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   1,363,500 30,000 SH   DFND   30,000 0 0
ALLY FINANCIAL, INC. COM 02005N100   149,408 5,600 SH   DFND   5,600 0 0
ALLY FINANCIAL, INC. COM 02005N100   3,254,960 122,000 SH   DFND 1 122,000 0 0
ALPHABET, INC. CAP STK CL A 02079K305   5,548,464 42,400 SH   DFND   42,400 0 0
ALPHABET, INC. CAP STK CL A 02079K305   6,543,000 50,000 SH   DFND 1 50,000 0 0
AMN HEALTHCARE SERVICES, INC. COM 001744101   82,625 970 SH   DFND   970 0 0
AMN HEALTHCARE SERVICES, INC. COM 001744101   3,492,380 41,000 SH   DFND 1 41,000 0 0
ASBURY AUTOMOTIVE GROUP, INC. COM 043436104   312,895 1,360 SH   DFND   1,360 0 0
ASBURY AUTOMOTIVE GROUP, INC. COM 043436104   6,787,065 29,500 SH   DFND 1 29,500 0 0
ATKORE INTERNATIONAL GROUP, INC. COM 047649108   253,623 1,700 SH   DFND   1,700 0 0
ATKORE INTERNATIONAL GROUP, INC. COM 047649108   5,445,435 36,500 SH   DFND 1 36,500 0 0
AUTOZONE, INC. COM 053332102   2,489,190 980 SH   DFND   980 0 0
AUTOZONE, INC. COM 053332102   15,366,940 6,050 SH   DFND 1 6,050 0 0
B2GOLD CORP. COM 11777Q209   794,750 275,000 SH   DFND   275,000 0 0
B2GOLD CORP. COM 11777Q209   3,858,150 1,335,000 SH   DFND 1 1,335,000 0 0
BARCLAYS PLC ADR 06738E204   225,910 29,000 SH   DFND   29,000 0 0
BARCLAYS PLC ADR 06738E204   4,790,850 615,000 SH   DFND 1 615,000 0 0
BERKSHIRE HATHAWAY, INC. CL B NEW 084670702   2,140,333 6,110 SH   DFND   6,110 0 0
BHP GROUP LIMITED SPONSORED ADS 088606108   193,392 3,400 SH   DFND   3,400 0 0
BHP GROUP LIMITED SPONSORED ADS 088606108   4,209,120 74,000 SH   DFND 1 74,000 0 0
BLUELINX HOLDINGS, INC. COM NEW 09624H208   626,347 7,630 SH   DFND   7,630 0 0
BLUELINX HOLDINGS, INC. COM NEW 09624H208   5,196,297 63,300 SH   DFND 1 63,300 0 0
CENTERRA GOLD INC COM 152006102   365,050 74,500 SH   DFND   74,500 0 0
CREDIT ACCEPTANCE CORP. COM 225310101   1,127,294 2,450 SH   DFND   2,450 0 0
CREDIT ACCEPTANCE CORP. COM 225310101   10,582,760 23,000 SH   DFND 1 23,000 0 0
CUBESMART COM 229663109   533,820 14,000 SH   DFND   14,000 0 0
DILLARDS, INC. CL A 254067101   327,502 990 SH   DFND   990 0 0
DILLARDS, INC. CL A 254067101   6,715,443 20,300 SH   DFND 1 20,300 0 0
DISCOVER FINANCIAL SERVICES COM 254709108   303,205 3,500 SH   DFND   3,500 0 0
DISCOVER FINANCIAL SERVICES COM 254709108   6,410,620 74,000 SH   DFND 1 74,000 0 0
ELEVANCE HEALTH, INC. COM 036752103   518,150 1,190 SH   DFND   1,190 0 0
ELEVANCE HEALTH, INC. COM 036752103   4,180,032 9,600 SH   DFND 1 9,600 0 0
ENCORE WIRE CORP. COM 292562105   675,102 3,700 SH   DFND   3,700 0 0
ENCORE WIRE CORP. COM 292562105   5,601,522 30,700 SH   DFND 1 30,700 0 0
ENOVA INTERNATIONAL, INC. COM 29357K103   630,788 12,400 SH   DFND   12,400 0 0
ENOVA INTERNATIONAL, INC. COM 29357K103   4,883,520 96,000 SH   DFND 1 96,000 0 0
ENTERPRISE PRODUCTS PARTNERS LP COM 293792107   1,094,800 40,000 SH   DFND 1 40,000 0 0
ESSENT GROUP LTD. COM G3198U102   1,158,605 24,500 SH   DFND   24,500 0 0
ESSENT GROUP LTD. COM G3198U102   9,458,000 200,000 SH   DFND 1 200,000 0 0
EXTRA SPACE STORAGE INC COM 30225T102   1,219,083 10,027 SH   DFND   10,027 0 0
FIDELITY NATIONAL FINANCIAL, INC. FNF GROUP COM 31620R303   2,271,500 55,000 SH   DFND 1 55,000 0 0
FIRSTHAND TECHNOLOGY VALUE F COM 33766Y100   42 100 SH   DFND 1 100 0 0
FRANCO-NEVADA CORP. COM 351858105   344,404 2,580 SH   DFND   2,580 0 0
GLOBAL SELF STORAGE INC. COM 37955N106   656,591 135,101 SH   DFND   135,101 0 0
GLOBAL SELF STORAGE INC. COM 37955N106   470,327 96,775 SH   DFND   96,775 0 0
GLOBAL SELF STORAGE INC. COM 37955N106   985,137 202,703 SH   DFND   202,703 0 0
GLOBAL SELF STORAGE INC. COM 37955N106   24,773 5,087 SH   SOLE   5,087 0 0
HAVERTY FURNITURE COS, INC. COM 419596101   325,214 11,300 SH   DFND   11,300 0 0
HIGH INCOME SECURITIES FUND SHS BEN INT 42968F108   40,111 6,480 SH   DFND 1 6,480 0 0
ISHARES SILVER TRUST ISHARES 46428Q109   467,820 23,000 SH   DFND   23,000 0 0
JPMORGAN CHASE & CO. COM 46625H100   986,136 6,800 SH   DFND   6,800 0 0
LAM RESEARCH CORP. COM 512807108   752,124 1,200 SH   DFND   1,200 0 0
LAM RESEARCH CORP. COM 512807108   6,079,669 9,700 SH   DFND 1 9,700 0 0
LPL FINANCIAL HOLDINGS, INC. COM 50212V100   275,674 1,160 SH   DFND   1,160 0 0
LPL FINANCIAL HOLDINGS, INC. COM 50212V100   5,584,775 23,500 SH   DFND 1 23,500 0 0
LSB INDUSTRIES, INC. COM 502160104   798,963 78,100 SH   DFND   78,100 0 0
LYONDELLBASELL INDUSTRIES NV SHS - A - N53745100   3,314,500 35,000 SH   DFND 1 35,000 0 0
MASTERCARD, INC. CL A 57636Q104   3,959,100 10,000 SH   DFND   10,000 0 0
META PLATFORMS, INC. CL A 30303M102   345,242 1,150 SH   DFND   1,150 0 0
MEXICO EQUITY & INCOME FD COM 592834105   56,400 6,000 SH   DFND 1 6,000 0 0
MUELLER INDUSTRIES, INC. COM 624756102   296,130 3,940 SH   DFND   3,940 0 0
MUELLER INDUSTRIES, INC. COM 624756102   6,065,412 80,700 SH   DFND 1 80,700 0 0
NEW AMER HIGH INCOME FD INC COM NEW 641876800   1,944 300 SH   DFND 1 300 0 0
NEWMONT GOLDCORP CORP. COM 651639106   421,230 11,400 SH   DFND   11,400 0 0
NEXSTAR MEDIA GROUP, INC. COMMON STOCK 65336K103   86,022 600 SH   DFND   600 0 0
NEXSTAR MEDIA GROUP, INC. COMMON STOCK 65336K103   3,584,250 25,000 SH   DFND 1 25,000 0 0
NMI HOLDINGS, INC. CL A 629209305   638,782 23,580 SH   DFND   23,580 0 0
NMI HOLDINGS, INC. CL A 629209305   5,553,450 205,000 SH   DFND 1 205,000 0 0
OLIN CORP. COM PAR $1 680665205   96,461 1,930 SH   DFND   1,930 0 0
OLIN CORP. COM PAR $1 680665205   2,049,180 41,000 SH   DFND 1 41,000 0 0
PFIZER, INC. COM 717081103   4,594,045 138,500 SH   DFND 1 138,500 0 0
POOL CORP. COM 73278L105   2,457,090 6,900 SH   DFND 1 6,900 0 0
PUBLIC STORAGE COM 74460D109   447,984 1,700 SH   DFND   1,700 0 0
RIO TINTO PLC SPONSORED ADR 767204100   4,677,540 73,500 SH   DFND 1 73,500 0 0
ROBERT HALF INTERNATIONAL, INC. COM 770323103   850,048 11,600 SH   DFND   11,600 0 0
ROBERT HALF INTERNATIONAL, INC. COM 770323103   4,763,200 65,000 SH   DFND 1 65,000 0 0
ROYAL GOLD, INC. COM 780287108   563,549 5,300 SH   DFND   5,300 0 0
SABA CAPITAL INCOME & OPRNT SHS NEW 78518H202   27,648 3,600 SH   DFND 1 3,600 0 0
SKYWORKS SOLUTIONS, INC. COM 83088M102   4,436,550 45,000 SH   DFND 1 45,000 0 0
SPDR GOLD SHARES ETF GOLD SHS 78463V107   771,525 4,500 SH   DFND   4,500 0 0
SPECIAL OPPORTUNITIES FD INC 2.75% CNV PFD C A 84741T401   4,590 200 SH   DFND 1 200 0 0
SPECIAL OPPORTUNITIES FD INC COM 84741T104   21,860 2,000 SH   DFND 1 2,000 0 0
SSR MINING, INC. COM 784730103   1,063,200 80,000 SH   DFND   80,000 0 0
STEEL DYNAMICS, INC. COM 858119100   847,038 7,900 SH   DFND   7,900 0 0
STEEL DYNAMICS, INC. COM 858119100   17,155,200 160,000 SH   DFND 1 160,000 0 0
SWISS HELVETIA FUND INC COM 870875101   24,983 3,270 SH   DFND 1 3,270 0 0
THOR INDUSTRIES, INC. COM 885160101   3,805,200 40,000 SH   DFND 1 40,000 0 0
TITAN INTERNATIONAL, INC. COM 88830M102   267,257 19,900 SH   DFND   19,900 0 0
U.S. BANCORP COM NEW 902973304   426,474 12,900 SH   DFND   12,900 0 0
U.S. BANCORP COM NEW 902973304   9,008,850 272,500 SH   DFND 1 272,500 0 0
U-HAUL HOLDINGS CO. COM 023586100   116,234 2,130 SH   DFND   2,130 0 0
U-HAUL HOLDINGS CO. COM 023586100   753,066 13,800 SH   DFND 1 13,800 0 0
U-HAUL HOLDINGS CO. COM SER N 023586506   1,004,316 19,170 SH   DFND   19,170 0 0
U-HAUL HOLDINGS CO. COM SER N 023586506   6,506,838 124,200 SH   DFND 1 124,200 0 0
UNITEDHEALTH GROUP, INC. COM 91324P102   1,499,965 2,975 SH   DFND   2,975 0 0
UNITEDHEALTH GROUP, INC. COM 91324P102   6,806,565 13,500 SH   DFND 1 13,500 0 0
WABASH NATIONAL CORP. COM 929566107   303,072 14,350 SH   DFND   14,350 0 0
WABASH NATIONAL CORP. COM 929566107   6,103,659 288,999 SH   DFND 1 288,999 0 0
WESTLAKE CORP. COM 960413102   8,726,900 70,000 SH   DFND 1 70,000 0 0
WHEATON PRECIOUS METALS CORP. COM 962879102   243,300 6,000 SH   DFND   6,000 0 0
WILLIAMS-SONOMA, INC. COM 969904101   1,165,500 7,500 SH   DFND   7,500 0 0
WILLIAMS-SONOMA, INC. COM 969904101   7,459,200 48,000 SH   DFND 1 48,000 0 0
WOODSIDE ENERGY GROUP LTD. SPONSORED ADR 980228308   28,600 1,228 SH   DFND   1,228 0 0
WOODSIDE ENERGY GROUP LTD. SPONSORED ADR 980228308   622,844 26,743 SH   DFND 1 26,743 0 0