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
Estimated average burden
hours per response: 23.8
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 31,370 1,146,124 SH   SOLE 0 1,146,124 0 0
AdvanSix Inc. COM 00773T101 751 30,709 SH   SOLE 0 30,709 0 0
Alamo Group, Inc. COM 011311107 4,668 46,706 SH   SOLE 0 46,706 0 0
Alico, Inc. COM 016230104 4,262 140,451 SH   SOLE 0 140,451 0 0
Amerco COM 023586100 28,314 74,795 SH   SOLE 0 74,795 0 0
Argan Inc. COM 04010E109 5,401 133,142 SH   SOLE 0 133,142 0 0
ATN INTERNATIONAL INC COM 00215F107 7,864 136,210 SH   SOLE 0 136,210 0 0
Brookfield Asset Mgmt. CL A CL A LTD VT SH 112585104 77,810 1,628,504 SH   SOLE 0 1,628,504 0 0
Carter Bank & Trust COM 146102108 6,668 337,575 SH   SOLE 0 337,575 0 0
Catchmark Timber Trust Inc. REIT 14912Y202 836 80,000 SH   SOLE 0 80,000 0 0
Century Communities Inc. COM 156504300 1,064 40,000 SH   SOLE 0 40,000 0 0
Comerica Inc. COM 200340107 32,409 446,155 SH   SOLE 0 446,155 0 0
Comfort Systems USA Inc. COM 199908104 5,769 113,130 SH   SOLE 0 113,130 0 0
Cullen Frost Bankers, Inc. COM 229899109 3,965 42,331 SH   SOLE 0 42,331 0 0
Customers Bancorp Inc COM 23204G100 11,446 545,029 SH   SOLE 0 545,029 0 0
Dorman Products, Inc. COM 258278100 3,800 43,600 SH   SOLE 0 43,600 0 0
EAGLE MATERIALS INC COM 26969P108 16,305 175,889 SH   SOLE 0 175,889 0 0
EMCOR Group, Inc. COM 29084Q100 7,234 82,107 SH   SOLE 0 82,107 0 0
First Industrial Realty Trust, Inc. COM 32054K103 26,308 716,038 SH   SOLE 0 716,038 0 0
Five Point Holdings LLC - CL A COM 33833Q106 87,165 11,591,086 SH   SOLE 0 11,591,086 0 0
FNF Group COM 31620R303 18,736 464,900 SH   SOLE 0 464,900 0 0
Front Yard Residential Corporation Com 35904G107 1,100 90,000 SH   SOLE 0 90,000 0 0
FRP Holdings Inc. COM 30292L107 7,349 131,757 SH   SOLE 0 131,757 0 0
FTI Consulting Inc. COM 302941109 8,698 103,739 SH   SOLE 0 103,739 0 0
Genpact Ltd. COM G3922B107 4,605 120,872 SH   SOLE 0 120,872 0 0
Green Brick Partners com 392709101 499 60,000 SH   SOLE 0 60,000 0 0
HAWAIIAN HOLDINGS INC COM 419879101 38,810 1,414,861 SH   SOLE 0 1,414,861 0 0
ICF International, Inc. COM 44925C103 8,211 112,787 SH   SOLE 0 112,787 0 0
JBG Smith Properties REIT 46590V100 51,207 1,301,641 SH   SOLE 0 1,301,641 0 0
Jernigan Capital Com 476405105 410 20,000 SH   SOLE 0 20,000 0 0
Kaiser Aluminum Corp. COM PAR $0.01 483007704 3,985 40,819 SH   SOLE 0 40,819 0 0
Lennar Corp - Class B CL B 526057302 48,767 1,266,322 SH   SOLE 0 1,266,322 0 0
Lennar Corp. COM 526057104 63,289 1,305,992 SH   SOLE 0 1,305,992 0 0
Lowe's Companies Inc. COM 548661107 23,452 232,402 SH   SOLE 0 232,402 0 0
Mohawk Industries Inc. COM 608190104 18,177 123,257 SH   SOLE 0 123,257 0 0
MYR Group Inc. COM 55405W104 12,008 321,485 SH   SOLE 0 321,485 0 0
PNC Financial Corp COM 693475105 36,440 265,439 SH   SOLE 0 265,439 0 0
Prosperity Bancshares Inc. COM 743606105 7,324 110,885 SH   SOLE 0 110,885 0 0
Rayonier Inc. COM 754907103 61,474 2,028,817 SH   SOLE 0 2,028,817 0 0
Sanderson Farms Inc. COM 800013104 3,518 25,755 SH   SOLE 0 25,755 0 0
Seaboard Corp. COM 811543107 7,066 1,708 SH   SOLE 0 1,708 0 0
Seacor Marine Holdings Inc. COM 78413P101 5,357 358,074 SH   SOLE 0 358,074 0 0
Seritage Growth Properties Com 81752R100 13,641 317,524 SH   SOLE 0 317,524 0 0
Southside Bancshares Inc. COM 84470P109 6,424 198,385 SH   SOLE 0 198,385 0 0
Tejon Ranch Co. COM 879080109 16,343 985,076 SH   SOLE 0 985,076 0 0
The Macerich Company COM 554382101 47,674 1,423,524 SH   SOLE 0 1,423,524 0 0
Tidewater Inc. COM 88642R109 61,079 2,601,313 SH   SOLE 0 2,601,313 0 0
Transocean Ltd. COM H8817H100 9,752 1,521,285 SH   SOLE 0 1,521,285 0 0
Tri Pointe Group Inc. COM 87265H109 7,262 606,666 SH   SOLE 0 606,666 0 0
Trinity Place Holdings COM 89656D101 22,435 5,679,728 SH   SOLE 0 5,679,728 0 0
UMB Financial Corporation COM 902788108 9,928 150,823 SH   SOLE 0 150,823 0 0
UniFirst Corporation COM 904708104 5,658 30,002 SH   SOLE 0 30,002 0 0
Viad Corp. COM 92552R406 5,550 83,778 SH   SOLE 0 83,778 0 0
Visteon Corp. COM 92839U206 11,056 188,730 SH   SOLE 0 188,730 0 0
Vornado Realty Trust SH BEN INT 929042109 25,502 397,834 SH   SOLE 0 397,834 0 0
Warrior Met Coal Inc. com 93627C101 46,067 1,763,663 SH   SOLE 0 1,763,663 0 0
Weyerhaeuser Company COM 962166104 107,937 4,097,807 SH   SOLE 0 4,097,807 0 0
William Lyon Homes - Cl A COM 552074700 730 40,000 SH   SOLE 0 40,000 0 0