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
Expires:Oct 31, 2018
Estimated average burden
hours per response:23.8

COLUMN 1COLUMN 2COLUMN 3COLUMN 4COLUMN 5COLUMN 6COLUMN 7COLUMN 8
VALUESHRS ORSH/PUT/INVESTMENTOTHERVOTING AUTHORITY
NAME OF ISSUERTITLE OF CLASSCUSIP(x$1000)PRN AMTPRNCALLDISCRETIONMANAGERSOLESHAREDNONE
Alamo Group, Inc.COM0113111074,44931,880SH SOLE031,88000
AmercoCOM02358610027,43742,470SH SOLE042,47000
American Homes 4 RentCL A02665T30619,276505,645SH SOLE0505,64500
ATN International Inc.COM00215F1074,40093,903SH SOLE093,90300
Brightsphere Investment GroupCOM10948W1035,050193,259SH SOLE0193,25900
Brookfield Asset Mgmt. CL ACL A LTD VT SH11258510444,339828,596SH SOLE0828,59600
Cal-Maine Foods, Inc.COM1280302025,050139,635SH SOLE0139,63500
CBRE Group, Inc.COM12504L10916,267167,076SH SOLE0167,07600
Central Securities CorporationCOM1551231024,699111,210SH SOLE0111,21000
Comerica Inc.COM20034010729,910371,544SH SOLE0371,54400
Comfort Systems USA Inc.COM1999081043,73752,390SH SOLE052,39000
CTO Realty Growth, Inc.COM22948Q1011,03819,293SH SOLE019,29300
Dorman Products, Inc.COM2582781002,46926,078SH SOLE026,07800
EMCOR Group, Inc.COM29084Q1005,28445,788SH SOLE045,78800
Essex Property Trust, Inc.COM2971781059,69930,334SH SOLE030,33400
First Industrial Realty Trust, Inc.COM32054K10310,565202,857SH SOLE0202,85700
Five Point Holdings LLC - CL ACOM33833Q10669,6758,898,419SH SOLE08,898,41900
FNF GroupCOM31620R30311,502253,673SH SOLE0253,67300
FRP Holdings Inc.COM30292L1078,525152,435SH SOLE0152,43500
Green Brick PartnersCOM39270910132916,000SH SOLE016,00000
Hamilton Beach BrandCOM CL A40701T1044,426282,436SH SOLE0282,43600
Hawaiian Holdings Inc.COM41987910121,532994,055SH SOLE0994,05500
ICF International, Inc.COM44925C1037,47283,673SH SOLE083,67300
JBG Smith PropertiesREIT46590V10015,630527,851SH SOLE0527,85100
Kaiser Aluminum Corp.COM PAR $0.014830077045,68452,160SH SOLE052,16000
Lazard Ltd.COMG5405010216,894368,858SH SOLE0368,85800
Lennar Corp - Class BCL B52605730237,607484,684SH SOLE0484,68400
Liberty Media Corp. - Braves ACOM5312297064,686174,128SH SOLE0174,12800
Lowe's Companies Inc.COM54866110723,731116,979SH SOLE0116,97900
Madison Square Garden EntertainmentCOM55826T1021,99527,448SH SOLE027,44800
Mohawk Industries Inc.COM60819010411,79166,464SH SOLE066,46400
Monmouth Real Estate Investment Corp.COM60972010756030,000SH SOLE030,00000
MYR Group Inc.COM55405W10410,081101,309SH SOLE0101,30900
NexPoint Residential Trust, Inc.COM65341D10280513,000SH SOLE013,00000
Old Republic International Corp. COM68022310425,6821,110,301SH SOLE01,110,30100
Potlatchdeltic Corp.COM7376301031,03220,000SH SOLE020,00000
Preferred Apartment CommunitiesCOM74039L1033,152257,713SH SOLE0257,71300
Proassurance Corp.COM US74267C1067,064297,038SH SOLE0297,03800
Prologis Inc.COM74340W10332,035255,401SH SOLE0255,40100
Prosperity Bancshares Inc.COM7436061057,677107,928SH SOLE0107,92800
Rayonier Inc.COM75490710329,419824,502SH SOLE0824,50200
Retail Opportunity Investments Corp.COM76131N1011,30775,000SH SOLE075,00000
Seaboard Corp.COM8115431079,5782,336SH SOLE02,33600
Seritage Growth PropertiesREIT81752R1003,000202,271SH SOLE0202,27100
Southside Bancshares Inc.COM84470P1096,288164,220SH SOLE0164,22000
Stewart Information Services Corp.COM8603721011,07617,000SH SOLE017,00000
Stratus Properties Inc.COM8631672014,550141,118SH SOLE0141,11800
The RMR Group Inc.COM74967R10677023,000SH SOLE023,00000
Tidewater Inc.COM88642R10928,3112,347,512SH SOLE02,347,51200
Tri Pointe Group Inc.COM87265H1094,897232,961SH SOLE0232,96100
Trinity Place HoldingsCOM89656D10111,9186,080,226SH SOLE06,080,22600
UMB Financial CorporationCOM90278810814,133146,136SH SOLE0146,13600
UniFirst CorporationCOM9047081043,17714,942SH SOLE014,94200
Valaris Ltd.COMG9460G10110,815310,047SH SOLE0310,04700
Visteon Corp.COM92839U2063,00731,848SH SOLE031,84800
Vornado Realty TrustSH BEN INT9290421098,109193,011SH SOLE0193,01100
Warrior Met Coal Inc.COM93627C10140,2651,730,328SH SOLE01,730,32800
Washington Trust Bancorp.COM9406101089,682182,745SH SOLE0182,74500
Weyerhaeuser CompanyCOM96216610429,518829,843SH SOLE0829,84300