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 | 3,898 | 31,880 | SH | SOLE | 0 | 31,880 | 0 | 0 | |
| Amerco | COM | 023586100 | 18,890 | 37,095 | SH | SOLE | 0 | 37,095 | 0 | 0 | |
| American Homes 4 Rent | CL A | 02665T306 | 14,015 | 427,130 | SH | SOLE | 0 | 427,130 | 0 | 0 | |
| Brightsphere Investment Group | COM | 10948W103 | 2,057 | 137,908 | SH | SOLE | 0 | 137,908 | 0 | 0 | |
| Brookfield Asset Mgmt. CL A | CL A LTD VT SH | 112585104 | 21,787 | 532,797 | SH | SOLE | 0 | 532,797 | 0 | 0 | |
| Cal-Maine Foods, Inc. | COM | 128030202 | 1,579 | 28,403 | SH | SOLE | 0 | 28,403 | 0 | 0 | |
| CBRE Group, Inc. | COM | 12504L109 | 12,206 | 180,799 | SH | SOLE | 0 | 180,799 | 0 | 0 | |
| Central Securities Corporation | COM | 155123102 | 3,753 | 111,210 | SH | SOLE | 0 | 111,210 | 0 | 0 | |
| Chase Corp. | COM | 16150R104 | 3,368 | 40,292 | SH | SOLE | 0 | 40,292 | 0 | 0 | |
| Comerica Inc. | COM | 200340107 | 21,584 | 303,559 | SH | SOLE | 0 | 303,559 | 0 | 0 | |
| Comfort Systems USA Inc. | COM | 199908104 | 4,127 | 42,400 | SH | SOLE | 0 | 42,400 | 0 | 0 | |
| CTO Realty Growth, Inc. | COM | 22948Q101 | 1,085 | 57,879 | SH | SOLE | 0 | 57,879 | 0 | 0 | |
| DR Horton Inc. | COM | 23331A109 | 15,101 | 224,212 | SH | SOLE | 0 | 224,212 | 0 | 0 | |
| EMCOR Group, Inc. | COM | 29084Q100 | 5,288 | 45,788 | SH | SOLE | 0 | 45,788 | 0 | 0 | |
| First Industrial Realty Trust, Inc. | COM | 32054K103 | 7,311 | 163,152 | SH | SOLE | 0 | 163,152 | 0 | 0 | |
| Five Point Holdings LLC - CL A | COM | 33833Q106 | 14,066 | 5,409,751 | SH | SOLE | 0 | 5,409,751 | 0 | 0 | |
| FNF Group | COM | 31620R303 | 7,249 | 200,223 | SH | SOLE | 0 | 200,223 | 0 | 0 | |
| FRP Holdings Inc. | COM | 30292L107 | 7,008 | 128,915 | SH | SOLE | 0 | 128,915 | 0 | 0 | |
| Green Brick Partners | COM | 392709101 | 107 | 5,000 | SH | SOLE | 0 | 5,000 | 0 | 0 | |
| Hamilton Beach Brand | COM CL A | 40701T104 | 6,656 | 570,298 | SH | SOLE | 0 | 570,298 | 0 | 0 | |
| Hawaiian Holdings Inc. | COM | 419879101 | 11,848 | 900,988 | SH | SOLE | 0 | 900,988 | 0 | 0 | |
| ICF International, Inc. | COM | 44925C103 | 6,956 | 63,802 | SH | SOLE | 0 | 63,802 | 0 | 0 | |
| Inventrust Properties Corp. | COM | 46124J201 | 15,454 | 724,502 | SH | SOLE | 0 | 724,502 | 0 | 0 | |
| Kaiser Aluminum Corp. | COM PAR $0.01 | 483007704 | 3,946 | 64,315 | SH | SOLE | 0 | 64,315 | 0 | 0 | |
| Lazard Ltd. | COM | G54050102 | 14,666 | 460,733 | SH | SOLE | 0 | 460,733 | 0 | 0 | |
| Lennar Corp - Class B | CL B | 526057302 | 23,416 | 393,471 | SH | SOLE | 0 | 393,471 | 0 | 0 | |
| Liberty Media Corp. - Braves A | COM | 531229706 | 4,902 | 174,128 | SH | SOLE | 0 | 174,128 | 0 | 0 | |
| Lowe's Companies Inc. | COM | 548661107 | 14,230 | 75,766 | SH | SOLE | 0 | 75,766 | 0 | 0 | |
| Madison Square Garden Entertainment | COM | 55826T102 | 3,670 | 83,237 | SH | SOLE | 0 | 83,237 | 0 | 0 | |
| MYR Group Inc. | COM | 55405W104 | 8,574 | 101,187 | SH | SOLE | 0 | 101,187 | 0 | 0 | |
| Old Republic International Corp. | COM | 680223104 | 17,541 | 838,063 | SH | SOLE | 0 | 838,063 | 0 | 0 | |
| Potlatchdeltic Corp. | COM | 737630103 | 821 | 20,000 | SH | SOLE | 0 | 20,000 | 0 | 0 | |
| Proassurance Corp. | COM US | 74267C106 | 6,576 | 337,035 | SH | SOLE | 0 | 337,035 | 0 | 0 | |
| Prologis Inc. | COM | 74340W103 | 17,988 | 177,041 | SH | SOLE | 0 | 177,041 | 0 | 0 | |
| Prosperity Bancshares Inc. | COM | 743606105 | 6,800 | 101,965 | SH | SOLE | 0 | 101,965 | 0 | 0 | |
| Rayonier Inc. | COM | 754907103 | 15,001 | 500,520 | SH | SOLE | 0 | 500,520 | 0 | 0 | |
| Retail Opportunity Investments Corp. | COM | 76131N101 | 1,032 | 75,000 | SH | SOLE | 0 | 75,000 | 0 | 0 | |
| Seaboard Corp. | COM | 811543107 | 7,949 | 2,336 | SH | SOLE | 0 | 2,336 | 0 | 0 | |
| Southside Bancshares Inc. | COM | 84470P109 | 5,556 | 157,109 | SH | SOLE | 0 | 157,109 | 0 | 0 | |
| Stewart Information Services Corp. | COM | 860372101 | 742 | 17,000 | SH | SOLE | 0 | 17,000 | 0 | 0 | |
| Stratus Properties Inc. | COM | 863167201 | 1,773 | 76,058 | SH | SOLE | 0 | 76,058 | 0 | 0 | |
| Supernus Pharmaceuticals, Inc. | COM | 868459108 | 84 | 2,460 | SH | SOLE | 0 | 2,460 | 0 | 0 | |
| The RMR Group Inc. | COM | 74967R106 | 616 | 26,000 | SH | SOLE | 0 | 26,000 | 0 | 0 | |
| Tidewater Inc. | COM | 88642R109 | 45,524 | 2,097,857 | SH | SOLE | 0 | 2,097,857 | 0 | 0 | |
| Tri Pointe Group Inc. | COM | 87265H109 | 4,644 | 307,305 | SH | SOLE | 0 | 307,305 | 0 | 0 | |
| Trinity Place Holdings | COM | 89656D101 | 4,689 | 5,313,022 | SH | SOLE | 0 | 5,313,022 | 0 | 0 | |
| UMB Financial Corporation | COM | 902788108 | 10,870 | 128,952 | SH | SOLE | 0 | 128,952 | 0 | 0 | |
| UniFirst Corporation | COM | 904708104 | 2,514 | 14,942 | SH | SOLE | 0 | 14,942 | 0 | 0 | |
| Valaris Ltd. | COM | G9460G101 | 15,835 | 323,551 | SH | SOLE | 0 | 323,551 | 0 | 0 | |
| Warrior Met Coal Inc. | COM | 93627C101 | 39,055 | 1,373,234 | SH | SOLE | 0 | 1,373,234 | 0 | 0 | |
| Washington Trust Bancorp. | COM | 940610108 | 8,494 | 182,745 | SH | SOLE | 0 | 182,745 | 0 | 0 | |
| Weyerhaeuser Company | COM | 962166104 | 15,111 | 529,073 | SH | SOLE | 0 | 529,073 | 0 | 0 | |
| Wheeler REIT Series D Preferred Stock | PFD | 963025606 | 281 | 24,000 | SH | SOLE | 0 | 24,000 | 0 | 0 | |