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
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 (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
Adams Diversified Equity Fund, COM 006212104 2,846,702 131,124 SH SOLE 131,124 0 0
Adobe Inc. COM 00724F101 10,061,201 26,006 SH SOLE 26,006 0 0
Agnico Eagle Mines Limited COM 008474108 36,273,650 305,000 SH SOLE 305,000 0 0
Alamos Gold Inc. - Class A COM 011532108 12,547,953 472,438 SH SOLE 472,438 0 0
Algoma Steel Group Inc. COM 015658107 5,622,626 816,056 SH SOLE 816,056 0 0
Alphabet Inc. - Class C COM 02079K107 52,316,391 294,923 SH SOLE 294,923 0 0
Amazon.com, Inc. COM 023135106 62,745,540 286,000 SH SOLE 286,000 0 0
Amgen Inc. COM 031162100 8,376,300 30,000 SH SOLE 30,000 0 0
Apple Inc. COM 037833100 59,704,470 291,000 SH SOLE 291,000 0 0
Apple Inc. COM 037833100 8,600,000 40,000 SH Put SOLE 40,000 0 0
Applied Materials, Inc. COM 038222105 7,625,232 41,652 SH SOLE 41,652 0 0
Arch Capital Group Ltd. COM G0450A105 54,630,000 600,000 SH SOLE 600,000 0 0
Arcos Dorados Holdings Inc. - COM G0457F107 3,406,066 431,694 SH SOLE 431,694 0 0
Arista Networks, Inc. COM 040413205 16,848,308 164,679 SH SOLE 164,679 0 0
ASML Holding N.V. COM N07059210 49,686,180 62,000 SH SOLE 62,000 0 0
AT&T Inc. COM 00206R102 20,971,053 724,639 SH SOLE 724,639 0 0
Berkshire Hathaway Inc. - Clas COM 084670108 80,168,000 110 SH SOLE 110 0 0
Broadcom Inc. COM 11135F101 52,373,500 190,000 SH SOLE 190,000 0 0
Broadcom Inc. COM 11135F101 12,000,000 50,000 SH Put SOLE 50,000 0 0
Cameco Corporation COM 13321L108 33,717,493 454,230 SH SOLE 454,230 0 0
Cameco Corporation COM 13321L108 2,800,000 40,000 SH Put SOLE 40,000 0 0
Cameco Corporation COM 13321L108 6,000,000 100,000 SH Put SOLE 100,000 0 0
Chevron Corporation COM 166764100 12,370,327 86,391 SH SOLE 86,391 0 0
Cleveland-Cliffs Inc. COM 185899101 1,851,307 243,593 SH SOLE 243,593 0 0
Costco Wholesale Corporation COM 22160K105 34,152,930 34,500 SH SOLE 34,500 0 0
Danaher Corporation COM 235851102 9,878,975 50,010 SH SOLE 50,010 0 0
Dominion Energy, Inc. COM 25746U109 16,390,800 290,000 SH SOLE 290,000 0 0
Energy Transfer LP COM 29273V100 18,493,144 1,020,030 SH SOLE 1,020,030 0 0
Everest Group, Ltd. COM G3223R108 49,035,597 144,286 SH SOLE 144,286 0 0
Expedia Group, Inc. COM 30212P303 24,147,723 143,157 SH SOLE 143,157 0 0
Exxon Mobil Corp COM 30231G102 15,749,580 146,100 SH SOLE 146,100 0 0
Ferroglobe PLC COM G33856108 3,514,359 957,591 SH SOLE 957,591 0 0
GE Vernova Inc. COM 36828A101 58,206,500 110,000 SH SOLE 110,000 0 0
GE Vernova Inc. COM 36828A101 9,600,000 20,000 SH Put SOLE 20,000 0 0
Gilead Sciences, Inc. COM 375558103 13,293,313 119,900 SH SOLE 119,900 0 0
i-80 Gold Corp. COM 44955L106 2,529,433 4,226,993 SH SOLE 4,226,993 0 0
IDEAYA Biosciences, Inc. COM 45166A102 5,470,686 260,261 SH SOLE 260,261 0 0
indie Semiconductor, Inc. - Cl COM 45569U101 6,575,039 1,846,921 SH SOLE 1,846,921 0 0
Invesco S&P Equal Weight COM 46137V357 5,563,243 30,611 SH SOLE 30,611 0 0
JPMorgan Chase & Co. COM 46625H100 23,192,800 80,000 SH SOLE 80,000 0 0
L3Harris Technologies, Inc. COM 502431109 17,755,709 70,785 SH SOLE 70,785 0 0
M&T Bank Corporation COM 55261F104 19,612,389 101,100 SH SOLE 101,100 0 0
Merck & Co., Inc. COM 58933Y105 16,174,446 204,326 SH SOLE 204,326 0 0
Meta Platforms, Inc. - Class A COM 30303M102 23,618,880 32,000 SH SOLE 32,000 0 0
MetLife, Inc. COM 59156R108 12,893,497 160,327 SH SOLE 160,327 0 0
Microsoft Corporation COM 594918104 89,533,800 180,000 SH SOLE 180,000 0 0
Microsoft Corporation COM 594918104 22,500,000 50,000 SH Put SOLE 50,000 0 0
NCR Voyix Corporation COM 62886E108 9,707,232 827,556 SH SOLE 827,556 0 0
Nelnet, Inc. - Class A COM 64031N108 29,482,425 243,415 SH SOLE 243,415 0 0
NextNav Inc. COM 65345N106 17,027,450 1,120,227 SH SOLE 1,120,227 0 0
NVIDIA Corporation COM 67066G104 25,433,072 160,979 SH SOLE 160,979 0 0
PepsiCo, Inc. COM 713448108 21,126,400 160,000 SH SOLE 160,000 0 0
Pfizer Inc. COM 717081103 12,503,186 515,808 SH SOLE 515,808 0 0
Proshares S&P 500 Dividend Ari COM 74348A467 1,762,250 17,500 SH SOLE 17,500 0 0
Regeneron Pharmaceuticals, Inc COM 75886F107 5,184,900 9,876 SH SOLE 9,876 0 0
Republic Services, Inc. COM 760759100 87,700,681 355,625 SH SOLE 355,625 0 0
Royce Value Trust, Inc. COM 780910105 2,270,699 150,877 SH SOLE 150,877 0 0
RTX Corporation COM 75513E101 24,093,300 165,000 SH SOLE 165,000 0 0
Salesforce, Inc. COM 79466L302 16,361,400 60,000 SH SOLE 60,000 0 0
SIGA Technologies, Inc. COM 826917106 3,519,092 539,738 SH SOLE 539,738 0 0
Solventum Corporation COM 83444M101 28,618,224 377,350 SH SOLE 377,350 0 0
Tenet Healthcare Corporation COM 88033G407 18,761,776 106,601 SH SOLE 106,601 0 0
TJX Companies, Inc./The COM 872540109 64,843,611 525,092 SH SOLE 525,092 0 0
TJX Companies, Inc./The COM 872540109 10,000,000 80,000 SH Put SOLE 80,000 0 0
Tyler Technologies, Inc. COM 902252105 24,532,312 41,381 SH SOLE 41,381 0 0
Uber Technologies, Inc. COM 90353T100 10,783,894 115,583 SH SOLE 115,583 0 0
Universal Display Corporation COM 91347P105 10,041,290 65,009 SH SOLE 65,009 0 0
Uranium Energy Corp. COM 916896103 7,534,223 1,107,974 SH SOLE 1,107,974 0 0
Valneva SE - ADR COM 92025Y103 2,002,140 354,361 SH SOLE 354,361 0 0
Vanguard Mid-Cap Value Index F COM 922908512 2,253,102 13,700 SH SOLE 13,700 0 0
Veeva Systems Inc. - Class A COM 922475108 13,824,768 48,006 SH SOLE 48,006 0 0