s/ Deidre Mraz  Modesto, CA  07-22-2025<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 170

**Form 13F Information Table Value Total:** $581956371

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| ABBOTT LABS | COM | 002824100 |  | 666135 | 5092 | SH |  | SOLE |  | 0 | 0 | 5092 |
| AGNICO EAGLE MINES LTD | COM | 008474108 |  | 261207 | 2433 | SH |  | SOLE |  | 0 | 0 | 2433 |
| AIR PRODS  CHEMS INC | COM | 009158106 |  | 1131964 | 3873 | SH |  | SOLE |  | 0 | 0 | 3873 |
| ALPHA METALLURGICAL RESOUR I | COM | 020764106 |  | 1546720 | 12228 | SH |  | SOLE |  | 0 | 0 | 12228 |
| AMBAC FINL GROUP INC | COM NEW | 023139884 |  | 169108 | 19550 | SH |  | SOLE |  | 0 | 0 | 19550 |
| AMBEV SA | SPONSORED ADR | 02319V103 |  | 1567890 | 687671 | SH |  | SOLE |  | 0 | 0 | 687671 |
| AMERICAN CENTY ETF TR | US SML CP VALU | 025072877 |  | 14116510 | 162035 | SH |  | SOLE |  | 0 | 0 | 162035 |
| AMERICAN CENTY ETF TR | INTL SMCP VLU | 025072802 |  | 8410609 | 119266 | SH |  | SOLE |  | 0 | 0 | 119265 |
| AMERICAN CENTY ETF TR | AVANTIS EMGMKT | 025072604 |  | 2730538 | 45208 | SH |  | SOLE |  | 0 | 0 | 45207 |
| AMERICAN CENTY ETF TR | EMERGING MKT VAL | 025072372 |  | 826432 | 17433 | SH |  | SOLE |  | 0 | 0 | 17432 |
| AMERICAN EXPRESS CO | COM | 025816109 |  | 1162115 | 4377 | SH |  | SOLE |  | 0 | 0 | 4377 |
| AMGEN INC | COM | 031162100 |  | 2700701 | 8799 | SH |  | SOLE |  | 0 | 0 | 8798 |
| ANTERO RESOURCES CORP | COM | 03674X106 |  | 5786881 | 145802 | SH |  | SOLE |  | 0 | 0 | 145802 |
| ANYWHERE REAL ESTATE INC | COM | 75605Y106 |  | 34600 | 10000 | SH |  | SOLE |  | 0 | 0 | 10000 |
| APPLE INC | COM | 037833100 |  | 2502051 | 11483 | SH |  | SOLE |  | 0 | 0 | 11482 |
| APPLIED MATLS INC | COM | 038222105 |  | 369903 | 2550 | SH |  | SOLE |  | 0 | 0 | 2550 |
| ARQ INC | COM | 00770C101 |  | 47234 | 11300 | SH |  | SOLE |  | 0 | 0 | 11300 |
| ASSURED GUARANTY LTD | COM | G0585R106 |  | 961362 | 11021 | SH |  | SOLE |  | 0 | 0 | 11021 |
| BANK NEW YORK MELLON CORP | COM | 064058100 |  | 1602093 | 19370 | SH |  | SOLE |  | 0 | 0 | 19370 |
| BERKLEY W R CORP | COM | 084423102 |  | 45160387 | 633652 | SH |  | SOLE |  | 0 | 0 | 633652 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 86648521 | 164634 | SH |  | SOLE |  | 0 | 0 | 164634 |
| BERKSHIRE HATHAWAY INC DEL | CL A | 084670108 |  | 5531750 | 7 | SH |  | SOLE |  | 0 | 0 | 7 |
| BLACK STONE MINERALS L P | COM UNIT | 09225M101 |  | 1877251 | 123260 | SH |  | SOLE |  | 0 | 0 | 123260 |
| BLUEPRINT MEDICINES CORP | COM | 09627Y109 |  | 478290 | 5391 | SH |  | SOLE |  | 0 | 0 | 5391 |
| BRISTOW GROUP INC | COM | 11040G103 |  | 757921 | 23819 | SH |  | SOLE |  | 0 | 0 | 23819 |
| BROADCOM INC | COM | 11135F101 |  | 575008 | 3400 | SH |  | SOLE |  | 0 | 0 | 3400 |
| BROADRIDGE FINL SOLUTIONS IN | COM | 11133T103 |  | 2429015 | 10227 | SH |  | SOLE |  | 0 | 0 | 10227 |
| BROOKFIELD CORP | CL A LTD VT SH | 11271J107 |  | 11318025 | 218284 | SH |  | SOLE |  | 0 | 0 | 218284 |
| BURFORD CAP LTD | ORD SHS | G17977110 |  | 1924984 | 142909 | SH |  | SOLE |  | 0 | 0 | 142909 |
| CABLE ONE INC | COM | 12685J105 |  | 1674714 | 6254 | SH |  | SOLE |  | 0 | 0 | 6254 |
| CALIFORNIA RES CORP | COM STOCK | 13057Q305 |  | 994809 | 22697 | SH |  | SOLE |  | 0 | 0 | 22696 |
| CANADIAN NAT RES LTD | COM | 136385101 |  | 5618578 | 183854 | SH |  | SOLE |  | 0 | 0 | 183854 |
| CAPITAL SOUTHWEST CORP | COM | 140501107 |  | 978282 | 43732 | SH |  | SOLE |  | 0 | 0 | 43731 |
| CENOVUS ENERGY INC | COM | 15135U109 |  | 3666762 | 266093 | SH |  | SOLE |  | 0 | 0 | 266093 |
| CHEVRON CORP NEW | COM | 166764100 |  | 1488665 | 8963 | SH |  | SOLE |  | 0 | 0 | 8963 |
| CISCO SYS INC | COM | 17275R102 |  | 231633 | 3806 | SH |  | SOLE |  | 0 | 0 | 3806 |
| CLEVELAND-CLIFFS INC NEW | COM | 185899101 |  | 1503874 | 176511 | SH |  | SOLE |  | 0 | 0 | 176511 |
| CNA FINL CORP | COM | 126117100 |  | 489388 | 9741 | SH |  | SOLE |  | 0 | 0 | 9741 |
| COMCAST CORP NEW | CL A | 20030N101 |  | 276078 | 7539 | SH |  | SOLE |  | 0 | 0 | 7539 |
| CONOCOPHILLIPS | COM | 20825C104 |  | 1706337 | 16668 | SH |  | SOLE |  | 0 | 0 | 16668 |
| CORTEVA INC | COM | 22052L104 |  | 760566 | 12456 | SH |  | SOLE |  | 0 | 0 | 12456 |
| COSTCO WHSL CORP NEW | COM | 22160K105 |  | 894333 | 962 | SH |  | SOLE |  | 0 | 0 | 962 |
| COTERRA ENERGY INC | COM | 127097103 |  | 3077837 | 107504 | SH |  | SOLE |  | 0 | 0 | 107503 |
| CREDIT ACCEP CORP MICH | COM | 225310101 |  | 6699938 | 13057 | SH |  | SOLE |  | 0 | 0 | 13057 |
| CRESCENT ENERGY COMPANY | CL A COM | 44952J104 |  | 1847773 | 165868 | SH |  | SOLE |  | 0 | 0 | 165868 |
| CROSS TIMBERS RTY TR | TR UNIT | 22757R109 |  | 484012 | 40001 | SH |  | SOLE |  | 0 | 0 | 40001 |
| CSW INDUSTRIALS INC | COM | 126402106 |  | 464304 | 1600 | SH |  | SOLE |  | 0 | 0 | 1600 |
| CTO RLTY GROWTH INC NEW | COM | 22948Q101 |  | 375366 | 19449 | SH |  | SOLE |  | 0 | 0 | 19449 |
| CUSTOMERS BANCORP INC | COM | 23204G100 |  | 1915699 | 38207 | SH |  | SOLE |  | 0 | 0 | 38207 |
| DAILY JOURNAL CORP | COM | 233912104 |  | 271811 | 689 | SH |  | SOLE |  | 0 | 0 | 689 |
| DEVON ENERGY CORP NEW | COM | 25179M103 |  | 1362115 | 37054 | SH |  | SOLE |  | 0 | 0 | 37054 |
| DIANA SHIPPING INC | COM | Y2066G104 |  | 54528 | 33453 | SH |  | SOLE |  | 0 | 0 | 33453 |
| DIMENSIONAL ETF TRUST | INTL CORE EQT MK | 25434V203 |  | 1339466 | 42523 | SH |  | SOLE |  | 0 | 0 | 42522 |
| DIMENSIONAL ETF TRUST | US CORE EQUITY 2 | 25434V708 |  | 601562 | 18340 | SH |  | SOLE |  | 0 | 0 | 18340 |
| DIMENSIONAL ETF TRUST | INTERNATNAL VAL | 25434V807 |  | 8944469 | 225415 | SH |  | SOLE |  | 0 | 0 | 225415 |
| DIMENSIONAL ETF TRUST | INTL HIGH PROFIT | 25434V765 |  | 1207182 | 44513 | SH |  | SOLE |  | 0 | 0 | 44512 |
| DIMENSIONAL ETF TRUST | INTL SMALL CAP V | 25434V781 |  | 2031941 | 68856 | SH |  | SOLE |  | 0 | 0 | 68856 |
| DIMENSIONAL ETF TRUST | US LARGE CAP VAL | 25434V666 |  | 2205930 | 72827 | SH |  | SOLE |  | 0 | 0 | 72827 |
| DIMENSIONAL ETF TRUST | EMERGING MKTS VA | 25434V740 |  | 245842 | 9070 | SH |  | SOLE |  | 0 | 0 | 9070 |
| DIVERSIFIED ENERGY COMPANY P | SHS NEW | G2891G204 |  | 1778663 | 132341 | SH |  | SOLE |  | 0 | 0 | 132341 |
| DORCHESTER MINERALS LP | COM UNIT | 25820R105 |  | 1351580 | 44993 | SH |  | SOLE |  | 0 | 0 | 44992 |
| DOW INC | COM | 260557103 |  | 416658 | 12126 | SH |  | SOLE |  | 0 | 0 | 12126 |
| DUPONT DE NEMOURS INC | COM | 26614N102 |  | 894591 | 12084 | SH |  | SOLE |  | 0 | 0 | 12084 |
| ELI LILLY  CO | COM | 532457108 |  | 215498 | 262 | SH |  | SOLE |  | 0 | 0 | 262 |
| EMERSON ELEC CO | COM | 291011104 |  | 1199087 | 11037 | SH |  | SOLE |  | 0 | 0 | 11037 |
| ENBRIDGE INC | COM | 29250N105 |  | 329938 | 7421 | SH |  | SOLE |  | 0 | 0 | 7421 |
| ENSTAR GROUP LIMITED | SHS | G3075P101 |  | 23258255 | 69977 | SH |  | SOLE |  | 0 | 0 | 69977 |
| ENTERGY CORP NEW | COM | 29364G103 |  | 248503 | 2944 | SH |  | SOLE |  | 0 | 0 | 2944 |
| EQT CORP | COM | 26884L109 |  | 808531 | 15252 | SH |  | SOLE |  | 0 | 0 | 15252 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 417706 | 3548 | SH |  | SOLE |  | 0 | 0 | 3548 |
| FAIRFAX FINL HLDGS LTD SUB VTG | Stock | 303901102 |  | 42352543 | 29763 | SH |  | SOLE |  | 0 | 0 | 29763 |
| FIRST CTZNS BANCSHARES INC N | CL A | 31946M103 |  | 2088344 | 1138 | SH |  | SOLE |  | 0 | 0 | 1138 |
| FREEPORT-MCMORAN INC | CL B | 35671D857 |  | 2395115 | 62340 | SH |  | SOLE |  | 0 | 0 | 62340 |
| GENERAL AMERN INVS CO INC | COM | 368802104 |  | 1145059 | 22679 | SH |  | SOLE |  | 0 | 0 | 22678 |
| GENERAL DYNAMICS CORP | COM | 369550108 |  | 542734 | 2017 | SH |  | SOLE |  | 0 | 0 | 2017 |
| GEOSPACE TECHNOLOGIES CORP | COM | 37364X109 |  | 175070 | 24181 | SH |  | SOLE |  | 0 | 0 | 24181 |
| GRAHAM HLDGS CO | COM CL B | 384637104 |  | 3583253 | 3760 | SH |  | SOLE |  | 0 | 0 | 3760 |
| HALLADOR ENERGY COMPANY | COM | 40609P105 |  | 395003 | 31575 | SH |  | SOLE |  | 0 | 0 | 31575 |
| HALLIBURTON CO | COM | 406216101 |  | 1422852 | 56755 | SH |  | SOLE |  | 0 | 0 | 56755 |
| IDT CORP | CL B NEW | 448947507 |  | 293923 | 5672 | SH |  | SOLE |  | 0 | 0 | 5672 |
| IMPERIAL OIL LTD | COM NEW | 453038408 |  | 611349 | 8630 | SH |  | SOLE |  | 0 | 0 | 8630 |
| INTERNATIONAL SEAWAYS INC | COM | Y41053102 |  | 323082 | 9749 | SH |  | SOLE |  | 0 | 0 | 9749 |
| INVESCO EXCHANGE TRADED FD T | ENERGY EXPLORATI | 46137V761 |  | 1119087 | 38549 | SH |  | SOLE |  | 0 | 0 | 38549 |
| ISHARES GOLD TR | ISHARES NEW | 464285204 |  | 1218521 | 20962 | SH |  | SOLE |  | 0 | 0 | 20962 |
| ISHARES TR | MSCI JP VALUE | 46435U374 |  | 933086 | 27754 | SH |  | SOLE |  | 0 | 0 | 27753 |
| ISHARES TR | US OIL GS EX ETF | 464288851 |  | 603663 | 6474 | SH |  | SOLE |  | 0 | 0 | 6474 |
| JANUS DETROIT STR TR | HENDRSON AAA CL | 47103U845 |  | 15253754 | 301219 | SH |  | SOLE |  | 0 | 0 | 301219 |
| JAPAN SMALLER CAPITALIZATION | COM | 47109U104 |  | 875638 | 104491 | SH |  | SOLE |  | 0 | 0 | 104491 |
| JEFFERIES FINL GROUP INC | COM | 47233W109 |  | 28324003 | 542398 | SH |  | SOLE |  | 0 | 0 | 542397 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 3968670 | 24242 | SH |  | SOLE |  | 0 | 0 | 24242 |
| JPMORGAN CHASE  CO. | COM | 46625H100 |  | 267037 | 1100 | SH |  | SOLE |  | 0 | 0 | 1099 |
| KOREA FD INC | COM NEW | 500634209 |  | 1312645 | 65208 | SH |  | SOLE |  | 0 | 0 | 65208 |
| KOSMOS ENERGY LTD | COM | 500688106 |  | 24420 | 11000 | SH |  | SOLE |  | 0 | 0 | 11000 |
| KRANESHARES TRUST | QUADRTC INT RT | 500767736 |  | 632322 | 33814 | SH |  | SOLE |  | 0 | 0 | 33814 |
| LENNAR CORP | CL B | 526057302 |  | 3179989 | 29355 | SH |  | SOLE |  | 0 | 0 | 29354 |
| LIBERTY BROADBAND CORP | COM SER C | 530307305 |  | 234108 | 2750 | SH |  | SOLE |  | 0 | 0 | 2750 |
| LIBERTY MEDIA CORP DEL | COM LBTY ONE S C | 531229755 |  | 671244 | 7548 | SH |  | SOLE |  | 0 | 0 | 7548 |
| LIMBACH HLDGS INC | COM | 53263P105 |  | 266910 | 3500 | SH |  | SOLE |  | 0 | 0 | 3500 |
| LOCKHEED MARTIN CORP | COM | 539830109 |  | 377128 | 854 | SH |  | SOLE |  | 0 | 0 | 854 |
| LOEWS CORP | COM | 540424108 |  | 23007167 | 253830 | SH |  | SOLE |  | 0 | 0 | 253830 |
| LUMEN TECHNOLOGIES INC | COM | 550241103 |  | 1239789 | 314667 | SH |  | SOLE |  | 0 | 0 | 314667 |
| MARKEL GROUP INC | COM | 570535104 |  | 34655908 | 18678 | SH |  | SOLE |  | 0 | 0 | 18678 |
| MERCK  CO INC | COM | 58933Y105 |  | 243419 | 2728 | SH |  | SOLE |  | 0 | 0 | 2728 |
| MESA RTY TR | UNIT BEN INT | 590660106 |  | 60376 | 10046 | SH |  | SOLE |  | 0 | 0 | 10046 |
| MICROSOFT CORP | COM | 594918104 |  | 7244645 | 19125 | SH |  | SOLE |  | 0 | 0 | 19125 |
| MILLROSE PPTYS INC | COM CL A | 601137102 |  | 388279 | 14641 | SH |  | SOLE |  | 0 | 0 | 14641 |
| NAVIOS MARITIME PARTNERS L P | COM UNIT LPI | Y62267409 |  | 1289009 | 33145 | SH |  | SOLE |  | 0 | 0 | 33145 |
| NOBLE CORP PLC | ORD SHS A | G65431127 |  | 1286763 | 53216 | SH |  | SOLE |  | 0 | 0 | 53216 |
| NOVARTIS AG | SPONSORED ADR | 66987V109 |  | 516921 | 4592 | SH |  | SOLE |  | 0 | 0 | 4592 |
| NUTRIEN LTD | COM | 67077M108 |  | 1148693 | 22928 | SH |  | SOLE |  | 0 | 0 | 22928 |
| NVR INC | COM | 62944T105 |  | 3210211 | 447 | SH |  | SOLE |  | 0 | 0 | 447 |
| OCCIDENTAL PETE CORP | COM | 674599105 |  | 5508054 | 112801 | SH |  | SOLE |  | 0 | 0 | 112800 |
| OFG BANCORP | COM | 67103X102 |  | 639414 | 15890 | SH |  | SOLE |  | 0 | 0 | 15890 |
| ORION S.A. | COM | L72967109 |  | 200764 | 15515 | SH |  | SOLE |  | 0 | 0 | 15515 |
| PGIM ETF TR | AAA CLO ETF | 69344A834 |  | 375480 | 7325 | SH |  | SOLE |  | 0 | 0 | 7325 |
| PHX MINERALS INC | CL A | 69291A100 |  | 57196 | 14299 | SH |  | SOLE |  | 0 | 0 | 14298 |
| PNC FINL SVCS GROUP INC | COM | 693475105 |  | 350635 | 2040 | SH |  | SOLE |  | 0 | 0 | 2040 |
| QUALCOMM INC | COM | 747525103 |  | 407618 | 2669 | SH |  | SOLE |  | 0 | 0 | 2669 |
| RANGE RES CORP | COM | 75281A109 |  | 248073 | 6330 | SH |  | SOLE |  | 0 | 0 | 6330 |
| RING ENERGY INC | COM | 76680V108 |  | 23200 | 20000 | SH |  | SOLE |  | 0 | 0 | 20000 |
| ROYCE MICRO-CAP TR INC | COM | 780915104 |  | 3121940 | 369024 | SH |  | SOLE |  | 0 | 0 | 369023 |
| ROYCE SMALL CAP TRUST INC | COM | 780910105 |  | 802772 | 56335 | SH |  | SOLE |  | 0 | 0 | 56334 |
| SABINE RTY TR | UNIT BEN INT | 785688102 |  | 1647530 | 24775 | SH |  | SOLE |  | 0 | 0 | 24774 |
| SAFE BULKERS INC | COM | Y7388L103 |  | 62040 | 16500 | SH |  | SOLE |  | 0 | 0 | 16500 |
| SAN JUAN BASIN RTY TR | UNIT BEN INT | 798241105 |  | 1044637 | 189246 | SH |  | SOLE |  | 0 | 0 | 189245 |
| SCHLUMBERGER LTD | COM STK | 806857108 |  | 3995809 | 95411 | SH |  | SOLE |  | 0 | 0 | 95410 |
| SCHWAB CHARLES CORP | COM | 808513105 |  | 2425462 | 31172 | SH |  | SOLE |  | 0 | 0 | 31171 |
| SEMPRA | COM | 816851109 |  | 215389 | 3089 | SH |  | SOLE |  | 0 | 0 | 3088 |
| SLM CORP | COM | 78442P106 |  | 302728 | 10475 | SH |  | SOLE |  | 0 | 0 | 10475 |
| SOURCE CAPITAL | COM SHS OF BEN I | 836144303 |  | 263075 | 6330 | SH |  | SOLE |  | 0 | 0 | 6330 |
| SOUTHERN CO | COM | 842587107 |  | 627886 | 6890 | SH |  | SOLE |  | 0 | 0 | 6890 |
| SPROTT FOCUS TR INC | COM | 85208J109 |  | 78884 | 10718 | SH |  | SOLE |  | 0 | 0 | 10718 |
| SPROTT PHYSICAL GOLD  SILVE | TR UNIT | 85208R101 |  | 345131 | 12291 | SH |  | SOLE |  | 0 | 0 | 12291 |
| SPROTT PHYSICAL SILVER TR | TR UNIT | 85207K107 |  | 981116 | 84725 | SH |  | SOLE |  | 0 | 0 | 84725 |
| ST JOE CO | COM | 790148100 |  | 2029076 | 43815 | SH |  | SOLE |  | 0 | 0 | 43815 |
| STAR BULK CARRIERS CORP. | SHS PAR | Y8162K204 |  | 1793459 | 112231 | SH |  | SOLE |  | 0 | 0 | 112231 |
| STEALTHGAS INC | SHS | Y81669106 |  | 102483 | 17700 | SH |  | SOLE |  | 0 | 0 | 17700 |
| SUNCOR ENERGY INC NEW | COM | 867224107 |  | 866254 | 22594 | SH |  | SOLE |  | 0 | 0 | 22594 |
| TARGA RES CORP | COM | 87612G101 |  | 281102 | 1421 | SH |  | SOLE |  | 0 | 0 | 1421 |
| TECHNIPFMC PLC | COM | G87110105 |  | 526100 | 16873 | SH |  | SOLE |  | 0 | 0 | 16873 |
| TESLA INC | COM | 88160R101 |  | 277782 | 1054 | SH |  | SOLE |  | 0 | 0 | 1054 |
| TETRA TECHNOLOGIES INC DEL | COM | 88162F105 |  | 79420 | 22000 | SH |  | SOLE |  | 0 | 0 | 22000 |
| TEXAS PACIFIC LAND CORPORATI | COM | 88262P102 |  | 3743622 | 2867 | SH |  | SOLE |  | 0 | 0 | 2867 |
| TIDEWATER INC NEW | COM | 88642R109 |  | 1882383 | 43313 | SH |  | SOLE |  | 0 | 0 | 43313 |
| TITAN INTL INC ILL | COM | 88830M102 |  | 93865 | 10940 | SH |  | SOLE |  | 0 | 0 | 10940 |
| U HAUL HOLDING COMPANY | COM | 023586100 |  | 276472 | 4258 | SH |  | SOLE |  | 0 | 0 | 4258 |
| U HAUL HOLDING COMPANY | COM SER N | 023586506 |  | 5255202 | 89177 | SH |  | SOLE |  | 0 | 0 | 89177 |
| UNIQURE NV | SHS | N90064101 |  | 124937 | 10019 | SH |  | SOLE |  | 0 | 0 | 10019 |
| UNITED SEC BANCSHARES CALIF | COM | 911460103 |  | 165509 | 18248 | SH |  | SOLE |  | 0 | 0 | 18248 |
| US BANCORP DEL | COM NEW | 902973304 |  | 403583 | 9550 | SH |  | SOLE |  | 0 | 0 | 9550 |
| VALARIS LTD | CL A | G9460G101 |  | 1289248 | 32664 | SH |  | SOLE |  | 0 | 0 | 32664 |
| VANECK ETF TRUST | OIL SERVICES ETF | 92189H607 |  | 1990240 | 7615 | SH |  | SOLE |  | 0 | 0 | 7614 |
| VANGUARD INDEX FDS | VALUE ETF | 922908744 |  | 1317061 | 7710 | SH |  | SOLE |  | 0 | 0 | 7709 |
| VANGUARD MALVERN FDS | STRM INFPROIDX | 922020805 |  | 994059 | 19937 | SH |  | SOLE |  | 0 | 0 | 19937 |
| VANGUARD SCOTTSDALE FDS | VNG RUS1000VAL | 92206C714 |  | 642193 | 7853 | SH |  | SOLE |  | 0 | 0 | 7852 |
| VANGUARD SPECIALIZED FUNDS | DIV APP ETF | 921908844 |  | 332440 | 1732 | SH |  | SOLE |  | 0 | 0 | 1732 |
| VANGUARD TAX-MANAGED FDS | VAN FTSE DEV MKT | 921943858 |  | 226020 | 4411 | SH |  | SOLE |  | 0 | 0 | 4411 |
| VANGUARD WHITEHALL FDS | INTL DVD ETF | 921946810 |  | 921050 | 11063 | SH |  | SOLE |  | 0 | 0 | 11063 |
| VANGUARD WHITEHALL FDS | INTL HIGH ETF | 921946794 |  | 292300 | 3950 | SH |  | SOLE |  | 0 | 0 | 3950 |
| VANGUARD WHITEHALL FDS | HIGH DIV YLD | 921946406 |  | 1621161 | 12710 | SH |  | SOLE |  | 0 | 0 | 12710 |
| VERIZON COMMUNICATIONS INC | COM | 92343V104 |  | 274343 | 6106 | SH |  | SOLE |  | 0 | 0 | 6106 |
| VIATRIS INC | COM | 92556V106 |  | 104160 | 12000 | SH |  | SOLE |  | 0 | 0 | 12000 |
| VITESSE ENERGY INC | COMMON STOCK | 92852X103 |  | 3505984 | 141885 | SH |  | SOLE |  | 0 | 0 | 141885 |
| WARNER BROS DISCOVERY INC | COM SER A | 934423104 |  | 2465644 | 237767 | SH |  | SOLE |  | 0 | 0 | 237767 |
| WEYERHAEUSER CO MTN BE | COM NEW | 962166104 |  | 240400 | 8188 | SH |  | SOLE |  | 0 | 0 | 8188 |
| WHITE MTNS INS GROUP LTD | COM | G9618E107 |  | 40007621 | 21028 | SH |  | SOLE |  | 0 | 0 | 21028 |
| WILLIAMS COS INC | COM | 969457100 |  | 740644 | 12513 | SH |  | SOLE |  | 0 | 0 | 12513 |
| WILLSCOT HLDGS CORP | COM CL A | 971378104 |  | 519987 | 18472 | SH |  | SOLE |  | 0 | 0 | 18472 |
| WISDOMTREE TR | FLOATNG RAT TREA | 97717Y527 |  | 6064415 | 120517 | SH |  | SOLE |  | 0 | 0 | 120517 |
| ZOETIS INC | CL A | 98978V103 |  | 271578 | 1665 | SH |  | SOLE |  | 0 | 0 | 1665 |

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