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
ABM Industries Inc COM 000957100 3,731 89,857 SH   SOLE 0 89,857 0 0
Alamo Group, Inc. COM 011311107 5,168 56,906 SH   SOLE 0 56,906 0 0
Alico, Inc. COM 016230104 4,017 128,323 SH   SOLE 0 128,323 0 0
Alleghany Corp. COM 017175100 46,206 77,682 SH   SOLE 0 77,682 0 0
Amgen Inc. COM 031162100 36,243 210,430 SH   SOLE 0 210,430 0 0
AMN Healthcare Services Inc. COM 001744101 2,884 73,842 SH   SOLE 0 73,842 0 0
Ani Pharmaceuticals Inc. COM 00182C103 2,337 49,933 SH   SOLE 0 49,933 0 0
Anixter International Inc. COM 035290105 27,597 352,892 SH   SOLE 0 352,892 0 0
Arcos Dorados Holdings, Inc. SHS CL A G0457F107 7,374 989,700 SH   SOLE 0 989,700 0 0
Avnet Inc. COM 053807103 20,093 516,792 SH   SOLE 0 516,792 0 0
Bank of New York Mellon Corp. COM 064058100 89,919 1,762,417 SH   SOLE 0 1,762,417 0 0
Barnes Group Inc. COM 067806109 5,338 91,200 SH   SOLE 0 91,200 0 0
BMC Stock Holdings, Inc. Equity 05591B109 6,193 283,400 SH   SOLE 0 283,400 0 0
Brookdale Senior Living Inc. COM 112463104 30,367 2,064,320 SH   SOLE 0 2,064,320 0 0
Brookfield Asset Mgmt. CL A CL A LTD VT SH 112585104 168,282 4,291,808 SH   SOLE 0 4,291,808 0 0
Cambrex Corp. COM 132011107 4,116 68,885 SH   SOLE 0 68,885 0 0
Capital Southwest COM 140501107 2,418 150,348 SH   SOLE 0 150,348 0 0
Carrizo Oil & Gas Inc. COM 144577103 2,825 162,153 SH   SOLE 0 162,153 0 0
Catchmark Timber Trust Inc. REIT 14912Y202 910 80,000 SH   SOLE 0 80,000 0 0
Cavco Industries, Inc. (COM & Restricted) COM 149568107 43,552 335,919 SH   SOLE 0 335,919 0 0
CBS Corporation CL B 124857202 26,433 414,426 SH   SOLE 0 414,426 0 0
CEDAR REALTY TRUST INC COM 150602209 853 175,700 SH   SOLE 0 175,700 0 0
Century Communities Inc. COM 156504300 1,413 56,974 SH   SOLE 0 56,974 0 0
Cerner Corp. COM 156782104 27,208 409,318 SH   SOLE 0 409,318 0 0
Circor International Inc. COM 17273K109 1,335 22,467 SH   SOLE 0 22,467 0 0
CNH Industrial NV COM N20944109 3,308 290,600 SH   SOLE 0 290,600 0 0
Comerica Inc 2018 Warrants W EXP 11/14/2018 200340115 1,468 33,300 SH   SOLE 0 33,300 0 0
Comerica Inc. COM 200340107 71,157 971,553 SH   SOLE 0 971,553 0 0
Comfort Systems USA Inc. COM 199908104 5,988 161,375 SH   SOLE 0 161,375 0 0
Commerce Bancshares, Inc COM 200525103 7,917 139,306 SH   SOLE 0 139,306 0 0
Core-Mark Holding Co. Inc. COM 218681104 3,031 91,661 SH   SOLE 0 91,661 0 0
Cosan Ltd. CL A G25343107 3,609 563,000 SH   SOLE 0 563,000 0 0
Covanta Holding Corporation COM 22282E102 6,797 514,895 SH   SOLE 0 514,895 0 0
CSG Systems International, Inc. COM 126349109 2,727 67,198 SH   SOLE 0 67,198 0 0
CSW Industrials Inc. COM 126402106 5,811 150,348 SH   SOLE 0 150,348 0 0
Cubic, Corp. COM 229669106 6,122 132,204 SH   SOLE 0 132,204 0 0
Cullen Frost Bankers, Inc. COM 229899109 5,710 60,800 SH   SOLE 0 60,800 0 0
DEUTSCHE BANK AG-REGISTERED COM D18190898 7,116 400,000 SH   SOLE 0 400,000 0 0
Devon Energy Corp. COM 25179M103 19,818 619,883 SH   SOLE 0 619,883 0 0
Dorman Products, Inc. COM 258278100 3,609 43,600 SH   SOLE 0 43,600 0 0
DST Systems COM 233326107 5,739 93,000 SH   SOLE 0 93,000 0 0
DSW Inc. CL A 23334L102 4,397 248,400 SH   SOLE 0 248,400 0 0
EMCOR Group, Inc. COM 29084Q100 5,369 82,107 SH   SOLE 0 82,107 0 0
EOG Resources COM 26875P101 21,691 239,621 SH   SOLE 0 239,621 0 0
Finisar Corp. COM 31787A507 4,739 182,400 SH   SOLE 0 182,400 0 0
First Industrial Realty Trust, Inc. COM 32054K103 51,151 1,787,243 SH   SOLE 0 1,787,243 0 0
First Potomac Realty Trust COM 33610F109 889 80,000 SH   SOLE 0 80,000 0 0
Five Point Holdings LLC - CL A COM 33833Q106 36,408 2,466,661 SH   SOLE 0 2,466,661 0 0
FNF Group COM 31620R303 29,790 664,500 SH   SOLE 0 664,500 0 0
Forest City Enterprises Inc. CL A CL A 345605109 117,320 4,853,922 SH   SOLE 0 4,853,922 0 0
FTI Consulting Inc. COM 302941109 4,765 136,292 SH   SOLE 0 136,292 0 0
Genpact Ltd. COM G3922B107 5,254 188,766 SH   SOLE 0 188,766 0 0
G-III Apparel Group Ltd. COM 36237H101 4,858 194,701 SH   SOLE 0 194,701 0 0
Haynes International Inc. COM 420877201 4,619 127,187 SH   SOLE 0 127,187 0 0
Horizon Global Corp. COM 44052W104 3,850 268,100 SH   SOLE 0 268,100 0 0
ICF International, Inc. COM 44925C103 6,822 144,822 SH   SOLE 0 144,822 0 0
Insight Enterprises, Inc. COM 45765U103 5,907 147,700 SH   SOLE 0 147,700 0 0
Interface Inc. COM 458665304 4,754 241,920 SH   SOLE 0 241,920 0 0
Johnson Controls International plc COM G51502105 32,933 759,515 SH   SOLE 0 759,515 0 0
Kaiser Aluminum Corp. COM PAR $0.01 483007704 6,160 69,578 SH   SOLE 0 69,578 0 0
Kennedy-Wilson Holdings Inc. COM 489398107 23,665 1,242,253 SH   SOLE 0 1,242,253 0 0
Keycorp COM 493267108 16,060 856,940 SH   SOLE 0 856,940 0 0
Korn/Ferry International COM 500643200 4,334 125,500 SH   SOLE 0 125,500 0 0
Legg Mason Inc. COM 524901105 2,265 59,332 SH   SOLE 0 59,332 0 0
Lennar Corp - Class B CL B 526057302 2,167 48,179 SH   SOLE 0 48,179 0 0
Lennar Corp. COM 526057104 153,031 2,870,041 SH   SOLE 0 2,870,041 0 0
Leucadia National Corporation COM 527288104 3,308 126,433 SH   SOLE 0 126,433 0 0
Livanova PLC COM G5509L101 31,871 520,671 SH   SOLE 0 520,671 0 0
Lowe's Companies Inc. COM 548661107 36,828 475,011 SH   SOLE 0 475,011 0 0
Masco Corp. COM 574599106 29,772 779,146 SH   SOLE 0 779,146 0 0
Multi-Color Corporation COM 625383104 6,697 82,062 SH   SOLE 0 82,062 0 0
MYR Group Inc. COM 55405W104 2,898 93,400 SH   SOLE 0 93,400 0 0
Netscout Systems Inc. COM 64115T104 8,521 247,700 SH   SOLE 0 247,700 0 0
NEXPOINT RESIDNL TR EQUITY 65341D102 623 25,000 SH   SOLE 0 25,000 0 0
Parkway Inc. REIT 70156Q107 24,052 1,050,762 SH   SOLE 0 1,050,762 0 0
Patterson Companies Inc COM 703395103 3,827 81,500 SH   SOLE 0 81,500 0 0
PDC Energy, Inc. COM 69327R101 3,135 72,700 SH   SOLE 0 72,700 0 0
Photronics Inc. COM 719405102 4,399 467,900 SH   SOLE 0 467,900 0 0
PNC Financial Corp COM 693475105 69,779 558,812 SH   SOLE 0 558,812 0 0
PNC Financial Services Group 2018 Warrants W EXP 12/31/2018 693475121 68,399 1,186,849 SH   SOLE 0 1,186,849 0 0
Progress Software Corporation COM 743312100 3,168 102,555 SH   SOLE 0 102,555 0 0
Prosperity Bancshares Inc. COM 743606105 5,978 93,046 SH   SOLE 0 93,046 0 0
Quanex Building Products COM 747619104 4,541 214,700 SH   SOLE 0 214,700 0 0
Ralph Lauren Corp. CL A 751212101 26,535 359,546 SH   SOLE 0 359,546 0 0
Rayonier Inc. COM 754907103 96,632 3,358,770 SH   SOLE 0 3,358,770 0 0
Reliance Steel & Aluminum Co. COM 759509102 22,914 314,698 SH   SOLE 0 314,698 0 0
Seaboard Corp. COM 811543107 3,744 937 SH   SOLE 0 937 0 0
Shire Plc - ADR ADR 82481R106 11,458 69,324 SH   SOLE 0 69,324 0 0
Southside Bancshares Inc. COM 84470P109 7,131 204,070 SH   SOLE 0 204,070 0 0
SP Plus Corp. COM 78469C103 6,062 198,423 SH   SOLE 0 198,423 0 0
Standard Motor Products, Inc. COM 853666105 3,308 63,347 SH   SOLE 0 63,347 0 0
Synaptics Inc. COM 87157D109 4,722 91,307 SH   SOLE 0 91,307 0 0
Syntel, Inc. COM 87162H103 8,289 488,697 SH   SOLE 0 488,697 0 0
Tejon Ranch Co. COM 879080109 45,649 2,211,653 SH   SOLE 0 2,211,653 0 0
Tetra Tech, Inc. COM 88162G103 6,014 131,444 SH   SOLE 0 131,444 0 0
The Macerich Company COM 554382101 29,077 500,801 SH   SOLE 0 500,801 0 0
Total Fina ELF S A ADR ADR 89151E109 49 984 SH   SOLE 0 984 0 0
Tri Pointe Group Inc. COM 87265H109 5,420 410,900 SH   SOLE 0 410,900 0 0
Trinet Group Services COM 896288107 6,070 185,400 SH   SOLE 0 185,400 0 0
Trinity Place Holdings COM 89656D101 34,718 4,882,914 SH   SOLE 0 4,882,914 0 0
UCP Inc. - Class A CL A 90265Y106 698 63,659 SH   SOLE 0 63,659 0 0
UMB Financial Corporation COM 902788108 6,093 81,391 SH   SOLE 0 81,391 0 0
UniFirst Corporation COM 904708104 4,209 29,910 SH   SOLE 0 29,910 0 0
Vail Resorts Inc. COM 91879Q109 0 0 SH   SOLE 0 0 0 0
Valley National Bancorp COM 919794107 3,342 282,975 SH   SOLE 0 282,975 0 0
Valmont Industries COM 920253101 297 1,982 SH   SOLE 0 1,982 0 0
VCA Antech Inc. COM 918194101 5,277 57,158 SH   SOLE 0 57,158 0 0
Viad Corp. COM 92552R406 5,115 108,235 SH   SOLE 0 108,235 0 0
Visteon Corp. COM 92839U206 6,317 61,888 SH   SOLE 0 61,888 0 0
Vodafone Group Plc - ADR ADR 92857W308 37 1,259 SH   SOLE 0 1,259 0 0
Vornado Realty Trust SH BEN INT 929042109 59,976 638,714 SH   SOLE 0 638,714 0 0
Wesbanco Inc. COM 950810101 2,242 56,700 SH   SOLE 0 56,700 0 0
Weyerhaeuser Company COM 962166104 189,342 5,651,983 SH   SOLE 0 5,651,983 0 0
White Mountains Insurance Group COM G9618E107 28,696 33,035 SH   SOLE 0 33,035 0 0
World Fuel Services Corp COM 981475106 6,395 166,319 SH   SOLE 0 166,319 0 0
Zions Bancorporation COM 989701107 24,483 557,558 SH   SOLE 0 557,558 0 0