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 4,868 31,880 SH   SOLE 0 31,880 0 0
Amerco COM 023586100 25,241 42,824 SH   SOLE 0 42,824 0 0
American Homes 4 Rent CL A 02665T306 19,681 506,569 SH   SOLE 0 506,569 0 0
ATN International Inc. COM 00215F107 4,272 93,903 SH   SOLE 0 93,903 0 0
Brightsphere Investment Group COM 10948W103 4,529 193,259 SH   SOLE 0 193,259 0 0
Brookfield Asset Mgmt. CL A CL A LTD VT SH 112585104 42,560 834,826 SH   SOLE 0 834,826 0 0
Cal-Maine Foods, Inc. COM 128030202 4,204 116,094 SH   SOLE 0 116,094 0 0
CBRE Group, Inc. COM 12504L109 14,189 165,505 SH   SOLE 0 165,505 0 0
Central Securities Corporation COM 155123102 4,692 111,210 SH   SOLE 0 111,210 0 0
City Office REIT, Inc. REIT 178587101 572 46,000 SH   SOLE 0 46,000 0 0
Comerica Inc. COM 200340107 26,506 371,544 SH   SOLE 0 371,544 0 0
Comfort Systems USA Inc. COM 199908104 4,128 52,390 SH   SOLE 0 52,390 0 0
CTO Realty Growth, Inc. COM 22948Q101 1,033 19,293 SH   SOLE 0 19,293 0 0
Dorman Products, Inc. COM 258278100 2,704 26,078 SH   SOLE 0 26,078 0 0
Eagle Materials Inc. COM 26969P108 12,361 86,977 SH   SOLE 0 86,977 0 0
EMCOR Group, Inc. COM 29084Q100 5,641 45,788 SH   SOLE 0 45,788 0 0
Essex Property Trust, Inc. COM 297178105 9,118 30,390 SH   SOLE 0 30,390 0 0
First Industrial Realty Trust, Inc. COM 32054K103 10,615 203,224 SH   SOLE 0 203,224 0 0
Five Point Holdings LLC - CL A COM 33833Q106 71,667 8,869,613 SH   SOLE 0 8,869,613 0 0
FNF Group COM 31620R303 10,997 253,034 SH   SOLE 0 253,034 0 0
FRP Holdings Inc. COM 30292L107 8,488 152,435 SH   SOLE 0 152,435 0 0
Green Brick Partners COM 392709101 364 16,000 SH   SOLE 0 16,000 0 0
Hamilton Beach Brand COM CL A 40701T104 5,061 227,223 SH   SOLE 0 227,223 0 0
Hawaiian Holdings Inc. COM 419879101 24,226 994,055 SH   SOLE 0 994,055 0 0
ICF International, Inc. COM 44925C103 7,352 83,673 SH   SOLE 0 83,673 0 0
JBG Smith Properties REIT 46590V100 22,081 700,753 SH   SOLE 0 700,753 0 0
Kaiser Aluminum Corp. COM PAR $0.01 483007704 6,442 52,160 SH   SOLE 0 52,160 0 0
Lazard Ltd. COM G54050102 16,691 368,858 SH   SOLE 0 368,858 0 0
Lennar Corp - Class B CL B 526057302 39,320 482,741 SH   SOLE 0 482,741 0 0
Lennar Corp. COM 526057104 8,761 90,776 SH   SOLE 0 90,776 0 0
Liberty Media Corp. - Braves A COM 531229706 4,914 174,128 SH   SOLE 0 174,128 0 0
Lowe's Companies Inc. COM 548661107 22,911 118,115 SH   SOLE 0 118,115 0 0
Mohawk Industries Inc. COM 608190104 18,459 96,044 SH   SOLE 0 96,044 0 0
Monmouth Real Estate Investment Corp. COM 609720107 562 30,000 SH   SOLE 0 30,000 0 0
MYR Group Inc. COM 55405W104 9,212 101,309 SH   SOLE 0 101,309 0 0
NexPoint Residential Trust, Inc. COM 65341D102 715 13,000 SH   SOLE 0 13,000 0 0
Old Republic International Corp. COM 680223104 27,658 1,110,301 SH   SOLE 0 1,110,301 0 0
Potlatchdeltic Corp. COM 737630103 1,063 20,000 SH   SOLE 0 20,000 0 0
Proassurance Corp. COM US 74267C106 6,758 297,038 SH   SOLE 0 297,038 0 0
Prologis Inc. COM 74340W103 30,585 255,869 SH   SOLE 0 255,869 0 0
Prosperity Bancshares Inc. COM 743606105 7,750 107,928 SH   SOLE 0 107,928 0 0
Rayonier Inc. COM 754907103 29,565 822,837 SH   SOLE 0 822,837 0 0
Retail Opportunity Investments Corp. COM 76131N101 1,325 75,000 SH   SOLE 0 75,000 0 0
Seaboard Corp. COM 811543107 9,038 2,336 SH   SOLE 0 2,336 0 0
Seritage Growth Properties REIT 81752R100 6,349 345,015 SH   SOLE 0 345,015 0 0
Southside Bancshares Inc. COM 84470P109 6,279 164,220 SH   SOLE 0 164,220 0 0
Stewart Information Services Corp. COM 860372101 964 17,000 SH   SOLE 0 17,000 0 0
Stratus Properties Inc. COM 863167201 3,147 127,562 SH   SOLE 0 127,562 0 0
The Macerich Company COM 554382101 3,006 164,679 SH   SOLE 0 164,679 0 0
The RMR Group Inc. COM 74967R106 889 23,000 SH   SOLE 0 23,000 0 0
Tidewater Inc. COM 88642R109 30,595 2,538,973 SH   SOLE 0 2,538,973 0 0
Tri Pointe Group Inc. COM 87265H109 4,993 232,961 SH   SOLE 0 232,961 0 0
Trinity Place Holdings COM 89656D101 12,830 6,080,226 SH   SOLE 0 6,080,226 0 0
UMB Financial Corporation COM 902788108 13,600 146,136 SH   SOLE 0 146,136 0 0
UniFirst Corporation COM 904708104 3,506 14,942 SH   SOLE 0 14,942 0 0
Visteon Corp. COM 92839U206 3,852 31,848 SH   SOLE 0 31,848 0 0
Vornado Realty Trust SH BEN INT 929042109 9,276 198,739 SH   SOLE 0 198,739 0 0
Warrior Met Coal Inc. COM 93627C101 29,675 1,725,285 SH   SOLE 0 1,725,285 0 0
Washington Trust Bancorp. COM 940610108 9,384 182,745 SH   SOLE 0 182,745 0 0
Weyerhaeuser Company COM 962166104 28,494 827,809 SH   SOLE 0 827,809 0 0