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
Alamo Group, Inc. COM 011311107 4,147 46,706 SH   SOLE 0 46,706 0 0
Alico, Inc. COM 016230104 4,360 140,451 SH   SOLE 0 140,451 0 0
Amerco COM 023586100 21,385 73,601 SH   SOLE 0 73,601 0 0
Argan Inc. COM 04010E109 4,130 119,452 SH   SOLE 0 119,452 0 0
ATN International Inc. COM 00215F107 6,400 109,002 SH   SOLE 0 109,002 0 0
Brookfield Asset Mgmt. CL A CL A LTD VT SH 112585104 47,582 1,075,289 SH   SOLE 0 1,075,289 0 0
Cal-Maine Foods, Inc. COM 128030202 6,023 136,928 SH   SOLE 0 136,928 0 0
Carter Bank & Trust COM 146102108 2,470 268,982 SH   SOLE 0 268,982 0 0
CBRE Group, Inc. COM 12504L109 8,867 235,115 SH   SOLE 0 235,115 0 0
Central Securities Corporation COM 155123102 2,872 111,210 SH   SOLE 0 111,210 0 0
City Office REIT, Inc. REIT 178587101 398 55,000 SH   SOLE 0 55,000 0 0
Comerica Inc. COM 200340107 6,959 237,156 SH   SOLE 0 237,156 0 0
Comfort Systems USA Inc. COM 199908104 4,921 134,629 SH   SOLE 0 134,629 0 0
Consolidated Tomoka Land Co. COM 210226106 363 8,000 SH   SOLE 0 8,000 0 0
Cooper Tire & Rubber Company COM 216831107 3,793 232,698 SH   SOLE 0 232,698 0 0
Cullen Frost Bankers, Inc. COM 229899109 2,362 42,331 SH   SOLE 0 42,331 0 0
Customers Bancorp Inc COM 23204G100 6,134 561,121 SH   SOLE 0 561,121 0 0
Dorman Products, Inc. COM 258278100 2,410 43,600 SH   SOLE 0 43,600 0 0
Eagle Materials Inc. COM 26969P108 14,278 244,397 SH   SOLE 0 244,397 0 0
EMCOR Group, Inc. COM 29084Q100 2,808 45,788 SH   SOLE 0 45,788 0 0
Essex Property Trust, Inc. COM 297178105 21,525 97,734 SH   SOLE 0 97,734 0 0
FedEx Corporation COM 31428X106 8,672 71,511 SH   SOLE 0 71,511 0 0
First Industrial Realty Trust, Inc. COM 32054K103 10,040 302,128 SH   SOLE 0 302,128 0 0
Five Point Holdings LLC - CL A COM 33833Q106 59,058 11,648,430 SH   SOLE 0 11,648,430 0 0
FNF Group COM 31620R303 9,215 370,365 SH   SOLE 0 370,365 0 0
Front Yard Residential Corporation COM 35904G107 359 30,000 SH   SOLE 0 30,000 0 0
FRP Holdings Inc. COM 30292L107 5,666 131,757 SH   SOLE 0 131,757 0 0
FTI Consulting Inc. COM 302941109 5,145 42,957 SH   SOLE 0 42,957 0 0
Genpact Ltd. COM G3922B107 2,500 85,591 SH   SOLE 0 85,591 0 0
Green Brick Partners COM 392709101 644 80,000 SH   SOLE 0 80,000 0 0
Hawaiian Holdings COM 419879101 12,693 1,215,738 SH   SOLE 0 1,215,738 0 0
ICF International, Inc. COM 44925C103 6,435 93,665 SH   SOLE 0 93,665 0 0
Ishares Dow Jones Real Estate Index ETF COM 464287739 627 9,000 SH   SOLE 0 9,000 0 0
JBG Smith Properties REIT 46590V100 39,207 1,231,736 SH   SOLE 0 1,231,736 0 0
Jernigan Capital COM 476405105 533 48,582 SH   SOLE 0 48,582 0 0
Kaiser Aluminum Corp. COM PAR $0.01 483007704 2,409 34,769 SH   SOLE 0 34,769 0 0
Lennar Corp - Class B CL B 526057302 28,723 993,183 SH   SOLE 0 993,183 0 0
Lennar Corp. COM 526057104 23,539 614,088 SH   SOLE 0 614,088 0 0
Liberty Media Corp. - Braves A COM 531229706 1,340 68,715 SH   SOLE 0 68,715 0 0
Lowe's Companies Inc. COM 548661107 14,561 169,215 SH   SOLE 0 169,215 0 0
Mohawk Industries Inc. COM 608190104 12,702 166,602 SH   SOLE 0 166,602 0 0
Monmouth Real Estate Investment Corp. COM 609720107 362 30,000 SH   SOLE 0 30,000 0 0
MYR Group Inc. COM 55405W104 10,047 383,607 SH   SOLE 0 383,607 0 0
NexPoint Residential Trust, Inc. COM 65341D102 580 23,000 SH   SOLE 0 23,000 0 0
Old Republic International Corp. COM 680223104 12,157 797,168 SH   SOLE 0 797,168 0 0
Potlatchdeltic Corp. COM 737630103 503 16,000 SH   SOLE 0 16,000 0 0
Prologis Inc. COM 74340W103 29,651 368,926 SH   SOLE 0 368,926 0 0
Prosperity Bancshares Inc. COM 743606105 2,951 61,148 SH   SOLE 0 61,148 0 0
Public Storage, Inc. REIT 74460D109 20,165 101,528 SH   SOLE 0 101,528 0 0
Rayonier Inc. COM 754907103 28,795 1,222,685 SH   SOLE 0 1,222,685 0 0
Retail Opportunity Investments Corp. COM 76131N101 456 55,000 SH   SOLE 0 55,000 0 0
Seaboard Corp. COM 811543107 4,805 1,708 SH   SOLE 0 1,708 0 0
Seacor Marine Holdings Inc. COM 78413P101 1,569 358,074 SH   SOLE 0 358,074 0 0
Seritage Growth Properties REIT 81752R100 5,937 651,610 SH   SOLE 0 651,610 0 0
Southside Bancshares Inc. COM 84470P109 3,814 125,475 SH   SOLE 0 125,475 0 0
Stewart Information Services Corp. COM 860372101 454 17,000 SH   SOLE 0 17,000 0 0
The Macerich Company COM 554382101 2,008 356,561 SH   SOLE 0 356,561 0 0
The RMR Group Inc. COM 74967R106 378 14,000 SH   SOLE 0 14,000 0 0
Tidewater Inc. COM 88642R109 19,625 2,771,752 SH   SOLE 0 2,771,752 0 0
Tri Pointe Group Inc. COM 87265H109 1,889 215,389 SH   SOLE 0 215,389 0 0
Trinity Place Holdings COM 89656D101 11,006 6,046,847 SH   SOLE 0 6,046,847 0 0
UMB Financial Corporation COM 902788108 6,784 146,261 SH   SOLE 0 146,261 0 0
UniFirst Corporation COM 904708104 2,864 18,954 SH   SOLE 0 18,954 0 0
Visteon Corp. COM 92839U206 3,448 71,849 SH   SOLE 0 71,849 0 0
Vornado Realty Trust SH BEN INT 929042109 37,012 1,022,126 SH   SOLE 0 1,022,126 0 0
Warrior Met Coal Inc. COM 93627C101 19,603 1,845,789 SH   SOLE 0 1,845,789 0 0
Weyerhaeuser Company COM 962166104 31,146 1,837,497 SH   SOLE 0 1,837,497 0 0