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 6,444 46,706 SH   SOLE 0 46,706 0 0
Alico, Inc. COM 016230104 1,748 56,343 SH   SOLE 0 56,343 0 0
Amerco COM 023586100 24,593 54,173 SH   SOLE 0 54,173 0 0
American Homes 4 Rent CL A 02665T306 15,532 517,729 SH   SOLE 0 517,729 0 0
ATN International Inc. COM 00215F107 2,517 60,261 SH   SOLE 0 60,261 0 0
Brookfield Asset Mgmt. CL A CL A LTD VT SH 112585104 41,518 1,006,002 SH   SOLE 0 1,006,002 0 0
Cal-Maine Foods, Inc. COM 128030202 5,984 159,394 SH   SOLE 0 159,394 0 0
CBRE Group, Inc. COM 12504L109 11,949 190,511 SH   SOLE 0 190,511 0 0
Central Securities Corporation COM 155123102 3,630 111,210 SH   SOLE 0 111,210 0 0
City Office REIT, Inc. REIT 178587101 450 46,000 SH   SOLE 0 46,000 0 0
Comerica Inc. COM 200340107 20,743 371,331 SH   SOLE 0 371,331 0 0
Comfort Systems USA Inc. COM 199908104 2,759 52,390 SH   SOLE 0 52,390 0 0
Cooper Tire & Rubber Company COM 216831107 10,234 252,680 SH   SOLE 0 252,680 0 0
CTO Realty Growth, Inc. COM 22948P103 814 19,293 SH   SOLE 0 19,293 0 0
Cullen Frost Bankers, Inc. COM 229899109 3,693 42,331 SH   SOLE 0 42,331 0 0
Dorman Products, Inc. COM 258278100 2,265 26,078 SH   SOLE 0 26,078 0 0
Eagle Materials Inc. COM 26969P108 18,855 186,032 SH   SOLE 0 186,032 0 0
EMCOR Group, Inc. COM 29084Q100 4,188 45,788 SH   SOLE 0 45,788 0 0
Essex Property Trust, Inc. COM 297178105 8,813 37,117 SH   SOLE 0 37,117 0 0
First Industrial Realty Trust, Inc. COM 32054K103 10,185 241,732 SH   SOLE 0 241,732 0 0
Five Point Holdings LLC - CL A COM 33833Q106 48,071 8,804,142 SH   SOLE 0 8,804,142 0 0
FNF Group COM 31620R303 11,763 300,909 SH   SOLE 0 300,909 0 0
FRP Holdings Inc. COM 30292L107 5,909 129,723 SH   SOLE 0 129,723 0 0
FTI Consulting Inc. COM 302941109 12 101 SH   SOLE 0 101 0 0
Green Brick Partners COM 392709101 919 40,000 SH   SOLE 0 40,000 0 0
Hamilton Beach Brand CL A 40701T104 3,258 186,030 SH   SOLE 0 186,030 0 0
Hawaiian Holdings Inc. COM 419879101 17,991 1,016,436 SH   SOLE 0 1,016,436 0 0
ICF International, Inc. COM 44925C103 6,220 83,673 SH   SOLE 0 83,673 0 0
JBG Smith Properties REIT 46590V100 27,912 892,595 SH   SOLE 0 892,595 0 0
Kaiser Aluminum Corp. COM 483007704 5,159 52,160 SH   SOLE 0 52,160 0 0
Korn/Ferry International COM 500643200 15,594 358,469 SH   SOLE 0 358,469 0 0
Lazard Ltd. COM G54050102 15,491 366,216 SH   SOLE 0 366,216 0 0
Lennar Corp - Class B CL B 526057302 29,436 480,974 SH   SOLE 0 480,974 0 0
Lennar Corp. COM 526057104 12,104 158,779 SH   SOLE 0 158,779 0 0
Liberty Media Corp. - Braves A COM 531229706 4,331 174,128 SH   SOLE 0 174,128 0 0
Lowe's Companies Inc. COM 548661107 24,187 150,686 SH   SOLE 0 150,686 0 0
Mohawk Industries Inc. COM 608190104 18,672 132,466 SH   SOLE 0 132,466 0 0
Monmouth Real Estate Investment Corp. COM 609720107 520 30,000 SH   SOLE 0 30,000 0 0
MYR Group Inc. COM 55405W104 7,607 126,566 SH   SOLE 0 126,566 0 0
NexPoint Residential Trust, Inc. COM 65341D102 551 13,000 SH   SOLE 0 13,000 0 0
Old Republic International Corp. COM 680223104 21,871 1,109,592 SH   SOLE 0 1,109,592 0 0
Potlatchdeltic Corp. COM 737630103 1,001 20,000 SH   SOLE 0 20,000 0 0
Proassurance Corp. COM 74267C106 5,285 297,038 SH   SOLE 0 297,038 0 0
Prologis Inc. COM 74340W103 31,354 314,604 SH   SOLE 0 314,604 0 0
Prosperity Bancshares Inc. COM 743606105 7,486 107,928 SH   SOLE 0 107,928 0 0
Rayonier Inc. COM 754907103 28,753 978,630 SH   SOLE 0 978,630 0 0
Retail Opportunity Investments Corp. COM 76131N101 1,005 75,000 SH   SOLE 0 75,000 0 0
Seaboard Corp. COM 811543107 6,062 2,000 SH   SOLE 0 2,000 0 0
Seritage Growth Properties REIT 81752R100 7,579 516,264 SH   SOLE 0 516,264 0 0
Southside Bancshares Inc. COM 84470P109 5,610 180,778 SH   SOLE 0 180,778 0 0
SPDR TR UNIT SER 1 ETF 78462F103 141 377 SH   SOLE 0 377 0 0
Stewart Information Services Corp. COM 860372101 823 17,000 SH   SOLE 0 17,000 0 0
The Macerich Company COM 554382101 4,198 393,421 SH   SOLE 0 393,421 0 0
The RMR Group Inc. COM 74967R106 541 14,000 SH   SOLE 0 14,000 0 0
Tidewater Inc. COM 88642R109 21,719 2,513,675 SH   SOLE 0 2,513,675 0 0
Tri Pointe Group Inc. COM 87265H109 4,019 232,961 SH   SOLE 0 232,961 0 0
Trinity Place Holdings COM 89656D101 7,597 6,077,466 SH   SOLE 0 6,077,466 0 0
UMB Financial Corporation COM 902788108 10,082 146,136 SH   SOLE 0 146,136 0 0
UniFirst Corporation COM 904708104 3,164 14,942 SH   SOLE 0 14,942 0 0
Visteon Corp. COM 92839U206 3,998 31,848 SH   SOLE 0 31,848 0 0
Vornado Realty Trust SH BEN INT 929042109 8,872 237,599 SH   SOLE 0 237,599 0 0
Warrior Met Coal Inc. COM 93627C101 25,934 1,216,410 SH   SOLE 0 1,216,410 0 0
Washington Trust Bancorp. COM 940610108 8,187 182,745 SH   SOLE 0 182,745 0 0
Weyerhaeuser Company COM 962166104 44,840 1,337,290 SH   SOLE 0 1,337,290 0 0