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
Alamo Group, Inc. COM 011311107 4,979 31,880 SH   SOLE 0 31,880 0 0
Amerco COM 023586100 26,907 43,922 SH   SOLE 0 43,922 0 0
American Homes 4 Rent CL A 02665T306 16,194 485,718 SH   SOLE 0 485,718 0 0
ATN International Inc. COM 00215F107 4,613 93,903 SH   SOLE 0 93,903 0 0
Brightsphere Investment Group COM 10948W103 3,939 193,259 SH   SOLE 0 193,259 0 0
Brookfield Asset Mgmt. CL A CL A LTD VT SH 112585104 38,834 872,661 SH   SOLE 0 872,661 0 0
Cal-Maine Foods, Inc. COM 128030202 4,461 116,094 SH   SOLE 0 116,094 0 0
CBRE Group, Inc. COM 12504L109 13,259 167,601 SH   SOLE 0 167,601 0 0
Central Securities Corporation COM 155123102 4,216 111,210 SH   SOLE 0 111,210 0 0
City Office REIT, Inc. REIT 178587101 489 46,000 SH   SOLE 0 46,000 0 0
Comerica Inc. COM 200340107 26,771 373,158 SH   SOLE 0 373,158 0 0
Comfort Systems USA Inc. COM 199908104 3,918 52,390 SH   SOLE 0 52,390 0 0
Cooper Tire & Rubber Company COM 216831107 14,146 252,680 SH   SOLE 0 252,680 0 0
CTO Realty Growth, Inc. COM 22948Q101 1,004 19,293 SH   SOLE 0 19,293 0 0
Dorman Products, Inc. COM 258278100 2,677 26,078 SH   SOLE 0 26,078 0 0
Eagle Materials Inc. COM 26969P108 17,311 128,792 SH   SOLE 0 128,792 0 0
EMCOR Group, Inc. COM 29084Q100 5,136 45,788 SH   SOLE 0 45,788 0 0
Essex Property Trust, Inc. COM 297178105 8,769 32,256 SH   SOLE 0 32,256 0 0
First Industrial Realty Trust, Inc. COM 32054K103 9,596 209,555 SH   SOLE 0 209,555 0 0
Five Point Holdings LLC - CL A COM 33833Q106 67,782 8,965,823 SH   SOLE 0 8,965,823 0 0
FNF Group COM 31620R303 10,620 261,182 SH   SOLE 0 261,182 0 0
FRP Holdings Inc. COM 30292L107 7,412 150,583 SH   SOLE 0 150,583 0 0
FTI Consulting Inc. COM 302941109 15 101 SH   SOLE 0 101 0 0
Green Brick Partners COM 392709101 908 40,000 SH   SOLE 0 40,000 0 0
Hamilton Beach Brand COM CL A 40701T104 4,120 227,223 SH   SOLE 0 227,223 0 0
Hawaiian Holdings Inc. COM 419879101 27,365 1,026,032 SH   SOLE 0 1,026,032 0 0
ICF International, Inc. COM 44925C103 7,314 83,673 SH   SOLE 0 83,673 0 0
JBG Smith Properties REIT 46590V100 24,604 773,937 SH   SOLE 0 773,937 0 0
Kaiser Aluminum Corp. COM PAR $0.01 483007704 5,764 52,160 SH   SOLE 0 52,160 0 0
Lazard Ltd. COM G54050102 16,050 368,858 SH   SOLE 0 368,858 0 0
Lennar Corp - Class B CL B 526057302 39,672 481,800 SH   SOLE 0 481,800 0 0
Lennar Corp. COM 526057104 12,053 123,408 SH   SOLE 0 123,408 0 0
Liberty Media Corp. - Braves A COM 531229706 4,965 174,128 SH   SOLE 0 174,128 0 0
Lowe's Companies Inc. COM 548661107 24,842 130,621 SH   SOLE 0 130,621 0 0
Mohawk Industries Inc. COM 608190104 18,522 96,311 SH   SOLE 0 96,311 0 0
Monmouth Real Estate Investment Corp. COM 609720107 531 30,000 SH   SOLE 0 30,000 0 0
MYR Group Inc. COM 55405W104 7,261 101,309 SH   SOLE 0 101,309 0 0
NexPoint Residential Trust, Inc. COM 65341D102 600 13,000 SH   SOLE 0 13,000 0 0
Old Republic International Corp. COM 680223104 24,358 1,115,258 SH   SOLE 0 1,115,258 0 0
Potlatchdeltic Corp. COM 737630103 1,059 20,000 SH   SOLE 0 20,000 0 0
Proassurance Corp. COM US 74267C106 7,949 297,038 SH   SOLE 0 297,038 0 0
Prologis Inc. COM 74340W103 28,901 272,646 SH   SOLE 0 272,646 0 0
Prosperity Bancshares Inc. COM 743606105 8,083 107,928 SH   SOLE 0 107,928 0 0
Rayonier Inc. COM 754907103 27,365 848,516 SH   SOLE 0 848,516 0 0
Retail Opportunity Investments Corp. COM 76131N101 1,191 75,000 SH   SOLE 0 75,000 0 0
Seaboard Corp. COM 811543107 8,620 2,336 SH   SOLE 0 2,336 0 0
Seritage Growth Properties REIT 81752R100 8,218 447,833 SH   SOLE 0 447,833 0 0
Southside Bancshares Inc. COM 84470P109 6,417 166,620 SH   SOLE 0 166,620 0 0
Stewart Information Services Corp. COM 860372101 885 17,000 SH   SOLE 0 17,000 0 0
The Macerich Company COM 554382101 1,927 164,679 SH   SOLE 0 164,679 0 0
The RMR Group Inc. COM 74967R106 572 14,000 SH   SOLE 0 14,000 0 0
Tidewater Inc. COM 88642R109 31,887 2,544,775 SH   SOLE 0 2,544,775 0 0
Tri Pointe Group Inc. COM 87265H109 4,744 232,961 SH   SOLE 0 232,961 0 0
Trinity Place Holdings COM 89656D101 12,708 6,080,226 SH   SOLE 0 6,080,226 0 0
UMB Financial Corporation COM 902788108 13,493 146,136 SH   SOLE 0 146,136 0 0
UniFirst Corporation COM 904708104 3,343 14,942 SH   SOLE 0 14,942 0 0
Visteon Corp. COM 92839U206 3,884 31,848 SH   SOLE 0 31,848 0 0
Vornado Realty Trust SH BEN INT 929042109 9,376 206,546 SH   SOLE 0 206,546 0 0
Warrior Met Coal Inc. COM 93627C101 23,735 1,385,558 SH   SOLE 0 1,385,558 0 0
Washington Trust Bancorp. COM 940610108 9,436 182,745 SH   SOLE 0 182,745 0 0
Weyerhaeuser Company COM 962166104 30,388 853,583 SH   SOLE 0 853,583 0 0