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
Acadia Realty Trust COM SH BEN INT 004239109 41,832 1,760,583 SH   SOLE 0 1,760,583 0 0
AdvanSix Inc. COM 00773T101 5,568 228,743 SH   SOLE 0 228,743 0 0
Alamo Group, Inc. COM 011311107 3,612 46,706 SH   SOLE 0 46,706 0 0
Alico, Inc. COM 016230104 4,144 140,451 SH   SOLE 0 140,451 0 0
Amerco COM 023586100 27,652 84,274 SH   SOLE 0 84,274 0 0
Aspen Insurance Holdings Ltd SHS G05384105 15 342 SH   SOLE 0 342 0 0
ATN International Inc. COM 00215F107 8,230 115,053 SH   SOLE 0 115,053 0 0
Brookfield Asset Mgmt. CL A CL A LTD VT SH 112585104 104,079 2,713,901 SH   SOLE 0 2,713,901 0 0
Catchmark Timber Trust Inc. REIT 14912Y202 958 134,802 SH   SOLE 0 134,802 0 0
Cedar Realty Trust Inc. COM 150602209 925 294,328 SH   SOLE 0 294,328 0 0
Century Communities Inc. COM 156504300 1,135 65,702 SH   SOLE 0 65,702 0 0
Comerica Inc. COM 200340107 37,224 541,908 SH   SOLE 0 541,908 0 0
Comfort Systems USA Inc. COM 199908104 4,942 113,130 SH   SOLE 0 113,130 0 0
Cubic, Corp. COM 229669106 5,920 110,144 SH   SOLE 0 110,144 0 0
Cullen Frost Bankers, Inc. COM 229899109 5,347 60,800 SH   SOLE 0 60,800 0 0
Customers Bancorp Inc COM 23204G100 9,448 519,113 SH   SOLE 0 519,113 0 0
Dorman Products, Inc. COM 258278100 3,925 43,600 SH   SOLE 0 43,600 0 0
DowDuPont Inc. COM 26078J100 13,434 251,181 SH   SOLE 0 251,181 0 0
EMCOR Group, Inc. COM 29084Q100 4,901 82,107 SH   SOLE 0 82,107 0 0
First Industrial Realty Trust, Inc. COM 32054K103 30,747 1,065,381 SH   SOLE 0 1,065,381 0 0
Five Point Holdings LLC - CL A COM 33833Q106 79,441 11,446,791 SH   SOLE 0 11,446,791 0 0
FNF Group COM 31620R303 16,476 524,035 SH   SOLE 0 524,035 0 0
Front Yard Residential Corporation COM 35904G107 1,435 164,318 SH   SOLE 0 164,318 0 0
FRP Holdings Inc. COM 30292L107 5,705 123,987 SH   SOLE 0 123,987 0 0
FTI Consulting Inc. COM 302941109 8,938 134,122 SH   SOLE 0 134,122 0 0
Genpact Ltd. COM G3922B107 4,375 162,066 SH   SOLE 0 162,066 0 0
Green Brick Partners COM 392709101 543 75,000 SH   SOLE 0 75,000 0 0
Hawaiian Holdings Inc. COM 419879101 31,527 1,193,731 SH   SOLE 0 1,193,731 0 0
ICF International, Inc. COM 44925C103 7,307 112,787 SH   SOLE 0 112,787 0 0
JBG Smith Properties REIT 46590V100 22,174 636,994 SH   SOLE 0 636,994 0 0
Jernigan Capital COM 476405105 496 25,000 SH   SOLE 0 25,000 0 0
Kaiser Aluminum Corp. COM PAR $0.01 483007704 5,597 62,678 SH   SOLE 0 62,678 0 0
Lennar Corp - Class B CL B 526057302 38,929 1,242,536 SH   SOLE 0 1,242,536 0 0
Lennar Corp. COM 526057104 99,859 2,550,662 SH   SOLE 0 2,550,662 0 0
Lowe's Companies Inc. COM 548661107 32,579 352,738 SH   SOLE 0 352,738 0 0
MYR Group Inc. COM 55405W104 9,057 321,485 SH   SOLE 0 321,485 0 0
PNC Financial Corp COM 693475105 33,007 282,320 SH   SOLE 0 282,320 0 0
Prosperity Bancshares Inc. COM 743606105 6,909 110,885 SH   SOLE 0 110,885 0 0
Rayonier Inc. COM 754907103 63,162 2,281,005 SH   SOLE 0 2,281,005 0 0
Sanderson Farms Inc. COM 800013104 6,065 61,074 SH   SOLE 0 61,074 0 0
Seaboard Corp. COM 811543107 5,697 1,610 SH   SOLE 0 1,610 0 0
Seacor Marine Holdings Inc. COM 78413P101 4,211 358,011 SH   SOLE 0 358,011 0 0
Seritage Growth Properties COM 81752r100 9,598 296,875 SH   SOLE 0 296,875 0 0
Southside Bancshares Inc. COM 84470P109 6,299 198,385 SH   SOLE 0 198,385 0 0
SPDR TR UNIT SER 1 ETF 78462F103 2,812 11,248 SH   SOLE 0 11,248 0 0
Standard Motor Products, Inc. COM 853666105 2,274 46,947 SH   SOLE 0 46,947 0 0
Tejon Ranch Co. COM 879080109 18,545 1,118,503 SH   SOLE 0 1,118,503 0 0
Tetra Tech, Inc. COM 88162G103 6,202 119,797 SH   SOLE 0 119,797 0 0
The Macerich Company COM 554382101 65,954 1,523,888 SH   SOLE 0 1,523,888 0 0
Tidewater Inc. COM 88642R109 46,076 2,408,549 SH   SOLE 0 2,408,549 0 0
Transocean Ltd. COM H8817H100 10,484 1,510,628 SH   SOLE 0 1,510,628 0 0
Tri Pointe Group Inc. COM 87265H109 6,624 605,957 SH   SOLE 0 605,957 0 0
Trinity Place Holdings COM 89656D101 21,524 4,959,392 SH   SOLE 0 4,959,392 0 0
UMB Financial Corporation COM 902788108 9,196 150,823 SH   SOLE 0 150,823 0 0
UniFirst Corporation COM 904708104 4,293 30,002 SH   SOLE 0 30,002 0 0
Viad Corp. COM 92552R406 5,422 108,235 SH   SOLE 0 108,235 0 0
Visteon Corp. COM 92839U206 5,842 96,898 SH   SOLE 0 96,898 0 0
Vornado Realty Trust SH BEN INT 929042109 49,838 803,438 SH   SOLE 0 803,438 0 0
Warrior Met Coal Inc. COM 93627C101 63,156 2,619,494 SH   SOLE 0 2,619,494 0 0
Weyerhaeuser Company COM 962166104 105,137 4,809,541 SH   SOLE 0 4,809,541 0 0
William Lyon Homes - Cl A COM 552074700 476 44,471 SH   SOLE 0 44,471 0 0