The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete. | |||||||||||||||||||||
| UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 13F FORM 13F INFORMATION TABLE |
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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 | (x$1000) | PRN AMT | PRN | CALL | DISCRETION | MANAGER | SOLE | SHARED | NONE |
| AGNICO EAGLE MINES LTD. | COM | 008474108 | 1,651,428 | 32,400 | SH | DFND | 32,400 | 0 | 0 | ||
| ALLY FINANCIAL, INC. | COM | 02005N100 | 142,744 | 5,600 | SH | DFND | 5,600 | 0 | 0 | ||
| ALLY FINANCIAL, INC. | COM | 02005N100 | 3,109,780 | 122,000 | SH | DFND | 1 | 122,000 | 0 | 0 | |
| ALPHABET, INC. | CAP STK CL A | 02079K305 | 4,501,882 | 43,400 | SH | DFND | 43,400 | 0 | 0 | ||
| ALPHABET, INC. | CAP STK CL A | 02079K305 | 5,186,500 | 50,000 | SH | DFND | 1 | 50,000 | 0 | 0 | |
| AMN HEALTHCARE SERVICES, INC. | COM | 001744101 | 217,355 | 2,620 | SH | DFND | 2,620 | 0 | 0 | ||
| AMN HEALTHCARE SERVICES, INC. | COM | 001744101 | 3,401,360 | 41,000 | SH | DFND | 1 | 41,000 | 0 | 0 | |
| ARCBEST CORP. | COM | 03937C105 | 120,146 | 1,300 | SH | DFND | 1,300 | 0 | 0 | ||
| ARCBEST CORP. | COM | 03937C105 | 2,587,760 | 28,000 | SH | DFND | 1 | 28,000 | 0 | 0 | |
| ASBURY AUTOMOTIVE GROUP, INC. | COM | 043436104 | 285,600 | 1,360 | SH | DFND | 1,360 | 0 | 0 | ||
| ASBURY AUTOMOTIVE GROUP, INC. | COM | 043436104 | 6,195,000 | 29,500 | SH | DFND | 1 | 29,500 | 0 | 0 | |
| ATKORE INTERNATIONAL GROUP, INC. | COM | 047649108 | 293,603 | 2,090 | SH | DFND | 2,090 | 0 | 0 | ||
| ATKORE INTERNATIONAL GROUP, INC. | COM | 047649108 | 5,127,520 | 36,500 | SH | DFND | 1 | 36,500 | 0 | 0 | |
| AUTOZONE, INC. | COM | 053332102 | 2,408,987 | 980 | SH | DFND | 980 | 0 | 0 | ||
| AUTOZONE, INC. | COM | 053332102 | 14,871,808 | 6,050 | SH | DFND | 1 | 6,050 | 0 | 0 | |
| B2GOLD CORP. | COM | 11777Q209 | 1,083,500 | 275,000 | SH | DFND | 275,000 | 0 | 0 | ||
| B2GOLD CORP. | COM | 11777Q209 | 5,259,900 | 1,335,000 | SH | DFND | 1 | 1,335,000 | 0 | 0 | |
| BARCLAYS PLC | ADR | 06738E204 | 208,510 | 29,000 | SH | DFND | 29,000 | 0 | 0 | ||
| BARCLAYS PLC | ADR | 06738E204 | 4,421,850 | 615,000 | SH | DFND | 1 | 615,000 | 0 | 0 | |
| BARRICK GOLD CORP. | COM | 067901108 | 388,113 | 20,900 | SH | DFND | 20,900 | 0 | 0 | ||
| BERKSHIRE HATHAWAY, INC. | CL B NEW | 084670702 | 1,886,585 | 6,110 | SH | DFND | 6,110 | 0 | 0 | ||
| BEST BUY CO, INC. | COM | 086516101 | 180,021 | 2,300 | SH | DFND | 2,300 | 0 | 0 | ||
| BHP GROUP LIMITED | SPONSORED ADS | 088606108 | 215,594 | 3,400 | SH | DFND | 3,400 | 0 | 0 | ||
| BHP GROUP LIMITED | SPONSORED ADS | 088606108 | 4,692,340 | 74,000 | SH | DFND | 1 | 74,000 | 0 | 0 | |
| BLACKROCK, INC. | COM | 09247X101 | 267,648 | 400 | SH | DFND | 400 | 0 | 0 | ||
| BLACKROCK, INC. | COM | 09247X101 | 3,144,864 | 4,700 | SH | DFND | 1 | 4,700 | 0 | 0 | |
| BLUELINX HOLDINGS, INC. | COM NEW | 09624H208 | 518,535 | 7,630 | SH | DFND | 7,630 | 0 | 0 | ||
| BLUELINX HOLDINGS, INC. | COM NEW | 09624H208 | 4,301,868 | 63,300 | SH | DFND | 1 | 63,300 | 0 | 0 | |
| BRITISH AMERICAN TOBACCO PLC | SPONSORED ADR | 110448107 | 10,536,000 | 300,000 | SH | DFND | 1 | 300,000 | 0 | 0 | |
| CENTERRA GOLD INC | COM | 152006102 | 482,015 | 74,500 | SH | DFND | 74,500 | 0 | 0 | ||
| CITIGROUP, INC. | COM NEW | 172967424 | 93,780 | 2,000 | SH | DFND | 2,000 | 0 | 0 | ||
| CREDIT ACCEPTANCE CORP. | COM | 225310101 | 1,068,298 | 2,450 | SH | DFND | 2,450 | 0 | 0 | ||
| CREDIT ACCEPTANCE CORP. | COM | 225310101 | 10,028,920 | 23,000 | SH | DFND | 1 | 23,000 | 0 | 0 | |
| CUBESMART | COM | 229663109 | 647,080 | 14,000 | SH | DFND | 14,000 | 0 | 0 | ||
| DISCOVER FINANCIAL SERVICES | COM | 254709108 | 227,332 | 2,300 | SH | DFND | 2,300 | 0 | 0 | ||
| DISCOVER FINANCIAL SERVICES | COM | 254709108 | 4,942,000 | 50,000 | SH | DFND | 1 | 50,000 | 0 | 0 | |
| DOLLAR GENERAL CORP. | COM | 256677105 | 4,335,476 | 20,600 | SH | DFND | 1 | 20,600 | 0 | 0 | |
| ELEVANCE HEALTH, INC. | COM | 036752103 | 547,174 | 1,190 | SH | DFND | 1,190 | 0 | 0 | ||
| ELEVANCE HEALTH, INC. | COM | 036752103 | 4,414,176 | 9,600 | SH | DFND | 1 | 9,600 | 0 | 0 | |
| ENCORE WIRE CORP. | COM | 292562105 | 685,721 | 3,700 | SH | DFND | 3,700 | 0 | 0 | ||
| ENCORE WIRE CORP. | COM | 292562105 | 5,689,631 | 30,700 | SH | DFND | 1 | 30,700 | 0 | 0 | |
| ENOVA INTERNATIONAL, INC. | COM | 29357K103 | 550,932 | 12,400 | SH | DFND | 12,400 | 0 | 0 | ||
| ENOVA INTERNATIONAL, INC. | COM | 29357K103 | 4,265,280 | 96,000 | SH | DFND | 1 | 96,000 | 0 | 0 | |
| ENTERPRISE PRODUCTS PARTNERS LP | COM | 293792107 | 1,036,000 | 40,000 | SH | DFND | 1 | 40,000 | 0 | 0 | |
| ESSENT GROUP LTD. | COM | G3198U102 | 1,381,725 | 34,500 | SH | DFND | 34,500 | 0 | 0 | ||
| ESSENT GROUP LTD. | COM | G3198U102 | 8,010,000 | 200,000 | SH | DFND | 1 | 200,000 | 0 | 0 | |
| EXTRA SPACE STORAGE INC | COM | 30225T102 | 977,580 | 6,000 | SH | DFND | 6,000 | 0 | 0 | ||
| FIDELITY NATIONAL FINANCIAL, INC. | FNF GROUP COM | 31620R303 | 1,921,150 | 55,000 | SH | DFND | 1 | 55,000 | 0 | 0 | |
| FRANCO-NEVADA CORP. | COM | 351858105 | 376,164 | 2,580 | SH | DFND | 2,580 | 0 | 0 | ||
| GLOBAL SELF STORAGE INC | COM | 37955N106 | 694,419 | 135,101 | SH | DFND | 135,101 | 0 | 0 | ||
| GLOBAL SELF STORAGE INC | COM | 37955N106 | 497,424 | 96,775 | SH | DFND | 96,775 | 0 | 0 | ||
| GLOBAL SELF STORAGE INC | COM | 37955N106 | 1,041,893 | 202,703 | SH | DFND | 202,703 | 0 | 0 | ||
| GLOBAL SELF STORAGE INC | COM | 37955N106 | 26,147 | 5,087 | SH | SOLE | 5,087 | 0 | 0 | ||
| HAVERTY FURNITURE COS, INC. | COM | 419596101 | 360,583 | 11,300 | SH | DFND | 11,300 | 0 | 0 | ||
| HIGH INCOME SECURITIES FUND | SHS BEN INT | 42968F108 | 42,120 | 6,480 | SH | DFND | 1 | 6,480 | 0 | 0 | |
| HOME DEPOT, INC./THE | COM | 437076102 | 250,852 | 850 | SH | DFND | 850 | 0 | 0 | ||
| HOME DEPOT, INC./THE | COM | 437076102 | 4,426,800 | 15,000 | SH | DFND | 1 | 15,000 | 0 | 0 | |
| ISHARES SILVER TRUST | ISHARES | 46428Q109 | 508,760 | 23,000 | SH | DFND | 23,000 | 0 | 0 | ||
| JPMORGAN CHASE & CO. | COM | 46625H100 | 886,108 | 6,800 | SH | DFND | 6,800 | 0 | 0 | ||
| KFORCE, INC. | COM | 493732101 | 290,904 | 4,600 | SH | DFND | 4,600 | 0 | 0 | ||
| KFORCE, INC. | COM | 493732101 | 3,162,000 | 50,000 | SH | DFND | 1 | 50,000 | 0 | 0 | |
| LAM RESEARCH CORP. | COM | 512807108 | 636,144 | 1,200 | SH | DFND | 1,200 | 0 | 0 | ||
| LAM RESEARCH CORP. | COM | 512807108 | 5,142,164 | 9,700 | SH | DFND | 1 | 9,700 | 0 | 0 | |
| LIFE STORAGE INC | COM | 53223X107 | 589,905 | 4,500 | SH | DFND | 4,500 | 0 | 0 | ||
| LYONDELLBASELL INDUSTRIES NV | SHS - A - | N53745100 | 3,286,150 | 35,000 | SH | DFND | 1 | 35,000 | 0 | 0 | |
| MASTERCARD, INC. | CL A | 57636Q104 | 3,634,100 | 10,000 | SH | DFND | 10,000 | 0 | 0 | ||
| MEDIFAST, INC. | COM | 58470H101 | 430,231 | 4,150 | SH | DFND | 4,150 | 0 | 0 | ||
| MEDIFAST, INC. | COM | 58470H101 | 3,628,450 | 35,000 | SH | DFND | 1 | 35,000 | 0 | 0 | |
| META PLATFORMS, INC. | CL A | 30303M102 | 243,731 | 1,150 | SH | DFND | 1,150 | 0 | 0 | ||
| MEXICO EQUITY & INCOME FD | COM | 592834105 | 60,420 | 6,000 | SH | DFND | 1 | 6,000 | 0 | 0 | |
| NEW AMER HIGH INCOME FD INC | COM NEW | 641876800 | 2,043 | 300 | SH | DFND | 1 | 300 | 0 | 0 | |
| NEXSTAR MEDIA GROUP, INC. | COMMON STOCK | 65336K103 | 448,916 | 2,600 | SH | DFND | 2,600 | 0 | 0 | ||
| NEXSTAR MEDIA GROUP, INC. | COMMON STOCK | 65336K103 | 4,316,500 | 25,000 | SH | DFND | 1 | 25,000 | 0 | 0 | |
| NMI HOLDINGS, INC. | CL A | 629209305 | 526,541 | 23,580 | SH | DFND | 23,580 | 0 | 0 | ||
| NMI HOLDINGS, INC. | CL A | 629209305 | 4,577,650 | 205,000 | SH | DFND | 1 | 205,000 | 0 | 0 | |
| OLIN CORP. | COM PAR $1 | 680665205 | 406,815 | 7,330 | SH | DFND | 7,330 | 0 | 0 | ||
| OLIN CORP. | COM PAR $1 | 680665205 | 2,275,500 | 41,000 | SH | DFND | 1 | 41,000 | 0 | 0 | |
| POOL CORP. | COM | 73278L105 | 2,362,836 | 6,900 | SH | DFND | 1 | 6,900 | 0 | 0 | |
| PUBLIC STORAGE | COM | 74460D109 | 513,638 | 1,700 | SH | DFND | 1,700 | 0 | 0 | ||
| RIO TINTO PLC | SPONSORED ADR | 767204100 | 5,042,100 | 73,500 | SH | DFND | 1 | 73,500 | 0 | 0 | |
| ROBERT HALF INTERNATIONAL, INC. | COM | 770323103 | 934,612 | 11,600 | SH | DFND | 11,600 | 0 | 0 | ||
| ROBERT HALF INTERNATIONAL, INC. | COM | 770323103 | 5,237,050 | 65,000 | SH | DFND | 1 | 65,000 | 0 | 0 | |
| ROYAL GOLD, INC. | COM | 780287108 | 687,463 | 5,300 | SH | DFND | 5,300 | 0 | 0 | ||
| SABA CAPITAL INCOME & OPRNT | SHS NEW | 78518H202 | 29,340 | 3,600 | SH | DFND | 1 | 3,600 | 0 | 0 | |
| SANDSTORM GOLD, LTD. | COM NEW | 80013R206 | 156,870 | 27,000 | SH | DFND | 27,000 | 0 | 0 | ||
| SKYWORKS SOLUTIONS, INC. | COM | 83088M102 | 5,309,100 | 45,000 | SH | DFND | 1 | 45,000 | 0 | 0 | |
| SPDR GOLD SHARES ETF | GOLD SHS | 78463V107 | 824,490 | 4,500 | SH | DFND | 4,500 | 0 | 0 | ||
| SPECIAL OPPORTUNITIES FD INC | 2.75% CNV PFD C A | 84741T401 | 4,549 | 200 | SH | DFND | 1 | 200 | 0 | 0 | |
| SPECIAL OPPORTUNITIES FD INC | COM | 84741T104 | 21,880 | 2,000 | SH | DFND | 1 | 2,000 | 0 | 0 | |
| SSR MINING, INC. | COM | 784730103 | 1,209,600 | 80,000 | SH | DFND | 80,000 | 0 | 0 | ||
| STEEL DYNAMICS, INC. | COM | 858119100 | 893,174 | 7,900 | SH | DFND | 7,900 | 0 | 0 | ||
| STEEL DYNAMICS, INC. | COM | 858119100 | 18,089,600 | 160,000 | SH | DFND | 1 | 160,000 | 0 | 0 | |
| SWISS HELVETIA FUND INC | COM | 870875101 | 25,931 | 3,270 | SH | DFND | 1 | 3,270 | 0 | 0 | |
| THOR INDUSTRIES, INC. | COM | 885160101 | 3,185,600 | 40,000 | SH | DFND | 1 | 40,000 | 0 | 0 | |
| TRACTOR SUPPLY CO. | COM | 892356106 | 423,072 | 1,800 | SH | DFND | 1,800 | 0 | 0 | ||
| TRACTOR SUPPLY CO. | COM | 892356106 | 9,989,200 | 42,500 | SH | DFND | 1 | 42,500 | 0 | 0 | |
| U-HAUL HOLDINGS CO. | COM | 023586100 | 127,055 | 2,130 | SH | DFND | 2,130 | 0 | 0 | ||
| U-HAUL HOLDINGS CO. | COM SER N | 023586506 | 993,965 | 19,170 | SH | DFND | 19,170 | 0 | 0 | ||
| U-HAUL HOLDINGS CO. | COM | 023586100 | 823,170 | 13,800 | SH | DFND | 1 | 13,800 | 0 | 0 | |
| U-HAUL HOLDINGS CO. | COM SER N | 023586506 | 6,439,770 | 124,200 | SH | DFND | 1 | 124,200 | 0 | 0 | |
| UNITEDHEALTH GROUP, INC. | COM | 91324P102 | 1,405,955 | 2,975 | SH | DFND | 2,975 | 0 | 0 | ||
| UNITEDHEALTH GROUP, INC. | COM | 91324P102 | 6,379,965 | 13,500 | SH | DFND | 1 | 13,500 | 0 | 0 | |
| WESTLAKE CORP. | COM | 960413102 | 8,118,600 | 70,000 | SH | DFND | 1 | 70,000 | 0 | 0 | |
| WHEATON PRECIOUS METALS CORP. | COM | 962879102 | 288,960 | 6,000 | SH | DFND | 6,000 | 0 | 0 | ||
| WILLIAMS-SONOMA, INC. | COM | 969904101 | 912,450 | 7,500 | SH | DFND | 7,500 | 0 | 0 | ||
| WILLIAMS-SONOMA, INC. | COM | 969904101 | 5,839,680 | 48,000 | SH | DFND | 1 | 48,000 | 0 | 0 | |
| WOODSIDE ENERGY GROUP LTD. | SPONSORED ADR | 980228308 | 27,544 | 1,228 | SH | DFND | 1,228 | 0 | 0 | ||
| WOODSIDE ENERGY GROUP LTD. | SPONSORED ADR | 980228308 | 599,845 | 26,743 | SH | DFND | 1 | 26,743 | 0 | 0 | |