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   1,962,000 30,000 SH   DFND   30,000 0 0
ALPHABET, INC. CAP STK CL A 02079K305   7,723,160 42,400 SH   DFND   42,400 0 0
ALPHABET, INC. CAP STK CL A 02079K305   9,107,500 50,000 SH   DFND 1 50,000 0 0
ATKORE INC COM 047649108   84,061 623 SH   DFND   623 0 0
ATKORE INTERNATIONAL GROUP, INC. COM 047649108   229,381 1,700 SH   DFND   1,700 0 0
ATKORE INTERNATIONAL GROUP, INC. COM 047649108   4,924,945 36,500 SH   DFND 1 36,500 0 0
AUTOZONE, INC COM 053332102   115,600 39 SH   DFND   39 0 0
AUTOZONE, INC. COM 053332102   2,904,818 980 SH   DFND   980 0 0
AUTOZONE, INC. COM 053332102   17,932,805 6,050 SH   DFND 1 6,050 0 0
B2GOLD CORP. COM 11777Q209   742,500 275,000 SH   DFND   275,000 0 0
B2GOLD CORP. COM 11777Q209   3,604,500 1,335,000 SH   DFND 1 1,335,000 0 0
BERKSHIRE HATHAWAY, INC. CL B NEW 084670702   2,074,680 5,100 SH   DFND   5,100 0 0
BLUELINX HLDGS INC COM NEW 09624H208   82,105 882 SH   DFND   882 0 0
BLUELINX HOLDINGS, INC. COM NEW 09624H208   710,277 7,630 SH   DFND   7,630 0 0
BLUELINX HOLDINGS, INC. COM NEW 09624H208   5,892,597 63,300 SH   DFND 1 63,300 0 0
BUILD-A-BEAR WORKSHOP, INC. COM 120076104   416,955 16,500 SH   DFND   16,500 0 0
CENTENE CORP. COM 15135B101   7,359,300 111,000 SH   DFND 1 111,000 0 0
CENTERRA GOLD INC COM 152006102   500,640 74,500 SH   DFND   74,500 0 0
CLEAR SECURE INC COM CL A 18467V109   263,456 14,081 SH   DFND   14,081 0 0
CLEAR SECURE INC COM CL A 18467V109   5,146,260 275,054 SH   DFND 1 275,054 0 0
CREDIT ACCEP CORP MICH COM 225310101   96,245 187 SH   DFND   187 0 0
CREDIT ACCEPTANCE CORP. COM 225310101   977,892 1,900 SH   DFND   1,900 0 0
CREDIT ACCEPTANCE CORP. COM 225310101   11,837,640 23,000 SH   DFND 1 23,000 0 0
CROCS, INC. COM 227046109   305,015 2,090 SH   DFND   2,090 0 0
CROCS, INC. COM 227046109   5,983,540 41,000 SH   DFND 1 41,000 0 0
CUBESMART COM 229663109   632,380 14,000 SH   DFND   14,000 0 0
DILLARDS INC CL A 254067101   109,217 248 SH   DFND   248 0 0
DILLARDS INC CL A 254067101   435,986 990 SH   DFND   990 0 0
DILLARDS INC CL A 254067101   8,939,917 20,300 SH   DFND 1 20,300 0 0
ELEVANCE HEALTH, INC. COM 036752103   238,418 440 SH   DFND   440 0 0
ELEVANCE HEALTH, INC. COM 036752103   5,201,856 9,600 SH   DFND 1 9,600 0 0
ESSENT GROUP LTD. COM G3198U102   1,376,655 24,500 SH   DFND   24,500 0 0
ESSENT GROUP LTD. COM G3198U102   11,238,000 200,000 SH   DFND 1 200,000 0 0
EXCHANGE LISTED FDS TR SABA INT RATE 30151E806   2,129 100 SH   DFND 1 100 0 0
EXTRA SPACE STORAGE INC COM 30225T102   1,558,296 10,027 SH   DFND   10,027 0 0
FIRSTHAND TECHNOLOGY VALUE F COM 33766Y100   7 100 SH   DFND 1 100 0 0
FRANCO-NEVADA CORP. COM 351858105   305,782 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   24,723 5,087 SH   SOLE   5,087 0 0
HIGH INCOME SECURITIES FUND SHS BEN INT 42968F108   45,295 6,480 SH   DFND 1 6,480 0 0
INTERACTIVE BROKERS GROUP, INC. COM CL A 45841N107   711,080 5,800 SH   DFND   5,800 0 0
INTERACTIVE BROKERS GROUP, INC. COM CL A 45841N107   9,317,600 76,000 SH   DFND 1 76,000 0 0
ISHARES SILVER TRUST ISHARES 46428Q109   611,110 23,000 SH   DFND   23,000 0 0
JPMORGAN CHASE & CO. COM 46625H100   1,375,368 6,800 SH   DFND   6,800 0 0
KINROSS GOLD CORP. COM 496902404   436,800 52,500 SH   DFND   52,500 0 0
LAM RESEARCH CORP. COM 512807108   1,277,820 1,200 SH   DFND   1,200 0 0
LAM RESEARCH CORP. COM 512807108   10,329,045 9,700 SH   DFND 1 9,700 0 0
LPL FINANCIAL HOLDINGS, INC. COM 50212V100   323,988 1,160 SH   DFND   1,160 0 0
LPL FINANCIAL HOLDINGS, INC. COM 50212V100   6,563,550 23,500 SH   DFND 1 23,500 0 0
MASTERCARD, INC. CL A 57636Q104   4,411,600 10,000 SH   DFND   10,000 0 0
META PLATFORMS, INC. CL A 30303M102   579,853 1,150 SH   DFND   1,150 0 0
MEXICO EQUITY & INCOME FD COM 592834105   57,600 6,000 SH   DFND 1 6,000 0 0
MUELLER INDUSTRIES, INC. COM 624756102   448,687 7,880 SH   DFND   7,880 0 0
MUELLER INDUSTRIES, INC. COM 624756102   9,190,116 161,400 SH   DFND 1 161,400 0 0
NEW AMER HIGH INCOME FD INC COM NEW 641876800   2,199 300 SH   DFND 1 300 0 0
NEWMONT GOLDCORP CORP. COM 651639106   477,318 11,400 SH   DFND   11,400 0 0
NMI HOLDINGS, INC. COM 629209305   574,221 16,869 SH   DFND   16,869 0 0
NMI HOLDINGS, INC. COM 629209305   12,908,853 379,226 SH   DFND 1 379,226 0 0
NVR INC COM 62944T105   129,006 17 SH   DFND   17 0 0
NVR, INC. COM 62944T105   1,024,456 135 SH   DFND   135 0 0
NVR, INC. COM 62944T105   7,930,045 1,045 SH   DFND 1 1,045 0 0
POOL CORP COM 73278L105   76,525 249 SH   DFND   249 0 0
POOL CORP. COM 73278L105   2,120,577 6,900 SH   DFND 1 6,900 0 0
PUBLIC STORAGE COM 74460D109   489,005 1,700 SH   DFND   1,700 0 0
RIO TINTO PLC SPONSORED ADR 767204100   4,845,855 73,500 SH   DFND 1 73,500 0 0
ROYAL GOLD, INC. COM 780287108   663,348 5,300 SH   DFND   5,300 0 0
SABA CAPITAL INCOME & OPPORT COM NEW 880198205   133 17 SH   DFND 1 17 0 0
SABA CAPITAL INCOME & OPRNT SHS NEW 78518H202   25,344 3,600 SH   DFND 1 3,600 0 0
SKYWORKS SOLUTIONS, INC. COM 83088M102   4,796,100 45,000 SH   DFND 1 45,000 0 0
SNAP-ON, INC. COM 833034101   7,266,642 27,800 SH   DFND 1 27,800 0 0
SPDR GOLD SHARES ETF GOLD SHS 78463V107   774,036 3,600 SH   DFND   3,600 0 0
SPECIAL OPPORTUNITIES FD INC 2.75% CNV PFD C A 84741T401   4,653 200 SH   DFND 1 200 0 0
SPECIAL OPPORTUNITIES FD INC COM 84741T104   26,160 2,000 SH   DFND 1 2,000 0 0
SSR MINING, INC. COM 784730103   360,800 80,000 SH   DFND   80,000 0 0
STEEL DYNAMICS INC COM 858119100   109,687 847 SH   DFND   847 0 0
STEEL DYNAMICS, INC. COM 858119100   1,023,050 7,900 SH   DFND   7,900 0 0
STEEL DYNAMICS, INC. COM 858119100   20,720,000 160,000 SH   DFND 1 160,000 0 0
SWISS HELVETIA FUND INC COM 870875101   26,389 3,270 SH   DFND 1 3,270 0 0
UFP INDUSTRIES, INC. COM 90278Q108   280,000 2,500 SH   DFND   2,500 0 0
UFP INDUSTRIES, INC. COM 90278Q108   7,817,600 69,800 SH   DFND 1 69,800 0 0
UNITED RENTALS INC COM 911363109   112,531 174 SH   DFND   174 0 0
UNITED RENTALS, INC. COM 911363109   475,347 735 SH   DFND   735 0 0
UNITED RENTALS, INC. COM 911363109   9,377,585 14,500 SH   DFND 1 14,500 0 0
UNITEDHEALTH GROUP, INC. COM 91324P102   1,515,049 2,975 SH   DFND   2,975 0 0
UNITEDHEALTH GROUP, INC. COM 91324P102   6,875,010 13,500 SH   DFND 1 13,500 0 0
VALERO ENERGY CORP. COM 91913Y100   286,714 1,829 SH   DFND   1,829 0 0
VALERO ENERGY CORP. COM 91913Y100   8,369,260 53,389 SH   DFND 1 53,389 0 0
WABASH NATIONAL CORP. COM 929566107   321,878 14,738 SH   DFND   14,738 0 0
WABASH NATIONAL CORP. COM 929566107   6,481,282 296,762 SH   DFND 1 296,762 0 0
WHEATON PRECIOUS METALS CORP. COM 962879102   314,520 6,000 SH   DFND   6,000 0 0
WILLIAMS SONOMA, INC COM 969904101   140,338 497 SH   DFND   497 0 0
WILLIAMS-SONOMA, INC. COM 969904101   2,117,775 7,500 SH   DFND   7,500 0 0
WILLIAMS-SONOMA, INC. COM 969904101   13,553,760 48,000 SH   DFND 1 48,000 0 0