#	Issuer	Ticker	Shares	Value	% of Portfolio
1	BERKSHIRE HATHAWAY INC DEL	BRK-A	326,378	$132.8M	8.68%
2	MICROSOFT CORP	MSFT	275,311	$123.0M	8.04%
3	APPLE INC	AAPL	481,246	$101.4M	6.62%
4	COSTCO WHSL CORP NEW	22160K105	72,988	$62.0M	4.05%
5	FRP HLDGS INC	FRPH	1,937,268	$55.3M	3.61%
6	CATERPILLAR INC	CAT	160,161	$53.4M	3.49%
7	VULCAN MATLS CO	929160109	197,694	$49.2M	3.21%
8	ORACLE CORP	ORCL-PD	324,089	$45.8M	2.99%
9	MASTERCARD INCORPORATED	MA	103,434	$45.6M	2.98%
10	JOHNSON & JOHNSON	JNJ	297,667	$43.5M	2.84%
11	SPDR S&P MIDCAP 400 ETF TR	MDY	77,241	$41.3M	2.70%
12	MCDONALDS CORP	MCD	157,522	$40.1M	2.62%
13	JPMORGAN CHASE & CO.	VYLD	185,884	$37.6M	2.46%
14	AMAZON COM INC	AMZN	186,035	$36.0M	2.35%
15	HOME DEPOT INC	HD	102,374	$35.2M	2.30%
16	SOUTHERN CO	SOMN	451,187	$35.0M	2.29%
17	DEERE & CO	DE	93,098	$34.8M	2.27%
18	PEPSICO INC	PEP	190,850	$31.5M	2.06%
19	PROCTER AND GAMBLE CO	742718109	184,930	$30.5M	1.99%
20	EMERSON ELEC CO	EMR	270,604	$29.8M	1.95%