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 4,585 31,880 SH   SOLE 0 31,880 0 0
Amerco COM 023586100 26,074 43,678 SH   SOLE 0 43,678 0 0
American Homes 4 Rent CL A 02665T306 19,953 498,444 SH   SOLE 0 498,444 0 0
Brightsphere Investment Group COM 10948W103 3,345 137,908 SH   SOLE 0 137,908 0 0
Brookfield Asset Mgmt. CL A CL A LTD VT SH 112585104 38,569 681,791 SH   SOLE 0 681,791 0 0
Cal-Maine Foods, Inc. COM 128030202 3,647 66,044 SH   SOLE 0 66,044 0 0
Catchmark Timber Trust Inc. REIT 14912Y202 3,333 406,444 SH   SOLE 0 406,444 0 0
CBRE Group, Inc. COM 12504L109 14,996 163,849 SH   SOLE 0 163,849 0 0
Central Securities Corporation COM 155123102 4,603 111,210 SH   SOLE 0 111,210 0 0
Comerica Inc. COM 200340107 29,952 331,210 SH   SOLE 0 331,210 0 0
Comfort Systems USA Inc. COM 199908104 3,775 42,400 SH   SOLE 0 42,400 0 0
CTO Realty Growth, Inc. COM 22948Q101 1,280 19,293 SH   SOLE 0 19,293 0 0
Dorman Products, Inc. COM 258278100 2,479 26,078 SH   SOLE 0 26,078 0 0
DR Horton Inc. COM 23331A109 226 3,028 SH   SOLE 0 3,028 0 0
EMCOR Group, Inc. COM 29084Q100 5,158 45,788 SH   SOLE 0 45,788 0 0
First Industrial Realty Trust, Inc. COM 32054K103 12,267 198,141 SH   SOLE 0 198,141 0 0
Five Point Holdings LLC - CL A COM 33833Q106 53,462 8,749,913 SH   SOLE 0 8,749,913 0 0
FNF Group COM 31620R303 12,060 246,915 SH   SOLE 0 246,915 0 0
FRP Holdings Inc. COM 30292L107 8,811 152,435 SH   SOLE 0 152,435 0 0
Green Brick Partners COM 392709101 317 16,000 SH   SOLE 0 16,000 0 0
Hamilton Beach Brand COM CL A 40701T104 7,099 610,367 SH   SOLE 0 610,367 0 0
Hawaiian Holdings Inc. COM 419879101 24,052 1,220,901 SH   SOLE 0 1,220,901 0 0
ICF International, Inc. COM 44925C103 7,877 83,673 SH   SOLE 0 83,673 0 0
Inventrust Properties Corp. COM 46124J201 25,972 843,778 SH   SOLE 0 843,778 0 0
JBG Smith Properties REIT 46590V100 6,992 239,262 SH   SOLE 0 239,262 0 0
Kaiser Aluminum Corp. COM PAR $0.01 483007704 4,912 52,160 SH   SOLE 0 52,160 0 0
Lazard Ltd. COM G54050102 12,786 370,581 SH   SOLE 0 370,581 0 0
Lennar Corp - Class B CL B 526057302 32,432 474,491 SH   SOLE 0 474,491 0 0
Liberty Media Corp. - Braves A COM 531229706 5,012 174,128 SH   SOLE 0 174,128 0 0
Lowe's Companies Inc. COM 548661107 20,504 101,406 SH   SOLE 0 101,406 0 0
Madison Square Garden Entertainment COM 55826T102 5,669 68,045 SH   SOLE 0 68,045 0 0
MYR Group Inc. COM 55405W104 9,516 101,187 SH   SOLE 0 101,187 0 0
NexPoint Residential Trust, Inc. COM 65341D102 1,175 13,000 SH   SOLE 0 13,000 0 0
Old Republic International Corp. COM 680223104 21,942 848,127 SH   SOLE 0 848,127 0 0
Potlatchdeltic Corp. COM 737630103 1,055 20,000 SH   SOLE 0 20,000 0 0
Proassurance Corp. COM US 74267C106 7,985 297,038 SH   SOLE 0 297,038 0 0
Prologis Inc. COM 74340W103 39,115 242,225 SH   SOLE 0 242,225 0 0
Prosperity Bancshares Inc. COM 743606105 7,489 107,928 SH   SOLE 0 107,928 0 0
Rayonier Inc. COM 754907103 31,349 762,370 SH   SOLE 0 762,370 0 0
Retail Opportunity Investments Corp. COM 76131N101 1,455 75,000 SH   SOLE 0 75,000 0 0
Seaboard Corp. COM 811543107 9,825 2,336 SH   SOLE 0 2,336 0 0
Southside Bancshares Inc. COM 84470P109 6,706 164,220 SH   SOLE 0 164,220 0 0
Stewart Information Services Corp. COM 860372101 1,031 17,000 SH   SOLE 0 17,000 0 0
Stratus Properties Inc. COM 863167201 6,154 142,835 SH   SOLE 0 142,835 0 0
The RMR Group Inc. COM 74967R106 716 23,000 SH   SOLE 0 23,000 0 0
Tidewater Inc. COM 88642R109 45,783 2,105,930 SH   SOLE 0 2,105,930 0 0
Tri Pointe Group Inc. COM 87265H109 3,919 195,155 SH   SOLE 0 195,155 0 0
Trinity Place Holdings COM 89656D101 12,378 6,514,436 SH   SOLE 0 6,514,436 0 0
UMB Financial Corporation COM 902788108 12,529 128,952 SH   SOLE 0 128,952 0 0
UniFirst Corporation COM 904708104 2,754 14,942 SH   SOLE 0 14,942 0 0
Valaris Ltd. COM G9460G101 16,669 320,736 SH   SOLE 0 320,736 0 0
Visteon Corp. COM 92839U206 3,476 31,848 SH   SOLE 0 31,848 0 0
Warrior Met Coal Inc. COM 93627C101 49,457 1,332,711 SH   SOLE 0 1,332,711 0 0
Washington Trust Bancorp. COM 940610108 9,595 182,745 SH   SOLE 0 182,745 0 0
Weyerhaeuser Company COM 962166104 29,055 766,619 SH   SOLE 0 766,619 0 0
Wheeler Real Estate Investment Trust COM 963025705 92 40,000 SH   SOLE 0 40,000 0 0
Wheeler REIT Series B Convertible Preferred Stock PFD 963025309 180 27,000 SH   SOLE 0 27,000 0 0
Wheeler REIT Series D Preferred Stock PFD 963025606 346 24,000 SH   SOLE 0 24,000 0 0