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
Alarm.com Holdings, Inc. COM 011642105 5,583,040 119,500 SH DFND 1 119,500 0 0
Alarm.com Holdings, Inc. COM 011642105 308,352 6,600 SH DFND 6,600 0 0
ALPHABET INC CAP STK CL C 02079K107 205,130 574 SH DFND 574 0 0
Alphabet, Inc. CAP STK CL A 02079K305 23,479,209 65,700 SH DFND 1 65,700 0 0
Alphabet, Inc. CAP STK CL A 02079K305 15,152,488 42,400 SH DFND 42,400 0 0
Ameriprise Financial, Inc. COM 03076C106 9,588,084 20,900 SH DFND 1 20,900 0 0
Ameriprise Financial, Inc. COM 03076C106 500,048 1,090 SH DFND 1,090 0 0
Aura Minerals, Inc. SHS NEW G06973112 2,203,250 35,000 SH DFND 35,000 0 0
B2Gold Corporation COM 11777Q209 1,776,500 475,000 SH DFND 475,000 0 0
Berkshire Hathaway, Inc. CL B NEW 084670702 1,250,975 2,500 SH DFND 2,500 0 0
Build-A-Bear Workshop, Inc. COM 120076104 505,065 16,500 SH DFND 16,500 0 0
Clear Secure, Inc. COM CL A 18467V109 15,328,759 275,054 SH DFND 1 275,054 0 0
Clear Secure, Inc. COM CL A 18467V109 784,734 14,081 SH DFND 14,081 0 0
CUBESMART COM 229663109 556,780 14,000 SH DFND 14,000 0 0
DILLARDS INC CL A 254067101 131,048 248 SH DFND 248 0 0
Dillard's, Inc. CL A 254067101 10,726,926 20,300 SH DFND 1 20,300 0 0
Dillard's, Inc. CL A 254067101 523,136 990 SH DFND 990 0 0
Duolingo, Inc. CL A COM 26603R106 8,915,085 77,509 SH DFND 1 77,509 0 0
Duolingo, Inc. CL A COM 26603R106 1,040,126 9,043 SH DFND 9,043 0 0
EAGLE CAP GROWTH FD INC COM 269451100 1,019 100 SH DFND 1 100 0 0
Essent Group Ltd. COM G3198U102 12,856,000 200,000 SH DFND 1 200,000 0 0
Essent Group Ltd. COM G3198U102 932,060 14,500 SH DFND 14,500 0 0
EverQuote, Inc. COM CL A 30041R108 770,796 32,400 SH DFND 32,400 0 0
EXCHANGE LISTED FDS TR SABA INT RATE 30151E806 2,564 100 SH DFND 1 100 0 0
EXTRA SPACE STORAGE INC COM 30225T102 1,456,923 10,027 SH DFND 10,027 0 0
FIRSTHAND TECHNOLOGY VALUE F COM 33766Y100 2 100 SH DFND 1 100 0 0
GLOBAL SELF STORAGE INC COM 37955N106 707,929 135,101 SH DFND 135,101 0 0
GLOBAL SELF STORAGE INC COM 37955N106 773,639 147,641 SH DFND 147,641 0 0
GLOBAL SELF STORAGE INC. COM 37955N106 1,591,692 303,758 SH DFND 303,758 0 0
GoDaddy, Inc. CL A 380237107 6,620,640 78,000 SH DFND 1 78,000 0 0
GoDaddy, Inc. CL A 380237107 356,496 4,200 SH DFND 4,200 0 0
HIGH INCOME SECURITIES FUND SHS BEN INT 42968F108 3,621 662 SH DFND 1 662 0 0
IAMGOLD Corporation COM 450913108 16,473,600 1,040,000 SH DFND 1 1,040,000 0 0
IAMGOLD Corporation COM 450913108 2,376,000 150,000 SH DFND 150,000 0 0
Interactive Brokers Group, Inc. COM CL A 45841N107 26,460,160 304,000 SH DFND 1 304,000 0 0
Interactive Brokers Group, Inc. COM CL A 45841N107 2,019,328 23,200 SH DFND 23,200 0 0
iShares Silver Trust ISHARES 46428Q109 805,793 15,070 SH DFND 15,070 0 0
JPMorgan Chase & Company COM 46625H100 2,225,844 6,800 SH DFND 6,800 0 0
Kinross Gold Corporation COM 496902404 1,617,970 68,500 SH DFND 68,500 0 0
Lam Research Corporation COM NEW 512807306 42,033,010 97,000 SH DFND 1 97,000 0 0
Lam Research Corporation COM NEW 512807306 5,199,960 12,000 SH DFND 12,000 0 0
LPL Financial Holdings, Inc. COM 50212V100 13,098,120 46,500 SH DFND 1 46,500 0 0
Mastercard, Inc. CL A 57636Q104 5,136,000 10,000 SH DFND 10,000 0 0
McEwen Mining, Inc. COM NEW 58039P305 1,767,675 97,500 SH DFND 97,500 0 0
MediaAlpha, Inc. CL A 58450V104 818,332 65,102 SH DFND 65,102 0 0
Meta Platforms, Inc. CL A 30303M102 647,784 1,150 SH DFND 1,150 0 0
MEXICO EQUITY & INCOME FD COM 592834105 78,038 6,000 SH DFND 1 6,000 0 0
MICROSOFT CORP COM 594918104 289,091 775 SH DFND 775 0 0
Microsoft Corporation COM 594918104 12,869,190 34,500 SH DFND 1 34,500 0 0
Microsoft Corporation COM 594918104 1,678,590 4,500 SH DFND 4,500 0 0
Mueller Industries, Inc. COM 624756102 19,840,902 161,400 SH DFND 1 161,400 0 0
Mueller Industries, Inc. COM 624756102 968,688 7,880 SH DFND 7,880 0 0
NerdWallet, Inc. COM CL A 64082B102 647,500 70,000 SH DFND 70,000 0 0
NMI Holdings, Inc. COM 629209305 15,582,396 379,226 SH DFND 1 379,226 0 0
NMI Holdings, Inc. COM 629209305 693,147 16,869 SH DFND 16,869 0 0
Nutex Health, Inc. COM 67079U306 10,595,180 62,000 SH DFND 1 62,000 0 0
Nutex Health, Inc. COM 67079U306 572,482 3,350 SH DFND 3,350 0 0
NVR INC COM 62944T105 115,828 17 SH DFND 17 0 0
NVR, Inc. COM 62944T105 7,120,003 1,045 SH DFND 1 1,045 0 0
PROGRESSIVE CORP COM 743315103 218,450 1,000 SH DFND 1,000 0 0
Progressive Corporation (The) COM 743315103 15,445,726 70,706 SH DFND 1 70,706 0 0
Progressive Corporation (The) COM 743315103 1,760,489 8,059 SH DFND 8,059 0 0
PUBLIC STORAGE COM 74460D109 541,127 1,700 SH DFND 1,700 0 0
Qualys, Inc. COM 74758T303 10,790,628 78,483 SH DFND 1 78,483 0 0
Qualys, Inc. COM 74758T303 1,396,623 10,158 SH DFND 10,158 0 0
Royal Gold, Inc. COM 780287108 1,676,724 8,400 SH DFND 8,400 0 0
SABA CAPITAL INCOME & OPPORT COM NEW 880198205 142 17 SH DFND 1 17 0 0
SABA CAPITAL INCOME & OPRNT SHS NEW 78518H202 24,309 3,700 SH DFND 1 3,700 0 0
SPDR Gold Shares GOLD SHS 78463V107 1,211,970 3,290 SH DFND 3,290 0 0
SPECIAL OPPORTUNITIES FD INC 2.75% CNV PFD C A 84741T401 4,982 200 SH DFND 1 200 0 0
SPECIAL OPPORTUNITIES FD INC COM 84741T104 28,193 2,093 SH DFND 1 2,093 0 0
SSR Mining, Inc. COM 784730103 2,686,600 95,000 SH DFND 95,000 0 0
STEEL DYNAMICS INC COM 858119100 194,353 847 SH DFND 847 0 0
Steel Dynamics, Inc. COM 858119100 36,713,600 160,000 SH DFND 1 160,000 0 0
Steel Dynamics, Inc. COM 858119100 1,812,734 7,900 SH DFND 7,900 0 0
TOTAL RETURN SECURITIES FUND COM 870875101 13,365 2,250 SH DFND 1 2,250 0 0
UNITED RENTALS INC COM 911363109 197,123 174 SH DFND 174 0 0
United Rentals, Inc. COM 911363109 16,426,905 14,500 SH DFND 1 14,500 0 0
United Rentals, Inc. COM 911363109 832,674 735 SH DFND 735 0 0
UnitedHealth Group, Inc. COM 91324P102 5,611,005 13,500 SH DFND 1 13,500 0 0
Wheaton Precious Metals Corporation COM 962879102 1,875,744 16,700 SH DFND 16,700 0 0
White Mountains Insurance Group Ltd. COM G9618E107 9,952,272 4,800 SH DFND 1 4,800 0 0
Williams-Sonoma, Inc. COM 969904101 22,377,600 96,000 SH DFND 1 96,000 0 0
Williams-Sonoma, Inc. COM 969904101 3,496,500 15,000 SH DFND 15,000 0 0