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
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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 FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
Alamo Group, Inc. COM 011311107   5,871,021 31,880 SH   SOLE 0 31,880 0 0
American Homes 4 Rent CL A 02665T306   11,190,633 355,823 SH   SOLE 0 404,869 0 0
Brookfield Asset Mgmt. CL A CL A LTD VT SH 113004105   4,274,737 130,646 SH   SOLE 0 130,646 0 0
Brookfield Corp. COM 11271J107   16,986,755 521,226 SH   SOLE 0 521,226 0 0
CBRE Group, Inc. COM 12504L109   13,194,701 181,221 SH   SOLE 0 181,162 0 0
Central Securities Corporation COM 155123102   3,868,240 111,210 SH   SOLE 0 111,210 0 0
Chase Corp. COM 16150R104   4,219,781 40,292 SH   SOLE 0 40,292 0 0
Comerica Inc. COM 200340107   20,857,144 480,358 SH   SOLE 0 480,358 0 0
Comfort Systems USA Inc. COM 199908104   4,218,536 28,902 SH   SOLE 0 28,902 0 0
CTO Realty Growth, Inc. COM 22948Q101   998,992 57,879 SH   SOLE 0 57,879 0 0
DR Horton Inc. COM 23331A109   19,476,846 199,374 SH   SOLE 0 199,374 0 0
Deutsche Bank AG COM D18190898   30,607,336 3,011,103 SH   SOLE 0 3,011,103 0 0
EMCOR Group, Inc. COM 29084Q100   5,299,946 32,597 SH   SOLE 0 32,597 0 0
Encore Capital Group Inc. COM 292554102   6,701,627 132,837 SH   SOLE 0 132,837 0 0
First Industrial Realty Trust, Inc. COM 32054K103   4,241,480 121,428 SH   SOLE 0 158,010 0 0
Five Point Holdings LLC - CL A COM 33833Q106   8,406,132 158,010 SH   SOLE 0 3,752,600 0 0
FNF Group COM 31620R303   8,856,136 3,752,600 SH   SOLE 0 121,428 0 0
FRP Holdings Inc. COM 30292L107   7,331,717 126,671 SH   SOLE 0 126,671 0 0
Green Brick Partners COM 392709101   175,300 5,000 SH   SOLE 0 5,000 0 0
Hamilton Beach Brand CL A 40701T104   5,839,852 570,298 SH   SOLE 0 570,298 0 0
Hawaiian Holdings Inc. COM 419879101   14,254,178 1,556,133 SH   SOLE 0 1,556,133 0 0
ICF International, Inc. COM 44925C103   6,999,079 63,802 SH   SOLE 0 63,802 0 0
Inventrust Properties Corp. COM 46124J201   12,702,737 542,852 SH   SOLE 0 610,045 0 0
Jones Lang Lasalle COM 48020Q107   7,454,180 51,235 SH   SOLE 0 40,349 0 0
Kaiser Aluminum Corp. COM 483007704   4,799,828 64,315 SH   SOLE 0 64,315 0 0
Lazard Ltd. COM G54050102   18,142,625 547,950 SH   SOLE 0 547,950 0 0
Lennar Corp - Class B CL B 526057302   24,423,427 273,468 SH   SOLE 0 273,517 0 0
Liberty Media Corp. - Braves A COM 531229706   6,021,346 174,128 SH   SOLE 0 174,128 0 0
Lowe's Companies Inc. COM 548661107   12,429,935 62,159 SH   SOLE 0 62,159 0 0
Madison Square Garden Entertainment COM 55826T102   10,988,198 87,201 SH   SOLE 0 81,238 0 0
MYR Group Inc. COM 55405W104   20,835,742 834,431 SH   SOLE 0 87,201 0 0
Old Republic International Corp. COM 680223104   990,000 20,000 SH   SOLE 0 834,431 0 0
Potlatchdeltic Corp. COM 737630103   8,206,691 444,085 SH   SOLE 0 20,000 0 0
Proassurance Corp. COM 74267C106   20,982,072 168,166 SH   SOLE 0 444,085 0 0
Prologis Inc. COM 74340W103   6,272,887 101,965 SH   SOLE 0 168,166 0 0
Prosperity Bancshares Inc. COM 743606105   14,843,140 446,276 SH   SOLE 0 101,965 0 0
Rayonier Inc. COM 754907103   1,047,000 75,000 SH   SOLE 0 446,276 0 0
Retail Opportunity Investments Corp. COM 76131N101   8,806,743 2,336 SH   SOLE 0 75,000 0 0
Seaboard Corp. COM 811543107   6,952,943 209,426 SH   SOLE 0 2,336 0 0
Southside Bancshares Inc. COM 84470P109   4,798,729 81,238 SH   SOLE 0 209,426 0 0
Stewart Information Services Corp. COM 860372101   685,950 17,000 SH   SOLE 0 17,000 0 0
Supernus Pharmaceuticals, Inc. COM 868459108   89,126 2,460 SH   SOLE 0 2,460 0 0
The RMR Group Inc. COM 74967R106   682,240 26,000 SH   SOLE 0 26,000 0 0
Tidewater Inc. COM 88642R109   61,447,829 1,394,007 SH   SOLE 0 1,394,007 0 0
Tri Pointe Group Inc. COM 87265H109   6,569,603 259,463 SH   SOLE 0 259,463 0 0
Trinity Place Holdings COM 89656D101   2,461,337 5,127,786 SH   SOLE 0 5,127,786 0 0
U-Haul Holding Company COM 023586100   89,952 1,508 SH   SOLE 0 1,508 0 0
U-Haul Holding Company COM 023586506   16,200,221 312,444 SH   SOLE 0 312,444 0 0
UMB Financial Corporation COM 902788108   8,624,696 149,423 SH   SOLE 0 149,423 0 0
UniFirst Corporation COM 904708104   2,633,229 14,942 SH   SOLE 0 14,942 0 0
Valaris Ltd. COM G9460G101   20,116,812 309,204 SH   SOLE 0 309,204 0 0
Warrior Met Coal Inc. COM 93627C101   49,311,332 1,343,267 SH   SOLE 0 1,343,267 0 0
Washington Trust Bancorp. COM 940610108   7,081,523 204,314 SH   SOLE 0 204,314 0 0
Weyerhaeuser Company COM 962166104   14,623,505 485,347 SH   SOLE 0 485,347 0 0