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
1-800-Flowers.com Inc. CL A 68243Q106 4,121 404,033 SH   SOLE 0 404,033 0 0
ABM Industries Inc COM 000957100 3,918 89,857 SH   SOLE 0 89,857 0 0
Alamo Group, Inc. COM 011311107 5,296 69,506 SH   SOLE 0 69,506 0 0
Alico, Inc. COM 016230104 3,412 129,227 SH   SOLE 0 129,227 0 0
Alleghany Corp. COM 017175100 47,814 77,789 SH   SOLE 0 77,789 0 0
Amgen Inc. COM 031162100 34,633 211,084 SH   SOLE 0 211,084 0 0
Ani Pharmaceuticals Inc. COM 00182C103 2,472 49,933 SH   SOLE 0 49,933 0 0
Anixter International Inc. COM 035290105 28,074 354,028 SH   SOLE 0 354,028 0 0
Arcos Dorados Holdings, Inc. SHS CL A G0457F107 10,164 1,262,600 SH   SOLE 0 1,262,600 0 0
Avnet Inc. COM 053807103 13,011 284,341 SH   SOLE 0 284,341 0 0
Bank of New York Mellon Corp. COM 064058100 83,509 1,768,136 SH   SOLE 0 1,768,136 0 0
Barnes Group Inc. COM 067806109 5,350 104,200 SH   SOLE 0 104,200 0 0
BMC Stock Holdings, Inc. Equity 05591B109 5,736 253,800 SH   SOLE 0 253,800 0 0
Brookdale Senior Living Inc. COM 112463104 27,799 2,069,954 SH   SOLE 0 2,069,954 0 0
Brookfield Asset Mgmt. CL A CL A LTD VT SH 112585104 156,596 4,295,013 SH   SOLE 0 4,295,013 0 0
Cambrex Corp. COM 132011107 4,706 85,485 SH   SOLE 0 85,485 0 0
Capital Southwest COM 140501107 2,542 150,348 SH   SOLE 0 150,348 0 0
Carrizo Oil & Gas Inc. COM 144577103 4,682 163,353 SH   SOLE 0 163,353 0 0
Catchmark Timber Trust Inc. REIT 14912Y202 922 80,000 SH   SOLE 0 80,000 0 0
Cavco Industries, Inc. (COM & Restricted) COM 149568107 48,477 416,466 SH   SOLE 0 416,466 0 0
CBS Corporation CL B 124857202 31,187 449,645 SH   SOLE 0 449,645 0 0
CEDAR REALTY TRUST INC COM 150602209 882 175,700 SH   SOLE 0 175,700 0 0
Century Communities Inc. COM 156504300 1,447 56,974 SH   SOLE 0 56,974 0 0
Cerner Corp. COM 156782104 24,134 410,097 SH   SOLE 0 410,097 0 0
Circor International Inc. COM 17273K109 1,335 22,467 SH   SOLE 0 22,467 0 0
CNH Industrial NV COM N20944109 4,404 456,800 SH   SOLE 0 456,800 0 0
Comerica Inc 2018 Warrants W EXP 11/14/2018 200340115 1,504 38,300 SH   SOLE 0 38,300 0 0
Comerica Inc. COM 200340107 66,889 975,344 SH   SOLE 0 975,344 0 0
Comfort Systems USA Inc. COM 199908104 5,914 161,375 SH   SOLE 0 161,375 0 0
Commerce Bancshares, Inc COM 200525103 8,576 152,706 SH   SOLE 0 152,706 0 0
Core-Mark Holding Co. Inc. COM 218681104 2,307 73,962 SH   SOLE 0 73,962 0 0
Cosan Ltd. CL A G25343107 4,364 511,000 SH   SOLE 0 511,000 0 0
Covanta Holding Corporation COM 22282E102 8,125 517,546 SH   SOLE 0 517,546 0 0
CSG Systems International, Inc. COM 126349109 2,541 67,198 SH   SOLE 0 67,198 0 0
CSW Industrials Inc. COM 126402106 5,518 150,348 SH   SOLE 0 150,348 0 0
Cubic, Corp. COM 229669106 8,717 165,104 SH   SOLE 0 165,104 0 0
Cullen Frost Bankers, Inc. COM 229899109 5,908 66,400 SH   SOLE 0 66,400 0 0
Devon Energy Corp. COM 25179M103 32,054 768,306 SH   SOLE 0 768,306 0 0
Dorman Products, Inc. COM 258278100 4,796 58,400 SH   SOLE 0 58,400 0 0
DST Systems COM 233326107 6,137 50,100 SH   SOLE 0 50,100 0 0
DSW Inc. CL A 23334L102 3,410 164,900 SH   SOLE 0 164,900 0 0
EMCOR Group, Inc. COM 29084Q100 5,169 82,107 SH   SOLE 0 82,107 0 0
EOG Resources COM 26875P101 15,305 156,897 SH   SOLE 0 156,897 0 0
Fiesta Restaurant Group, Inc. COM 31660B101 2,485 102,678 SH   SOLE 0 102,678 0 0
First Industrial Realty Trust, Inc. COM 32054K103 47,858 1,797,143 SH   SOLE 0 1,797,143 0 0
First Potomac Realty Trust COM 33610F109 822 80,000 SH   SOLE 0 80,000 0 0
FNF Group COM 31620R303 25,876 664,500 SH   SOLE 0 664,500 0 0
Forest City Enterprises Inc. CL A CL A 345605109 105,947 4,864,408 SH   SOLE 0 4,864,408 0 0
Forest City Enterprises Inc. CL B CL B CONV 345605208 20 702 SH   SOLE 0 702 0 0
FTI Consulting Inc. COM 302941109 5,780 140,392 SH   SOLE 0 140,392 0 0
Genpact Ltd. COM G3922B107 6,298 254,366 SH   SOLE 0 254,366 0 0
G-III Apparel Group Ltd. COM 36237H101 4,262 194,701 SH   SOLE 0 194,701 0 0
ICF International, Inc. COM 44925C103 5,981 144,822 SH   SOLE 0 144,822 0 0
Insight Enterprises, Inc. COM 45765U103 6,069 147,700 SH   SOLE 0 147,700 0 0
Interface Inc. COM 458665304 4,609 241,920 SH   SOLE 0 241,920 0 0
Johnson Controls International plc COM G51502105 32,140 763,067 SH   SOLE 0 763,067 0 0
Kaiser Aluminum Corp. COM PAR $0.01 483007704 4,912 61,478 SH   SOLE 0 61,478 0 0
Kennedy-Wilson Holdings Inc. COM 489398107 27,500 1,238,753 SH   SOLE 0 1,238,753 0 0
Keycorp COM 493267108 17,730 997,176 SH   SOLE 0 997,176 0 0
Korn/Ferry International COM 500643200 3,952 125,500 SH   SOLE 0 125,500 0 0
Legg Mason Inc. COM 524901105 3,760 104,132 SH   SOLE 0 104,132 0 0
Lennar Corp - Class B CL B 526057302 2,109 50,456 SH   SOLE 0 50,456 0 0
Lennar Corp. COM 526057104 151,354 2,956,713 SH   SOLE 0 2,956,713 0 0
Leucadia National Corporation COM 527288104 3,919 150,733 SH   SOLE 0 150,733 0 0
Livanova PLC COM G5509L101 25,579 521,910 SH   SOLE 0 521,910 0 0
Lowe's Companies Inc. COM 548661107 45,866 557,911 SH   SOLE 0 557,911 0 0
Masco Corp. COM 574599106 29,097 856,047 SH   SOLE 0 856,047 0 0
Multi-Color Corporation COM 625383104 6,052 85,246 SH   SOLE 0 85,246 0 0
MYR Group Inc. COM 55405W104 2,636 64,300 SH   SOLE 0 64,300 0 0
Netscout Systems Inc. COM 64115T104 10,224 269,400 SH   SOLE 0 269,400 0 0
NEXPOINT RESIDNL TR EQUITY 65341D102 604 25,000 SH   SOLE 0 25,000 0 0
Parkway Inc. REIT 70156Q107 20,778 1,044,662 SH   SOLE 0 1,044,662 0 0
Patterson Companies Inc COM 703395103 3,686 81,500 SH   SOLE 0 81,500 0 0
Photronics Inc. COM 719405102 3,644 340,600 SH   SOLE 0 340,600 0 0
PNC Financial Corp COM 693475105 67,229 559,122 SH   SOLE 0 559,122 0 0
PNC Financial Services Group 2018 Warrants W EXP 12/31/2018 693475121 62,915 1,186,849 SH   SOLE 0 1,186,849 0 0
Progress Software Corporation COM 743312100 3,264 112,355 SH   SOLE 0 112,355 0 0
Prosperity Bancshares Inc. COM 743606105 6,904 99,046 SH   SOLE 0 99,046 0 0
Quanex Building Products COM 747619104 4,338 214,200 SH   SOLE 0 214,200 0 0
Ralph Lauren Corp. CL A 751212101 29,436 360,653 SH   SOLE 0 360,653 0 0
Rayonier Inc. COM 754907103 97,837 3,452,270 SH   SOLE 0 3,452,270 0 0
Seaboard Corp. COM 811543107 3,907 937 SH   SOLE 0 937 0 0
Shire Plc - ADR ADR 82481R106 12,110 69,507 SH   SOLE 0 69,507 0 0
Southside Bancshares Inc. COM 84470P109 7,442 221,678 SH   SOLE 0 221,678 0 0
SP Plus Corp. COM 78469C103 5,718 169,423 SH   SOLE 0 169,423 0 0
Standard Motor Products, Inc. COM 853666105 4,206 85,601 SH   SOLE 0 85,601 0 0
Synaptics Inc. COM 87157D109 4,253 85,907 SH   SOLE 0 85,907 0 0
Syntel, Inc. COM 87162H103 7,597 451,397 SH   SOLE 0 451,397 0 0
Tanger Factory Outlet Centers, Inc COM 875465106 1,216 37,119 SH   SOLE 0 37,119 0 0
Tejon Ranch Co. COM 879080109 47,373 2,164,153 SH   SOLE 0 2,164,153 0 0
Telefex Inc. COM 879369106 4,457 23,007 SH   SOLE 0 23,007 0 0
Tetra Tech, Inc. COM 88162G103 6,097 149,244 SH   SOLE 0 149,244 0 0
The Macerich Company COM 554382101 24,846 385,801 SH   SOLE 0 385,801 0 0
Total Fina ELF S A ADR ADR 89151E109 142 2,807 SH   SOLE 0 2,807 0 0
Tri Pointe Group Inc. COM 87265H109 2,605 207,700 SH   SOLE 0 207,700 0 0
Trinet Group Services COM 896288107 5,358 185,400 SH   SOLE 0 185,400 0 0
Trinity Place Holdings COM 89656D101 35,300 4,829,014 SH   SOLE 0 4,829,014 0 0
UCP Inc. - Class A CL A 90265Y106 1,724 169,859 SH   SOLE 0 169,859 0 0
UMB Financial Corporation COM 902788108 7,282 96,691 SH   SOLE 0 96,691 0 0
UniFirst Corporation COM 904708104 4,231 29,910 SH   SOLE 0 29,910 0 0
Vail Resorts Inc. COM 91879Q109 4,191 21,839 SH   SOLE 0 21,839 0 0
Valley National Bancorp COM 919794107 3,986 337,775 SH   SOLE 0 337,775 0 0
Valmont Industries COM 920253101 335 2,157 SH   SOLE 0 2,157 0 0
VCA Antech Inc. COM 918194101 7,362 80,458 SH   SOLE 0 80,458 0 0
Viad Corp. COM 92552R406 4,933 109,135 SH   SOLE 0 109,135 0 0
Visteon Corp. COM 92839U206 6,493 66,288 SH   SOLE 0 66,288 0 0
Vodafone Group Plc - ADR ADR 92857W308 83 3,136 SH   SOLE 0 3,136 0 0
Vornado Realty Trust SH BEN INT 929042109 60,107 599,214 SH   SOLE 0 599,214 0 0
Weyerhaeuser Company COM 962166104 201,144 5,919,490 SH   SOLE 0 5,919,490 0 0
White Mountains Insurance Group COM G9618E107 56,652 64,386 SH   SOLE 0 64,386 0 0
World Fuel Services Corp COM 981475106 6,029 166,319 SH   SOLE 0 166,319 0 0
Zions Bancorporation COM 989701107 23,716 564,658 SH   SOLE 0 564,658 0 0