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 4,693 31,880 SH   SOLE 0 31,880 0 0
Amerco COM 023586100 30,381 41,833 SH   SOLE 0 41,833 0 0
American Homes 4 Rent CL A 02665T306 21,918 502,586 SH   SOLE 0 502,586 0 0
Brightsphere Investment Group COM 10948W103 2,410 94,116 SH   SOLE 0 94,116 0 0
Brookfield Asset Mgmt. CL A COM CL A 112585104 43,024 712,551 SH   SOLE 0 712,551 0 0
Cal-Maine Foods, Inc. COM 128030202 5,166 139,635 SH   SOLE 0 139,635 0 0
Catchmark Timber Trust Inc. REIT 14912Y202 772 88,539 SH   SOLE 0 88,539 0 0
CBRE Group, Inc. COM 12504L109 17,783 163,878 SH   SOLE 0 163,878 0 0
Central Securities Corporation COM 155123102 4,958 111,210 SH   SOLE 0 111,210 0 0
Comerica Inc. COM 200340107 32,325 371,544 SH   SOLE 0 371,544 0 0
Comfort Systems USA Inc. COM 199908104 5,184 52,390 SH   SOLE 0 52,390 0 0
CTO Realty Growth, Inc. COM 22948Q101 1,185 19,293 SH   SOLE 0 19,293 0 0
Dorman Products, Inc. COM 258278100 2,948 26,078 SH   SOLE 0 26,078 0 0
EMCOR Group, Inc. COM 29084Q100 5,833 45,788 SH   SOLE 0 45,788 0 0
Essex Property Trust, Inc. COM 297178105 10,525 29,879 SH   SOLE 0 29,879 0 0
First Industrial Realty Trust, Inc. COM 32054K103 13,226 199,779 SH   SOLE 0 199,779 0 0
Five Point Holdings LLC - CL A COM 33833Q106 57,112 8,732,674 SH   SOLE 0 8,732,674 0 0
FNF Group COM 31620R303 12,992 248,971 SH   SOLE 0 248,971 0 0
FRP Holdings Inc. COM 30292L107 8,811 152,435 SH   SOLE 0 152,435 0 0
Green Brick Partners COM 392709101 486 16,000 SH   SOLE 0 16,000 0 0
Hamilton Beach Brand COM CL A 40701T104 4,669 325,124 SH   SOLE 0 325,124 0 0
Hawaiian Holdings Inc. COM 419879101 18,059 983,052 SH   SOLE 0 983,052 0 0
ICF International, Inc. COM 44925C103 8,581 83,673 SH   SOLE 0 83,673 0 0
Inventrust Properties Corp. COM 46124J201 13,738 503,945 SH   SOLE 0 503,945 0 0
JBG Smith Properties REIT 46590V100 9,744 339,392 SH   SOLE 0 339,392 0 0
Kaiser Aluminum Corp. COM 483007704 4,900 52,160 SH   SOLE 0 52,160 0 0
Lazard Ltd. COM G54050102 16,094 368,858 SH   SOLE 0 368,858 0 0
Lennar Corp - Class B COM CL B 526057302 45,719 478,130 SH   SOLE 0 478,130 0 0
Liberty Media Corp. - Braves A COM 531229706 5,007 174,128 SH   SOLE 0 174,128 0 0
Lowe's Companies Inc. COM 548661107 29,782 115,216 SH   SOLE 0 115,216 0 0
Madison Square Garden Entertainment COM 55826T102 4,787 68,045 SH   SOLE 0 68,045 0 0
MYR Group Inc. COM 55405W104 11,187 101,187 SH   SOLE 0 101,187 0 0
NexPoint Residential Trust, Inc. COM 65341D102 1,090 13,000 SH   SOLE 0 13,000 0 0
Old Republic International Corp. COM 680223104 20,677 841,178 SH   SOLE 0 841,178 0 0
Potlatchdeltic Corp. COM 737630103 1,205 20,000 SH   SOLE 0 20,000 0 0
Preferred Apartment Communities COM 74039L103 8,207 454,411 SH   SOLE 0 454,411 0 0
Proassurance Corp. COM 74267C106 7,516 297,038 SH   SOLE 0 297,038 0 0
Prologis Inc. COM 74340W103 42,358 251,587 SH   SOLE 0 251,587 0 0
Prosperity Bancshares Inc. COM 743606105 7,804 107,928 SH   SOLE 0 107,928 0 0
Rayonier Inc. COM 754907103 30,892 765,389 SH   SOLE 0 765,389 0 0
Retail Opportunity Investments Corp. COM 76131N101 1,470 75,000 SH   SOLE 0 75,000 0 0
Seaboard Corp. COM 811543107 9,193 2,336 SH   SOLE 0 2,336 0 0
Southside Bancshares Inc. COM 84470P109 6,868 164,220 SH   SOLE 0 164,220 0 0
Stewart Information Services Corp. COM 860372101 1,356 17,000 SH   SOLE 0 17,000 0 0
Stratus Properties Inc. COM 863167201 5,224 142,835 SH   SOLE 0 142,835 0 0
The RMR Group Inc. COM 74967R106 798 23,000 SH   SOLE 0 23,000 0 0
Tidewater Inc. COM 88642R109 22,338 2,085,705 SH   SOLE 0 2,085,705 0 0
Tri Pointe Group Inc. COM 87265H109 5,443 195,155 SH   SOLE 0 195,155 0 0
Trinity Place Holdings COM 89656D101 11,987 6,514,436 SH   SOLE 0 6,514,436 0 0
UMB Financial Corporation COM 902788108 13,738 129,469 SH   SOLE 0 129,469 0 0
UniFirst Corporation COM 904708104 3,144 14,942 SH   SOLE 0 14,942 0 0
Valaris Ltd. COM G9460G101 11,162 310,047 SH   SOLE 0 310,047 0 0
Visteon Corp. COM 92839U206 3,540 31,848 SH   SOLE 0 31,848 0 0
Warrior Met Coal Inc. COM 93627C101 47,956 1,865,239 SH   SOLE 0 1,865,239 0 0
Washington Trust Bancorp. COM 940610108 10,302 182,745 SH   SOLE 0 182,745 0 0
Weyerhaeuser Company COM 962166104 31,830 772,935 SH   SOLE 0 772,935 0 0
Wheeler Real Estate Investment Trust COM 963025705 78 40,000 SH   SOLE 0 40,000 0 0
Wheeler REIT Series B Convertible Preferred Stock PFD 963025309 81 12,000 SH   SOLE 0 12,000 0 0
Wheeler REIT Series D Preferred Stock PFD 963025606 181 12,000 SH   SOLE 0 12,000 0 0