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   1,645,500 30,000 SH   DFND   30,000 0 0
ALLY FINANCIAL, INC. COM 02005N100   195,552 5,600 SH   DFND   5,600 0 0
ALLY FINANCIAL, INC. COM 02005N100   4,260,240 122,000 SH   DFND 1 122,000 0 0
ALPHABET, INC. CAP STK CL A 02079K305   5,922,856 42,400 SH   DFND   42,400 0 0
ALPHABET, INC. CAP STK CL A 02079K305   6,984,500 50,000 SH   DFND 1 50,000 0 0
AMN HEALTHCARE SERVICES, INC. COM 001744101   72,634 970 SH   DFND   970 0 0
AMN HEALTHCARE SERVICES, INC. COM 001744101   3,070,080 41,000 SH   DFND 1 41,000 0 0
ASBURY AUTOMOTIVE GROUP, INC. COM 043436104   305,959 1,360 SH   DFND   1,360 0 0
ASBURY AUTOMOTIVE GROUP, INC. COM 043436104   6,636,615 29,500 SH   DFND 1 29,500 0 0
ATKORE INC COM 047649108   99,680 623 SH   DFND   623 0 0
ATKORE INC COM 047649108   272,000 1,700 SH   DFND   1,700 0 0
ATKORE INC COM 047649108   5,840,000 36,500 SH   DFND 1 36,500 0 0
AUTOZONE INC COM 053332102   100,839 39 SH   DFND   39 0 0
AUTOZONE INC COM 053332102   2,533,898 980 SH   DFND   980 0 0
AUTOZONE INC COM 053332102   15,642,941 6,050 SH   DFND 1 6,050 0 0
B2GOLD CORP. COM 11777Q209   869,000 275,000 SH   DFND   275,000 0 0
B2GOLD CORP. COM 11777Q209   4,218,600 1,335,000 SH   DFND 1 1,335,000 0 0
BERKSHIRE HATHAWAY, INC. CL B NEW 084670702   2,179,193 6,110 SH   DFND   6,110 0 0
BHP GROUP LIMITED SPONSORED ADS 088606108   232,254 3,400 SH   DFND   3,400 0 0
BHP GROUP LIMITED SPONSORED ADS 088606108   5,054,940 74,000 SH   DFND 1 74,000 0 0
BLUELINX HLDGS INC COM NEW 09624H208   99,939 882 SH   DFND   882 0 0
BLUELINX HLDGS INC COM NEW 09624H208   864,555 7,630 SH   DFND   7,630 0 0
BLUELINX HLDGS INC COM NEW 09624H208   7,172,523 63,300 SH   DFND 1 63,300 0 0
CENTERRA GOLD INC COM 152006102   444,020 74,500 SH   DFND   74,500 0 0
CREDIT ACCEP CORP MICH COM 225310101   99,621 187 SH   DFND   187 0 0
CREDIT ACCEP CORP MICH COM 225310101   1,784,646 3,350 SH   DFND   3,350 0 0
CREDIT ACCEP CORP MICH COM 225310101   12,252,790 23,000 SH   DFND 1 23,000 0 0
CUBESMART COM 229663109   648,900 14,000 SH   DFND   14,000 0 0
DILLARDS INC CL A 254067101   100,105 248 SH   DFND   248 0 0
DILLARDS INC CL A 254067101   399,614 990 SH   DFND   990 0 0
DILLARDS INC CL A 254067101   8,194,095 20,300 SH   DFND 1 20,300 0 0
DISCOVER FINANCIAL SERVICES COM 254709108   393,400 3,500 SH   DFND   3,500 0 0
DISCOVER FINANCIAL SERVICES COM 254709108   8,317,600 74,000 SH   DFND 1 74,000 0 0
ELEVANCE HEALTH, INC. COM 036752103   561,156 1,190 SH   DFND   1,190 0 0
ELEVANCE HEALTH, INC. COM 036752103   4,526,976 9,600 SH   DFND 1 9,600 0 0
ENCORE WIRE CORP COM 292562105   100,178 469 SH   DFND   469 0 0
ENCORE WIRE CORP COM 292562105   790,320 3,700 SH   DFND   3,700 0 0
ENCORE WIRE CORP COM 292562105   6,557,520 30,700 SH   DFND 1 30,700 0 0
ENOVA INTERNATIONAL, INC. COM 29357K103   686,464 12,400 SH   DFND   12,400 0 0
ENOVA INTERNATIONAL, INC. COM 29357K103   5,314,560 96,000 SH   DFND 1 96,000 0 0
ENTERPRISE PRODUCTS PARTNERS LP COM 293792107   1,054,000 40,000 SH   DFND 1 40,000 0 0
ESSENT GROUP LTD. COM G3198U102   1,292,130 24,500 SH   DFND   24,500 0 0
ESSENT GROUP LTD. COM G3198U102   10,548,000 200,000 SH   DFND 1 200,000 0 0
EXTRA SPACE STORAGE INC COM 30225T102   1,607,629 10,027 SH   DFND   10,027 0 0
FIDELITY NATIONAL FINANCIAL, INC. FNF GROUP COM 31620R303   2,806,100 55,000 SH   DFND 1 55,000 0 0
FIRSTHAND TECHNOLOGY VALUE F COM 33766Y100   30 100 SH   DFND 1 100 0 0
FRANCO-NEVADA CORP. COM 351858105   285,890 2,580 SH   DFND   2,580 0 0
GLOBAL SELF STORAGE INC COM 37955N106   626,193 135,101 SH   DFND   135,101 0 0
GLOBAL SELF STORAGE INC COM 37955N106   448,552 96,775 SH   DFND   96,775 0 0
GLOBAL SELF STORAGE INC COM 37955N106   939,528 202,703 SH   DFND   202,703 0 0
GLOBAL SELF STORAGE INC COM 37955N106   23,578 5,087 SH   SOLE   5,087 0 0
HAVERTY FURNITURE COS, INC. COM 419596101   401,150 11,300 SH   DFND   11,300 0 0
HIGH INCOME SECURITIES FUND SHS BEN INT 42968F108   41,602 6,480 SH   DFND 1 6,480 0 0
INTERACTIVE BROKERS GROUP, INC. COM CL A 45841N107   480,820 5,800 SH   DFND   5,800 0 0
INTERACTIVE BROKERS GROUP, INC. COM CL A 45841N107   6,300,400 76,000 SH   DFND 1 76,000 0 0
ISHARES SILVER TRUST ISHARES 46428Q109   500,940 23,000 SH   DFND   23,000 0 0
JPMORGAN CHASE & CO. COM 46625H100   1,156,680 6,800 SH   DFND   6,800 0 0
LAM RESEARCH CORP. COM 512807108   939,912 1,200 SH   DFND   1,200 0 0
LAM RESEARCH CORP. COM 512807108   7,597,622 9,700 SH   DFND 1 9,700 0 0
LPL FINANCIAL HOLDINGS, INC. COM 50212V100   264,039 1,160 SH   DFND   1,160 0 0
LPL FINANCIAL HOLDINGS, INC. COM 50212V100   5,349,070 23,500 SH   DFND 1 23,500 0 0
LYONDELLBASELL INDUSTRIES NV SHS - A - N53745100   3,327,800 35,000 SH   DFND 1 35,000 0 0
MASTERCARD, INC. CL A 57636Q104   4,265,100 10,000 SH   DFND   10,000 0 0
META PLATFORMS, INC. CL A 30303M102   407,054 1,150 SH   DFND   1,150 0 0
MEXICO EQUITY & INCOME FD COM 592834105   67,200 6,000 SH   DFND 1 6,000 0 0
MUELLER INDUSTRIES, INC. COM 624756102   371,542 7,880 SH   DFND   7,880 0 0
MUELLER INDUSTRIES, INC. COM 624756102   7,610,010 161,400 SH   DFND 1 161,400 0 0
NEW AMER HIGH INCOME FD INC COM NEW 641876800   2,112 300 SH   DFND 1 300 0 0
NEWMONT GOLDCORP CORP. COM 651639106   471,846 11,400 SH   DFND   11,400 0 0
NEXSTAR MEDIA GROUP, INC. COMMON STOCK 65336K103   94,050 600 SH   DFND   600 0 0
NEXSTAR MEDIA GROUP, INC. COMMON STOCK 65336K103   3,918,750 25,000 SH   DFND 1 25,000 0 0
NMI HOLDINGS, INC. CL A 629209305   699,854 23,580 SH   DFND   23,580 0 0
NMI HOLDINGS, INC. CL A 629209305   6,084,400 205,000 SH   DFND 1 205,000 0 0
OLIN CORP. COM PAR $1 680665205   104,124 1,930 SH   DFND   1,930 0 0
OLIN CORP. COM PAR $1 680665205   2,211,950 41,000 SH   DFND 1 41,000 0 0
POOL CORP COM 73278L105   99,279 249 SH   DFND   249 0 0
POOL CORP COM 73278L105   2,751,099 6,900 SH   DFND 1 6,900 0 0
PUBLIC STORAGE COM 74460D109   518,500 1,700 SH   DFND   1,700 0 0
RIO TINTO PLC SPONSORED ADR 767204100   5,472,810 73,500 SH   DFND 1 73,500 0 0
ROBERT HALF INTERNATIONAL, INC. COM 770323103   1,019,872 11,600 SH   DFND   11,600 0 0
ROBERT HALF INTERNATIONAL, INC. COM 770323103   5,714,800 65,000 SH   DFND 1 65,000 0 0
ROYAL GOLD, INC. COM 780287108   641,088 5,300 SH   DFND   5,300 0 0
SABA CAPITAL INCOME & OPRNT SHS NEW 78518H202   27,756 3,600 SH   DFND 1 3,600 0 0
SKYWORKS SOLUTIONS, INC. COM 83088M102   5,058,900 45,000 SH   DFND 1 45,000 0 0
SPDR GOLD SHARES ETF GOLD SHS 78463V107   688,212 3,600 SH   DFND   3,600 0 0
SPECIAL OPPORTUNITIES FD INC 2.75% CNV PFD C A 84741T401   4,560 200 SH   DFND 1 200 0 0
SPECIAL OPPORTUNITIES FD INC COM 84741T104   23,720 2,000 SH   DFND 1 2,000 0 0
SSR MINING, INC. COM 784730103   860,800 80,000 SH   DFND   80,000 0 0
STEEL DYNAMICS INC COM 858119100   100,031 847 SH   DFND   847 0 0
STEEL DYNAMICS INC COM 858119100   932,990 7,900 SH   DFND   7,900 0 0
STEEL DYNAMICS INC COM 858119100   18,896,000 160,000 SH   DFND 1 160,000 0 0
SWISS HELVETIA FUND INC COM 870875101   26,814 3,270 SH   DFND 1 3,270 0 0
TEMPLETON GLOBAL INCOME FD COM 880198106   129 34 SH   DFND 1 34 0 0
TITAN INTERNATIONAL, INC. COM 88830M102   296,112 19,900 SH   DFND   19,900 0 0
U.S. BANCORP COM NEW 902973304   558,312 12,900 SH   DFND   12,900 0 0
U.S. BANCORP COM NEW 902973304   11,793,800 272,500 SH   DFND 1 272,500 0 0
U-HAUL HOLDINGS CO. COM 023586100   152,934 2,130 SH   DFND   2,130 0 0
U-HAUL HOLDINGS CO. COM 023586100   990,840 13,800 SH   DFND 1 13,800 0 0
U-HAUL HOLDINGS CO. COM SER N 023586506   1,350,335 19,170 SH   DFND   19,170 0 0
U-HAUL HOLDINGS CO. COM SER N 023586506   8,748,648 124,200 SH   DFND 1 124,200 0 0
UNITED RENTALS INC COM 911363109   99,775 174 SH   DFND   174 0 0
UNITED RENTALS INC COM 911363109   421,464 735 SH   DFND   735 0 0
UNITED RENTALS INC COM 911363109   8,314,590 14,500 SH   DFND 1 14,500 0 0
UNITEDHEALTH GROUP, INC. COM 91324P102   1,566,248 2,975 SH   DFND   2,975 0 0
UNITEDHEALTH GROUP, INC. COM 91324P102   7,107,345 13,500 SH   DFND 1 13,500 0 0
WABASH NATIONAL CORP. COM 929566107   377,588 14,738 SH   DFND   14,738 0 0
WABASH NATIONAL CORP. COM 929566107   7,603,042 296,762 SH   DFND 1 296,762 0 0
WESTLAKE CORP. COM 960413102   9,797,200 70,000 SH   DFND 1 70,000 0 0
WHEATON PRECIOUS METALS CORP. COM 962879102   296,040 6,000 SH   DFND   6,000 0 0
WILLIAMS SONOMA INC COM 969904101   100,285 497 SH   DFND   497 0 0
WILLIAMS SONOMA INC COM 969904101   1,513,350 7,500 SH   DFND   7,500 0 0
WILLIAMS SONOMA INC COM 969904101   9,685,440 48,000 SH   DFND 1 48,000 0 0
WOODSIDE ENERGY GROUP LTD. SPONSORED ADR 980228308   25,899 1,228 SH   DFND   1,228 0 0
WOODSIDE ENERGY GROUP LTD. SPONSORED ADR 980228308   564,010 26,743 SH   DFND 1 26,743 0 0