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 26,699 934,173 SH   SOLE 0 934,173 0 0
Alamo Group, Inc. COM 011311107 5,499 46,706 SH   SOLE 0 46,706 0 0
Alico, Inc. COM 016230104 4,779 140,451 SH   SOLE 0 140,451 0 0
Amerco COM 023586100 29,401 75,379 SH   SOLE 0 75,379 0 0
Argan Inc. COM 04010E109 5,232 133,142 SH   SOLE 0 133,142 0 0
ATN Interntaional Inc. COM 00215F107 7,951 136,210 SH   SOLE 0 136,210 0 0
Brookfield Asset Mgmt. CL A CL A LTD VT SH 112585104 84,069 1,583,511 SH   SOLE 0 1,583,511 0 0
Carter Bank & Trust COM 146102108 6,377 337,575 SH   SOLE 0 337,575 0 0
Catchmark Timber Trust Inc. REIT 14912Y202 854 80,000 SH   SOLE 0 80,000 0 0
Century Communities Inc. COM 156504300 1,226 40,000 SH   SOLE 0 40,000 0 0
Colony Capital Inc. REIT 19626G108 10,565 1,754,908 SH   SOLE 0 1,754,908 0 0
Comerica Inc. COM 200340107 25,008 378,962 SH   SOLE 0 378,962 0 0
Comfort Systems USA Inc. COM 199908104 5,955 134,629 SH   SOLE 0 134,629 0 0
Cooper Tire & Rubber Company COM 216831107 2,537 97,126 SH   SOLE 0 97,126 0 0
Cullen Frost Bankers, Inc. COM 229899109 3,749 42,331 SH   SOLE 0 42,331 0 0
Customers Bancorp Inc COM 23204G100 11,638 561,121 SH   SOLE 0 561,121 0 0
Dorman Products, Inc. COM 258278100 3,468 43,600 SH   SOLE 0 43,600 0 0
Eagle Materials Inc. COM 26969P108 15,832 175,889 SH   SOLE 0 175,889 0 0
EMCOR Group, Inc. COM 29084Q100 7,072 82,107 SH   SOLE 0 82,107 0 0
First Industrial Realty Trust, Inc. COM 32054K103 26,754 676,266 SH   SOLE 0 676,266 0 0
Five Point Holdings LLC - CL A COM 33833Q106 82,683 11,024,313 SH   SOLE 0 11,024,313 0 0
FNF Group COM 31620R303 15,056 339,016 SH   SOLE 0 339,016 0 0
Front Yard Residential Corporation Com 35904G107 1,041 90,000 SH   SOLE 0 90,000 0 0
FRP Holdings Inc. COM 30292L107 6,327 131,757 SH   SOLE 0 131,757 0 0
FTI Consulting Inc. COM 302941109 9,208 86,869 SH   SOLE 0 86,869 0 0
Genpact Ltd. COM G3922B107 4,684 120,872 SH   SOLE 0 120,872 0 0
Green Brick Partners com 392709101 642 60,000 SH   SOLE 0 60,000 0 0
Hawaiian Holdings Inc. COM 419879101 37,155 1,414,859 SH   SOLE 0 1,414,859 0 0
ICF International, Inc. COM 44925C103 9,528 112,787 SH   SOLE 0 112,787 0 0
JBG Smith Properties REIT 46590V100 51,298 1,308,276 SH   SOLE 0 1,308,276 0 0
Jernigan Capital Com 476405105 385 20,000 SH   SOLE 0 20,000 0 0
Kaiser Aluminum Corp. COM PAR $0.01 483007704 4,040 40,819 SH   SOLE 0 40,819 0 0
Lennar Corp - Class B CL B 526057302 56,578 1,275,135 SH   SOLE 0 1,275,135 0 0
Lennar Corp. COM 526057104 52,699 943,577 SH   SOLE 0 943,577 0 0
Lowe's Companies Inc. COM 548661107 23,890 217,258 SH   SOLE 0 217,258 0 0
Mohawk Industries Inc. COM 608190104 18,142 146,222 SH   SOLE 0 146,222 0 0
MYR Group Inc. COM 55405W104 11,999 383,459 SH   SOLE 0 383,459 0 0
PNC Financial Corp COM 693475105 37,945 270,724 SH   SOLE 0 270,724 0 0
Prosperity Bancshares Inc. COM 743606105 4,319 61,148 SH   SOLE 0 61,148 0 0
Rayonier Inc. COM 754907103 52,019 1,844,644 SH   SOLE 0 1,844,644 0 0
Seaboard Corp. COM 811543107 7,473 1,708 SH   SOLE 0 1,708 0 0
Seacor Marine Holdings Inc. COM 78413P101 4,501 358,074 SH   SOLE 0 358,074 0 0
Seritage Growth Properties Com 81752R100 13,753 323,676 SH   SOLE 0 323,676 0 0
Southside Bancshares Inc. COM 84470P109 6,767 198,385 SH   SOLE 0 198,385 0 0
Tejon Ranch Co. COM 879080109 11,644 686,108 SH   SOLE 0 686,108 0 0
The Macerich Company COM 554382101 35,313 1,117,835 SH   SOLE 0 1,117,835 0 0
Tidewater Inc. COM 88642R109 41,363 2,737,423 SH   SOLE 0 2,737,423 0 0
Tri Pointe Group Inc. COM 87265H109 9,125 606,666 SH   SOLE 0 606,666 0 0
Trinity Place Holdings COM 89656D101 22,829 5,707,236 SH   SOLE 0 5,707,236 0 0
UMB Financial Corporation COM 902788108 7,865 121,780 SH   SOLE 0 121,780 0 0
UniFirst Corporation COM 904708104 4,752 24,354 SH   SOLE 0 24,354 0 0
Viad Corp. COM 92552R406 5,141 76,557 SH   SOLE 0 76,557 0 0
Visteon Corp. COM 92839U206 9,250 112,063 SH   SOLE 0 112,063 0 0
Vornado Realty Trust SH BEN INT 929042109 39,584 621,696 SH   SOLE 0 621,696 0 0
Warrior Met Coal Inc. com 93627C101 34,549 1,769,890 SH   SOLE 0 1,769,890 0 0
Weyerhaeuser Company COM 962166104 88,595 3,198,359 SH   SOLE 0 3,198,359 0 0
William Lyon Homes - Cl A COM 552074700 815 40,000 SH   SOLE 0 40,000 0 0