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 4,449 31,880 SH   SOLE 0 31,880 0 0
Amerco COM 023586100 27,437 42,470 SH   SOLE 0 42,470 0 0
American Homes 4 Rent CL A 02665T306 19,276 505,645 SH   SOLE 0 505,645 0 0
ATN International Inc. COM 00215F107 4,400 93,903 SH   SOLE 0 93,903 0 0
Brightsphere Investment Group COM 10948W103 5,050 193,259 SH   SOLE 0 193,259 0 0
Brookfield Asset Mgmt. CL A CL A LTD VT SH 112585104 44,339 828,596 SH   SOLE 0 828,596 0 0
Cal-Maine Foods, Inc. COM 128030202 5,050 139,635 SH   SOLE 0 139,635 0 0
CBRE Group, Inc. COM 12504L109 16,267 167,076 SH   SOLE 0 167,076 0 0
Central Securities Corporation COM 155123102 4,699 111,210 SH   SOLE 0 111,210 0 0
Comerica Inc. COM 200340107 29,910 371,544 SH   SOLE 0 371,544 0 0
Comfort Systems USA Inc. COM 199908104 3,737 52,390 SH   SOLE 0 52,390 0 0
CTO Realty Growth, Inc. COM 22948Q101 1,038 19,293 SH   SOLE 0 19,293 0 0
Dorman Products, Inc. COM 258278100 2,469 26,078 SH   SOLE 0 26,078 0 0
EMCOR Group, Inc. COM 29084Q100 5,284 45,788 SH   SOLE 0 45,788 0 0
Essex Property Trust, Inc. COM 297178105 9,699 30,334 SH   SOLE 0 30,334 0 0
First Industrial Realty Trust, Inc. COM 32054K103 10,565 202,857 SH   SOLE 0 202,857 0 0
Five Point Holdings LLC - CL A COM 33833Q106 69,675 8,898,419 SH   SOLE 0 8,898,419 0 0
FNF Group COM 31620R303 11,502 253,673 SH   SOLE 0 253,673 0 0
FRP Holdings Inc. COM 30292L107 8,525 152,435 SH   SOLE 0 152,435 0 0
Green Brick Partners COM 392709101 329 16,000 SH   SOLE 0 16,000 0 0
Hamilton Beach Brand COM CL A 40701T104 4,426 282,436 SH   SOLE 0 282,436 0 0
Hawaiian Holdings Inc. COM 419879101 21,532 994,055 SH   SOLE 0 994,055 0 0
ICF International, Inc. COM 44925C103 7,472 83,673 SH   SOLE 0 83,673 0 0
JBG Smith Properties REIT 46590V100 15,630 527,851 SH   SOLE 0 527,851 0 0
Kaiser Aluminum Corp. COM PAR $0.01 483007704 5,684 52,160 SH   SOLE 0 52,160 0 0
Lazard Ltd. COM G54050102 16,894 368,858 SH   SOLE 0 368,858 0 0
Lennar Corp - Class B CL B 526057302 37,607 484,684 SH   SOLE 0 484,684 0 0
Liberty Media Corp. - Braves A COM 531229706 4,686 174,128 SH   SOLE 0 174,128 0 0
Lowe's Companies Inc. COM 548661107 23,731 116,979 SH   SOLE 0 116,979 0 0
Madison Square Garden Entertainment COM 55826T102 1,995 27,448 SH   SOLE 0 27,448 0 0
Mohawk Industries Inc. COM 608190104 11,791 66,464 SH   SOLE 0 66,464 0 0
Monmouth Real Estate Investment Corp. COM 609720107 560 30,000 SH   SOLE 0 30,000 0 0
MYR Group Inc. COM 55405W104 10,081 101,309 SH   SOLE 0 101,309 0 0
NexPoint Residential Trust, Inc. COM 65341D102 805 13,000 SH   SOLE 0 13,000 0 0
Old Republic International Corp. COM 680223104 25,682 1,110,301 SH   SOLE 0 1,110,301 0 0
Potlatchdeltic Corp. COM 737630103 1,032 20,000 SH   SOLE 0 20,000 0 0
Preferred Apartment Communities COM 74039L103 3,152 257,713 SH   SOLE 0 257,713 0 0
Proassurance Corp. COM US 74267C106 7,064 297,038 SH   SOLE 0 297,038 0 0
Prologis Inc. COM 74340W103 32,035 255,401 SH   SOLE 0 255,401 0 0
Prosperity Bancshares Inc. COM 743606105 7,677 107,928 SH   SOLE 0 107,928 0 0
Rayonier Inc. COM 754907103 29,419 824,502 SH   SOLE 0 824,502 0 0
Retail Opportunity Investments Corp. COM 76131N101 1,307 75,000 SH   SOLE 0 75,000 0 0
Seaboard Corp. COM 811543107 9,578 2,336 SH   SOLE 0 2,336 0 0
Seritage Growth Properties REIT 81752R100 3,000 202,271 SH   SOLE 0 202,271 0 0
Southside Bancshares Inc. COM 84470P109 6,288 164,220 SH   SOLE 0 164,220 0 0
Stewart Information Services Corp. COM 860372101 1,076 17,000 SH   SOLE 0 17,000 0 0
Stratus Properties Inc. COM 863167201 4,550 141,118 SH   SOLE 0 141,118 0 0
The RMR Group Inc. COM 74967R106 770 23,000 SH   SOLE 0 23,000 0 0
Tidewater Inc. COM 88642R109 28,311 2,347,512 SH   SOLE 0 2,347,512 0 0
Tri Pointe Group Inc. COM 87265H109 4,897 232,961 SH   SOLE 0 232,961 0 0
Trinity Place Holdings COM 89656D101 11,918 6,080,226 SH   SOLE 0 6,080,226 0 0
UMB Financial Corporation COM 902788108 14,133 146,136 SH   SOLE 0 146,136 0 0
UniFirst Corporation COM 904708104 3,177 14,942 SH   SOLE 0 14,942 0 0
Valaris Ltd. COM G9460G101 10,815 310,047 SH   SOLE 0 310,047 0 0
Visteon Corp. COM 92839U206 3,007 31,848 SH   SOLE 0 31,848 0 0
Vornado Realty Trust SH BEN INT 929042109 8,109 193,011 SH   SOLE 0 193,011 0 0
Warrior Met Coal Inc. COM 93627C101 40,265 1,730,328 SH   SOLE 0 1,730,328 0 0
Washington Trust Bancorp. COM 940610108 9,682 182,745 SH   SOLE 0 182,745 0 0
Weyerhaeuser Company COM 962166104 29,518 829,843 SH   SOLE 0 829,843 0 0