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
Acadia Realty Trust COM SH BEN INT 004239109 44,828 1,822,246 SH   SOLE 0 1,822,246 0 0
Alamo Group, Inc. COM 011311107 5,133 46,706 SH   SOLE 0 46,706 0 0
Alico, Inc. COM 016230104 3,821 140,451 SH   SOLE 0 140,451 0 0
Alleghany Corp. COM 017175100 43,486 70,772 SH   SOLE 0 70,772 0 0
Amerco COM 023586100 30,102 87,224 SH   SOLE 0 87,224 0 0
AMN Healthcare Services Inc. COM 001744101 6,732 118,617 SH   SOLE 0 118,617 0 0
Arcos Dorados Holdings, Inc. SHS CL A G0457F107 8,887 971,150 SH   SOLE 0 971,150 0 0
Aspen Insurance Holdings Ltd SHS G05384105 17,670 393,969 SH   SOLE 0 393,969 0 0
Bank of New York Mellon Corp. COM 064058100 56,088 1,088,443 SH   SOLE 0 1,088,443 0 0
BMC Stock Holdings, Inc. Equity 05591B109 6,256 319,949 SH   SOLE 0 319,949 0 0
Brookfield Asset Mgmt. CL A CL A LTD VT SH 112585104 160,200 4,107,685 SH   SOLE 0 4,107,685 0 0
Capital Southwest COM 140501107 2,559 150,348 SH   SOLE 0 150,348 0 0
Catchmark Timber Trust Inc. REIT 14912Y202 998 80,000 SH   SOLE 0 80,000 0 0
Cavco Industries, Inc. (COM & Restricted) COM 149568107 47,121 271,200 SH   SOLE 0 271,200 0 0
CEDAR REALTY TRUST INC COM 150602209 693 175,700 SH   SOLE 0 175,700 0 0
Century Communities Inc. COM 156504300 2,147 71,671 SH   SOLE 0 71,671 0 0
Comerica Inc 2018 Warrants W EXP 11/14/2018 200340115 2,281 33,300 SH   SOLE 0 33,300 0 0
Comerica Inc. COM 200340107 51,826 540,238 SH   SOLE 0 540,238 0 0
Comfort Systems USA Inc. COM 199908104 5,557 134,697 SH   SOLE 0 134,697 0 0
Commerce Bancshares, Inc COM 200525103 6,474 108,051 SH   SOLE 0 108,051 0 0
Cosan Ltd. CL A G25343107 5,247 504,937 SH   SOLE 0 504,937 0 0
CSG Systems International, Inc. COM 126349109 5,477 120,914 SH   SOLE 0 120,914 0 0
CSW Industrials Inc. COM 126402106 6,774 150,348 SH   SOLE 0 150,348 0 0
Cubic, Corp. COM 229669106 8,409 132,204 SH   SOLE 0 132,204 0 0
Cullen Frost Bankers, Inc. COM 229899109 6,450 60,800 SH   SOLE 0 60,800 0 0
DEUTSCHE BANK AG-REGISTERED COM D18190898 9,786 700,000 SH   SOLE 0 700,000 0 0
Dorman Products, Inc. COM 258278100 2,887 43,600 SH   SOLE 0 43,600 0 0
DST Systems COM 233326107 5,262 62,900 SH   SOLE 0 62,900 0 0
EMCOR Group, Inc. COM 29084Q100 6,399 82,107 SH   SOLE 0 82,107 0 0
First Industrial Realty Trust, Inc. COM 32054K103 49,751 1,702,028 SH   SOLE 0 1,702,028 0 0
Five Point Holdings LLC - CL A COM 33833Q106 38,060 2,668,974 SH   SOLE 0 2,668,974 0 0
FNF Group COM 31620R303 21,688 541,905 SH   SOLE 0 541,905 0 0
Forest City Enterprises Inc. CL A CL A 345605109 142,534 7,035,206 SH   SOLE 0 7,035,206 0 0
FRP Holdings Inc. COM 30292L107 2,013 35,932 SH   SOLE 0 35,932 0 0
FTI Consulting Inc. COM 302941109 7,682 158,683 SH   SOLE 0 158,683 0 0
Genpact Ltd. COM G3922B107 5,185 162,066 SH   SOLE 0 162,066 0 0
ICF International, Inc. COM 44925C103 8,465 144,822 SH   SOLE 0 144,822 0 0
Insight Enterprises, Inc. COM 45765U103 5,160 147,700 SH   SOLE 0 147,700 0 0
Interface Inc. COM 458665304 6,097 241,920 SH   SOLE 0 241,920 0 0
JBG Smith Properties REIT 46590V100 10,856 322,037 SH   SOLE 0 322,037 0 0
Kaiser Aluminum Corp. COM PAR $0.01 483007704 6,325 62,678 SH   SOLE 0 62,678 0 0
Keycorp COM 493267108 16,636 850,900 SH   SOLE 0 850,900 0 0
Korn/Ferry International COM 500643200 6,475 125,500 SH   SOLE 0 125,500 0 0
Legg Mason Inc. COM 524901105 7,619 187,411 SH   SOLE 0 187,411 0 0
Lennar Corp - Class B CL B 526057302 20,979 439,890 SH   SOLE 0 439,890 0 0
Lennar Corp. COM 526057104 155,338 2,635,519 SH   SOLE 0 2,635,519 0 0
Leucadia National Corporation COM 527288104 2,279 100,233 SH   SOLE 0 100,233 0 0
Lowe's Companies Inc. COM 548661107 42,008 478,713 SH   SOLE 0 478,713 0 0
MYR Group Inc. COM 55405W104 7,608 246,824 SH   SOLE 0 246,824 0 0
NEXPOINT RESIDNL TR COM 65341D102 430 17,300 SH   SOLE 0 17,300 0 0
Ocean Rig UDW Inc. COM G66964118 20,699 820,373 SH   SOLE 0 820,373 0 0
PNC Financial Corp COM 693475105 6,044 39,960 SH   SOLE 0 39,960 0 0
PNC Financial Services Group 2018 Warrants W EXP 12/31/2018 693475121 75,303 896,250 SH   SOLE 0 896,250 0 0
Prosperity Bancshares Inc. COM 743606105 7,545 103,872 SH   SOLE 0 103,872 0 0
Rayonier Inc. COM 754907103 107,902 3,067,125 SH   SOLE 0 3,067,125 0 0
Seaboard Corp. COM 811543107 5,498 1,289 SH   SOLE 0 1,289 0 0
Seacor Marine Holdings Inc. COM 78413P101 5,552 291,900 SH   SOLE 0 291,900 0 0
Seritage Growth Properties Com 81752r100 7,561 212,680 SH   SOLE 0 212,680 0 0
Southside Bancshares Inc. COM 84470P109 6,892 198,385 SH   SOLE 0 198,385 0 0
SP Plus Corp. COM 78469C103 5,929 166,523 SH   SOLE 0 166,523 0 0
Standard Motor Products, Inc. COM 853666105 2,234 46,947 SH   SOLE 0 46,947 0 0
Tejon Ranch Co. COM 879080109 61,235 2,649,682 SH   SOLE 0 2,649,682 0 0
Tetra Tech, Inc. COM 88162G103 6,435 131,444 SH   SOLE 0 131,444 0 0
The Macerich Company COM 554382101 68,186 1,217,161 SH   SOLE 0 1,217,161 0 0
Tidewater Inc. COM 88642R109 63,888 2,233,048 SH   SOLE 0 2,233,048 0 0
Total Fina ELF S A ADR ADR 89151E109 57 984 SH   SOLE 0 984 0 0
Tri Pointe Group Inc. COM 87265H109 6,752 410,900 SH   SOLE 0 410,900 0 0
Trinity Place Holdings COM 89656D101 32,011 4,924,645 SH   SOLE 0 4,924,645 0 0
UMB Financial Corporation COM 902788108 5,892 81,391 SH   SOLE 0 81,391 0 0
UniFirst Corporation COM 904708104 4,835 29,910 SH   SOLE 0 29,910 0 0
Viad Corp. COM 92552R406 5,677 108,235 SH   SOLE 0 108,235 0 0
Visteon Corp. COM 92839U206 5,849 53,052 SH   SOLE 0 53,052 0 0
Vornado Realty Trust SH BEN INT 929042109 55,974 831,699 SH   SOLE 0 831,699 0 0
Warrior Met Coal Inc. com 93627C101 35,643 1,272,485 SH   SOLE 0 1,272,485 0 0
Wesbanco Inc. COM 950810101 4,708 111,300 SH   SOLE 0 111,300 0 0
Weyerhaeuser Company COM 962166104 176,933 5,055,211 SH   SOLE 0 5,055,211 0 0
White Mountains Insurance Group COM G9618E107 28,127 34,195 SH   SOLE 0 34,195 0 0
Zions Bancorporation COM 989701107 29,660 562,479 SH   SOLE 0 562,479 0 0