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
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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
ABM Industries Inc COM 000957100 3,390 89,857 SH   SOLE 0 89,857 0 0
Alamo Group, Inc. COM 011311107 5,272 46,706 SH   SOLE 0 46,706 0 0
Alico, Inc. COM 016230104 4,144 140,451 SH   SOLE 0 140,451 0 0
Alleghany Corp. COM 017175100 41,260 69,217 SH   SOLE 0 69,217 0 0
Amerco COM 023586100 20,894 55,286 SH   SOLE 0 55,286 0 0
Amgen Inc. COM 031162100 37,690 216,733 SH   SOLE 0 216,733 0 0
AMN Healthcare Services Inc. COM 001744101 5,842 118,617 SH   SOLE 0 118,617 0 0
Anixter International Inc. COM 035290105 4,443 58,456 SH   SOLE 0 58,456 0 0
Arcos Dorados Holdings, Inc. SHS CL A G0457F107 10,052 971,150 SH   SOLE 0 971,150 0 0
Aspen Insurance Holdings Ltd SHS G05384105 6,444 158,707 SH   SOLE 0 158,707 0 0
Bank of New York Mellon Corp. COM 064058100 58,623 1,088,424 SH   SOLE 0 1,088,424 0 0
BMC Stock Holdings, Inc. Equity 05591B109 6,852 270,800 SH   SOLE 0 270,800 0 0
Brookfield Asset Mgmt. CL A CL A LTD VT SH 112585104 187,357 4,303,079 SH   SOLE 0 4,303,079 0 0
Capital Southwest COM 140501107 2,489 150,348 SH   SOLE 0 150,348 0 0
Carrizo Oil & Gas Inc. COM 144577103 3,785 177,853 SH   SOLE 0 177,853 0 0
Catchmark Timber Trust Inc. REIT 14912Y202 1,051 80,000 SH   SOLE 0 80,000 0 0
Cavco Industries, Inc. (COM & Restricted) COM 149568107 41,386 271,200 SH   SOLE 0 271,200 0 0
CEDAR REALTY TRUST INC COM 150602209 1,069 175,700 SH   SOLE 0 175,700 0 0
Century Communities Inc. COM 156504300 2,229 71,671 SH   SOLE 0 71,671 0 0
CNH Industrial NV COM N20944109 3,553 265,100 SH   SOLE 0 265,100 0 0
Comerica Inc 2018 Warrants W EXP 11/14/2018 200340115 1,942 33,300 SH   SOLE 0 33,300 0 0
Comerica Inc. COM 200340107 47,429 546,343 SH   SOLE 0 546,343 0 0
Comfort Systems USA Inc. COM 199908104 5,880 134,697 SH   SOLE 0 134,697 0 0
Commerce Bancshares, Inc COM 200525103 6,034 108,051 SH   SOLE 0 108,051 0 0
Cosan Ltd. CL A G25343107 5,462 563,000 SH   SOLE 0 563,000 0 0
CSG Systems International, Inc. COM 126349109 2,945 67,198 SH   SOLE 0 67,198 0 0
CSW Industrials Inc. COM 126402106 6,909 150,348 SH   SOLE 0 150,348 0 0
Cubic, Corp. COM 229669106 7,794 132,204 SH   SOLE 0 132,204 0 0
Cullen Frost Bankers, Inc. COM 229899109 5,755 60,800 SH   SOLE 0 60,800 0 0
DEUTSCHE BANK AG-REGISTERED COM D18190898 11,418 600,000 SH   SOLE 0 600,000 0 0
Dorman Products, Inc. COM 258278100 2,666 43,600 SH   SOLE 0 43,600 0 0
DST Systems COM 233326107 3,905 62,900 SH   SOLE 0 62,900 0 0
EMCOR Group, Inc. COM 29084Q100 6,713 82,107 SH   SOLE 0 82,107 0 0
EOG Resources COM 26875P101 26,853 248,842 SH   SOLE 0 248,842 0 0
Finisar Corp. COM 31787A507 4,099 201,400 SH   SOLE 0 201,400 0 0
First Industrial Realty Trust, Inc. COM 32054K103 53,258 1,692,334 SH   SOLE 0 1,692,334 0 0
Five Point Holdings LLC - CL A COM 33833Q106 36,457 2,585,539 SH   SOLE 0 2,585,539 0 0
FNF Group COM 31620R303 21,169 539,470 SH   SOLE 0 539,470 0 0
Forest City Enterprises Inc. CL A CL A 345605109 137,090 5,688,381 SH   SOLE 0 5,688,381 0 0
FTI Consulting Inc. COM 302941109 6,818 158,683 SH   SOLE 0 158,683 0 0
Genpact Ltd. COM G3922B107 5,144 162,066 SH   SOLE 0 162,066 0 0
Haynes International Inc. COM 420877201 158 4,900 SH   SOLE 0 4,900 0 0
ICF International, Inc. COM 44925C103 7,604 144,822 SH   SOLE 0 144,822 0 0
Insight Enterprises, Inc. COM 45765U103 5,656 147,700 SH   SOLE 0 147,700 0 0
Interface Inc. COM 458665304 6,085 241,920 SH   SOLE 0 241,920 0 0
JBG Smith Properties REIT 46590V100 11,115 319,357 SH   SOLE 0 319,357 0 0
Johnson Controls International plc COM G51502105 46,812 1,228,339 SH   SOLE 0 1,228,339 0 0
Kaiser Aluminum Corp. COM PAR $0.01 483007704 6,698 62,678 SH   SOLE 0 62,678 0 0
Kennedy-Wilson Holdings Inc. COM 489398107 2,165 124,753 SH   SOLE 0 124,753 0 0
Keycorp COM 493267108 17,179 851,702 SH   SOLE 0 851,702 0 0
Kimco Realty Corp COM 49446R109 19,608 1,080,300 SH   SOLE 0 1,080,300 0 0
Korn/Ferry International COM 500643200 5,194 125,500 SH   SOLE 0 125,500 0 0
Legg Mason Inc. COM 524901105 7,868 187,411 SH   SOLE 0 187,411 0 0
Lennar Corp - Class B CL B 526057302 7,275 140,763 SH   SOLE 0 140,763 0 0
Lennar Corp. COM 526057104 166,034 2,625,452 SH   SOLE 0 2,625,452 0 0
Leucadia National Corporation COM 527288104 2,656 100,233 SH   SOLE 0 100,233 0 0
Lowe's Companies Inc. COM 548661107 44,074 474,216 SH   SOLE 0 474,216 0 0
Masco Corp. COM 574599106 24,524 558,114 SH   SOLE 0 558,114 0 0
MYR Group Inc. COM 55405W104 8,820 246,824 SH   SOLE 0 246,824 0 0
Netscout Systems Inc. COM 64115T104 5,854 192,244 SH   SOLE 0 192,244 0 0
NEXPOINT RESIDNL TR COM 65341D102 484 17,300 SH   SOLE 0 17,300 0 0
PDC Energy, Inc. COM 69327R101 4,072 79,000 SH   SOLE 0 79,000 0 0
PNC Financial Corp COM 693475105 46,401 321,580 SH   SOLE 0 321,580 0 0
PNC Financial Services Group 2018 Warrants W EXP 12/31/2018 693475121 69,657 896,250 SH   SOLE 0 896,250 0 0
Progress Software Corporation COM 743312100 3,728 87,555 SH   SOLE 0 87,555 0 0
Prosperity Bancshares Inc. COM 743606105 7,279 103,872 SH   SOLE 0 103,872 0 0
Rayonier Inc. COM 754907103 96,422 3,048,426 SH   SOLE 0 3,048,426 0 0
Reliance Steel & Aluminum Co. COM 759509102 30,879 359,937 SH   SOLE 0 359,937 0 0
Seaboard Corp. COM 811543107 4,133 937 SH   SOLE 0 937 0 0
Southside Bancshares Inc. COM 84470P109 6,682 198,385 SH   SOLE 0 198,385 0 0
SP Plus Corp. COM 78469C103 6,179 166,523 SH   SOLE 0 166,523 0 0
Standard Motor Products, Inc. COM 853666105 2,109 46,947 SH   SOLE 0 46,947 0 0
Synaptics Inc. COM 87157D109 3,867 96,807 SH   SOLE 0 96,807 0 0
Syntel, Inc. COM 87162H103 5,265 229,006 SH   SOLE 0 229,006 0 0
Tejon Ranch Co. COM 879080109 55,097 2,653,982 SH   SOLE 0 2,653,982 0 0
Tetra Tech, Inc. COM 88162G103 6,330 131,444 SH   SOLE 0 131,444 0 0
The Macerich Company COM 554382101 55,817 849,829 SH   SOLE 0 849,829 0 0
Tidewater Inc. COM 88642R109 40,888 1,675,730 SH   SOLE 0 1,675,730 0 0
Total Fina ELF S A ADR ADR 89151E109 55 984 SH   SOLE 0 984 0 0
Tri Pointe Group Inc. COM 87265H109 7,364 410,900 SH   SOLE 0 410,900 0 0
Trinity Place Holdings COM 89656D101 34,010 4,893,514 SH   SOLE 0 4,893,514 0 0
UMB Financial Corporation COM 902788108 5,854 81,391 SH   SOLE 0 81,391 0 0
UniFirst Corporation COM 904708104 4,933 29,910 SH   SOLE 0 29,910 0 0
Valley National Bancorp COM 919794107 2,129 189,675 SH   SOLE 0 189,675 0 0
Viad Corp. COM 92552R406 5,997 108,235 SH   SOLE 0 108,235 0 0
Visteon Corp. COM 92839U206 6,898 55,119 SH   SOLE 0 55,119 0 0
Vornado Realty Trust SH BEN INT 929042109 54,095 691,927 SH   SOLE 0 691,927 0 0
Warrior Met Coal Inc. com 93627C101 17,263 686,383 SH   SOLE 0 686,383 0 0
Wesbanco Inc. COM 950810101 4,525 111,300 SH   SOLE 0 111,300 0 0
Weyerhaeuser Company COM 962166104 187,727 5,324,065 SH   SOLE 0 5,324,065 0 0
White Mountains Insurance Group COM G9618E107 28,815 33,848 SH   SOLE 0 33,848 0 0
Zions Bancorporation COM 989701107 28,446 559,625 SH   SOLE 0 559,625 0 0