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
OMB APPROVAL
OMB Number: 3235-0006
Estimated average burden
hours per response: 23.8
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 FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
AGNICO EAGLE MINES LTD. COM 008474108   1,684,476 32,400 SH   DFND   32,400 0 0
ALPHABET, INC. CAP STK CL A 02079K305   3,829,182 43,400 SH   DFND   43,400 0 0
ALPHABET, INC. CAP STK CL A 02079K305   4,411,500 50,000 SH   DFND 1 50,000 0 0
AMN HEALTHCARE SERVICES, INC. COM 001744101   269,388 2,620 SH   DFND   2,620 0 0
AMN HEALTHCARE SERVICES, INC. COM 001744101   4,215,620 41,000 SH   DFND 1 41,000 0 0
ASBURY AUTOMOTIVE GROUP, INC. COM 043436104   243,780 1,360 SH   DFND   1,360 0 0
ASBURY AUTOMOTIVE GROUP, INC. COM 043436104   5,287,875 29,500 SH   DFND 1 29,500 0 0
ATKORE INTERNATIONAL GROUP, INC. COM 047649108   237,048 2,090 SH   DFND   2,090 0 0
ATKORE INTERNATIONAL GROUP, INC. COM 047649108   4,139,830 36,500 SH   DFND 1 36,500 0 0
AUTOZONE, INC. COM 053332102   2,416,856 980 SH   DFND   980 0 0
AUTOZONE, INC. COM 053332102   14,920,389 6,050 SH   DFND 1 6,050 0 0
B2GOLD CORP. COM 11777Q209   981,750 275,000 SH   DFND   275,000 0 0
B2GOLD CORP. COM 11777Q209   4,765,950 1,335,000 SH   DFND 1 1,335,000 0 0
BARCLAYS PLC ADR 06738E204   226,200 29,000 SH   DFND   29,000 0 0
BARCLAYS PLC ADR 06738E204   4,797,000 615,000 SH   DFND 1 615,000 0 0
BARRICK GOLD CORP. COM 067901108   359,062 20,900 SH   DFND   20,900 0 0
BERKSHIRE HATHAWAY, INC. CL B NEW 084670702   1,887,379 6,110 SH   DFND   6,110 0 0
BEST BUY CO, INC. COM 086516101   184,483 2,300 SH   DFND   2,300 0 0
BHP GROUP LIMITED SPONSORED ADS 088606108   210,970 3,400 SH   DFND   3,400 0 0
BHP GROUP LIMITED SPONSORED ADS 088606108   4,591,700 74,000 SH   DFND 1 74,000 0 0
BLACKROCK, INC. COM 09247X101   283,452 400 SH   DFND   400 0 0
BLACKROCK, INC. COM 09247X101   3,330,561 4,700 SH   DFND 1 4,700 0 0
BLUELINX HOLDINGS, INC. COM NEW 09624H208   542,569 7,630 SH   DFND   7,630 0 0
BLUELINX HOLDINGS, INC. COM NEW 09624H208   4,501,263 63,300 SH   DFND 1 63,300 0 0
BRITISH AMERICAN TOBACCO PLC SPONSORED ADR 110448107   11,994,000 300,000 SH   DFND 1 300,000 0 0
CELANESE CORP. COM 150870103   153,360 1,500 SH   DFND   1,500 0 0
CELANESE CORP. COM 150870103   2,300,400 22,500 SH   DFND 1 22,500 0 0
CITIGROUP, INC. COM NEW 172967424   90,460 2,000 SH   DFND   2,000 0 0
CREDIT ACCEPTANCE CORP. COM 225310101   1,162,280 2,450 SH   DFND   2,450 0 0
CREDIT ACCEPTANCE CORP. COM 225310101   10,911,200 23,000 SH   DFND 1 23,000 0 0
CUBESMART COM 229663109   563,500 14,000 SH   DFND   14,000 0 0
DISCOVER FINANCIAL SERVICES COM 254709108   225,009 2,300 SH   DFND   2,300 0 0
DISCOVER FINANCIAL SERVICES COM 254709108   4,891,500 50,000 SH   DFND 1 50,000 0 0
DOLLAR GENERAL CORP. COM 256677105   5,072,750 20,600 SH   DFND 1 20,600 0 0
ELEVANCE HEALTH, INC. COM 036752103   610,434 1,190 SH   DFND   1,190 0 0
ELEVANCE HEALTH, INC. COM 036752103   4,924,512 9,600 SH   DFND 1 9,600 0 0
ENCORE WIRE CORP. COM 292562105   508,972 3,700 SH   DFND   3,700 0 0
ENCORE WIRE CORP. COM 292562105   4,223,092 30,700 SH   DFND 1 30,700 0 0
ENOVA INTERNATIONAL, INC. COM 29357K103   475,788 12,400 SH   DFND   12,400 0 0
ENOVA INTERNATIONAL, INC. COM 29357K103   3,683,520 96,000 SH   DFND 1 96,000 0 0
ENTERPRISE PRODUCTS PARTNERS LP COM 293792107   964,800 40,000 SH   DFND 1 40,000 0 0
ESSENT GROUP LTD. COM G3198U102   1,341,360 34,500 SH   DFND   34,500 0 0
ESSENT GROUP LTD. COM G3198U102   7,776,000 200,000 SH   DFND 1 200,000 0 0
EXTRA SPACE STORAGE INC COM 30225T102   883,080 6,000 SH   DFND   6,000 0 0
F&G ANNUITIES & LIFE, INC. COMMON STOCK 30190A104   74,837 3,740 SH   DFND 1 3,740 0 0
FIDELITY NATIONAL FINANCIAL, INC. FNF GROUP COM 31620R303   2,069,100 55,000 SH   DFND 1 55,000 0 0
FRANCO-NEVADA CORP. COM 351858105   352,118 2,580 SH   DFND   2,580 0 0
GLOBAL SELF STORAGE INC COM 37955N106   659,293 135,101 SH   DFND   135,101 0 0
GLOBAL SELF STORAGE INC COM 37955N106   24,825 5,087 SH   SOLE   5,087 0 0
GLOBAL SELF STORAGE INC. COM 37955N106   472,262 96,775 SH   DFND   96,775 0 0
GLOBAL SELF STORAGE INC. COM 37955N106   989,191 202,703 SH   DFND   202,703 0 0
HAVERTY FURNITURE COS, INC. COM 419596101   337,870 11,300 SH   DFND   11,300 0 0
HIGH INCOME SECURITIES FUND SHS BEN INT 42968F108   42,120 6,480 SH   DFND 1 6,480 0 0
HOME DEPOT, INC./THE COM 437076102   758,064 2,400 SH   DFND   2,400 0 0
HOME DEPOT, INC./THE COM 437076102   4,737,900 15,000 SH   DFND 1 15,000 0 0
ISHARES SILVER TRUST ISHARES 46428Q109   506,460 23,000 SH   DFND   23,000 0 0
JPMORGAN CHASE & CO. COM 46625H100   911,880 6,800 SH   DFND   6,800 0 0
KFORCE, INC. COM 493732101   252,218 4,600 SH   DFND   4,600 0 0
KFORCE, INC. COM 493732101   2,741,500 50,000 SH   DFND 1 50,000 0 0
LAM RESEARCH CORP. COM 512807108   504,360 1,200 SH   DFND   1,200 0 0
LAM RESEARCH CORP. COM 512807108   4,076,910 9,700 SH   DFND 1 9,700 0 0
LCI INDUSTRIES COM 50189K103   432,666 4,680 SH   DFND   4,680 0 0
LCI INDUSTRIES COM 50189K103   3,029,032 32,764 SH   DFND 1 32,764 0 0
LIFE STORAGE INC COM 53223X107   443,250 4,500 SH   DFND   4,500 0 0
LYONDELLBASELL INDUSTRIES NV SHS - A - N53745100   2,906,050 35,000 SH   DFND 1 35,000 0 0
MASTERCARD, INC. CL A 57636Q104   3,477,300 10,000 SH   DFND   10,000 0 0
MEDIFAST, INC. COM 58470H101   478,703 4,150 SH   DFND   4,150 0 0
MEDIFAST, INC. COM 58470H101   4,037,250 35,000 SH   DFND 1 35,000 0 0
META PLATFORMS, INC. CL A 30303M102   138,391 1,150 SH   DFND   1,150 0 0
MEXICO EQUITY & INCOME FD COM 592834105   52,680 6,000 SH   DFND 1 6,000 0 0
MOLINA HEALTHCARE, INC. COM 60855R100   5,646,762 17,100 SH   DFND 1 17,100 0 0
NEW AMER HIGH INCOME FD INC COM NEW 641876800   1,980 300 SH   DFND 1 300 0 0
NEWMONT GOLDCORP CORP. COM 651639106   450,760 9,550 SH   DFND   9,550 0 0
NEWMONT GOLDCORP CORP. COM 651639106   2,242,000 47,500 SH   DFND 1 47,500 0 0
NEXSTAR MEDIA GROUP, INC. COMMON STOCK 65336K103   455,078 2,600 SH   DFND   2,600 0 0
NEXSTAR MEDIA GROUP, INC. COMMON STOCK 65336K103   4,375,750 25,000 SH   DFND 1 25,000 0 0
NMI HOLDINGS, INC. CL A 629209305   413,402 19,780 SH   DFND   19,780 0 0
NMI HOLDINGS, INC. CL A 629209305   4,284,500 205,000 SH   DFND 1 205,000 0 0
OLIN CORP. COM PAR $1 680665205   388,050 7,330 SH   DFND   7,330 0 0
OLIN CORP. COM PAR $1 680665205   2,170,540 41,000 SH   DFND 1 41,000 0 0
POOL CORP. COM 73278L105   2,086,077 6,900 SH   DFND 1 6,900 0 0
PUBLIC STORAGE COM 74460D109   476,323 1,700 SH   DFND   1,700 0 0
RIO TINTO PLC SPONSORED ADR 767204100   5,233,200 73,500 SH   DFND 1 73,500 0 0
ROBERT HALF INTERNATIONAL, INC. COM 770323103   856,428 11,600 SH   DFND   11,600 0 0
ROBERT HALF INTERNATIONAL, INC. COM 770323103   4,798,950 65,000 SH   DFND 1 65,000 0 0
ROYAL GOLD, INC. COM 780287108   597,416 5,300 SH   DFND   5,300 0 0
SABA CAPITAL INCOME & OPRNT SHS NEW 78518H202   27,396 3,600 SH   DFND 1 3,600 0 0
SANDSTORM GOLD, LTD. COM NEW 80013R206   142,020 27,000 SH   DFND   27,000 0 0
SKYWORKS SOLUTIONS, INC. COM 83088M102   4,100,850 45,000 SH   DFND 1 45,000 0 0
SPDR GOLD SHARES ETF GOLD SHS 78463V107   763,380 4,500 SH   DFND   4,500 0 0
SPECIAL OPPORTUNITIES FD INC 2.75% CNV PFD C A 84741T401   4,488 200 SH   DFND 1 200 0 0
SPECIAL OPPORTUNITIES FD INC COM 84741T104   22,800 2,000 SH   DFND 1 2,000 0 0
SSR MINING, INC. COM 784730103   1,253,600 80,000 SH   DFND   80,000 0 0
STEEL DYNAMICS, INC. COM 858119100   771,830 7,900 SH   DFND   7,900 0 0
STEEL DYNAMICS, INC. COM 858119100   15,632,000 160,000 SH   DFND 1 160,000 0 0
SWISS HELVETIA FUND INC COM 870875101   24,721 3,270 SH   DFND 1 3,270 0 0
T. ROWE PRICE GROUP, INC. COM 74144T108   754,695 6,920 SH   DFND   6,920 0 0
T. ROWE PRICE GROUP, INC. COM 74144T108   6,063,736 55,600 SH   DFND 1 55,600 0 0
THOR INDUSTRIES, INC. COM 885160101   3,019,600 40,000 SH   DFND 1 40,000 0 0
TRACTOR SUPPLY CO. COM 892356106   404,946 1,800 SH   DFND   1,800 0 0
TRACTOR SUPPLY CO. COM 892356106   9,561,225 42,500 SH   DFND 1 42,500 0 0
U-HAUL HOLDINGS CO. COM 023586100   128,205 2,130 SH   DFND   2,130 0 0
U-HAUL HOLDINGS CO. COM SER N 023586506   1,053,967 19,170 SH   DFND   19,170 0 0
U-HAUL HOLDINGS CO. COM 023586100   830,622 13,800 SH   DFND 1 13,800 0 0
U-HAUL HOLDINGS CO. COM SER N 023586506   6,828,516 124,200 SH   DFND 1 124,200 0 0
UNITEDHEALTH GROUP, INC. COM 91324P102   1,577,286 2,975 SH   DFND   2,975 0 0
UNITEDHEALTH GROUP, INC. COM 91324P102   7,157,430 13,500 SH   DFND 1 13,500 0 0
WESTLAKE CORP. COM 960413102   7,177,800 70,000 SH   DFND 1 70,000 0 0
WHEATON PRECIOUS METALS CORP. COM 962879102   234,480 6,000 SH   DFND   6,000 0 0
WILLIAMS-SONOMA, INC. COM 969904101   861,900 7,500 SH   DFND   7,500 0 0
WILLIAMS-SONOMA, INC. COM 969904101   5,516,160 48,000 SH   DFND 1 48,000 0 0
WOODSIDE ENERGY GROUP LTD. SPONSORED ADR 980228308   29,730 1,228 SH   DFND   1,228 0 0
WOODSIDE ENERGY GROUP LTD. SPONSORED ADR 980228308   647,448 26,743 SH   DFND 1 26,743 0 0