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   2,346,300 30,000 SH   DFND   30,000 0 0
ALPHABET INC CAP STK CL A 02079K305   12,437,010 65,700 SH   DFND 1 65,700 0 0
ALPHABET INC CAP STK CL A 02079K305   8,026,320 42,400 SH   DFND   42,400 0 0
ALPHABET INC CAP STK CL C 02079K107   108,658 574 SH   DFND   574 0 0
ATKORE INC COM 047649108   51,989 623 SH   DFND   623 0 0
AUTOZONE INC COM 053332102   19,372,100 6,050 SH   DFND 1 6,050 0 0
AUTOZONE INC COM 053332102   124,878 39 SH   DFND   39 0 0
AUTOZONE INC COM 053332102   3,137,960 980 SH   DFND   980 0 0
BERKSHIRE HATHAWAY, INC. CL B NEW 084670702   2,311,728 5,100 SH   DFND   5,100 0 0
BUILD-A-BEAR WORKSHOP, INC. COM 120076104   759,660 16,500 SH   DFND   16,500 0 0
CENTERRA GOLD INC COM 152006102   423,905 74,500 SH   DFND   74,500 0 0
CLEAR SECURE INC COM CL A 18467V109   7,327,439 275,054 SH   DFND 1 275,054 0 0
CLEAR SECURE INC COM CL A 18467V109   375,118 14,081 SH   DFND   14,081 0 0
CREDIT ACCEP CORP MICH COM 225310101   10,797,580 23,000 SH   DFND 1 23,000 0 0
CREDIT ACCEP CORP MICH COM 225310101   87,789 187 SH   DFND   187 0 0
CREDIT ACCEP CORP MICH COM 225310101   891,974 1,900 SH   DFND   1,900 0 0
CROCS, INC. COM 227046109   4,490,730 41,000 SH   DFND 1 41,000 0 0
CROCS, INC. COM 227046109   228,918 2,090 SH   DFND   2,090 0 0
CUBESMART COM 229663109   599,900 14,000 SH   DFND   14,000 0 0
DILLARDS INC CL A 254067101   8,764,322 20,300 SH   DFND 1 20,300 0 0
DILLARDS INC CL A 254067101   107,072 248 SH   DFND   248 0 0
DILLARDS INC CL A 254067101   427,423 990 SH   DFND   990 0 0
DONNELLEY FINANCIAL SOLUTIONS, INC. COM 25787G100   7,841,250 125,000 SH   DFND 1 125,000 0 0
ELEVANCE HEALTH, INC. COM 036752103   3,541,440 9,600 SH   DFND 1 9,600 0 0
ELEVANCE HEALTH, INC. COM 036752103   162,316 440 SH   DFND   440 0 0
ESSENT GROUP LTD. COM G3198U102   10,888,000 200,000 SH   DFND 1 200,000 0 0
ESSENT GROUP LTD. COM G3198U102   1,333,780 24,500 SH   DFND   24,500 0 0
EXCHANGE LISTED FDS TR SABA INT RATE 30151E806   2,142 100 SH   DFND 1 100 0 0
EXTRA SPACE STORAGE INC COM 30225T102   1,500,039 10,027 SH   DFND   10,027 0 0
FIRSTHAND TECHNOLOGY VALUE F COM 33766Y100   6 100 SH   DFND 1 100 0 0
FRANCO-NEVADA CORP. COM 351858105   303,382 2,580 SH   DFND   2,580 0 0
GLOBAL SELF STORAGE INC COM 37955N106   720,088 135,101 SH   DFND   135,101 0 0
GLOBAL SELF STORAGE INC COM 37955N106   435,861 81,775 SH   DFND   81,775 0 0
GLOBAL SELF STORAGE INC COM 37955N106   1,080,407 202,703 SH   DFND   202,703 0 0
GLOBAL SELF STORAGE INC COM 37955N106   27,114 5,087 SH   SOLE   5,087 0 0
GLOBAL SELF STORAGE INC COM 37955N106   187,062 35,096 SH   SOLE   35,096 0 0
HIGH INCOME SECURITIES FUND SHS BEN INT 42968F108   4,323 662 SH   DFND 1 662 0 0
INTERACTIVE BROKERS GROUP, INC. COM CL A 45841N107   13,426,920 76,000 SH   DFND 1 76,000 0 0
INTERACTIVE BROKERS GROUP, INC. COM CL A 45841N107   1,024,686 5,800 SH   DFND   5,800 0 0
INTERNATIONAL SEAWAYS, INC. COM Y41053102   5,984,010 166,500 SH   DFND 1 166,500 0 0
INTERNATIONAL SEAWAYS, INC. COM Y41053102   327,054 9,100 SH   DFND   9,100 0 0
ISHARES SILVER TRUST ISHARES 46428Q109   587,686 22,320 SH   DFND   22,320 0 0
JPMORGAN CHASE & CO. COM 46625H100   1,630,028 6,800 SH   DFND   6,800 0 0
KINROSS GOLD CORP. COM 496902404   6,924,690 747,000 SH   DFND 1 747,000 0 0
KINROSS GOLD CORP. COM 496902404   486,675 52,500 SH   DFND   52,500 0 0
LAM RESEARCH CORP. COM NEW 512807306   7,006,310 97,000 SH   DFND 1 97,000 0 0
LAM RESEARCH CORP. COM NEW 512807306   866,760 12,000 SH   DFND   12,000 0 0
LPL FINANCIAL HOLDINGS, INC. COM 50212V100   15,182,715 46,500 SH   DFND 1 46,500 0 0
LPL FINANCIAL HOLDINGS, INC. COM 50212V100   770,564 2,360 SH   DFND   2,360 0 0
MASTERCARD, INC. CL A 57636Q104   5,265,700 10,000 SH   DFND   10,000 0 0
META PLATFORMS, INC. CL A 30303M102   673,337 1,150 SH   DFND   1,150 0 0
MEXICO EQUITY & INCOME FD COM 592834105   48,180 6,000 SH   DFND 1 6,000 0 0
MUELLER INDUSTRIES, INC. COM 624756102   12,808,704 161,400 SH   DFND 1 161,400 0 0
MUELLER INDUSTRIES, INC. COM 624756102   625,357 7,880 SH   DFND   7,880 0 0
NEW AMER HIGH INCOME FD INC COM NEW 641876800   2,451 300 SH   DFND 1 300 0 0
NEWMONT GOLDCORP CORP. COM 651639106   424,308 11,400 SH   DFND   11,400 0 0
NMI HOLDINGS, INC. COM 629209305   13,940,348 379,226 SH   DFND 1 379,226 0 0
NMI HOLDINGS, INC. COM 629209305   620,104 16,869 SH   DFND   16,869 0 0
NVR INC COM 62944T105   8,546,951 1,045 SH   DFND 1 1,045 0 0
NVR INC COM 62944T105   139,041 17 SH   DFND   17 0 0
NVR INC COM 62944T105   1,104,152 135 SH   DFND   135 0 0
POOL CORP COM 73278L105   2,352,486 6,900 SH   DFND 1 6,900 0 0
POOL CORP COM 73278L105   84,894 249 SH   DFND   249 0 0
PUBLIC STORAGE COM 74460D109   509,048 1,700 SH   DFND   1,700 0 0
RIO TINTO PLC SPONSORED ADR 767204100   4,322,535 73,500 SH   DFND 1 73,500 0 0
ROYAL GOLD, INC. COM 780287108   698,805 5,300 SH   DFND   5,300 0 0
SABA CAPITAL INCOME & OPPORT COM NEW 880198205   154 17 SH   DFND 1 17 0 0
SABA CAPITAL INCOME & OPRNT SHS NEW 78518H202   27,432 3,600 SH   DFND 1 3,600 0 0
SNAP-ON, INC. COM 833034101   9,437,544 27,800 SH   DFND 1 27,800 0 0
SPDR GOLD SHARES ETF GOLD SHS 78463V107   838,980 3,465 SH   DFND   3,465 0 0
SPECIAL OPPORTUNITIES FD INC 2.75% CNV PFD C A 84741T401   4,804 200 SH   DFND 1 200 0 0
SPECIAL OPPORTUNITIES FD INC COM 84741T104   29,260 2,000 SH   DFND 1 2,000 0 0
STEEL DYNAMICS INC COM 858119100   18,251,200 160,000 SH   DFND 1 160,000 0 0
STEEL DYNAMICS INC COM 858119100   96,617 847 SH   DFND   847 0 0
STEEL DYNAMICS INC COM 858119100   901,153 7,900 SH   DFND   7,900 0 0
SWISS HELVETIA FUND INC COM 870875101   24,492 3,270 SH   DFND 1 3,270 0 0
UFP INDUSTRIES, INC. COM 90278Q108   7,862,970 69,800 SH   DFND 1 69,800 0 0
UFP INDUSTRIES, INC. COM 90278Q108   281,625 2,500 SH   DFND   2,500 0 0
UNITED RENTALS INC COM 911363109   122,573 174 SH   DFND   174 0 0
UNITED RENTALS, INC. COM 911363109   10,214,380 14,500 SH   DFND 1 14,500 0 0
UNITED RENTALS, INC. COM 911363109   517,763 735 SH   DFND   735 0 0
UNITEDHEALTH GROUP, INC. COM 91324P102   6,829,110 13,500 SH   DFND 1 13,500 0 0
UNITEDHEALTH GROUP, INC. COM 91324P102   1,504,934 2,975 SH   DFND   2,975 0 0
VALERO ENERGY CORP. COM 91913Y100   6,544,958 53,389 SH   DFND 1 53,389 0 0
VALERO ENERGY CORP. COM 91913Y100   224,217 1,829 SH   DFND   1,829 0 0
WHEATON PRECIOUS METALS CORP. COM 962879102   6,580,080 117,000 SH   DFND 1 117,000 0 0
WHEATON PRECIOUS METALS CORP. COM 962879102   337,440 6,000 SH   DFND   6,000 0 0
WILLIAMS SONOMA INC COM 969904101   17,777,280 96,000 SH   DFND 1 96,000 0 0
WILLIAMS SONOMA INC COM 969904101   184,069 994 SH   DFND   994 0 0
WILLIAMS SONOMA INC COM 969904101   2,777,700 15,000 SH   DFND   15,000 0 0