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 FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
Alamo Group, Inc. COM 011311107   6,700,857 31,880 SH   SOLE 0 31,880 0 0
American Homes 4 Rent CL A 02665T306   12,168,109 338,379 SH   SOLE 0 338,379 0 0
Atlanta Braves Holdings Inc - A COM 047726104   7,034,658 164,438 SH   SOLE 0 164,438 0 0
Atlanta Braves Holdings Inc - C COM 047726302   1,029,080 26,000 SH   SOLE 0 26,000 0 0
Brookfield Asset Mgmt. CL A CL A LTD VT SH 113004105   5,289,184 131,670 SH   SOLE 0 131,670 0 0
Brookfield Corp. COM 11271J107   19,589,553 488,274 SH   SOLE 0 488,274 0 0
CBRE Group, Inc. COM 12504L109   16,960,998 182,200 SH   SOLE 0 182,200 0 0
Central Securities Corporation COM 155123102   4,200,402 111,210 SH   SOLE 0 111,210 0 0
Collegium Pharmaceutical Inc. COM 19459J104   2,558,434 83,120 SH   SOLE 0 83,120 0 0
Comerica Inc. COM 200340107   26,580,573 476,269 SH   SOLE 0 476,269 0 0
Comfort Systems USA Inc. COM 199908104   3,996,991 19,434 SH   SOLE 0 19,434 0 0
CTO Realty Growth, Inc. COM 22948Q101   1,091,790 63,000 SH   SOLE 0 63,000 0 0
Deutsche Bank AG COM D18190898   33,961,311 2,486,569 SH   SOLE 0 2,486,569 0 0
DR Horton Inc. COM 23331A109   18,693,236 122,998 SH   SOLE 0 122,998 0 0
Elme Communities COM 939653101   949,000 65,000 SH   SOLE 0 65,000 0 0
Encore Capital Group Inc. COM 292554102   8,661,909 170,678 SH   SOLE 0 170,678 0 0
Equity Commonwealth COM 294628102   1,056,000 55,000 SH   SOLE 0 55,000 0 0
First Industrial Realty Trust, Inc. COM 32054K103   8,155,844 154,848 SH   SOLE 0 154,848 0 0
Five Point Holdings LLC - CL A COM 33833Q106   10,115,024 3,294,796 SH   SOLE 0 3,294,796 0 0
FNF Group COM 31620R303   6,017,962 117,953 SH   SOLE 0 117,953 0 0
FRP Holdings Inc. COM 30292L107   7,953,628 126,489 SH   SOLE 0 126,489 0 0
Green Brick Partners COM 392709101   259,700 5,000 SH   SOLE 0 5,000 0 0
Hamilton Beach Brand COM CL A 40701T104   8,003,022 457,577 SH   SOLE 0 457,577 0 0
Hawaiian Holdings Inc. COM 419879101   11,581,222 815,579 SH   SOLE 0 815,579 0 0
ICF International, Inc. COM 44925C103   7,747,586 57,779 SH   SOLE 0 57,779 0 0
Inventrust Properties Corp. COM 46124J201   10,533,205 415,675 SH   SOLE 0 415,675 0 0
Investors Title Co. COM 461804106   6,350,051 39,164 SH   SOLE 0 39,164 0 0
Jones Lang Lasalle COM 48020Q107   9,819,351 51,990 SH   SOLE 0 51,990 0 0
Kaiser Aluminum Corp. COM 483007704   7,883,509 110,739 SH   SOLE 0 110,739 0 0
Lennar Corp - Class B CL B 526057302   23,285,826 173,710 SH   SOLE 0 173,710 0 0
Lowe's Companies Inc. COM 548661107   6,616,412 29,730 SH   SOLE 0 29,730 0 0
LSB Industries Inc. COM 502160104   4,405,622 473,214 SH   SOLE 0 473,214 0 0
Madison Square Garden Entertainment COM 55826T102   3,585,599 105,583 SH   SOLE 0 105,583 0 0
MYR Group Inc. COM 55405W104   9,799,695 67,757 SH   SOLE 0 67,757 0 0
Old Republic International Corp. COM 680223104   24,326,177 827,421 SH   SOLE 0 827,421 0 0
Potlatchdeltic Corp. COM 737630103   982,000 20,000 SH   SOLE 0 20,000 0 0
Proassurance Corp. COM 74267C106   6,117,506 443,619 SH   SOLE 0 443,619 0 0
Prologis Inc. COM 74340W103   15,512,521 116,373 SH   SOLE 0 116,373 0 0
Prosperity Bancshares Inc. COM 743606105   6,906,089 101,965 SH   SOLE 0 101,965 0 0
Rayonier Inc. COM 754907103   11,316,669 338,721 SH   SOLE 0 338,721 0 0
Retail Opportunity Investments Corp. COM 76131N101   1,262,700 90,000 SH   SOLE 0 90,000 0 0
Seaboard Corp. COM 811543107   8,332,613 2,334 SH   SOLE 0 2,334 0 0
Southside Bancshares Inc. COM 84470P109   6,559,222 209,426 SH   SOLE 0 209,426 0 0
Stewart Information Services Corp. COM 860372101   998,750 17,000 SH   SOLE 0 17,000 0 0
Sun Communities Inc. COM 866674104   6,767,234 50,634 SH   SOLE 0 50,634 0 0
Supernus Pharmaceuticals, Inc. COM 868459108   4,622,210 159,717 SH   SOLE 0 159,717 0 0
The RMR Group Inc. COM 74967R106   1,044,510 37,000 SH   SOLE 0 37,000 0 0
Tidewater Inc. COM 88642R109   50,738,831 703,631 SH   SOLE 0 703,631 0 0
Tri Pointe Group Inc. COM 87265H109   5,522,294 155,997 SH   SOLE 0 155,997 0 0
Trinity Place Holdings COM 89656D101   569,184 5,127,786 SH   SOLE 0 5,127,786 0 0
U-Haul Holding Company COM 023586100   104,541 1,456 SH   SOLE 0 1,456 0 0
U-Haul Holding Company COM 023586506   20,738,452 294,413 SH   SOLE 0 294,413 0 0
UMB Financial Corporation COM 902788108   12,472,678 149,284 SH   SOLE 0 149,284 0 0
UniFirst Corporation COM 904708104   3,628,386 19,837 SH   SOLE 0 19,837 0 0
Valaris Ltd. COM G9460G101   28,799,880 420,007 SH   SOLE 0 420,007 0 0
Warrior Met Coal Inc. COM 93627C101   59,012,802 967,899 SH   SOLE 0 967,899 0 0
Washington Trust Bancorp. COM 940610108   6,447,473 199,119 SH   SOLE 0 199,119 0 0
Weyerhaeuser Company COM 962166104   12,869,837 370,142 SH   SOLE 0 370,142 0 0
Whitestone REIT COM 966084204   983,200 80,000 SH   SOLE 0 80,000 0 0