# EDGAR Filing Document

**Accession Number:** 0001542324
**File Stem:** 0001214659-25-010855
**Filing Date:** 2025-7
**Character Count:** 21165
**Document Hash:** ef91b233141ea0fa43437f9c21c24131
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001214659-25-010855.hdr.sgml**: 20250724

**ACCESSION NUMBER**: 0001214659-25-010855

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20240331

**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:** 251145861

**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:** 03-31-2024

**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:** 178

**Form 13F Information Table Value Total:** $529132398

      (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 |  | 1009419 | 8881 | SH |  | SOLE |  | 0 | 0 | 8881 |
| AIR PRODS  CHEMS INC | COM | 009158106 |  | 927783 | 3830 | SH |  | SOLE |  | 0 | 0 | 3829 |
| ALPHA METALLURGICAL RESOUR I | COM | 020764106 |  | 2990465 | 9030 | SH |  | SOLE |  | 0 | 0 | 9030 |
| AMBAC FINL GROUP INC | COM NEW | 023139884 |  | 329793 | 21100 | SH |  | SOLE |  | 0 | 0 | 21100 |
| AMBEV SA | SPONSORED ADR | 02319V103 |  | 1953360 | 787645 | SH |  | SOLE |  | 0 | 0 | 787645 |
| AMERICAN CENTY ETF TR | US SML CP VALU | 025072877 |  | 14327064 | 152887 | SH |  | SOLE |  | 0 | 0 | 152887 |
| AMERICAN CENTY ETF TR | INTL SMCP VLU | 025072802 |  | 7222849 | 109670 | SH |  | SOLE |  | 0 | 0 | 109669 |
| AMERICAN CENTY ETF TR | AVANTIS EMGMKT | 025072604 |  | 1794336 | 30958 | SH |  | SOLE |  | 0 | 0 | 30958 |
| AMERICAN CENTY ETF TR | EMERGING MKT VAL | 025072372 |  | 867961 | 18315 | SH |  | SOLE |  | 0 | 0 | 18315 |
| AMERICAN EXPRESS CO | COM | 025816109 |  | 1281686 | 5629 | SH |  | SOLE |  | 0 | 0 | 5629 |
| AMGEN INC | COM | 031162100 |  | 1832960 | 6447 | SH |  | SOLE |  | 0 | 0 | 6446 |
| ANTERO RESOURCES CORP | COM | 03674X106 |  | 3814167 | 131523 | SH |  | SOLE |  | 0 | 0 | 131523 |
| APPLE INC | COM | 037833100 |  | 2142182 | 12492 | SH |  | SOLE |  | 0 | 0 | 12492 |
| APPLIED MATLS INC | COM | 038222105 |  | 819352 | 3973 | SH |  | SOLE |  | 0 | 0 | 3973 |
| ARQ INC | COM | 00770C101 |  | 73224 | 11300 | SH |  | SOLE |  | 0 | 0 | 11300 |
| ASSURED GUARANTY LTD | COM | G0585R106 |  | 1080853 | 12388 | SH |  | SOLE |  | 0 | 0 | 12388 |
| BANK AMERICA CORP | COM | 060505104 |  | 220126 | 5805 | SH |  | SOLE |  | 0 | 0 | 5805 |
| BANK NEW YORK MELLON CORP | COM | 064058100 |  | 1222120 | 21210 | SH |  | SOLE |  | 0 | 0 | 21210 |
| BERKLEY W R CORP | COM | 084423102 |  | 38047144 | 430203 | SH |  | SOLE |  | 0 | 0 | 430202 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 73627585 | 175087 | SH |  | SOLE |  | 0 | 0 | 175087 |
| BERKSHIRE HATHAWAY INC DEL | CL A | 084670108 |  | 4441080 | 7 | SH |  | SOLE |  | 0 | 0 | 7 |
| BLACK STONE MINERALS L P | COM UNIT | 09225M101 |  | 2090464 | 130818 | SH |  | SOLE |  | 0 | 0 | 130817 |
| BLACKSTONE INC | COM | 09260D107 |  | 220045 | 1675 | SH |  | SOLE |  | 0 | 0 | 1675 |
| BLUEPRINT MEDICINES CORP | COM | 09627Y109 |  | 576369 | 6076 | SH |  | SOLE |  | 0 | 0 | 6076 |
| BRF SA | SPONSORED ADR | 10552T107 |  | 96904 | 29725 | SH |  | SOLE |  | 0 | 0 | 29725 |
| BRISTOW GROUP INC | COM | 11040G103 |  | 663381 | 24389 | SH |  | SOLE |  | 0 | 0 | 24389 |
| BROADCOM INC | COM | 11135F101 |  | 437385 | 330 | SH |  | SOLE |  | 0 | 0 | 330 |
| BROADRIDGE FINL SOLUTIONS IN | COM | 11133T103 |  | 2262269 | 11043 | SH |  | SOLE |  | 0 | 0 | 11043 |
| BROOKFIELD CORP | CL A LTD VT SH | 11271J107 |  | 6336103 | 151328 | SH |  | SOLE |  | 0 | 0 | 151328 |
| BURFORD CAP LTD | ORD SHS | G17977110 |  | 1174801 | 73563 | SH |  | SOLE |  | 0 | 0 | 73563 |
| CABLE ONE INC | COM | 12685J105 |  | 1227077 | 2900 | SH |  | SOLE |  | 0 | 0 | 2900 |
| CALIFORNIA RES CORP | COM STOCK | 13057Q305 |  | 1257940 | 22830 | SH |  | SOLE |  | 0 | 0 | 22830 |
| CAMBRIA ETF TR | SHSHLD YIELD ETF | 132061201 |  | 259962 | 3548 | SH |  | SOLE |  | 0 | 0 | 3548 |
| CANADIAN NAT RES LTD | COM | 136385101 |  | 6332194 | 82969 | SH |  | SOLE |  | 0 | 0 | 82969 |
| CAPITAL SOUTHWEST CORP | COM | 140501107 |  | 1174212 | 47044 | SH |  | SOLE |  | 0 | 0 | 47043 |
| CENOVUS ENERGY INC | COM | 15135U109 |  | 869865 | 43515 | SH |  | SOLE |  | 0 | 0 | 43515 |
| CHEVRON CORP NEW | COM | 166764100 |  | 1394579 | 8841 | SH |  | SOLE |  | 0 | 0 | 8841 |
| CISCO SYS INC | COM | 17275R102 |  | 276152 | 5533 | SH |  | SOLE |  | 0 | 0 | 5533 |
| CLEVELAND-CLIFFS INC NEW | COM | 185899101 |  | 3180166 | 139849 | SH |  | SOLE |  | 0 | 0 | 139849 |
| CNA FINL CORP | COM | 126117100 |  | 720270 | 15858 | SH |  | SOLE |  | 0 | 0 | 15858 |
| COMCAST CORP NEW | CL A | 20030N101 |  | 368952 | 8511 | SH |  | SOLE |  | 0 | 0 | 8511 |
| CONOCOPHILLIPS | COM | 20825C104 |  | 2029458 | 15945 | SH |  | SOLE |  | 0 | 0 | 15944 |
| CORE LABORATORIES INC | COM | 21867A105 |  | 1083932 | 63462 | SH |  | SOLE |  | 0 | 0 | 63462 |
| CORTEVA INC | COM | 22052L104 |  | 718055 | 12451 | SH |  | SOLE |  | 0 | 0 | 12451 |
| COSTCO WHSL CORP NEW | COM | 22160K105 |  | 704057 | 961 | SH |  | SOLE |  | 0 | 0 | 961 |
| COTERRA ENERGY INC | COM | 127097103 |  | 3304511 | 118526 | SH |  | SOLE |  | 0 | 0 | 118526 |
| CREDIT ACCEP CORP MICH | COM | 225310101 |  | 7431585 | 13474 | SH |  | SOLE |  | 0 | 0 | 13474 |
| CRESCENT ENERGY COMPANY | CL A COM | 44952J104 |  | 1791286 | 150528 | SH |  | SOLE |  | 0 | 0 | 150528 |
| CROSS TIMBERS RTY TR | TR UNIT | 22757R109 |  | 665976 | 51111 | SH |  | SOLE |  | 0 | 0 | 51111 |
| CSW INDUSTRIALS INC | COM | 126402106 |  | 375360 | 1600 | SH |  | SOLE |  | 0 | 0 | 1600 |
| CTO RLTY GROWTH INC NEW | COM | 22948Q101 |  | 751554 | 44339 | SH |  | SOLE |  | 0 | 0 | 44339 |
| CUSTOMERS BANCORP INC | COM | 23204G100 |  | 2247038 | 42349 | SH |  | SOLE |  | 0 | 0 | 42349 |
| CVS HEALTH CORP | COM | 126650100 |  | 968924 | 12148 | SH |  | SOLE |  | 0 | 0 | 12148 |
| DAILY JOURNAL CORP | COM | 233912104 |  | 321471 | 889 | SH |  | SOLE |  | 0 | 0 | 889 |
| DEVON ENERGY CORP NEW | COM | 25179M103 |  | 1226671 | 24445 | SH |  | SOLE |  | 0 | 0 | 24445 |
| DIAMOND OFFSHORE DRILLING IN | COM | 25271C201 |  | 1010356 | 74073 | SH |  | SOLE |  | 0 | 0 | 74073 |
| DIMENSIONAL ETF TRUST | INTL CORE EQT MK | 25434V203 |  | 1678909 | 55556 | SH |  | SOLE |  | 0 | 0 | 55556 |
| DIMENSIONAL ETF TRUST | US CORE EQUITY 2 | 25434V708 |  | 907870 | 28415 | SH |  | SOLE |  | 0 | 0 | 28415 |
| DIMENSIONAL ETF TRUST | INTERNATNAL VAL | 25434V807 |  | 5340521 | 145320 | SH |  | SOLE |  | 0 | 0 | 145320 |
| DIMENSIONAL ETF TRUST | INTL HIGH PROFIT | 25434V765 |  | 1394741 | 51772 | SH |  | SOLE |  | 0 | 0 | 51772 |
| DIMENSIONAL ETF TRUST | INTL SMALL CAP V | 25434V781 |  | 1876708 | 69022 | SH |  | SOLE |  | 0 | 0 | 69022 |
| DIMENSIONAL ETF TRUST | US LARGE CAP VAL | 25434V666 |  | 2351066 | 78395 | SH |  | SOLE |  | 0 | 0 | 78395 |
| DIMENSIONAL ETF TRUST | EMERGING MKTS VA | 25434V740 |  | 245841 | 9470 | SH |  | SOLE |  | 0 | 0 | 9470 |
| DIVERSIFIED ENERGY COMPANY P | SHS NEW | G2891G204 |  | 1278007 | 106235 | SH |  | SOLE |  | 0 | 0 | 106235 |
| DORCHESTER MINERALS LP | COM UNIT | 25820R105 |  | 1640107 | 48639 | SH |  | SOLE |  | 0 | 0 | 48639 |
| DOW INC | COM | 260557103 |  | 701562 | 12111 | SH |  | SOLE |  | 0 | 0 | 12110 |
| DUPONT DE NEMOURS INC | COM | 26614N102 |  | 926340 | 12082 | SH |  | SOLE |  | 0 | 0 | 12082 |
| EBAY INC. | COM | 278642103 |  | 646661 | 12252 | SH |  | SOLE |  | 0 | 0 | 12252 |
| EMERSON ELEC CO | COM | 291011104 |  | 1544356 | 13616 | SH |  | SOLE |  | 0 | 0 | 13616 |
| ENBRIDGE INC | COM | 29250N105 |  | 300439 | 8304 | SH |  | SOLE |  | 0 | 0 | 8304 |
| ENSTAR GROUP LIMITED | SHS | G3075P101 |  | 31992431 | 102949 | SH |  | SOLE |  | 0 | 0 | 102949 |
| EQT CORP | COM | 26884L109 |  | 558853 | 15076 | SH |  | SOLE |  | 0 | 0 | 15075 |
| EQUITY COMWLTH | COM SH BEN INT | 294628102 |  | 1720421 | 91124 | SH |  | SOLE |  | 0 | 0 | 91124 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 258983 | 2228 | SH |  | SOLE |  | 0 | 0 | 2228 |
| FAIRFAX FINL HLDGS LTD SUB VTG | Stock | 303901102 |  | 33780718 | 31326 | SH |  | SOLE |  | 0 | 0 | 31326 |
| FIRST CTZNS BANCSHARES INC N | CL A | 31946M103 |  | 2084625 | 1275 | SH |  | SOLE |  | 0 | 0 | 1275 |
| FREEPORT-MCMORAN INC | CL B | 35671D857 |  | 2824532 | 60071 | SH |  | SOLE |  | 0 | 0 | 60070 |
| GENCO SHIPPING  TRADING LTD | SHS | Y2685T131 |  | 1913662 | 94130 | SH |  | SOLE |  | 0 | 0 | 94129 |
| GENERAL AMERN INVS CO INC | COM | 368802104 |  | 1512496 | 32520 | SH |  | SOLE |  | 0 | 0 | 32519 |
| GENERAL DYNAMICS CORP | COM | 369550108 |  | 569217 | 2015 | SH |  | SOLE |  | 0 | 0 | 2015 |
| GEOSPACE TECHNOLOGIES CORP | COM | 37364X109 |  | 330159 | 25031 | SH |  | SOLE |  | 0 | 0 | 25031 |
| GOLDMINING INC | COM | 38149E101 |  | 8750 | 10000 | SH |  | SOLE |  | 0 | 0 | 10000 |
| GRAHAM HLDGS CO | COM CL B | 384637104 |  | 3083185 | 4016 | SH |  | SOLE |  | 0 | 0 | 4016 |
| GRINDROD SHIPPING HOLDINGS L | SHS | Y28895103 |  | 111237 | 10745 | SH |  | SOLE |  | 0 | 0 | 10745 |
| HALLADOR ENERGY COMPANY | COM | 40609P105 |  | 167895 | 31500 | SH |  | SOLE |  | 0 | 0 | 31500 |
| HALLIBURTON CO | COM | 406216101 |  | 699159 | 17736 | SH |  | SOLE |  | 0 | 0 | 17736 |
| HELMERICH  PAYNE INC | COM | 423452101 |  | 848937 | 20184 | SH |  | SOLE |  | 0 | 0 | 20183 |
| IDT CORP | CL B NEW | 448947507 |  | 262288 | 6937 | SH |  | SOLE |  | 0 | 0 | 6937 |
| IMPERIAL OIL LTD | COM NEW | 453038408 |  | 634613 | 9180 | SH |  | SOLE |  | 0 | 0 | 9180 |
| INTERNATIONAL PAPER CO | COM | 460146103 |  | 314111 | 8050 | SH |  | SOLE |  | 0 | 0 | 8050 |
| INTERNATIONAL SEAWAYS INC | COM | Y41053102 |  | 559026 | 10508 | SH |  | SOLE |  | 0 | 0 | 10508 |
| INVESCO EXCHANGE TRADED FD T | ENERGY EXPLORATI | 46137V761 |  | 541690 | 15131 | SH |  | SOLE |  | 0 | 0 | 15131 |
| ISHARES GOLD TR | ISHARES NEW | 464285204 |  | 908130 | 21617 | SH |  | SOLE |  | 0 | 0 | 21617 |
| ISHARES TR | US OIL GS EX ETF | 464288851 |  | 783717 | 7327 | SH |  | SOLE |  | 0 | 0 | 7326 |
| JANUS DETROIT STR TR | HENDRSON AAA CL | 47103U845 |  | 3853348 | 75943 | SH |  | SOLE |  | 0 | 0 | 75943 |
| JEFFERIES FINL GROUP INC | COM | 47233W109 |  | 24699204 | 560073 | SH |  | SOLE |  | 0 | 0 | 560072 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 2814200 | 17790 | SH |  | SOLE |  | 0 | 0 | 17790 |
| KOREA FD INC | COM NEW | 500634209 |  | 339491 | 13350 | SH |  | SOLE |  | 0 | 0 | 13350 |
| KRANESHARES TRUST | QUADRTC INT RT | 500767736 |  | 892407 | 47140 | SH |  | SOLE |  | 0 | 0 | 47140 |
| LENNAR CORP | CL B | 526057302 |  | 4763529 | 30896 | SH |  | SOLE |  | 0 | 0 | 30895 |
| LIBERTY GLOBAL LTD | COM CL C | G61188127 |  | 265711 | 15063 | SH |  | SOLE |  | 0 | 0 | 15063 |
| LIBERTY MEDIA CORP DEL | COM LBTY ONE S C | 531229755 |  | 637894 | 9724 | SH |  | SOLE |  | 0 | 0 | 9724 |
| LITHIA MTRS INC | COM | 536797103 |  | 225946 | 751 | SH |  | SOLE |  | 0 | 0 | 751 |
| LOCKHEED MARTIN CORP | COM | 539830109 |  | 398466 | 876 | SH |  | SOLE |  | 0 | 0 | 876 |
| LOEWS CORP | COM | 540424108 |  | 20192087 | 257914 | SH |  | SOLE |  | 0 | 0 | 257913 |
| LUMEN TECHNOLOGIES INC | COM | 550241103 |  | 508527 | 325979 | SH |  | SOLE |  | 0 | 0 | 325979 |
| MACERICH CO | COM | 554382101 |  | 505436 | 29335 | SH |  | SOLE |  | 0 | 0 | 29334 |
| MARATHON OIL CORP | COM | 565849106 |  | 248485 | 8768 | SH |  | SOLE |  | 0 | 0 | 8768 |
| MARKEL GROUP INC | COM | 570535104 |  | 27770053 | 18252 | SH |  | SOLE |  | 0 | 0 | 18252 |
| MCKESSON CORP | COM | 58155Q103 |  | 219572 | 409 | SH |  | SOLE |  | 0 | 0 | 409 |
| MERCK  CO INC | COM | 58933Y105 |  | 273928 | 2076 | SH |  | SOLE |  | 0 | 0 | 2076 |
| MESA RTY TR | UNIT BEN INT | 590660106 |  | 111049 | 10526 | SH |  | SOLE |  | 0 | 0 | 10526 |
| METLIFE INC | COM | 59156R108 |  | 232261 | 3134 | SH |  | SOLE |  | 0 | 0 | 3134 |
| MICROSOFT CORP | COM | 594918104 |  | 8126926 | 19317 | SH |  | SOLE |  | 0 | 0 | 19316 |
| NAVIOS MARITIME PARTNERS L P | COM UNIT LPI | Y62267409 |  | 1378351 | 32340 | SH |  | SOLE |  | 0 | 0 | 32340 |
| NOVARTIS AG | SPONSORED ADR | 66987V109 |  | 618879 | 6398 | SH |  | SOLE |  | 0 | 0 | 6398 |
| NUTRIEN LTD | COM | 67077M108 |  | 1052962 | 19388 | SH |  | SOLE |  | 0 | 0 | 19388 |
| NVR INC | COM | 62944T105 |  | 3725982 | 460 | SH |  | SOLE |  | 0 | 0 | 460 |
| OAK VY BANCORP OAKDALE CALIF | COM | 671807105 |  | 206591 | 8337 | SH |  | SOLE |  | 0 | 0 | 8337 |
| OCCIDENTAL PETE CORP | COM | 674599105 |  | 5706040 | 87799 | SH |  | SOLE |  | 0 | 0 | 87798 |
| OCCIDENTAL PETE CORP | *W EXP 08/03/202 | 674599162 |  | 281529 | 6532 | SH |  | SOLE |  | 0 | 0 | 6532 |
| OFG BANCORP | COM | 67103X102 |  | 603684 | 16400 | SH |  | SOLE |  | 0 | 0 | 16400 |
| ORION S.A. | COM | L72967109 |  | 427594 | 18180 | SH |  | SOLE |  | 0 | 0 | 18180 |
| PATTERSON-UTI ENERGY INC | COM | 703481101 |  | 248613 | 20822 | SH |  | SOLE |  | 0 | 0 | 20821 |
| PHX MINERALS INC | CL A | 69291A100 |  | 49595 | 14544 | SH |  | SOLE |  | 0 | 0 | 14544 |
| PNC FINL SVCS GROUP INC | COM | 693475105 |  | 218160 | 1350 | SH |  | SOLE |  | 0 | 0 | 1350 |
| PRECISION DRILLING CORP | COM NEW | 74022D407 |  | 307313 | 4567 | SH |  | SOLE |  | 0 | 0 | 4567 |
| QUALCOMM INC | COM | 747525103 |  | 411399 | 2430 | SH |  | SOLE |  | 0 | 0 | 2430 |
| RANGE RES CORP | COM | 75281A109 |  | 286802 | 8330 | SH |  | SOLE |  | 0 | 0 | 8330 |
| ROYCE MICRO-CAP TR INC | COM | 780915104 |  | 3939539 | 416882 | SH |  | SOLE |  | 0 | 0 | 416882 |
| ROYCE VALUE TR INC | COM | 780910105 |  | 975884 | 64330 | SH |  | SOLE |  | 0 | 0 | 64329 |
| RPC INC | COM | 749660106 |  | 1868517 | 241410 | SH |  | SOLE |  | 0 | 0 | 241410 |
| SABINE RTY TR | UNIT BEN INT | 785688102 |  | 1678155 | 26549 | SH |  | SOLE |  | 0 | 0 | 26548 |
| SAFE BULKERS INC | COM | Y7388L103 |  | 66196 | 13346 | SH |  | SOLE |  | 0 | 0 | 13346 |
| SAN JUAN BASIN RTY TR | UNIT BEN INT | 798241105 |  | 1039378 | 196109 | SH |  | SOLE |  | 0 | 0 | 196109 |
| SCHLUMBERGER LTD | COM STK | 806857108 |  | 3475392 | 63408 | SH |  | SOLE |  | 0 | 0 | 63408 |
| SCHWAB CHARLES CORP | COM | 808513105 |  | 2714746 | 37528 | SH |  | SOLE |  | 0 | 0 | 37527 |
| SEMPRA | COM | 816851109 |  | 329764 | 4591 | SH |  | SOLE |  | 0 | 0 | 4590 |
| SOURCE CAP INC | COM | 836144105 |  | 411601 | 9687 | SH |  | SOLE |  | 0 | 0 | 9687 |
| SOUTHERN CO | COM | 842587107 |  | 494289 | 6890 | SH |  | SOLE |  | 0 | 0 | 6890 |
| SOUTHWESTERN ENERGY CO | COM | 845467109 |  | 227400 | 30000 | SH |  | SOLE |  | 0 | 0 | 30000 |
| SPROTT FOCUS TR INC | COM | 85208J109 |  | 127312 | 15835 | SH |  | SOLE |  | 0 | 0 | 15835 |
| SPROTT PHYSICAL GOLD  SILVE | TR UNIT | 85208R101 |  | 249999 | 12291 | SH |  | SOLE |  | 0 | 0 | 12291 |
| SPROTT PHYSICAL SILVER TR | TR UNIT | 85207K107 |  | 702370 | 84725 | SH |  | SOLE |  | 0 | 0 | 84725 |
| ST JOE CO | COM | 790148100 |  | 1703101 | 29379 | SH |  | SOLE |  | 0 | 0 | 29379 |
| SUNCOR ENERGY INC NEW | COM | 867224107 |  | 879307 | 23823 | SH |  | SOLE |  | 0 | 0 | 23823 |
| TECHNIPFMC PLC | COM | G87110105 |  | 436236 | 17373 | SH |  | SOLE |  | 0 | 0 | 17373 |
| TETRA TECHNOLOGIES INC DEL | COM | 88162F105 |  | 97460 | 22000 | SH |  | SOLE |  | 0 | 0 | 22000 |
| TEXAS PACIFIC LAND CORPORATI | COM | 88262P102 |  | 1848369 | 3195 | SH |  | SOLE |  | 0 | 0 | 3195 |
| TIDEWATER INC NEW | COM | 88642R109 |  | 3510352 | 38156 | SH |  | SOLE |  | 0 | 0 | 38156 |
| TORM PLC | SHS CL A | G89479102 |  | 230146 | 6585 | SH |  | SOLE |  | 0 | 0 | 6585 |
| TRINITY PL HLDGS INC | COM | 89656D101 |  | 2036 | 13572 | SH |  | SOLE |  | 0 | 0 | 13572 |
| U HAUL HOLDING COMPANY | COM | 023586100 |  | 318451 | 4715 | SH |  | SOLE |  | 0 | 0 | 4715 |
| U HAUL HOLDING COMPANY | COM SER N | 023586506 |  | 5879509 | 88175 | SH |  | SOLE |  | 0 | 0 | 88175 |
| UNIQURE NV | SHS | N90064101 |  | 68167 | 13109 | SH |  | SOLE |  | 0 | 0 | 13109 |
| UNITED SEC BANCSHARES CALIF | COM | 911460103 |  | 153136 | 19862 | SH |  | SOLE |  | 0 | 0 | 19862 |
| UNITED STATES STL CORP NEW | COM | 912909108 |  | 228368 | 5600 | SH |  | SOLE |  | 0 | 0 | 5600 |
| US BANCORP DEL | COM NEW | 902973304 |  | 572518 | 12808 | SH |  | SOLE |  | 0 | 0 | 12808 |
| VALARIS LTD | CL A | G9460G101 |  | 1445143 | 19202 | SH |  | SOLE |  | 0 | 0 | 19202 |
| VANECK ETF TRUST | OIL SERVICES ETF | 92189H607 |  | 1934952 | 5753 | SH |  | SOLE |  | 0 | 0 | 5753 |
| VANGUARD INDEX FDS | VALUE ETF | 922908744 |  | 2234319 | 13719 | SH |  | SOLE |  | 0 | 0 | 13719 |
| VANGUARD INTL EQUITY INDEX F | FTSE EUROPE ETF | 922042874 |  | 213535 | 3171 | SH |  | SOLE |  | 0 | 0 | 3171 |
| VANGUARD MALVERN FDS | STRM INFPROIDX | 922020805 |  | 2467772 | 51530 | SH |  | SOLE |  | 0 | 0 | 51530 |
| VANGUARD SCOTTSDALE FDS | VNG RUS1000VAL | 92206C714 |  | 740880 | 9421 | SH |  | SOLE |  | 0 | 0 | 9421 |
| VANGUARD SPECIALIZED FUNDS | DIV APP ETF | 921908844 |  | 394516 | 2160 | SH |  | SOLE |  | 0 | 0 | 2160 |
| VANGUARD TAX-MANAGED FDS | VAN FTSE DEV MKT | 921943858 |  | 281504 | 5611 | SH |  | SOLE |  | 0 | 0 | 5611 |
| VANGUARD WHITEHALL FDS | INTL DVD ETF | 921946810 |  | 1378571 | 16909 | SH |  | SOLE |  | 0 | 0 | 16908 |
| VANGUARD WHITEHALL FDS | INTL HIGH ETF | 921946794 |  | 288134 | 4188 | SH |  | SOLE |  | 0 | 0 | 4188 |
| VANGUARD WHITEHALL FDS | HIGH DIV YLD | 921946406 |  | 2567650 | 21222 | SH |  | SOLE |  | 0 | 0 | 21222 |
| VERIZON COMMUNICATIONS INC | COM | 92343V104 |  | 218276 | 5202 | SH |  | SOLE |  | 0 | 0 | 5202 |
| VIATRIS INC | COM | 92556V106 |  | 143280 | 12000 | SH |  | SOLE |  | 0 | 0 | 12000 |
| VITESSE ENERGY INC | COMMON STOCK | 92852X103 |  | 3229083 | 136076 | SH |  | SOLE |  | 0 | 0 | 136075 |
| WARNER BROS DISCOVERY INC | COM SER A | 934423104 |  | 1785119 | 204481 | SH |  | SOLE |  | 0 | 0 | 204481 |
| WESTAMERICA BANCORPORATION | COM | 957090103 |  | 252514 | 5166 | SH |  | SOLE |  | 0 | 0 | 5166 |
| WEYERHAEUSER CO MTN BE | COM NEW | 962166104 |  | 325381 | 9061 | SH |  | SOLE |  | 0 | 0 | 9061 |
| WHITE MTNS INS GROUP LTD | COM | G9618E107 |  | 38649226 | 21540 | SH |  | SOLE |  | 0 | 0 | 21540 |
| WILLIAMS COS INC | COM | 969457100 |  | 551659 | 14156 | SH |  | SOLE |  | 0 | 0 | 14156 |
| ZOETIS INC | CL A | 98978V103 |  | 324376 | 1917 | SH |  | SOLE |  | 0 | 0 | 1917 |

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