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 50,047 1,828,506 SH   SOLE 0 1,828,506 0 0
Alamo Group, Inc. COM 011311107 4,221 46,706 SH   SOLE 0 46,706 0 0
Alico, Inc. COM 016230104 4,453 140,451 SH   SOLE 0 140,451 0 0
Alleghany Corp. COM 017175100 40,711 70,805 SH   SOLE 0 70,805 0 0
Amerco COM 023586100 31,142 87,438 SH   SOLE 0 87,438 0 0
AMN Healthcare Services Inc. COM 001744101 5,143 87,749 SH   SOLE 0 87,749 0 0
Arcos Dorados Holdings, Inc. SHS CL A G0457F107 6,750 971,150 SH   SOLE 0 971,150 0 0
Aspen Insurance Holdings Ltd SHS G05384105 16,625 408,472 SH   SOLE 0 408,472 0 0
ATN INTERNATIONAL INC COM 00215F107 6,072 115,053 SH   SOLE 0 115,053 0 0
Bank of New York Mellon Corp. COM 064058100 42,171 781,948 SH   SOLE 0 781,948 0 0
BMC Stock Holdings, Inc. Equity 05591B109 6,688 320,727 SH   SOLE 0 320,727 0 0
Brookfield Asset Mgmt. CL A CL A LTD VT SH 112585104 162,954 4,019,577 SH   SOLE 0 4,019,577 0 0
Capital Southwest COM 140501107 2,723 150,348 SH   SOLE 0 150,348 0 0
Catchmark Timber Trust Inc. REIT 14912Y202 1,019 80,000 SH   SOLE 0 80,000 0 0
CEDAR REALTY TRUST INC COM 150602209 1,064 225,328 SH   SOLE 0 225,328 0 0
Century Communities Inc. COM 156504300 2,262 71,671 SH   SOLE 0 71,671 0 0
Comerica Inc 2018 Warrants W EXP 11/14/2018 200340115 2,069 33,300 SH   SOLE 0 33,300 0 0
Comerica Inc. COM 200340107 48,901 537,840 SH   SOLE 0 537,840 0 0
Comfort Systems USA Inc. COM 199908104 6,170 134,697 SH   SOLE 0 134,697 0 0
Commerce Bancshares, Inc COM 200525103 6,992 108,051 SH   SOLE 0 108,051 0 0
CSG Systems International, Inc. COM 126349109 5,336 130,543 SH   SOLE 0 130,543 0 0
CSW Industrials Inc. COM 126402106 7,946 150,348 SH   SOLE 0 150,348 0 0
Cubic, Corp. COM 229669106 8,504 132,450 SH   SOLE 0 132,450 0 0
Cullen Frost Bankers, Inc. COM 229899109 6,581 60,800 SH   SOLE 0 60,800 0 0
DEUTSCHE BANK AG-REGISTERED COM D18190898 3,420 322,000 SH   SOLE 0 322,000 0 0
Dorman Products, Inc. COM 258278100 2,979 43,600 SH   SOLE 0 43,600 0 0
EMCOR Group, Inc. COM 29084Q100 6,255 82,107 SH   SOLE 0 82,107 0 0
First Industrial Realty Trust, Inc. COM 32054K103 56,846 1,705,022 SH   SOLE 0 1,705,022 0 0
Five Point Holdings LLC - CL A COM 33833Q106 97,611 8,676,526 SH   SOLE 0 8,676,526 0 0
FNF Group COM 31620R303 20,438 543,269 SH   SOLE 0 543,269 0 0
Forest City Enterprises Inc. CL A CL A 345605109 163,930 7,186,748 SH   SOLE 0 7,186,748 0 0
Front Yard Residential Corporation Com 35904G107 678 65,000 SH   SOLE 0 65,000 0 0
FRP Holdings Inc. COM 30292L107 2,345 36,211 SH   SOLE 0 36,211 0 0
FTI Consulting Inc. COM 302941109 8,115 134,168 SH   SOLE 0 134,168 0 0
Genpact Ltd. COM G3922B107 4,689 162,066 SH   SOLE 0 162,066 0 0
Green Brick Partners com 392709101 490 50,000 SH   SOLE 0 50,000 0 0
HAWAIIAN HOLDINGS INC COM 419879101 14,340 398,880 SH   SOLE 0 398,880 0 0
ICF International, Inc. COM 44925C103 10,307 145,065 SH   SOLE 0 145,065 0 0
JBG Smith Properties REIT 46590V100 12,086 322,037 SH   SOLE 0 322,037 0 0
Jernigan Capital Com 476405105 477 25,000 SH   SOLE 0 25,000 0 0
Kaiser Aluminum Corp. COM PAR $0.01 483007704 6,526 62,678 SH   SOLE 0 62,678 0 0
Legg Mason Inc. COM 524901105 6,509 187,411 SH   SOLE 0 187,411 0 0
Lennar Corp - Class B CL B 526057302 46,874 1,098,003 SH   SOLE 0 1,098,003 0 0
Lennar Corp. COM 526057104 137,928 2,627,183 SH   SOLE 0 2,627,183 0 0
Lowe's Companies Inc. COM 548661107 45,847 479,719 SH   SOLE 0 479,719 0 0
MYR Group Inc. COM 55405W104 10,055 283,548 SH   SOLE 0 283,548 0 0
NEXPOINT RESIDNL TR COM 65341D102 493 17,300 SH   SOLE 0 17,300 0 0
Ocean Rig UDW Inc. COM G66964118 24,185 820,373 SH   SOLE 0 820,373 0 0
PNC Financial Corp COM 693475105 5,573 41,249 SH   SOLE 0 41,249 0 0
PNC Financial Services Group 2018 Warrants W EXP 12/31/2018 693475121 61,770 896,250 SH   SOLE 0 896,250 0 0
Prosperity Bancshares Inc. COM 743606105 8,547 125,024 SH   SOLE 0 125,024 0 0
Rayonier Inc. COM 754907103 91,611 2,367,798 SH   SOLE 0 2,367,798 0 0
Sanderson Farms Inc. COM 800013104 1,621 15,407 SH   SOLE 0 15,407 0 0
Seaboard Corp. COM 811543107 5,608 1,415 SH   SOLE 0 1,415 0 0
Seacor Marine Holdings Inc. COM 78413P101 8,247 357,650 SH   SOLE 0 357,650 0 0
Seritage Growth Properties Com 81752r100 12,360 291,300 SH   SOLE 0 291,300 0 0
Southside Bancshares Inc. COM 84470P109 6,682 198,385 SH   SOLE 0 198,385 0 0
SP Plus Corp. COM 78469C103 6,195 166,523 SH   SOLE 0 166,523 0 0
Standard Motor Products, Inc. COM 853666105 2,270 46,947 SH   SOLE 0 46,947 0 0
Tejon Ranch Co. COM 879080109 44,886 1,847,154 SH   SOLE 0 1,847,154 0 0
Tetra Tech, Inc. COM 88162G103 7,707 131,733 SH   SOLE 0 131,733 0 0
The Macerich Company COM 554382101 89,836 1,580,774 SH   SOLE 0 1,580,774 0 0
Tidewater Inc. COM 88642R109 65,358 2,259,154 SH   SOLE 0 2,259,154 0 0
Total Fina ELF S A ADR ADR 89151E109 50 813 SH   SOLE 0 813 0 0
Tri Pointe Group Inc. COM 87265H109 6,723 410,900 SH   SOLE 0 410,900 0 0
Trinity Place Holdings COM 89656D101 32,322 4,934,510 SH   SOLE 0 4,934,510 0 0
UMB Financial Corporation COM 902788108 6,222 81,612 SH   SOLE 0 81,612 0 0
UniFirst Corporation COM 904708104 5,308 30,002 SH   SOLE 0 30,002 0 0
Viad Corp. COM 92552R406 5,888 108,528 SH   SOLE 0 108,528 0 0
Visteon Corp. COM 92839U206 6,857 53,052 SH   SOLE 0 53,052 0 0
Vornado Realty Trust SH BEN INT 929042109 61,608 833,430 SH   SOLE 0 833,430 0 0
Warrior Met Coal Inc. com 93627C101 69,360 2,515,767 SH   SOLE 0 2,515,767 0 0
Wesbanco Inc. COM 950810101 5,013 111,300 SH   SOLE 0 111,300 0 0
Weyerhaeuser Company COM 962166104 183,833 5,042,034 SH   SOLE 0 5,042,034 0 0
White Mountains Insurance Group COM G9618E107 26,061 28,745 SH   SOLE 0 28,745 0 0
Zions Bancorporation COM 989701107 29,702 563,711 SH   SOLE 0 563,711 0 0