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 4,794 46,706 SH   SOLE 0 46,706 0 0
Alico, Inc. COM 016230104 4,377 140,451 SH   SOLE 0 140,451 0 0
Amerco COM 023586100 18,383 60,831 SH   SOLE 0 60,831 0 0
American Homes 4 Rent CL A 02665T306 10,828 402,492 SH   SOLE 0 402,492 0 0
Argan Inc. COM 04010E109 4,986 105,230 SH   SOLE 0 105,230 0 0
ATN International Inc. COM 00215F107 4,387 72,427 SH   SOLE 0 72,427 0 0
Brookfield Asset Mgmt. CL A CL A LTD VT SH 112585104 45,544 1,384,288 SH   SOLE 0 1,384,288 0 0
Cal-Maine Foods, Inc. COM 128030202 6,091 136,928 SH   SOLE 0 136,928 0 0
Carter Bank & Trust COM 146102108 2,171 268,982 SH   SOLE 0 268,982 0 0
CBRE Group, Inc. COM 12504L109 9,819 217,135 SH   SOLE 0 217,135 0 0
Central Securities Corporation COM 155123102 3,209 111,210 SH   SOLE 0 111,210 0 0
City Office REIT, Inc. REIT 178587101 554 55,000 SH   SOLE 0 55,000 0 0
Comerica Inc. COM 200340107 13,045 342,378 SH   SOLE 0 342,378 0 0
Comfort Systems USA Inc. COM 199908104 5,865 143,925 SH   SOLE 0 143,925 0 0
Cooper Tire & Rubber Company COM 216831107 6,977 252,680 SH   SOLE 0 252,680 0 0
CTO Realty Growth, Inc. COM 22948P103 316 8,000 SH   SOLE 0 8,000 0 0
Cullen Frost Bankers, Inc. COM 229899109 3,163 42,331 SH   SOLE 0 42,331 0 0
Customers Bancorp Inc COM 23204G100 762 63,347 SH   SOLE 0 63,347 0 0
Dorman Products, Inc. COM 258278100 2,925 43,600 SH   SOLE 0 43,600 0 0
Eagle Materials Inc. COM 26969P108 16,638 236,933 SH   SOLE 0 236,933 0 0
EMCOR Group, Inc. COM 29084Q100 3,029 45,788 SH   SOLE 0 45,788 0 0
Essex Property Trust, Inc. COM 297178105 21,989 95,949 SH   SOLE 0 95,949 0 0
FedEx Corporation COM 31428X106 10,062 71,753 SH   SOLE 0 71,753 0 0
First Industrial Realty Trust, Inc. COM 32054K103 10,593 275,569 SH   SOLE 0 275,569 0 0
Five Point Holdings LLC - CL A COM 33833Q106 49,806 10,827,355 SH   SOLE 0 10,827,355 0 0
FNF Group COM 31620R303 10,367 338,118 SH   SOLE 0 338,118 0 0
FRP Holdings Inc. COM 30292L107 5,347 131,757 SH   SOLE 0 131,757 0 0
FTI Consulting Inc. COM 302941109 3,791 33,091 SH   SOLE 0 33,091 0 0
Green Brick Partners COM 392709101 948 80,000 SH   SOLE 0 80,000 0 0
Hawaiian Holdings Inc. COM 419879101 16,297 1,160,715 SH   SOLE 0 1,160,715 0 0
ICF International, Inc. COM 44925C103 5,421 83,604 SH   SOLE 0 83,604 0 0
JBG Smith Properties REIT 46590V100 32,176 1,088,102 SH   SOLE 0 1,088,102 0 0
Jernigan Capital COM 476405105 665 48,582 SH   SOLE 0 48,582 0 0
Kaiser Aluminum Corp. COM 483007704 3,025 41,089 SH   SOLE 0 41,089 0 0
Lennar Corp - Class B CL B 526057302 37,734 818,696 SH   SOLE 0 818,696 0 0
Lennar Corp. COM 526057104 21,499 348,885 SH   SOLE 0 348,885 0 0
Liberty Media Corp. - Braves A COM 531229706 2,465 122,715 SH   SOLE 0 122,715 0 0
Lowe's Companies Inc. COM 548661107 22,803 168,757 SH   SOLE 0 168,757 0 0
Mohawk Industries Inc. COM 608190104 15,423 151,559 SH   SOLE 0 151,559 0 0
Monmouth Real Estate Investment Corp. COM 609720107 435 30,000 SH   SOLE 0 30,000 0 0
MYR Group Inc. COM 55405W104 10,656 333,913 SH   SOLE 0 333,913 0 0
NexPoint Residential Trust, Inc. COM 65341D102 814 23,000 SH   SOLE 0 23,000 0 0
Old Republic International Corp. COM 680223104 18,237 1,118,129 SH   SOLE 0 1,118,129 0 0
Potlatchdeltic Corp. COM 737630103 609 16,000 SH   SOLE 0 16,000 0 0
Prologis Inc. COM 74340W103 34,056 364,892 SH   SOLE 0 364,892 0 0
Prosperity Bancshares Inc. COM 743606105 3,631 61,148 SH   SOLE 0 61,148 0 0
Public Storage, Inc. REIT 74460D109 7,343 38,265 SH   SOLE 0 38,265 0 0
Rayonier Inc. COM 754907103 27,655 1,115,566 SH   SOLE 0 1,115,566 0 0
Retail Opportunity Investments Corp. COM 76131N101 624 55,000 SH   SOLE 0 55,000 0 0
Seaboard Corp. COM 811543107 5,011 1,708 SH   SOLE 0 1,708 0 0
Seritage Growth Properties REIT 81752R100 6,775 594,279 SH   SOLE 0 594,279 0 0
Southside Bancshares Inc. COM 84470P109 3,479 125,475 SH   SOLE 0 125,475 0 0
Stewart Information Services Corp. COM 860372101 553 17,000 SH   SOLE 0 17,000 0 0
The Macerich Company COM 554382101 3,364 374,972 SH   SOLE 0 374,972 0 0
The RMR Group Inc. COM 74967R106 413 14,000 SH   SOLE 0 14,000 0 0
Tidewater Inc. COM 88642R109 15,510 2,774,578 SH   SOLE 0 2,774,578 0 0
Tri Pointe Group Inc. COM 87265H109 4,218 287,085 SH   SOLE 0 287,085 0 0
Trinity Place Holdings COM 89656D101 8,378 6,070,676 SH   SOLE 0 6,070,676 0 0
UMB Financial Corporation COM 902788108 8,946 173,524 SH   SOLE 0 173,524 0 0
UniFirst Corporation COM 904708104 3,392 18,954 SH   SOLE 0 18,954 0 0
Visteon Corp. COM 92839U206 5,203 75,945 SH   SOLE 0 75,945 0 0
Vornado Realty Trust SH BEN INT 929042109 37,496 981,288 SH   SOLE 0 981,288 0 0
Warrior Met Coal Inc. COM 93627C101 27,496 1,786,569 SH   SOLE 0 1,786,569 0 0
Washington Trust Bancorp. COM 940610108 2,157 65,834 SH   SOLE 0 65,834 0 0
Weyerhaeuser Company COM 962166104 38,914 1,732,549 SH   SOLE 0 1,732,549 0 0