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 51,337 1,831,470 SH   SOLE 0 1,831,470 0 0
AdvanSix Inc. COM 00773T101 2,603 76,658 SH   SOLE 0 76,658 0 0
Alamo Group, Inc. COM 011311107 4,279 46,706 SH   SOLE 0 46,706 0 0
Alico, Inc. COM 016230104 4,748 140,451 SH   SOLE 0 140,451 0 0
Amerco COM 023586100 31,264 87,659 SH   SOLE 0 87,659 0 0
AMN Healthcare Services Inc. COM 001744101 3,050 55,755 SH   SOLE 0 55,755 0 0
Aspen Insurance Holdings Ltd SHS G05384105 21,463 513,456 SH   SOLE 0 513,456 0 0
ATN INTERNATIONAL INC COM 00215F107 8,501 115,053 SH   SOLE 0 115,053 0 0
Bank of New York Mellon Corp. COM 064058100 33,199 651,082 SH   SOLE 0 651,082 0 0
BMC Stock Holdings, Inc. Equity 05591B109 5,528 296,399 SH   SOLE 0 296,399 0 0
Brookfield Asset Mgmt. CL A CL A LTD VT SH 112585104 177,129 3,977,742 SH   SOLE 0 3,977,742 0 0
Capital Southwest COM 140501107 2,669 140,574 SH   SOLE 0 140,574 0 0
Catchmark Timber Trust Inc. REIT 14912Y202 915 80,000 SH   SOLE 0 80,000 0 0
CEDAR REALTY TRUST INC COM 150602209 1,051 225,328 SH   SOLE 0 225,328 0 0
Century Communities Inc. COM 156504300 1,094 41,671 SH   SOLE 0 41,671 0 0
Comerica Inc 2018 Warrants Options 200340115 2,032 32,900 SH   SOLE 0 32,900 0 0
Comerica Inc. COM 200340107 48,007 532,225 SH   SOLE 0 532,225 0 0
Comfort Systems USA Inc. COM 199908104 6,381 113,130 SH   SOLE 0 113,130 0 0
Commerce Bancshares, Inc COM 200525103 7,134 108,051 SH   SOLE 0 108,051 0 0
CSG Systems International, Inc. COM 126349109 6,382 158,988 SH   SOLE 0 158,988 0 0
CSW Industrials Inc. COM 126402106 7,549 140,574 SH   SOLE 0 140,574 0 0
Cubic, Corp. COM 229669106 9,676 132,450 SH   SOLE 0 132,450 0 0
Cullen Frost Bankers, Inc. COM 229899109 6,350 60,800 SH   SOLE 0 60,800 0 0
Dorman Products, Inc. COM 258278100 3,354 43,600 SH   SOLE 0 43,600 0 0
EMCOR Group, Inc. COM 29084Q100 6,168 82,107 SH   SOLE 0 82,107 0 0
First Industrial Realty Trust, Inc. COM 32054K103 44,747 1,425,033 SH   SOLE 0 1,425,033 0 0
Five Point Holdings LLC - CL A COM 33833Q106 96,153 10,218,135 SH   SOLE 0 10,218,135 0 0
FNF Group COM 31620R303 21,443 544,922 SH   SOLE 0 544,922 0 0
Forest City Enterprises Inc. CL A CL A 345605109 6,434 256,418 SH   SOLE 0 256,418 0 0
Front Yard Residential Corporation Com 35904G107 994 91,609 SH   SOLE 0 91,609 0 0
FRP Holdings Inc. COM 30292L107 2,249 36,211 SH   SOLE 0 36,211 0 0
FTI Consulting Inc. COM 302941109 9,817 134,122 SH   SOLE 0 134,122 0 0
Genpact Ltd. COM G3922B107 4,961 162,066 SH   SOLE 0 162,066 0 0
Green Brick Partners com 392709101 538 53,200 SH   SOLE 0 53,200 0 0
HAWAIIAN HOLDINGS INC COM 419879101 23,026 574,199 SH   SOLE 0 574,199 0 0
ICF International, Inc. COM 44925C103 8,510 112,787 SH   SOLE 0 112,787 0 0
JBG Smith Properties REIT 46590V100 23,199 629,885 SH   SOLE 0 629,885 0 0
Jernigan Capital Com 476405105 483 25,000 SH   SOLE 0 25,000 0 0
Kaiser Aluminum Corp. COM PAR $0.01 483007704 6,836 62,678 SH   SOLE 0 62,678 0 0
Lennar Corp - Class B CL B 526057302 45,269 1,175,800 SH   SOLE 0 1,175,800 0 0
Lennar Corp. COM 526057104 122,758 2,629,208 SH   SOLE 0 2,629,208 0 0
Lowe's Companies Inc. COM 548661107 55,232 481,026 SH   SOLE 0 481,026 0 0
MYR Group Inc. COM 55405W104 9,777 299,535 SH   SOLE 0 299,535 0 0
NEXPOINT RESIDNL TR COM 65341D102 575 17,300 SH   SOLE 0 17,300 0 0
Ocean Rig UDW Inc. COM G66964118 32,427 936,650 SH   SOLE 0 936,650 0 0
PNC Financial Corp COM 693475105 5,619 41,252 SH   SOLE 0 41,252 0 0
PNC Financial Services Group 2018 Warrants W EXP 12/31/2018 693475121 61,842 896,250 SH   SOLE 0 896,250 0 0
Prosperity Bancshares Inc. COM 743606105 8,671 125,024 SH   SOLE 0 125,024 0 0
Rayonier Inc. COM 754907103 80,226 2,372,835 SH   SOLE 0 2,372,835 0 0
Sanderson Farms Inc. COM 800013104 3,681 35,607 SH   SOLE 0 35,607 0 0
Seaboard Corp. COM 811543107 5,258 1,417 SH   SOLE 0 1,417 0 0
Seacor Marine Holdings Inc. COM 78413P101 8,100 357,909 SH   SOLE 0 357,909 0 0
Seritage Growth Properties Com 81752r100 13,921 293,125 SH   SOLE 0 293,125 0 0
Southside Bancshares Inc. COM 84470P109 6,904 198,385 SH   SOLE 0 198,385 0 0
SP Plus Corp. COM 78469C103 6,079 166,523 SH   SOLE 0 166,523 0 0
Standard Motor Products, Inc. COM 853666105 2,311 46,947 SH   SOLE 0 46,947 0 0
Tejon Ranch Co. COM 879080109 27,761 1,278,691 SH   SOLE 0 1,278,691 0 0
Tetra Tech, Inc. COM 88162G103 8,994 131,673 SH   SOLE 0 131,673 0 0
The Macerich Company COM 554382101 87,664 1,585,516 SH   SOLE 0 1,585,516 0 0
Tidewater Inc. COM 88642R109 69,806 2,238,085 SH   SOLE 0 2,238,085 0 0
Total Fina ELF S A ADR ADR 89151E109 40 612 SH   SOLE 0 612 0 0
Tri Pointe Group Inc. COM 87265H109 6,996 564,113 SH   SOLE 0 564,113 0 0
Trinity Place Holdings COM 89656D101 30,137 4,948,595 SH   SOLE 0 4,948,595 0 0
UMB Financial Corporation COM 902788108 7,932 111,865 SH   SOLE 0 111,865 0 0
UniFirst Corporation COM 904708104 5,210 30,002 SH   SOLE 0 30,002 0 0
Viad Corp. COM 92552R406 6,413 108,235 SH   SOLE 0 108,235 0 0
Visteon Corp. COM 92839U206 5,692 61,260 SH   SOLE 0 61,260 0 0
Vornado Realty Trust SH BEN INT 929042109 61,006 835,693 SH   SOLE 0 835,693 0 0
Warrior Met Coal Inc. com 93627C101 71,814 2,655,834 SH   SOLE 0 2,655,834 0 0
Wesbanco Inc. COM 950810101 4,962 111,300 SH   SOLE 0 111,300 0 0
Weyerhaeuser Company COM 962166104 151,203 4,685,535 SH   SOLE 0 4,685,535 0 0
White Mountains Insurance Group COM G9618E107 26,812 28,649 SH   SOLE 0 28,649 0 0
Zions Bancorporation COM 989701107 28,271 563,711 SH   SOLE 0 563,711 0 0