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   1,619,352 32,400 SH   DFND   32,400 0 0
ALLY FINANCIAL, INC. COM 02005N100   151,256 5,600 SH   DFND   5,600 0 0
ALLY FINANCIAL, INC. COM 02005N100   3,295,220 122,000 SH   DFND 1 122,000 0 0
ALPHABET, INC. CAP STK CL A 02079K305   5,171,040 43,200 SH   DFND   43,200 0 0
ALPHABET, INC. CAP STK CL A 02079K305   5,985,000 50,000 SH   DFND 1 50,000 0 0
AMN HEALTHCARE SERVICES, INC. COM 001744101   285,894 2,620 SH   DFND   2,620 0 0
AMN HEALTHCARE SERVICES, INC. COM 001744101   4,473,920 41,000 SH   DFND 1 41,000 0 0
ASBURY AUTOMOTIVE GROUP, INC. COM 043436104   326,971 1,360 SH   DFND   1,360 0 0
ASBURY AUTOMOTIVE GROUP, INC. COM 043436104   7,092,390 29,500 SH   DFND 1 29,500 0 0
ATKORE INTERNATIONAL GROUP, INC. COM 047649108   265,098 1,700 SH   DFND   1,700 0 0
ATKORE INTERNATIONAL GROUP, INC. COM 047649108   5,691,810 36,500 SH   DFND 1 36,500 0 0
AUTOZONE, INC. COM 053332102   2,443,493 980 SH   DFND   980 0 0
AUTOZONE, INC. COM 053332102   15,084,828 6,050 SH   DFND 1 6,050 0 0
B2GOLD CORP. COM 11777Q209   981,750 275,000 SH   DFND   275,000 0 0
B2GOLD CORP. COM 11777Q209   4,765,950 1,335,000 SH   DFND 1 1,335,000 0 0
BARCLAYS PLC ADR 06738E204   227,940 29,000 SH   DFND   29,000 0 0
BARCLAYS PLC ADR 06738E204   4,833,900 615,000 SH   DFND 1 615,000 0 0
BARRICK GOLD CORP. COM 067901108   484,198 28,600 SH   DFND   28,600 0 0
BERKSHIRE HATHAWAY, INC. CL B NEW 084670702   2,083,510 6,110 SH   DFND   6,110 0 0
BHP GROUP LIMITED SPONSORED ADS 088606108   202,878 3,400 SH   DFND   3,400 0 0
BHP GROUP LIMITED SPONSORED ADS 088606108   4,415,580 74,000 SH   DFND 1 74,000 0 0
BLACKROCK, INC. COM 09247X101   276,456 400 SH   DFND   400 0 0
BLACKROCK, INC. COM 09247X101   3,248,358 4,700 SH   DFND 1 4,700 0 0
BLUELINX HOLDINGS, INC. COM NEW 09624H208   715,541 7,630 SH   DFND   7,630 0 0
BLUELINX HOLDINGS, INC. COM NEW 09624H208   5,936,274 63,300 SH   DFND 1 63,300 0 0
CENTERRA GOLD INC COM 152006102   447,000 74,500 SH   DFND   74,500 0 0
CITIGROUP, INC. COM NEW 172967424   92,080 2,000 SH   DFND   2,000 0 0
CREDIT ACCEPTANCE CORP. COM 225310101   1,244,429 2,450 SH   DFND   2,450 0 0
CREDIT ACCEPTANCE CORP. COM 225310101   11,682,390 23,000 SH   DFND 1 23,000 0 0
CUBESMART COM 229663109   625,240 14,000 SH   DFND   14,000 0 0
DILLARD'S, INC. - CLASS A CL A 254067101   323,017 990 SH   DFND   990 0 0
DILLARD'S, INC. - CLASS A CL A 254067101   6,623,484 20,300 SH   DFND 1 20,300 0 0
DISCOVER FINANCIAL SERVICES COM 254709108   268,755 2,300 SH   DFND   2,300 0 0
DISCOVER FINANCIAL SERVICES COM 254709108   5,842,500 50,000 SH   DFND 1 50,000 0 0
ELEVANCE HEALTH, INC. COM 036752103   528,705 1,190 SH   DFND   1,190 0 0
ELEVANCE HEALTH, INC. COM 036752103   4,265,184 9,600 SH   DFND 1 9,600 0 0
ENCORE WIRE CORP. COM 292562105   687,941 3,700 SH   DFND   3,700 0 0
ENCORE WIRE CORP. COM 292562105   5,708,051 30,700 SH   DFND 1 30,700 0 0
ENOVA INTERNATIONAL, INC. COM 29357K103   658,688 12,400 SH   DFND   12,400 0 0
ENOVA INTERNATIONAL, INC. COM 29357K103   5,099,520 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   1,614,600 34,500 SH   DFND   34,500 0 0
ESSENT GROUP LTD. COM G3198U102   9,360,000 200,000 SH   DFND 1 200,000 0 0
EXTRA SPACE STORAGE INC COM 30225T102   893,100 6,000 SH   DFND   6,000 0 0
FIDELITY NATIONAL FINANCIAL, INC. FNF GROUP COM 31620R303   1,980,000 55,000 SH   DFND 1 55,000 0 0
FIRSTHAND TECHNOLOGY VALUE F COM 33766Y100   63 1,000 SH   DFND 1 1,000 0 0
FRANCO-NEVADA CORP. COM 351858105   367,908 2,580 SH   DFND   2,580 0 0
GLOBAL SELF STORAGE INC COM 37955N106   682,260 135,101 SH   DFND   135,101 0 0
GLOBAL SELF STORAGE INC COM 37955N106   488,714 96,775 SH   DFND   96,775 0 0
GLOBAL SELF STORAGE INC COM 37955N106   1,023,650 202,703 SH   DFND   202,703 0 0
GLOBAL SELF STORAGE INC COM 37955N106   25,689 5,087 SH   SOLE   5,087 0 0
HAVERTY FURNITURE COS, INC. COM 419596101   341,486 11,300 SH   DFND   11,300 0 0
HIGH INCOME SECURITIES FUND SHS BEN INT 42968F108   41,990 6,480 SH   DFND 1 6,480 0 0
ISHARES SILVER TRUST ISHARES 46428Q109   480,470 23,000 SH   DFND   23,000 0 0
JPMORGAN CHASE & CO. COM 46625H100   988,992 6,800 SH   DFND   6,800 0 0
KFORCE, INC. COM 493732101   288,236 4,600 SH   DFND   4,600 0 0
KFORCE, INC. COM 493732101   3,133,000 50,000 SH   DFND 1 50,000 0 0
LAM RESEARCH CORP. COM 512807108   771,432 1,200 SH   DFND   1,200 0 0
LAM RESEARCH CORP. COM 512807108   6,235,742 9,700 SH   DFND 1 9,700 0 0
LIFE STORAGE INC COM 53223X107   598,320 4,500 SH   DFND   4,500 0 0
LSB INDUSTRIES, INC. COM 502160104   1,299,215 131,900 SH   DFND   131,900 0 0
LYONDELLBASELL INDUSTRIES NV SHS - A - N53745100   3,214,050 35,000 SH   DFND 1 35,000 0 0
MASTERCARD, INC. CL A 57636Q104   3,933,000 10,000 SH   DFND   10,000 0 0
META PLATFORMS, INC. CL A 30303M102   330,027 1,150 SH   DFND   1,150 0 0
MEXICO EQUITY & INCOME FD COM 592834105   60,248 6,000 SH   DFND 1 6,000 0 0
MUELLER INDUSTRIES, INC. COM 624756102   885,019 10,140 SH   DFND   10,140 0 0
MUELLER INDUSTRIES, INC. COM 624756102   7,043,496 80,700 SH   DFND 1 80,700 0 0
NEW AMER HIGH INCOME FD INC COM NEW 641876800   1,995 300 SH   DFND 1 300 0 0
NEWMONT GOLDCORP CORP. COM 651639106   486,324 11,400 SH   DFND   11,400 0 0
NEXSTAR MEDIA GROUP, INC. COMMON STOCK 65336K103   99,930 600 SH   DFND   600 0 0
NEXSTAR MEDIA GROUP, INC. COMMON STOCK 65336K103   4,163,750 25,000 SH   DFND 1 25,000 0 0
NMI HOLDINGS, INC. CL A 629209305   608,836 23,580 SH   DFND   23,580 0 0
NMI HOLDINGS, INC. CL A 629209305   5,293,100 205,000 SH   DFND 1 205,000 0 0
OLIN CORP. COM PAR $1 680665205   99,183 1,930 SH   DFND   1,930 0 0
OLIN CORP. COM PAR $1 680665205   2,106,990 41,000 SH   DFND 1 41,000 0 0
PFIZER, INC. COM 717081103   5,080,180 138,500 SH   DFND 1 138,500 0 0
POOL CORP. COM 73278L105   2,585,016 6,900 SH   DFND 1 6,900 0 0
PUBLIC STORAGE COM 74460D109   496,196 1,700 SH   DFND   1,700 0 0
RIO TINTO PLC SPONSORED ADR 767204100   4,692,240 73,500 SH   DFND 1 73,500 0 0
ROBERT HALF INTERNATIONAL, INC. COM 770323103   872,552 11,600 SH   DFND   11,600 0 0
ROBERT HALF INTERNATIONAL, INC. COM 770323103   4,889,300 65,000 SH   DFND 1 65,000 0 0
ROYAL GOLD, INC. COM 780287108   608,334 5,300 SH   DFND   5,300 0 0
SABA CAPITAL INCOME & OPRNT SHS NEW 78518H202   27,720 3,600 SH   DFND 1 3,600 0 0
SANDSTORM GOLD, LTD. COM NEW 80013R206   481,280 94,000 SH   DFND   94,000 0 0
SKYWORKS SOLUTIONS, INC. COM 83088M102   4,981,050 45,000 SH   DFND 1 45,000 0 0
SPDR GOLD SHARES ETF GOLD SHS 78463V107   802,215 4,500 SH   DFND   4,500 0 0
SPECIAL OPPORTUNITIES FD INC 2.75% CNV PFD C A 84741T401   4,580 200 SH   DFND 1 200 0 0
SPECIAL OPPORTUNITIES FD INC COM 84741T104   22,440 2,000 SH   DFND 1 2,000 0 0
SSR MINING, INC. COM 784730103   1,134,400 80,000 SH   DFND   80,000 0 0
STEEL DYNAMICS, INC. COM 858119100   860,547 7,900 SH   DFND   7,900 0 0
STEEL DYNAMICS, INC. COM 858119100   17,428,800 160,000 SH   DFND 1 160,000 0 0
SWISS HELVETIA FUND INC COM 870875101   26,879 3,270 SH   DFND 1 3,270 0 0
THOR INDUSTRIES, INC. COM 885160101   4,140,000 40,000 SH   DFND 1 40,000 0 0
TITAN INTERNATIONAL, INC. COM 88830M102   228,452 19,900 SH   DFND   19,900 0 0
U.S. BANCORP COM NEW 902973304   426,216 12,900 SH   DFND   12,900 0 0
U.S. BANCORP COM NEW 902973304   9,003,400 272,500 SH   DFND 1 272,500 0 0
U-HAUL HOLDINGS CO. COM 023586100   117,832 2,130 SH   DFND   2,130 0 0
U-HAUL HOLDINGS CO. COM SER N 023586506   971,344 19,170 SH   DFND   19,170 0 0
U-HAUL HOLDINGS CO. COM 023586100   763,416 13,800 SH   DFND 1 13,800 0 0
U-HAUL HOLDINGS CO. COM SER N 023586506   6,293,214 124,200 SH   DFND 1 124,200 0 0
UNITEDHEALTH GROUP, INC. COM 91324P102   1,429,904 2,975 SH   DFND   2,975 0 0
UNITEDHEALTH GROUP, INC. COM 91324P102   6,488,640 13,500 SH   DFND 1 13,500 0 0
WABASH NATIONAL CORP. COM 929566107   205,120 8,000 SH   DFND   8,000 0 0
WABASH NATIONAL CORP. COM 929566107   4,153,680 162,000 SH   DFND 1 162,000 0 0
WESTLAKE CORP. COM 960413102   8,362,900 70,000 SH   DFND 1 70,000 0 0
WHEATON PRECIOUS METALS CORP. COM 962879102   259,320 6,000 SH   DFND   6,000 0 0
WILLIAMS-SONOMA, INC. COM 969904101   938,550 7,500 SH   DFND   7,500 0 0
WILLIAMS-SONOMA, INC. COM 969904101   6,006,720 48,000 SH   DFND 1 48,000 0 0
WOODSIDE ENERGY GROUP LTD. SPONSORED ADR 980228308   28,477 1,228 SH   DFND   1,228 0 0
WOODSIDE ENERGY GROUP LTD. SPONSORED ADR 980228308   620,170 26,743 SH   DFND 1 26,743 0 0