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 34,896 1,237,435 SH   SOLE 0 1,237,435 0 0
AdvanSix Inc. COM 00773T101 5,508 180,736 SH   SOLE 0 180,736 0 0
Alamo Group, Inc. COM 011311107 4,881 46,706 SH   SOLE 0 46,706 0 0
Alico, Inc. COM 016230104 3,793 140,451 SH   SOLE 0 140,451 0 0
Amerco COM 023586100 30,062 77,818 SH   SOLE 0 77,818 0 0
Argan Inc. COM 04010E109 4,285 89,000 SH   SOLE 0 89,000 0 0
ATN International Inc. COM 00215F107 8,266 136,210 SH   SOLE 0 136,210 0 0
Brookfield Asset Mgmt. CL A CL A LTD VT SH 112585104 80,096 1,705,617 SH   SOLE 0 1,705,617 0 0
Carter Bank & Trust COM 146102108 6,657 337,575 SH   SOLE 0 337,575 0 0
Catchmark Timber Trust Inc. REIT 14912Y202 784 80,000 SH   SOLE 0 80,000 0 0
Century Communities Inc. COM 156504300 1,093 40,000 SH   SOLE 0 40,000 0 0
Comerica Inc. COM 200340107 34,237 451,256 SH   SOLE 0 451,256 0 0
Comfort Systems USA Inc. COM 199908104 5,668 113,130 SH   SOLE 0 113,130 0 0
Cubic, Corp. COM 229669106 592 10,064 SH   SOLE 0 10,064 0 0
Cullen Frost Bankers, Inc. COM 229899109 4,256 42,331 SH   SOLE 0 42,331 0 0
Customers Bancorp Inc COM 23204G100 11,375 519,152 SH   SOLE 0 519,152 0 0
Dorman Products, Inc. COM 258278100 3,778 43,600 SH   SOLE 0 43,600 0 0
Eagle Materials Inc. COM 26969P108 15,651 175,889 SH   SOLE 0 175,889 0 0
EMCOR Group, Inc. COM 29084Q100 6,711 82,107 SH   SOLE 0 82,107 0 0
First Industrial Realty Trust, Inc. COM 32054K103 31,093 908,608 SH   SOLE 0 908,608 0 0
Five Point Holdings LLC - CL A COM 33833Q106 105,972 11,556,368 SH   SOLE 0 11,556,368 0 0
FNF Group COM 31620R303 18,813 483,250 SH   SOLE 0 483,250 0 0
Front Yard Residential Corporation Com 35904G107 998 90,000 SH   SOLE 0 90,000 0 0
FRP Holdings Inc. COM 30292L107 6,296 131,757 SH   SOLE 0 131,757 0 0
FTI Consulting Inc. COM 302941109 9,048 110,343 SH   SOLE 0 110,343 0 0
Genpact Ltd. COM G3922B107 4,357 120,872 SH   SOLE 0 120,872 0 0
Green Brick Partners com 392709101 558 60,000 SH   SOLE 0 60,000 0 0
Hawaiian Holdings Inc. COM 419879101 37,069 1,367,842 SH   SOLE 0 1,367,842 0 0
ICF International, Inc. COM 44925C103 8,499 112,787 SH   SOLE 0 112,787 0 0
JBG Smith Properties REIT 46590V100 54,272 1,314,725 SH   SOLE 0 1,314,725 0 0
Jernigan Capital Com 476405105 420 20,000 SH   SOLE 0 20,000 0 0
Kaiser Aluminum Corp. COM PAR $0.01 483007704 3,903 40,819 SH   SOLE 0 40,819 0 0
Lennar Corp - Class B CL B 526057302 51,052 1,248,201 SH   SOLE 0 1,248,201 0 0
Lennar Corp. COM 526057104 99,490 1,945,824 SH   SOLE 0 1,945,824 0 0
Lowe's Companies Inc. COM 548661107 29,472 276,136 SH   SOLE 0 276,136 0 0
Mohawk Industries Inc. COM 608190104 11,904 88,805 SH   SOLE 0 88,805 0 0
MYR Group Inc. COM 55405W104 10,818 321,485 SH   SOLE 0 321,485 0 0
PNC Financial Corp COM 693475105 34,918 264,544 SH   SOLE 0 264,544 0 0
Prosperity Bancshares Inc. COM 743606105 7,995 110,885 SH   SOLE 0 110,885 0 0
Rayonier Inc. COM 754907103 65,986 2,100,124 SH   SOLE 0 2,100,124 0 0
Sanderson Farms Inc. COM 800013104 7,525 49,271 SH   SOLE 0 49,271 0 0
Seaboard Corp. COM 811543107 7,237 1,708 SH   SOLE 0 1,708 0 0
Seacor Marine Holdings Inc. COM 78413P101 4,777 358,074 SH   SOLE 0 358,074 0 0
Seritage Growth Properties Com 81752r100 12,891 282,687 SH   SOLE 0 282,687 0 0
Southside Bancshares Inc. COM 84470P109 7,002 198,385 SH   SOLE 0 198,385 0 0
Tejon Ranch Co. COM 879080109 18,086 985,076 SH   SOLE 0 985,076 0 0
The Macerich Company COM 554382101 57,178 1,403,122 SH   SOLE 0 1,403,122 0 0
Tidewater Inc. COM 88642R109 56,978 2,443,270 SH   SOLE 0 2,443,270 0 0
Transocean Ltd. COM H8817H100 11,547 1,521,285 SH   SOLE 0 1,521,285 0 0
Tri Pointe Group Inc. COM 87265H109 7,948 606,666 SH   SOLE 0 606,666 0 0
Trinity Place Holdings COM 89656D101 21,387 5,032,150 SH   SOLE 0 5,032,150 0 0
UMB Financial Corporation COM 902788108 10,656 150,823 SH   SOLE 0 150,823 0 0
UniFirst Corporation COM 904708104 4,926 30,002 SH   SOLE 0 30,002 0 0
Viad Corp. COM 92552R406 6,663 108,235 SH   SOLE 0 108,235 0 0
Visteon Corp. COM 92839U206 8,517 136,115 SH   SOLE 0 136,115 0 0
Vornado Realty Trust SH BEN INT 929042109 27,326 414,026 SH   SOLE 0 414,026 0 0
Warrior Met Coal Inc. com 93627C101 55,205 1,965,987 SH   SOLE 0 1,965,987 0 0
Weyerhaeuser Company COM 962166104 110,119 4,296,482 SH   SOLE 0 4,296,482 0 0
William Lyon Homes - Cl A COM 552074700 757 40,000 SH   SOLE 0 40,000 0 0