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
Expires: July 31, 2015
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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 (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
Agnico Eagle Mines Ltd. COM 008474108 5,085,900 30,000 SH DFND 30,000 0 0
ALPHABET INC CAP STK CL C 02079K107 179,662 574 SH DFND 574 0 0
Alphabet, Inc. CAP STK CL A 02079K305 13,271,200 42,400 SH DFND 42,400 0 0
Alphabet, Inc. CAP STK CL A 02079K305 20,564,100 65,700 SH DFND 1 65,700 0 0
Aura Minerals, Inc. SHS NEW G06973112 1,764,525 35,000 SH DFND 35,000 0 0
AUTOZONE INC COM 053332102 132,269 39 SH DFND 39 0 0
AutoZone, Inc. COM 053332102 3,323,670 980 SH DFND 980 0 0
AutoZone, Inc. COM 053332102 20,518,575 6,050 SH DFND 1 6,050 0 0
B2Gold Corporation COM 11777Q209 1,353,000 300,000 SH DFND 300,000 0 0
Berkshire Hathaway, Inc. CL B NEW 084670702 1,507,950 3,000 SH DFND 3,000 0 0
Build-A-Bear Workshop, Inc. COM 120076104 1,010,955 16,500 SH DFND 16,500 0 0
Clear Secure, Inc. COM CL A 18467V109 493,961 14,081 SH DFND 14,081 0 0
Clear Secure, Inc. COM CL A 18467V109 9,648,894 275,054 SH DFND 1 275,054 0 0
CUBESMART COM 229663109 504,700 14,000 SH DFND 14,000 0 0
DILLARDS INC CL A 254067101 150,372 248 SH DFND 248 0 0
Dillard's, Inc. CL A 254067101 600,277 990 SH DFND 990 0 0
Dillard's, Inc. CL A 254067101 12,308,702 20,300 SH DFND 1 20,300 0 0
Donnelley Financial Solutions, Inc. COM 25787G100 225,793 4,836 SH DFND 4,836 0 0
Donnelley Financial Solutions, Inc. COM 25787G100 8,918,864 191,023 SH DFND 1 191,023 0 0
EAGLE CAP GROWTH FD INC COM 269451100 1,070 100 SH DFND 1 100 0 0
Eldorado Gold Corporation COM 284902509 898,000 25,000 SH DFND 25,000 0 0
Elevance Health, Inc. COM 036752103 3,365,280 9,600 SH DFND 1 9,600 0 0
Essent Group Ltd. COM G3198U102 1,592,745 24,500 SH DFND 24,500 0 0
Essent Group Ltd. COM G3198U102 13,002,000 200,000 SH DFND 1 200,000 0 0
EXCHANGE LISTED FDS TR SABA INT RATE 30151E806 2,304 100 SH DFND 1 100 0 0
EXTRA SPACE STORAGE INC COM 30225T102 1,305,716 10,027 SH DFND 10,027 0 0
FIRSTHAND TECHNOLOGY VALUE F COM 33766Y100 2 100 SH DFND 1 100 0 0
Franco-Nevada Corporation COM 351858105 1,658,240 8,000 SH DFND 8,000 0 0
GLOBAL SELF STORAGE INC COM 37955N106 689,015 135,101 SH DFND 135,101 0 0
GLOBAL SELF STORAGE INC COM 37955N106 1,549,166 303,758 SH DFND 303,758 0 0
GLOBAL SELF STORAGE INC COM 37955N106 752,969 147,641 SH DFND 147,641 0 0
HCA Healthcare, Inc. COM 40412C101 630,261 1,350 SH DFND 1,350 0 0
HCA Healthcare, Inc. COM 40412C101 11,718,186 25,100 SH DFND 1 25,100 0 0
HIGH INCOME SECURITIES FUND SHS BEN INT 42968F108 4,071 662 SH DFND 1 662 0 0
IAMGOLD Corporation COM 450913108 2,473,500 150,000 SH DFND 150,000 0 0
IAMGOLD Corporation COM 450913108 17,149,600 1,040,000 SH DFND 1 1,040,000 0 0
Interactive Brokers Group, Inc. COM CL A 45841N107 1,491,992 23,200 SH DFND 23,200 0 0
Interactive Brokers Group, Inc. COM CL A 45841N107 19,550,240 304,000 SH DFND 1 304,000 0 0
iShares Silver Trust ISHARES 46428Q109 1,357,329 21,070 SH DFND 21,070 0 0
JPMorgan Chase & Company COM 46625H100 2,191,096 6,800 SH DFND 6,800 0 0
Kinross Gold Corporation COM 496902404 1,928,960 68,500 SH DFND 68,500 0 0
Lam Research Corporation COM NEW 512807306 2,054,160 12,000 SH DFND 12,000 0 0
Lam Research Corporation COM NEW 512807306 16,604,460 97,000 SH DFND 1 97,000 0 0
LPL Financial Holdings, Inc. COM 50212V100 842,921 2,360 SH DFND 2,360 0 0
LPL Financial Holdings, Inc. COM 50212V100 16,608,405 46,500 SH DFND 1 46,500 0 0
Mastercard, Inc. CL A 57636Q104 5,708,800 10,000 SH DFND 10,000 0 0
Matador Resources Company COM 576485205 4,668,400 110,000 SH DFND 1 110,000 0 0
McEwen Mining, Inc. COM NEW 58039P305 879,225 47,500 SH DFND 47,500 0 0
Meta Platforms, Inc. CL A 30303M102 759,104 1,150 SH DFND 1,150 0 0
MEXICO EQUITY & INCOME FD COM 592834105 74,280 6,000 SH DFND 1 6,000 0 0
Mueller Industries, Inc. COM 624756102 904,624 7,880 SH DFND 7,880 0 0
Mueller Industries, Inc. COM 624756102 18,528,720 161,400 SH DFND 1 161,400 0 0
Newmont Corporation COM 651639106 1,797,300 18,000 SH DFND 18,000 0 0
NMI Holdings, Inc. COM 629209305 688,087 16,869 SH DFND 16,869 0 0
NMI Holdings, Inc. COM 629209305 15,468,629 379,226 SH DFND 1 379,226 0 0
NVR INC COM 62944T105 123,977 17 SH DFND 17 0 0
NVR, Inc. COM 62944T105 7,620,945 1,045 SH DFND 1 1,045 0 0
PayPal Holdings, Inc. COM 70450Y103 7,589,400 130,000 SH DFND 1 130,000 0 0
PROGRESSIVE CORP COM 743315103 227,720 1,000 SH DFND 1,000 0 0
Progressive Corporation (The) COM 743315103 683,160 3,000 SH DFND 3,000 0 0
Progressive Corporation (The) COM 743315103 13,663,200 60,000 SH DFND 1 60,000 0 0
PUBLIC STORAGE COM 74460D109 441,150 1,700 SH DFND 1,700 0 0
QUALCOMM, Inc. COM 747525103 718,410 4,200 SH DFND 4,200 0 0
Royal Gold, Inc. COM 780287108 1,867,236 8,400 SH DFND 8,400 0 0
SABA CAPITAL INCOME & OPPORT COM NEW 880198205 140 17 SH DFND 1 17 0 0
SABA CAPITAL INCOME & OPRNT SHS NEW 78518H202 25,937 3,700 SH DFND 1 3,700 0 0
SPDR Gold Shares GOLD SHS 78463V107 1,303,860 3,290 SH DFND 3,290 0 0
SPECIAL OPPORTUNITIES FD INC 2.75% CNV PFD C A 84741T401 4,944 200 SH DFND 1 200 0 0
SPECIAL OPPORTUNITIES FD INC COM 84741T104 29,380 2,000 SH DFND 1 2,000 0 0
STEEL DYNAMICS INC COM 858119100 143,524 847 SH DFND 847 0 0
Steel Dynamics, Inc. COM 858119100 1,338,655 7,900 SH DFND 7,900 0 0
Steel Dynamics, Inc. COM 858119100 27,112,000 160,000 SH DFND 1 160,000 0 0
TOTAL RETURN SECURITIES FUND COM 870875101 21,096 3,370 SH DFND 1 3,370 0 0
Triple Flag Precious Metals Corporation COM 89679M104 1,793,880 54,000 SH DFND 54,000 0 0
UNITED RENTALS INC COM 911363109 140,822 174 SH DFND 174 0 0
United Rentals, Inc. COM 911363109 594,850 735 SH DFND 735 0 0
United Rentals, Inc. COM 911363109 11,735,140 14,500 SH DFND 1 14,500 0 0
UnitedHealth Group, Inc. COM 91324P102 982,077 2,975 SH DFND 2,975 0 0
UnitedHealth Group, Inc. COM 91324P102 4,456,485 13,500 SH DFND 1 13,500 0 0
Wheaton Precious Metals Corporation COM 962879102 1,845,064 15,700 SH DFND 15,700 0 0
WILLIAMS SONOMA INC COM 969904101 177,518 994 SH DFND 994 0 0
Williams-Sonoma, Inc. COM 969904101 2,678,850 15,000 SH DFND 15,000 0 0
Williams-Sonoma, Inc. COM 969904101 17,144,640 96,000 SH DFND 1 96,000 0 0