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 22,626 872,557 SH   SOLE 0 872,557 0 0
Alamo Group, Inc. COM 011311107 5,864 46,706 SH   SOLE 0 46,706 0 0
Alico, Inc. COM 016230104 5,033 140,451 SH   SOLE 0 140,451 0 0
Amerco COM 023586100 30,158 80,245 SH   SOLE 0 80,245 0 0
Argan Inc. COM 04010E109 6,694 166,754 SH   SOLE 0 166,754 0 0
ATN International Inc. COM 00215F107 7,555 136,395 SH   SOLE 0 136,395 0 0
Brookfield Asset Mgmt. CL A CL A LTD VT SH 112585104 62,179 1,075,748 SH   SOLE 0 1,075,748 0 0
Carter Bank & Trust COM 146102108 6,381 268,982 SH   SOLE 0 268,982 0 0
Catchmark Timber Trust Inc. REIT 14912Y202 528 45,961 SH   SOLE 0 45,961 0 0
Century Communities Inc. COM 156504300 1,094 40,000 SH   SOLE 0 40,000 0 0
Colony Capital Inc. REIT 19626G108 8,567 1,803,433 SH   SOLE 0 1,803,433 0 0
Comerica Inc. COM 200340107 23,787 331,514 SH   SOLE 0 331,514 0 0
Comfort Systems USA Inc. COM 199908104 6,712 134,629 SH   SOLE 0 134,629 0 0
Cooper Tire & Rubber Company COM 216831107 4,252 147,893 SH   SOLE 0 147,893 0 0
Cullen Frost Bankers, Inc. COM 229899109 4,140 42,331 SH   SOLE 0 42,331 0 0
Customers Bancorp Inc COM 23204G100 13,361 561,121 SH   SOLE 0 561,121 0 0
Dorman Products, Inc. COM 258278100 3,302 43,600 SH   SOLE 0 43,600 0 0
Eagle Materials Inc. COM 26969P108 16,079 177,351 SH   SOLE 0 177,351 0 0
EMCOR Group, Inc. COM 29084Q100 6,045 70,044 SH   SOLE 0 70,044 0 0
First Industrial Realty Trust, Inc. COM 32054K103 23,354 562,599 SH   SOLE 0 562,599 0 0
Five Point Holdings LLC - CL A COM 33833Q106 81,408 11,713,323 SH   SOLE 0 11,713,323 0 0
FNF Group COM 31620R303 11,830 260,847 SH   SOLE 0 260,847 0 0
Front Yard Residential Corporation COM 35904G107 318 25,728 SH   SOLE 0 25,728 0 0
FRP Holdings Inc. COM 30292L107 6,563 131,757 SH   SOLE 0 131,757 0 0
FTI Consulting Inc. COM 302941109 8,196 74,064 SH   SOLE 0 74,064 0 0
Genpact Ltd. COM G3922B107 5,098 120,872 SH   SOLE 0 120,872 0 0
Green Brick Partners COM 392709101 689 60,000 SH   SOLE 0 60,000 0 0
Hawaiian Holdings Inc. COM 419879101 32,127 1,096,849 SH   SOLE 0 1,096,849 0 0
Howard Hughes Corporation COM 44267D107 14,301 112,780 SH   SOLE 0 112,780 0 0
ICF International, Inc. COM 44925C103 8,582 93,665 SH   SOLE 0 93,665 0 0
JBG Smith Properties REIT 46590V100 48,747 1,222,026 SH   SOLE 0 1,222,026 0 0
Jernigan Capital COM 476405105 383 20,000 SH   SOLE 0 20,000 0 0
Kaiser Aluminum Corp. COM 483007704 3,856 34,769 SH   SOLE 0 34,769 0 0
Lennar Corp - Class B CL B 526057302 50,529 1,130,388 SH   SOLE 0 1,130,388 0 0
Lennar Corp. COM 526057104 49,464 881,440 SH   SOLE 0 881,440 0 0
Mohawk Industries Inc. COM 608190104 20,030 146,864 SH   SOLE 0 146,864 0 0
MYR Group Inc. COM 55405W104 12,502 383,607 SH   SOLE 0 383,607 0 0
PNC Financial Corp COM 693475105 21,732 136,135 SH   SOLE 0 136,135 0 0
Prosperity Bancshares Inc. COM 743606105 4,396 61,148 SH   SOLE 0 61,148 0 0
Rayonier Inc. COM 754907103 42,008 1,282,284 SH   SOLE 0 1,282,284 0 0
Seaboard Corp. COM 811543107 7,260 1,708 SH   SOLE 0 1,708 0 0
Seacor Marine Holdings Inc. COM 78413P101 4,938 358,074 SH   SOLE 0 358,074 0 0
Seritage Growth Properties COM 81752R100 13,421 334,849 SH   SOLE 0 334,849 0 0
Southside Bancshares Inc. COM 84470P109 6,830 183,896 SH   SOLE 0 183,896 0 0
SPDR TR UNIT SER 1 ETF 78462F103 1,084 3,365 SH   SOLE 0 3,365 0 0
The Macerich Company COM 554382101 37,068 1,376,950 SH   SOLE 0 1,376,950 0 0
Tidewater Inc. COM 88642R109 53,109 2,754,611 SH   SOLE 0 2,754,611 0 0
Tri Pointe Group Inc. COM 87265H109 7,831 502,578 SH   SOLE 0 502,578 0 0
Trinity Place Holdings COM 89656D101 17,588 5,842,911 SH   SOLE 0 5,842,911 0 0
UMB Financial Corporation COM 902788108 9,072 132,155 SH   SOLE 0 132,155 0 0
UniFirst Corporation COM 904708104 3,829 18,954 SH   SOLE 0 18,954 0 0
Viad Corp. COM 92552R406 4,946 73,261 SH   SOLE 0 73,261 0 0
Visteon Corp. COM 92839U206 6,222 71,849 SH   SOLE 0 71,849 0 0
Vornado Realty Trust SH BEN INT 929042109 38,615 580,664 SH   SOLE 0 580,664 0 0
Warrior Met Coal Inc. COM 93627C101 37,811 1,789,403 SH   SOLE 0 1,789,403 0 0
Weyerhaeuser Company COM 962166104 79,875 2,644,843 SH   SOLE 0 2,644,843 0 0
William Lyon Homes - Cl A COM 552074700 800 40,000 SH   SOLE 0 40,000 0 0