The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete. | |||||||||||||||||
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 13F FORM 13F INFORMATION TABLE |
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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 | 3,712 | 31,880 | SH | SOLE | 0 | 31,880 | 0 | 0 | |
| Amerco | COM | 023586100 | 18,134 | 37,918 | SH | SOLE | 0 | 37,918 | 0 | 0 | |
| American Homes 4 Rent | CL A | 02665T306 | 15,474 | 436,616 | SH | SOLE | 0 | 436,616 | 0 | 0 | |
| Brightsphere Investment Group | COM | 10948W103 | 2,484 | 137,908 | SH | SOLE | 0 | 137,908 | 0 | 0 | |
| Brookfield Asset Mgmt. CL A | CL A LTD VT SH | 112585104 | 25,242 | 567,612 | SH | SOLE | 0 | 567,612 | 0 | 0 | |
| Cal-Maine Foods, Inc. | COM | 128030202 | 3,264 | 66,044 | SH | SOLE | 0 | 66,044 | 0 | 0 | |
| CBRE Group, Inc. | COM | 12504L109 | 13,605 | 184,812 | SH | SOLE | 0 | 184,812 | 0 | 0 | |
| Central Securities Corporation | COM | 155123102 | 3,916 | 111,210 | SH | SOLE | 0 | 111,210 | 0 | 0 | |
| Chase Corp. | COM | 16150R104 | 3,136 | 40,292 | SH | SOLE | 0 | 40,292 | 0 | 0 | |
| Comerica Inc. | COM | 200340107 | 24,305 | 331,210 | SH | SOLE | 0 | 331,210 | 0 | 0 | |
| Comfort Systems USA Inc. | COM | 199908104 | 3,526 | 42,400 | SH | SOLE | 0 | 42,400 | 0 | 0 | |
| CTO Realty Growth, Inc. | COM | 22948Q101 | 1,180 | 19,293 | SH | SOLE | 0 | 19,293 | 0 | 0 | |
| DR Horton Inc. | COM | 23331A109 | 15,171 | 229,190 | SH | SOLE | 0 | 229,190 | 0 | 0 | |
| EMCOR Group, Inc. | COM | 29084Q100 | 4,715 | 45,788 | SH | SOLE | 0 | 45,788 | 0 | 0 | |
| First Industrial Realty Trust, Inc. | COM | 32054K103 | 7,919 | 166,781 | SH | SOLE | 0 | 166,781 | 0 | 0 | |
| Five Point Holdings LLC - CL A | COM | 33833Q106 | 29,847 | 7,633,374 | SH | SOLE | 0 | 7,633,374 | 0 | 0 | |
| FNF Group | COM | 31620R303 | 7,565 | 204,676 | SH | SOLE | 0 | 204,676 | 0 | 0 | |
| FRP Holdings Inc. | COM | 30292L107 | 9,200 | 152,435 | SH | SOLE | 0 | 152,435 | 0 | 0 | |
| Green Brick Partners | COM | 392709101 | 509 | 26,000 | SH | SOLE | 0 | 26,000 | 0 | 0 | |
| Hamilton Beach Brand | COM CL A | 40701T104 | 7,474 | 602,214 | SH | SOLE | 0 | 602,214 | 0 | 0 | |
| Hawaiian Holdings Inc. | COM | 419879101 | 11,202 | 782,792 | SH | SOLE | 0 | 782,792 | 0 | 0 | |
| ICF International, Inc. | COM | 44925C103 | 6,062 | 63,802 | SH | SOLE | 0 | 63,802 | 0 | 0 | |
| Inventrust Properties Corp. | COM | 46124J201 | 18,923 | 733,701 | SH | SOLE | 0 | 733,701 | 0 | 0 | |
| Kaiser Aluminum Corp. | COM PAR $0.01 | 483007704 | 4,126 | 52,160 | SH | SOLE | 0 | 52,160 | 0 | 0 | |
| Lazard Ltd. | COM | G54050102 | 12,964 | 399,979 | SH | SOLE | 0 | 399,979 | 0 | 0 | |
| Lennar Corp - Class B | CL B | 526057302 | 23,567 | 401,412 | SH | SOLE | 0 | 401,412 | 0 | 0 | |
| Liberty Media Corp. - Braves A | COM | 531229706 | 4,380 | 174,128 | SH | SOLE | 0 | 174,128 | 0 | 0 | |
| Lowe's Companies Inc. | COM | 548661107 | 14,790 | 84,670 | SH | SOLE | 0 | 84,670 | 0 | 0 | |
| Madison Square Garden Entertainment | COM | 55826T102 | 4,571 | 86,859 | SH | SOLE | 0 | 86,859 | 0 | 0 | |
| MYR Group Inc. | COM | 55405W104 | 8,918 | 101,187 | SH | SOLE | 0 | 101,187 | 0 | 0 | |
| NexPoint Residential Trust, Inc. | COM | 65341D102 | 813 | 13,000 | SH | SOLE | 0 | 13,000 | 0 | 0 | |
| Old Republic International Corp. | COM | 680223104 | 18,828 | 842,024 | SH | SOLE | 0 | 842,024 | 0 | 0 | |
| Potlatchdeltic Corp. | COM | 737630103 | 884 | 20,000 | SH | SOLE | 0 | 20,000 | 0 | 0 | |
| Proassurance Corp. | COM US | 74267C106 | 7,020 | 297,038 | SH | SOLE | 0 | 297,038 | 0 | 0 | |
| Prologis Inc. | COM | 74340W103 | 21,292 | 180,974 | SH | SOLE | 0 | 180,974 | 0 | 0 | |
| Prosperity Bancshares Inc. | COM | 743606105 | 6,962 | 101,965 | SH | SOLE | 0 | 101,965 | 0 | 0 | |
| Rayonier Inc. | COM | 754907103 | 19,888 | 532,023 | SH | SOLE | 0 | 532,023 | 0 | 0 | |
| Retail Opportunity Investments Corp. | COM | 76131N101 | 1,184 | 75,000 | SH | SOLE | 0 | 75,000 | 0 | 0 | |
| Seaboard Corp. | COM | 811543107 | 9,070 | 2,336 | SH | SOLE | 0 | 2,336 | 0 | 0 | |
| Southside Bancshares Inc. | COM | 84470P109 | 5,880 | 157,109 | SH | SOLE | 0 | 157,109 | 0 | 0 | |
| Stewart Information Services Corp. | COM | 860372101 | 846 | 17,000 | SH | SOLE | 0 | 17,000 | 0 | 0 | |
| Stratus Properties Inc. | COM | 863167201 | 3,914 | 121,441 | SH | SOLE | 0 | 121,441 | 0 | 0 | |
| Supernus Pharmaceuticals, Inc. | COM | 868459108 | 72 | 2,460 | SH | SOLE | 0 | 2,460 | 0 | 0 | |
| The RMR Group Inc. | COM | 74967R106 | 738 | 26,000 | SH | SOLE | 0 | 26,000 | 0 | 0 | |
| Tidewater Inc. | COM | 88642R109 | 44,415 | 2,105,930 | SH | SOLE | 0 | 2,105,930 | 0 | 0 | |
| Tri Pointe Group Inc. | COM | 87265H109 | 4,144 | 245,636 | SH | SOLE | 0 | 245,636 | 0 | 0 | |
| Trinity Place Holdings | COM | 89656D101 | 5,472 | 5,417,031 | SH | SOLE | 0 | 5,417,031 | 0 | 0 | |
| UMB Financial Corporation | COM | 902788108 | 11,103 | 128,952 | SH | SOLE | 0 | 128,952 | 0 | 0 | |
| UniFirst Corporation | COM | 904708104 | 2,573 | 14,942 | SH | SOLE | 0 | 14,942 | 0 | 0 | |
| Valaris Ltd. | COM | G9460G101 | 13,693 | 324,148 | SH | SOLE | 0 | 324,148 | 0 | 0 | |
| Visteon Corp. | COM | 92839U206 | 3,299 | 31,848 | SH | SOLE | 0 | 31,848 | 0 | 0 | |
| Warrior Met Coal Inc. | COM | 93627C101 | 42,679 | 1,394,280 | SH | SOLE | 0 | 1,394,280 | 0 | 0 | |
| Washington Trust Bancorp. | COM | 940610108 | 8,840 | 182,745 | SH | SOLE | 0 | 182,745 | 0 | 0 | |
| Weyerhaeuser Company | COM | 962166104 | 17,912 | 540,815 | SH | SOLE | 0 | 540,815 | 0 | 0 | |
| Wheeler REIT Series B Convertible Preferred Stock | PFD | 963025309 | 84 | 17,614 | SH | SOLE | 0 | 17,614 | 0 | 0 | |
| Wheeler REIT Series D Preferred Stock | PFD | 963025606 | 319 | 24,000 | SH | SOLE | 0 | 24,000 | 0 | 0 | |