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
ALIBABA GROUP HOLDING LTD SPONSORED ADS 01609W102   22,692,000 292,800 SH   DFND 01,02 292,800 0 0
ALPHABET INC CAP STK CL A 02079K305   38,364,414 274,620 SH   DFND 01,02 274,620 0 0
ATS CORP COM 00217Y104   1,727,893 40,000 SH   DFND 01,02 40,000 0 0
AUTOHOME INC SP ADS RP CL A 05278C107   2,608,650 93,000 SH   DFND 01,02 93,000 0 0
BANK NOVA SCOTIA COM 064149107   14,123,750 289,100 SH   DFND 01,02 289,100 0 0
BERKSHIRE HATHAWAY INC CL A 084670108   541,750 1 SH   DFND 01,02 1 0 0
BLACKBERRY LTD COM 09228F103   165,405,438 46,724,700 SH   DFND 01,02 46,724,700 0 0
BROOKFIELD CORP CL A LTD VT SH 11271J107   2,006,000 50,000 SH   DFND 01,02 50,000 0 0
BRP INC COM SUN VTG 05577W200   1,520,625 21,200 SH   DFND 01,02 21,200 0 0
CANADIAN PACIFIC KANSAS CITY COM 13646K108   1,517,020 19,100 SH   DFND 01,02 19,100 0 0
CAPRI HOLDINGS LIMITED SHS G1890L107   1,306,240 26,000 SH   DFND 01,02 26,000 0 0
COLLIERS INTL GROUP INC SUB VTG SHS 194693107   3,166,806 25,000 SH   DFND 01,02 25,000 0 0
CREDO TECHNOLOGY GROUP HOLDING ORDINARY SHARES G25457105   1,704,910 87,566 SH   DFND 01,02 87,566 0 0
CRESCENT CAPITAL BDC INC COM 225655109   36,350,164 2,092,698 SH   DFND 01,02 2,092,698 0 0
CVS HEALTH CORP COM 126650100   1,184,100 15,000 SH   DFND 01,02 15,000 0 0
DARLING INGREDIENTS INC COM 237266101   806,760 16,200 SH   DFND 01,02 16,200 0 0
DELEK US HOLDINGS INC COM 24665A103   825,600 32,000 SH   DFND 01,02 32,000 0 0
DENNY'S CORP COM 24869P104   1,358,750 125,000 SH   DFND 01,02 125,000 0 0
DINE BRANDS GLOBAL INC COM 254423106   993,000 20,000 SH   DFND 01,02 20,000 0 0
EPAM SYSTEMS INC COM 29414B104   2,066,861 6,950 SH   DFND 01,02 6,950 0 0
FIRST HORIZON CORPORATION COM 320517105   1,972,488 139,300 SH   DFND 01,02 139,300 0 0
FRANCO NEV CORP COM 351858105   1,531,438 13,800 SH   DFND 01,02 13,800 0 0
FRANKLIN RESOURCES INC COM 354613101   29,780,000 1,000,000 SH   DFND 01,02 1,000,000 0 0
GARRETT MOTION INC COM 366505105   2,763,299 285,760 SH   DFND 01,02 285,760 0 0
GENERAL ELECTRIC CO COM NEW 369604301   3,267,072 25,600 SH   DFND 01,02 25,600 0 0
GENERAL MTRS CO COM 37045V100   13,500,903 375,965 SH   DFND 01,02 375,965 0 0
GENTEX CORP COM 371901109   2,776,100 85,000 SH   DFND 01,02 85,000 0 0
HELMERICH & PAYNE INC COM 423452101   20,100,352 555,105 SH   DFND 01,02 555,105 0 0
IMAX CORP COM 45245E109   1,876,250 125,000 SH   DFND 01,02 125,000 0 0
INDEPENDENCE CONTRACT DRILLING COM 453415606   956,220 390,294 SH   DFND 01,02 390,294 0 0
INTEL CORP COM 458140100   9,547,500 190,000 SH   DFND 01,02 190,000 0 0
JACOBS SOLUTIONS INC COM 46982L108   1,427,360 11,000 SH   DFND 01,02 11,000 0 0
JOHNSON & JOHNSON COM 478160104   11,504,716 73,400 SH   DFND 01,02 73,400 0 0
KENNEDY-WILSON HOLDINGS INC COM 489398107   164,793,251 13,322,009 SH   DFND 01,02 13,322,009 0 0
KKR & CO INC COM 48251W104   1,946,740 23,500 SH   DFND 01,02 23,500 0 0
LIBERTY BROADBAND CORP COM SER C 530307305   513,973 6,380 SH   DFND 01,02 6,380 0 0
MAGNACHIP SEMICONDUCTOR CORP COM 55933J203   937,500 125,000 SH   DFND 01,02 125,000 0 0
MERCK & CO INC COM 58933Y105   18,849,558 172,900 SH   DFND 01,02 172,900 0 0
META PLATFORMS INC CL A 30303M102   7,645,320 21,600 SH   DFND 01,02 21,600 0 0
MGM RESORTS INTERNATIONAL COM 552953101   1,317,765 29,500 SH   DFND 01,02 29,500 0 0
MICRON TECHNOLOGY INC COM 595112103   333,820,126 3,911,649 SH   DFND 01,02 3,911,649 0 0
MIDDLEBY CORP COM 596278101   2,134,110 14,500 SH   DFND 01,02 14,500 0 0
OCCIDENTAL PETE CORP COM 674599105   359,418,955 6,020,418 SH   DFND 01,02 6,020,418 0 0
ORLA MINING LTD COM 68634K106   121,788,286 37,697,191 SH   DFND 01,02 37,697,191 0 0
OSISKO GOLD ROYALTIES LTD COM 68827L101   2,286,061 160,000 SH   DFND 01,02 160,000 0 0
PFIZER INC COM 717081103   13,264,702 460,900 SH   DFND 01,02 460,900 0 0
PNM RESOURCES INC COM 69349H107   706,350 17,000 SH   DFND 01,02 17,000 0 0
RESTAURANT BRANDS INT'L INC COM 76131D103   3,289,989 42,000 SH   DFND 01,02 42,000 0 0
SPDR SER TR BLOOMBERG 1-3 MO 78468R663   913,900 10,000 SH   DFND 01,02 10,000 0 0
TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADS 874039100   9,740,115 93,700 SH   DFND 01,02 93,700 0 0
TEGNA INC COM 87901J105   489,280 32,000 SH   DFND 01,02 32,000 0 0
TFI INTERNATIONAL INC COM 87241L109   2,082,429 15,300 SH   DFND 01,02 15,300 0 0
UNDER ARMOUR INC CL C 904311206   1,912,150 229,000 SH   DFND 01,02 229,000 0 0
UNITED STATES STEEL CORP COM 912909108   870,835 17,900 SH   DFND 01,02 17,900 0 0
U S SILICA HOLDINGS INC COM 90346E103   1,469,000 130,000 SH   DFND 01,02 130,000 0 0
VANGUARD INDEX FDS S&P 500 ETF SHS 922908363   17,472,000 40,000 SH   DFND 01,02 40,000 0 0
XERIS BIOPHARMA HOLDINGS INC COM 98422E103   355,778 151,395 SH   DFND 01,02 151,395 0 0