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 3,748 89,857 SH   SOLE 0 89,857 0 0
Alamo Group, Inc. COM 011311107 5,015 46,706 SH   SOLE 0 46,706 0 0
Alico, Inc. COM 016230104 4,089 119,727 SH   SOLE 0 119,727 0 0
Alleghany Corp. COM 017175100 38,347 69,217 SH   SOLE 0 69,217 0 0
Amgen Inc. COM 031162100 39,178 210,124 SH   SOLE 0 210,124 0 0
AMN Healthcare Services Inc. COM 001744101 6,565 143,642 SH   SOLE 0 143,642 0 0
Anixter International Inc. COM 035290105 29,950 352,351 SH   SOLE 0 352,351 0 0
Arcos Dorados Holdings, Inc. SHS CL A G0457F107 9,761 971,150 SH   SOLE 0 971,150 0 0
Avnet Inc. COM 053807103 526 13,379 SH   SOLE 0 13,379 0 0
Bank of New York Mellon Corp. COM 064058100 82,198 1,550,304 SH   SOLE 0 1,550,304 0 0
Barnes Group Inc. COM 067806109 4,762 67,600 SH   SOLE 0 67,600 0 0
BMC Stock Holdings, Inc. Equity 05591B109 5,782 270,800 SH   SOLE 0 270,800 0 0
Brookfield Asset Mgmt. CL A CL A LTD VT SH 112585104 177,620 4,300,707 SH   SOLE 0 4,300,707 0 0
Cambrex Corp. COM 132011107 3,470 63,085 SH   SOLE 0 63,085 0 0
Capital Southwest COM 140501107 2,576 150,348 SH   SOLE 0 150,348 0 0
Carrizo Oil & Gas Inc. COM 144577103 5,096 297,453 SH   SOLE 0 297,453 0 0
Catchmark Timber Trust Inc. REIT 14912Y202 1,009 80,000 SH   SOLE 0 80,000 0 0
Cavco Industries, Inc. (COM & Restricted) COM 149568107 40,016 271,200 SH   SOLE 0 271,200 0 0
CBS Corporation CL B 124857202 20,491 353,287 SH   SOLE 0 353,287 0 0
CEDAR REALTY TRUST INC COM 150602209 988 175,700 SH   SOLE 0 175,700 0 0
Century Communities Inc. COM 156504300 1,771 71,671 SH   SOLE 0 71,671 0 0
Cerner Corp. COM 156782104 29,152 408,748 SH   SOLE 0 408,748 0 0
CNH Industrial NV COM N20944109 3,184 265,100 SH   SOLE 0 265,100 0 0
Comerica Inc 2018 Warrants W EXP 11/14/2018 200340115 1,566 33,300 SH   SOLE 0 33,300 0 0
Comerica Inc. COM 200340107 64,636 847,570 SH   SOLE 0 847,570 0 0
Comfort Systems USA Inc. COM 199908104 6,051 169,475 SH   SOLE 0 169,475 0 0
Commerce Bancshares, Inc COM 200525103 5,945 102,906 SH   SOLE 0 102,906 0 0
Core-Mark Holding Co. Inc. COM 218681104 2,946 91,661 SH   SOLE 0 91,661 0 0
Cosan Ltd. CL A G25343107 4,578 563,000 SH   SOLE 0 563,000 0 0
Covanta Holding Corporation COM 22282E102 7,626 513,533 SH   SOLE 0 513,533 0 0
CSG Systems International, Inc. COM 126349109 2,695 67,198 SH   SOLE 0 67,198 0 0
CSW Industrials Inc. COM 126402106 6,668 150,348 SH   SOLE 0 150,348 0 0
Cubic, Corp. COM 229669106 6,743 132,204 SH   SOLE 0 132,204 0 0
Cullen Frost Bankers, Inc. COM 229899109 5,772 60,800 SH   SOLE 0 60,800 0 0
DEUTSCHE BANK AG-REGISTERED COM D18190898 8,640 500,000 SH   SOLE 0 500,000 0 0
Devon Energy Corp. COM 25179M103 22,689 618,038 SH   SOLE 0 618,038 0 0
Dorman Products, Inc. COM 258278100 3,123 43,600 SH   SOLE 0 43,600 0 0
DST Systems COM 233326107 3,452 62,900 SH   SOLE 0 62,900 0 0
EMCOR Group, Inc. COM 29084Q100 5,697 82,107 SH   SOLE 0 82,107 0 0
EOG Resources COM 26875P101 24,075 248,856 SH   SOLE 0 248,856 0 0
Finisar Corp. COM 31787A507 4,466 201,400 SH   SOLE 0 201,400 0 0
First Industrial Realty Trust, Inc. COM 32054K103 53,884 1,790,743 SH   SOLE 0 1,790,743 0 0
Five Point Holdings LLC - CL A COM 33833Q106 33,646 2,466,661 SH   SOLE 0 2,466,661 0 0
FNF Group COM 31620R303 31,538 664,500 SH   SOLE 0 664,500 0 0
Forest City Enterprises Inc. CL A CL A 345605109 123,982 4,860,122 SH   SOLE 0 4,860,122 0 0
FTI Consulting Inc. COM 302941109 4,836 136,292 SH   SOLE 0 136,292 0 0
Genpact Ltd. COM G3922B107 4,660 162,066 SH   SOLE 0 162,066 0 0
Haynes International Inc. COM 420877201 4,685 130,443 SH   SOLE 0 130,443 0 0
Horizon Global Corp. COM 44052W104 4,730 268,100 SH   SOLE 0 268,100 0 0
ICF International, Inc. COM 44925C103 7,814 144,822 SH   SOLE 0 144,822 0 0
Insight Enterprises, Inc. COM 45765U103 6,783 147,700 SH   SOLE 0 147,700 0 0
Interface Inc. COM 458665304 5,299 241,920 SH   SOLE 0 241,920 0 0
JBG Smith Properties REIT 46590V100 10,926 319,357 SH   SOLE 0 319,357 0 0
Johnson Controls International plc COM G51502105 47,935 1,189,748 SH   SOLE 0 1,189,748 0 0
Kaiser Aluminum Corp. COM PAR $0.01 483007704 6,465 62,678 SH   SOLE 0 62,678 0 0
Kennedy-Wilson Holdings Inc. COM 489398107 21,881 1,179,553 SH   SOLE 0 1,179,553 0 0
Keycorp COM 493267108 16,032 851,818 SH   SOLE 0 851,818 0 0
Kimco Realty Corp COM 49446R109 21,120 1,080,300 SH   SOLE 0 1,080,300 0 0
Korn/Ferry International COM 500643200 4,949 125,500 SH   SOLE 0 125,500 0 0
Legg Mason Inc. COM 524901105 2,333 59,332 SH   SOLE 0 59,332 0 0
Lennar Corp - Class B CL B 526057302 2,120 47,006 SH   SOLE 0 47,006 0 0
Lennar Corp. COM 526057104 151,499 2,869,290 SH   SOLE 0 2,869,290 0 0
Leucadia National Corporation COM 527288104 2,531 100,233 SH   SOLE 0 100,233 0 0
Livanova PLC COM G5509L101 15,373 219,422 SH   SOLE 0 219,422 0 0
Lowe's Companies Inc. COM 548661107 38,021 475,611 SH   SOLE 0 475,611 0 0
Masco Corp. COM 574599106 21,692 556,045 SH   SOLE 0 556,045 0 0
Multi-Color Corporation COM 625383104 4,939 60,262 SH   SOLE 0 60,262 0 0
MYR Group Inc. COM 55405W104 3,800 130,400 SH   SOLE 0 130,400 0 0
Netscout Systems Inc. COM 64115T104 8,014 247,700 SH   SOLE 0 247,700 0 0
NEXPOINT RESIDNL TR COM 65341D102 594 25,000 SH   SOLE 0 25,000 0 0
Parkway Inc. REIT 70156Q107 24,200 1,050,762 SH   SOLE 0 1,050,762 0 0
Patterson Companies Inc COM 703395103 5,068 131,100 SH   SOLE 0 131,100 0 0
PDC Energy, Inc. COM 69327R101 3,874 79,000 SH   SOLE 0 79,000 0 0
Photronics Inc. COM 719405102 4,141 467,900 SH   SOLE 0 467,900 0 0
PNC Financial Corp COM 693475105 65,446 485,612 SH   SOLE 0 485,612 0 0
PNC Financial Services Group 2018 Warrants W EXP 12/31/2018 693475121 79,947 1,186,849 SH   SOLE 0 1,186,849 0 0
Progress Software Corporation COM 743312100 3,342 87,555 SH   SOLE 0 87,555 0 0
Prosperity Bancshares Inc. COM 743606105 6,116 93,046 SH   SOLE 0 93,046 0 0
Quanex Building Products COM 747619104 4,928 214,700 SH   SOLE 0 214,700 0 0
Ralph Lauren Corp. CL A 751212101 844 9,556 SH   SOLE 0 9,556 0 0
Rayonier Inc. COM 754907103 97,142 3,362,470 SH   SOLE 0 3,362,470 0 0
Reliance Steel & Aluminum Co. COM 759509102 27,418 359,950 SH   SOLE 0 359,950 0 0
Seaboard Corp. COM 811543107 4,222 937 SH   SOLE 0 937 0 0
Shire Plc - ADR ADR 82481R106 229 1,491 SH   SOLE 0 1,491 0 0
Southside Bancshares Inc. COM 84470P109 7,214 198,385 SH   SOLE 0 198,385 0 0
SP Plus Corp. COM 78469C103 6,578 166,523 SH   SOLE 0 166,523 0 0
Standard Motor Products, Inc. COM 853666105 2,266 46,947 SH   SOLE 0 46,947 0 0
Synaptics Inc. COM 87157D109 3,793 96,807 SH   SOLE 0 96,807 0 0
Syntel, Inc. COM 87162H103 9,603 488,697 SH   SOLE 0 488,697 0 0
Tejon Ranch Co. COM 879080109 46,666 2,211,653 SH   SOLE 0 2,211,653 0 0
Tetra Tech, Inc. COM 88162G103 6,119 131,444 SH   SOLE 0 131,444 0 0
The Macerich Company COM 554382101 46,599 847,701 SH   SOLE 0 847,701 0 0
Tidewater Inc. COM 88642R109 18,448 634,354 SH   SOLE 0 634,354 0 0
Total Fina ELF S A ADR ADR 89151E109 53 984 SH   SOLE 0 984 0 0
Tri Pointe Group Inc. COM 87265H109 5,675 410,900 SH   SOLE 0 410,900 0 0
Trinet Group Services COM 896288107 4,058 120,700 SH   SOLE 0 120,700 0 0
Trinity Place Holdings COM 89656D101 34,353 4,893,514 SH   SOLE 0 4,893,514 0 0
UMB Financial Corporation COM 902788108 6,063 81,391 SH   SOLE 0 81,391 0 0
UniFirst Corporation COM 904708104 4,532 29,910 SH   SOLE 0 29,910 0 0
Valley National Bancorp COM 919794107 2,286 189,675 SH   SOLE 0 189,675 0 0
Valmont Industries COM 920253101 285 1,799 SH   SOLE 0 1,799 0 0
Viad Corp. COM 92552R406 6,592 108,235 SH   SOLE 0 108,235 0 0
Visteon Corp. COM 92839U206 6,035 48,753 SH   SOLE 0 48,753 0 0
Vodafone Group Plc - ADR ADR 92857W308 36 1,259 SH   SOLE 0 1,259 0 0
Vornado Realty Trust SH BEN INT 929042109 53,049 690,014 SH   SOLE 0 690,014 0 0
Wesbanco Inc. COM 950810101 4,566 111,300 SH   SOLE 0 111,300 0 0
Weyerhaeuser Company COM 962166104 191,785 5,635,761 SH   SOLE 0 5,635,761 0 0
White Mountains Insurance Group COM G9618E107 27,940 32,601 SH   SOLE 0 32,601 0 0
World Fuel Services Corp COM 981475106 5,949 175,419 SH   SOLE 0 175,419 0 0
Zions Bancorporation COM 989701107 26,363 558,758 SH   SOLE 0 558,758 0 0