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
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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   3,044,700 15,000 SH   DFND   15,000 0 0
Alarm.com Holdings, Inc. COM 011642105   285,054 6,600 SH   DFND   6,600 0 0
Alarm.com Holdings, Inc. COM 011642105   5,161,205 119,500 SH   DFND 1 119,500 0 0
ALPHABET INC CAP STK CL C 02079K107   165,059 574 SH   DFND   574 0 0
Alphabet, Inc. CAP STK CL A 02079K305   12,192,544 42,400 SH   DFND   42,400 0 0
Alphabet, Inc. CAP STK CL A 02079K305   18,892,692 65,700 SH   DFND 1 65,700 0 0
Aura Minerals, Inc. SHS NEW G06973112   2,856,000 35,000 SH   DFND   35,000 0 0
B2Gold Corporation COM 11777Q209   2,151,750 475,000 SH   DFND   475,000 0 0
Berkshire Hathaway, Inc. CL B NEW 084670702   1,198,000 2,500 SH   DFND   2,500 0 0
Build-A-Bear Workshop, Inc. COM 120076104   617,925 16,500 SH   DFND   16,500 0 0
Clear Secure, Inc. COM CL A 18467V109   681,661 14,081 SH   DFND   14,081 0 0
Clear Secure, Inc. COM CL A 18467V109   13,315,364 275,054 SH   DFND 1 275,054 0 0
CUBESMART COM 229663109   513,100 14,000 SH   DFND   14,000 0 0
DILLARDS INC CL A 254067101   141,883 248 SH   DFND   248 0 0
Dillard's, Inc. CL A 254067101   566,389 990 SH   DFND   990 0 0
Dillard's, Inc. CL A 254067101   11,613,833 20,300 SH   DFND 1 20,300 0 0
EAGLE CAP GROWTH FD INC COM 269451100   1,010 100 SH   DFND 1 100 0 0
Elevance Health, Inc. COM 036752103   2,810,400 9,600 SH   DFND 1 9,600 0 0
Essent Group Ltd. COM G3198U102   847,380 14,500 SH   DFND   14,500 0 0
Essent Group Ltd. COM G3198U102   11,688,000 200,000 SH   DFND 1 200,000 0 0
EverQuote, Inc. COM CL A 30041R108   499,608 32,400 SH   DFND   32,400 0 0
EXCHANGE LISTED FDS TR SABA INT RATE 30151E806   2,255 100 SH   DFND 1 100 0 0
EXTRA SPACE STORAGE INC COM 30225T102   1,314,841 10,027 SH   DFND   10,027 0 0
FIRSTHAND TECHNOLOGY VALUE F COM 33766Y100   2 100 SH   DFND 1 100 0 0
GLOBAL SELF STORAGE INC COM 37955N106   690,366 135,101 SH   DFND   135,101 0 0
GLOBAL SELF STORAGE INC COM 37955N106   1,552,203 303,758 SH   DFND   303,758 0 0
GLOBAL SELF STORAGE INC COM 37955N106   754,446 147,641 SH   DFND   147,641 0 0
HCA Healthcare, Inc. COM 40412C101   638,874 1,350 SH   DFND   1,350 0 0
HCA Healthcare, Inc. COM 40412C101   11,878,324 25,100 SH   DFND 1 25,100 0 0
HIGH INCOME SECURITIES FUND SHS BEN INT 42968F108   3,654 662 SH   DFND 1 662 0 0
IAMGOLD Corporation COM 450913108   2,823,000 150,000 SH   DFND   150,000 0 0
IAMGOLD Corporation COM 450913108   19,572,800 1,040,000 SH   DFND 1 1,040,000 0 0
Interactive Brokers Group, Inc. COM CL A 45841N107   1,556,024 23,200 SH   DFND   23,200 0 0
Interactive Brokers Group, Inc. COM CL A 45841N107   20,389,280 304,000 SH   DFND 1 304,000 0 0
iShares Silver Trust ISHARES 46428Q109   1,026,870 15,070 SH   DFND   15,070 0 0
JPMorgan Chase & Company COM 46625H100   2,000,288 6,800 SH   DFND   6,800 0 0
Kinross Gold Corporation COM 496902404   2,090,620 68,500 SH   DFND   68,500 0 0
Lam Research Corporation COM NEW 512807306   2,563,920 12,000 SH   DFND   12,000 0 0
Lam Research Corporation COM NEW 512807306   20,725,020 97,000 SH   DFND 1 97,000 0 0
LPL Financial Holdings, Inc. COM 50212V100   13,988,595 46,500 SH   DFND 1 46,500 0 0
Mastercard, Inc. CL A 57636Q104   4,996,600 10,000 SH   DFND   10,000 0 0
McEwen Mining, Inc. COM NEW 58039P305   1,990,950 97,500 SH   DFND   97,500 0 0
Meta Platforms, Inc. CL A 30303M102   657,950 1,150 SH   DFND   1,150 0 0
MEXICO EQUITY & INCOME FD COM 592834105   77,400 6,000 SH   DFND 1 6,000 0 0
Mueller Industries, Inc. COM 624756102   873,104 7,880 SH   DFND   7,880 0 0
Mueller Industries, Inc. COM 624756102   17,883,120 161,400 SH   DFND 1 161,400 0 0
Newmont Corporation COM 651639106   2,192,063 20,250 SH   DFND   20,250 0 0
NMI Holdings, Inc. COM 629209305   632,756 16,869 SH   DFND   16,869 0 0
NMI Holdings, Inc. COM 629209305   14,224,767 379,226 SH   DFND 1 379,226 0 0
Nutex Health, Inc. COM 67079U306   318,384 3,350 SH   DFND   3,350 0 0
Nutex Health, Inc. COM 67079U306   5,892,480 62,000 SH   DFND 1 62,000 0 0
NVR INC COM 62944T105   112,027 17 SH   DFND   17 0 0
NVR, Inc. COM 62944T105   6,886,372 1,045 SH   DFND 1 1,045 0 0
PROGRESSIVE CORP COM 743315103   198,240 1,000 SH   DFND   1,000 0 0
Progressive Corporation (The) COM 743315103   594,720 3,000 SH   DFND   3,000 0 0
Progressive Corporation (The) COM 743315103   11,894,400 60,000 SH   DFND 1 60,000 0 0
PUBLIC STORAGE COM 74460D109   460,496 1,700 SH   DFND   1,700 0 0
Qualys, Inc. COM 74758T303   892,380 10,158 SH   DFND   10,158 0 0
Qualys, Inc. COM 74758T303   6,894,732 78,483 SH   DFND 1 78,483 0 0
Royal Gold, Inc. COM 780287108   2,137,716 8,400 SH   DFND   8,400 0 0
SABA CAPITAL INCOME & OPPORT COM NEW 880198205   144 17 SH   DFND 1 17 0 0
SABA CAPITAL INCOME & OPRNT SHS NEW 78518H202   24,938 3,700 SH   DFND 1 3,700 0 0
SPDR Gold Shares GOLD SHS 78463V107   1,415,654 3,290 SH   DFND   3,290 0 0
SPECIAL OPPORTUNITIES FD INC 2.75% CNV PFD C A 84741T401   4,966 200 SH   DFND 1 200 0 0
SPECIAL OPPORTUNITIES FD INC COM 84741T104   28,800 2,093 SH   DFND 1 2,093 0 0
SSR Mining, Inc. COM 784730103   2,793,000 95,000 SH   DFND   95,000 0 0
STEEL DYNAMICS INC COM 858119100   152,460 847 SH   DFND   847 0 0
Steel Dynamics, Inc. COM 858119100   1,422,000 7,900 SH   DFND   7,900 0 0
Steel Dynamics, Inc. COM 858119100   28,800,000 160,000 SH   DFND 1 160,000 0 0
TOTAL RETURN SECURITIES FUND COM 870875101   13,343 2,250 SH   DFND 1 2,250 0 0
Triple Flag Precious Metals Corporation COM 89679M104   1,874,340 54,000 SH   DFND   54,000 0 0
UNITED RENTALS INC COM 911363109   126,769 174 SH   DFND   174 0 0
United Rentals, Inc. COM 911363109   535,492 735 SH   DFND   735 0 0
United Rentals, Inc. COM 911363109   10,564,120 14,500 SH   DFND 1 14,500 0 0
UnitedHealth Group, Inc. COM 91324P102   3,652,965 13,500 SH   DFND 1 13,500 0 0
Wheaton Precious Metals Corporation COM 962879102   2,187,867 16,700 SH   DFND   16,700 0 0
WILLIAMS SONOMA INC COM 969904101   181,236 994 SH   DFND   994 0 0
Williams-Sonoma, Inc. COM 969904101   2,734,950 15,000 SH   DFND   15,000 0 0
Williams-Sonoma, Inc. COM 969904101   17,503,680 96,000 SH   DFND 1 96,000 0 0