Investment Management Associates 13F-HR Quarterly holdings report by institutional manager

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

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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
ABBVIE INC	COM	00287Y109	391,530	2,283	SH		SOLE	0	0	0	2,283
ALPHABET INC	CAP STK CL C	02079K107	752,022	4,100	SH		SOLE	0	0	0	4,100
AMBEV SA	SPONSORED ADR	02319V103	30,750	15,000	SH		SOLE	0	0	0	15,000
ARES CAPITAL CORP	COM	04010L103	255,290	12,250	SH		SOLE	0	0	0	12,250
BERKSHIRE HATHAWAY INC DEL	CL B NEW	084670702	4,422,825	10,872	SH		SOLE	0	0	0	10,872
BLACK STONE MINERALS L P	COM UNIT	09225M101	19,296,754	1,231,446	SH		SOLE	0	3,065	0	1,228,381
BRITISH AMERN TOB PLC	SPONSORED ADR	110448107	20,891,192	675,435	SH		SOLE	0	1,638	0	673,797
CANADIAN NAT RES LTD	COM	136385101	8,983,561	252,347	SH		SOLE	0	323	0	252,024
CARDINAL HEALTH INC	COM	14149Y108	1,665,868	16,943	SH		SOLE	0	0	0	16,943
COMCAST CORP NEW	CL A	20030N101	9,133,671	233,240	SH		SOLE	0	0	0	233,240
DXC TECHNOLOGY CO	COM	23355L106	10,915,127	571,772	SH		SOLE	0	1,408	0	570,364
ENTERPRISE PRODS PARTNERS L	COM	293792107	16,706,648	576,489	SH		SOLE	0	1,746	0	574,743
GENERAL DYNAMICS CORP	COM	369550108	8,262,838	28,479	SH		SOLE	0	0	0	28,479
HUNTINGTON INGALLS INDS INC	COM	446413106	19,486,286	79,106	SH		SOLE	0	214	0	78,892
INTERNATIONAL MNY EXPRESS IN	COM	46005L101	19,220,961	922,311	SH		SOLE	0	2,058	0	920,253
ISHARES TR	NATIONAL MUN ETF	464288414	3,536,501	33,191	SH		SOLE	0	0	0	33,191
ISHARES TR	SHORT TREAS BD	464288679	1,365,780	12,360	SH		SOLE	0	0	0	12,360
KINDER MORGAN INC DEL	COM	49456B101	12,779,205	643,141	SH		SOLE	0	850	0	642,291
LIBERTY BROADBAND CORP	COM SER C	530307305	12,544,625	228,833	SH		SOLE	0	310	0	228,523
LOCKHEED MARTIN CORP	COM	539830109	1,342,400	2,874	SH		SOLE	0	0	0	2,874
MCKESSON CORP	COM	58155Q103	28,678,096	49,103	SH		SOLE	0	164	0	48,939
META PLATFORMS INC	CL A	30303M102	205,775	408	SH		SOLE	0	0	0	408
NOVO-NORDISK A S	ADR	670100205	265,496	1,860	SH		SOLE	0	0	0	1,860
NUVEEN FLOATING RATE INCOME	COM	67072T108	420,304	48,590	SH		SOLE	0	0	0	48,590
PFIZER INC	COM	717081103	511,279	18,273	SH		SOLE	0	0	0	18,273
PHILIP MORRIS INTL INC	COM	718172109	14,568,814	143,776	SH		SOLE	0	348	0	143,428
QURATE RETAIL INC	COM SER A	74915M100	1,398,946	2,220,550	SH		SOLE	0	3,937	0	2,216,613
SOLVENTUM CORP	COM SHS	83444M101	6,431,107	121,617	SH		SOLE	0	0	0	121,617
TANGER INC	COM	875465106	235,450	8,685	SH		SOLE	0	0	0	8,685
TRIUMPH FINANCIAL INC	COM	89679E300	8,732,780	106,823	SH		SOLE	0	311	0	106,512
UBER TECHNOLOGIES INC	COM	90353T100	622,778	112,700	SH	Put	SOLE	0	0	0	112,700
UBER TECHNOLOGIES INC	COM	90353T100	34,407,802	473,415	SH		SOLE	0	1,274	0	472,141
VANGUARD SCOTTSDALE FDS	INTER TERM TREAS	92206C706	17,237,885	296,031	SH		SOLE	0	0	0	296,031
VANGUARD SCOTTSDALE FDS	LONG TERM TREAS	92206C847	5,619,243	97,421	SH		SOLE	0	0	0	97,421