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   5,871,021 31,880 SH   SOLE 0 31,880 0 0
AMERICAN HOMES 4 RENT CL A 02665T306   11,190,633 355,823 SH   SOLE 0 355,823 0 0
BROOKFIELD ASSET MANAGMT LTD COM 113004105   4,274,737 130,646 SH   SOLE 0 130,646 0 0
BROOKFIELD CORP COM 11271J107   16,986,755 521,226 SH   SOLE 0 521,226 0 0
CBRE GROUP COM 12504L109   13,194,701 181,221 SH   SOLE 0 181,221 0 0
CENTRAL SECS CORP COM 155123102   3,868,240 111,210 SH   SOLE 0 111,210 0 0
CHASE CORP(MASS) COM 16150R104   4,219,781 40,292 SH   SOLE 0 40,292 0 0
COMERICA INCORPORATED COM 200340107   20,857,144 480,358 SH   SOLE 0 480,358 0 0
COMFORT SYSTEMS US COM 199908104   4,218,536 28,902 SH   SOLE 0 28,902 0 0
CTO RLTY GROWTH INC COM 22948Q101   998,992 57,879 SH   SOLE 0 57,879 0 0
D R HORTON INC COM 23331A109   19,476,846 199,374 SH   SOLE 0 199,374 0 0
DEUTSCHE BANK AG COM D18190898   30,607,336 3,011,103 SH   SOLE 0 3,011,103 0 0
EMCOR GROUP INC COM 29084Q100   5,299,946 32,597 SH   SOLE 0 32,597 0 0
ENCORE CAPITAL GROUP INC. COM 292554102   6,701,627 132,837 SH   SOLE 0 132,837 0 0
FIDELITY NATIONAL FINANCIAL, INC. COM 31620R303   4,241,480 121,428 SH   SOLE 0 121,428 0 0
FIRST INDUSTRIAL REALTY TRUST, INC. COM 32054K103   8,406,132 158,010 SH   SOLE 0 158,010 0 0
FIVE POINT HOLDINGS LLC COM 33833Q106   8,856,136 3,752,600 SH   SOLE 0 3,752,600 0 0
FRP HOLDINGS INC COM 30292L107   7,331,717 126,671 SH   SOLE 0 126,671 0 0
GREEN BRICK PARTNERS INC COM 392709101   175,300 5,000 SH   SOLE 0 5,000 0 0
HAMILTON BEACH BRANDS HLDG CO COM 40701T104   5,839,852 570,298 SH   SOLE 0 570,298 0 0
HAWAIIAN HOLDINGS INC. COM 419879101   14,254,178 1,556,133 SH   SOLE 0 1,556,133 0 0
ICF INTERNATIONAL COM 44925C103   6,999,079 63,802 SH   SOLE 0 63,802 0 0
INVENTRUST PPTYS CORP COM 46124J201   12,702,737 542,852 SH   SOLE 0 542,852 0 0
JONES LANG LASALLE INCORPORATED COM 48020Q107   7,454,180 51,235 SH   SOLE 0 51,235 0 0
KAISER ALUMINIUM CORPORATION COM 483007704   4,799,828 64,315 SH   SOLE 0 64,315 0 0
LAZARD LTD COM G54050102   18,142,625 547,950 SH   SOLE 0 547,950 0 0
LENNAR CORP CL B CL B 526057302   24,423,427 273,468 SH   SOLE 0 273,468 0 0
LIBERTY MEDIA CORPORATION COM 531229706   6,021,346 174,128 SH   SOLE 0 174,128 0 0
LOWE'S COMPANIES INC COM 548661107   12,429,935 62,159 SH   SOLE 0 62,159 0 0
MYR GRP INC COM 55405W104   10,988,198 87,201 SH   SOLE 0 87,201 0 0
OLD REP INTL CORP COM 680223104   20,835,742 834,431 SH   SOLE 0 834,431 0 0
POTLATCHDELTIC CORP COM 737630103   990,000 20,000 SH   SOLE 0 20,000 0 0
PROASSURANCE CORP COM 74267C106   8,206,691 444,085 SH   SOLE 0 444,085 0 0
PROLOGIS INC. COM 74340W103   20,982,072 168,166 SH   SOLE 0 168,166 0 0
PROSPERITY BANCSHA COM 743606105   6,272,887 101,965 SH   SOLE 0 101,965 0 0
RAYONIER INC COM 754907103   14,843,140 446,276 SH   SOLE 0 446,276 0 0
RETAIL OPPORTUNITY INVESTMENTS CORP COM 76131N101   1,047,000 75,000 SH   SOLE 0 75,000 0 0
SEABOARD CORP DEL COM 811543107   8,806,743 2,336 SH   SOLE 0 2,336 0 0
SOUTHSIDE BANCSHARES INC. COM 84470P109   6,952,943 209,426 SH   SOLE 0 209,426 0 0
SPHERE ENTERTAINMENT CO COM 55826T102   4,798,729 81,238 SH   SOLE 0 81,238 0 0
STEWART INFORMATION SVCS CORP COM 860372101   685,950 17,000 SH   SOLE 0 17,000 0 0
SUPERNUS PHARMACEUTICALS, INC COM 868459108   89,126 2,460 SH   SOLE 0 2,460 0 0
THE RMR GROUP INC COM 74967R106   682,240 26,000 SH   SOLE 0 26,000 0 0
TIDEWATER INC NEW COM 88642R109   61,447,829 1,394,007 SH   SOLE 0 1,394,007 0 0
TRI POINTE HOMES INC COM 87265H109   6,569,603 259,463 SH   SOLE 0 259,463 0 0
TRINITY PLACE HOLDINGS INC. COM 89656D101   2,461,337 5,127,786 SH   SOLE 0 5,127,786 0 0
U-HAUL HOLDING COMPANY COM 023586100   89,952 1,508 SH   SOLE 0 1,508 0 0
U-HAUL HOLDING COMPANY COM 023586506   16,200,221 312,444 SH   SOLE 0 312,444 0 0
UMB FINL CORP COM 902788108   8,624,696 149,423 SH   SOLE 0 149,423 0 0
UNIFIRST CORP COM 904708104   2,633,229 14,942 SH   SOLE 0 14,942 0 0
VALARIS LIMITED COM G9460G101   20,116,812 309,204 SH   SOLE 0 309,204 0 0
WARRIOR MET COAL INC COM 93627C101   49,311,332 1,343,267 SH   SOLE 0 1,343,267 0 0
WASHINGTON TST BCP COM 940610108   7,081,523 204,314 SH   SOLE 0 204,314 0 0
WEYERHAEUSER CO COM 962166104   14,623,505 485,347 SH   SOLE 0 485,347 0 0