CIK 2019017
Long positions in SEC Section 13(f) securities (US-listed stocks, ADRs and ETFs), largest first · Δ vs 2025-Q4. A lagged quarterly snapshot (filed ≤45 days after quarter-end); excludes shorts, options, cash, and shares listed only on non-US exchanges — foreign companies held via a US listing or ADR (e.g. Alibaba, TSMC) ARE included.
As filed = each book applied at its quarter-end (what the reported book did) · As copyable = applied at its statutory 45-day filing deadline (what a 13F follower could have earned).
Computing…
Hypothetical modeled performance constructed with hindsight — not actual results, and not indicative of future results. See the Disclaimer.
| Industry group | Weight | Names |
|---|---|---|
| Real Estate Management & Development | 45.13% | 3 |
| Chemicals | 12.45% | 2 |
| Utilities | 12.02% | 3 |
| Unclassified | 7.43% | 6 |
| Coal & Consumable Fuels | 6.40% | 2 |
| Semiconductors & Semiconductor Equipment | 3.87% | 1 |
| Commercial Services & Supplies | 3.15% | 1 |
| Capital Markets | 2.83% | 1 |
| Construction Materials | 2.75% | 1 |
| Oil, Gas & Consumable Fuels | 2.42% | 2 |
| Machinery | 1.36% | 1 |
| Hotels, Restaurants & Leisure | 0.18% | 1 |
| # | Ticker | Name | Sector | Weight |
|---|---|---|---|---|
| 1 | JOE | ST JOE Co | Real Estate | 25.51% |
| 2 | TRC | TEJON RANCH CO | Real Estate | 16.34% |
| 3 | CF | CF Industries Holdings, Inc. | Materials | 12.14% |
| 4 | EPD | ENTERPRISE PRODUCTS PARTNERS L.P. | Utilities | 6.49% |
| 5 | NRP | NATURAL RESOURCE PARTNERS LP | Energy | 6.08% |
| 6 | VST | Vistra Corp. | Utilities | 5.05% |
| 7 | BELFB | BEL FUSE INC /NJ | Information Technology | 3.87% |
| 8 | BOC | BOSTON OMAHA Corp | Real Estate | 3.28% |
| 9 | MA | Mastercard Inc | Financials | 3.15% |
| 10 | BRK.B | BERKSHIRE HATHAWAY INC | Financials | 2.98% |
20/24 names classified · sector 98.1% of weight · industry 92.6% · mkt cap 93.4%; unclassified names shown, never dropped.
Sector is classified on each name's CURRENT fundamentals, not point-in-time — apparent sector drift can reflect the market re-rating a holding, not a manager trade. 13F is a lagged quarterly snapshot of long positions in US-listed securities only — foreign companies held via a US listing or ADR ARE included, but shares listed only on non-US exchanges (plus shorts, options and cash) are not. Latest quarter: 98.1% of the book is sector-classified (unclassified names shown, never dropped).
Classified: 58.2% of book weight (13/24 names) · unclassified 41.8%: TRC, EPD, NRP, BOC, BRK.B, OZK, SU, BELFA, BRK.A, CET +1 more. Size: cap 70/20/10 bands; style: value/growth composite on our own metrics — not Morningstar's model.
No contribution data for this period.
| # | Security | Shares | Value | Weight | Δ QoQ |
|---|---|---|---|---|---|
| 1 | JOEST JOE CO | 527,600 | $33M | 25.5% | HOLD |
| 2 | TRCTEJON RANCH CO | 1,681,564 | $21M | 16.3% | ADD 25% |
| 3 | CFCF INDS HLDGS INC | 121,430 | $16M | 12.1% | ADD 14% |
| 4 | EPDENTERPRISE PRODS PARTNERS L | 222,604 | $8M | 6.5% | HOLD |
| 5 | NRPNATURAL RESOURCE PARTNERS L | 64,209 | $8M | 6.1% | HOLD |
| 6 | VSTVISTRA CORP | 43,593 | $7M | 5.0% | ADD 11% |
| 7 | BELFBBEL FUSE INC | 25,400 | $5M | 3.9% | HOLD |
| 8 | BOCBOSTON OMAHA CORP | 364,350 | $4M | 3.3% | HOLD |
| 9 | MAMASTERCARD INCORPORATED | 8,200 | $4M | 3.2% | HOLD |
| 10 | BRK.BBERKSHIRE HATHAWAY INC DEL | 8,077 | $4M | 3.0% | ADD 45% |
| 11 | TPLTEXAS PACIFIC LAND CORPORATI | 7,743 | $4M | 2.8% | ADD 4% |
| 12 | EXPEAGLE MATLS INC | 18,865 | $4M | 2.8% | ADD 154% |
| 13 | OZKBANK OZK LITTLE ROCK ARK | 70,770 | $3M | 2.5% | ADD 68% |
| 14 | SUSUNCOR ENERGY INC NEW | 42,470 | $3M | 2.2% | TRIM −19% |
| 15 | BCBRUNSWICK CORP | 24,199 | $2M | 1.4% | TRIM −13% |
| 16 | BELFABEL FUSE INC | 7,000 | $1M | 1.0% | HOLD |
| 17 | BRK.ABERKSHIRE HATHAWAY INC DEL | 1 | $718,140 | 0.6% | HOLD |
| 18 | WMBWILLIAMS COS INC | 8,785 | $639,372 | 0.5% | TRIM −20% |
| 19 | CNRCORE NATURAL RESOURCES INC | 3,990 | $417,872 | 0.3% | TRIM −39% |
| 20 | BCPCBALCHEM CORP | 2,400 | $406,752 | 0.3% | HOLD |
| 21 | MPCMARATHON PETE CORP | 1,370 | $334,526 | 0.3% | HOLD |
| 22 | CETCENTRAL SECS CORP | 6,241 | $309,928 | 0.2% | HOLD |
| 23 | STEWSRH TOTAL RETURN FUND INC | 14,151 | $241,982 | 0.2% | HOLD |
| 24 | RICKRCI HOSPITALITY HLDGS INC | 10,305 | $235,057 | 0.2% | TRIM −41% |
| Security | 2024-Q4 | 2025-Q1 | 2025-Q2 | 2025-Q3 | 2025-Q4 | 2026-Q1 | Latest value |
|---|---|---|---|---|---|---|---|
| JOEST JOE CO | — | — | — | — | 535K | 528K | $33M |
| TRCTEJON RANCH CO | — | — | — | — | 1.3M | 1.7M | $21M |
| CFCF INDS HLDGS INC | — | — | — | — | 107K | 121K | $16M |
| EPDENTERPRISE PRODS PARTNERS L | — | — | — | — | 223K | 223K | $8M |
| NRPNATURAL RESOURCE PARTNERS L | — | — | — | — | 64K | 64K | $8M |
| VSTVISTRA CORP | — | — | — | — | 39K | 44K | $7M |
| BELFBBEL FUSE INC | — | — | — | — | 25K | 25K | $5M |
| BOCBOSTON OMAHA CORP | — | — | — | — | 370K | 364K | $4M |
| MAMASTERCARD INCORPORATED | — | — | — | — | 8K | 8K | $4M |
| BRK.BBERKSHIRE HATHAWAY INC DEL | — | — | — | — | 6K | 8K | $4M |
| TPLTEXAS PACIFIC LAND CORPORATI | — | — | — | — | 7K | 8K | $4M |
| EXPEAGLE MATLS INC | — | — | — | — | 7K | 19K | $4M |
| OZKBANK OZK LITTLE ROCK ARK | — | — | — | — | 42K | 71K | $3M |
| SUSUNCOR ENERGY INC NEW | — | — | — | — | 52K | 42K | $3M |
| BCBRUNSWICK CORP | — | — | — | — | 28K | 24K | $2M |
Shares reported each quarter by the largest current holdings. Green = added vs the prior filing of that name, red = trimmed, grey = roughly held; a dash is a quarter with no 13F on file (a gap is skipped, not read as an exit). 13F is filed up to 45 days after quarter-end. Up to 40 quarters (10 years) available — use the selector above.
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