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
Estimated average burden
hours per response: 23.8
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   5,739,038 31,880 SH   SOLE 0 31,880 0 0
American Homes 4 Rent CL A 02665T306   12,029,137 355,261 SH   SOLE 0 355,261 0 0
Atlanta Braves Holdings Inc - A COM 047726104   6,332,507 164,438 SH   SOLE 0 164,438 0 0
Atlanta Braves Holdings Inc - C COM 047726302   913,635 25,700 SH   SOLE 0 25,700 0 0
Brookfield Asset Mgmt. CL A CL A LTD VT SH 113004105   4,404,857 130,437 SH   SOLE 0 130,437 0 0
Brookfield Corp. COM 11271J107   16,692,892 520,352 SH   SOLE 0 520,352 0 0
CBRE Group, Inc. COM 12504L109   13,260,117 180,902 SH   SOLE 0 180,902 0 0
Central Securities Corporation COM 155123102   3,955,740 111,210 SH   SOLE 0 111,210 0 0
Comerica Inc. COM 200340107   19,421,316 475,896 SH   SOLE 0 475,896 0 0
Comfort Systems USA Inc. COM 199908104   4,535,985 25,704 SH   SOLE 0 25,704 0 0
CTO Realty Growth, Inc. COM 22948Q101   1,023,120 63,000 SH   SOLE 0 63,000 0 0
Deutsche Bank AG COM D18190898   27,255,492 2,485,341 SH   SOLE 0 2,485,341 0 0
DR Horton Inc. COM 23331A109   17,298,021 158,814 SH   SOLE 0 158,814 0 0
Elme Communities COM 939653101   878,800 65,000 SH   SOLE 0 65,000 0 0
Encore Capital Group Inc. COM 292554102   8,045,761 170,678 SH   SOLE 0 170,678 0 0
Equity Commonwealth COM 294628102   1,013,100 55,000 SH   SOLE 0 55,000 0 0
First Industrial Realty Trust, Inc. COM 32054K103   7,509,281 157,758 SH   SOLE 0 157,758 0 0
Five Point Holdings LLC - CL A COM 33833Q106   10,863,038 3,745,875 SH   SOLE 0 3,745,875 0 0
FNF Group COM 31620R303   5,009,485 121,207 SH   SOLE 0 121,207 0 0
FRP Holdings Inc. COM 30292L107   6,897,445 126,489 SH   SOLE 0 126,489 0 0
Green Brick Partners COM 392709101   212,200 5,000 SH   SOLE 0 5,000 0 0
Hamilton Beach Brand CL A 40701T104   7,123,244 569,404 SH   SOLE 0 569,404 0 0
Hawaiian Holdings Inc. COM 419879101   10,200,676 1,562,125 SH   SOLE 0 1,562,125 0 0
ICF International, Inc. COM 44925C103   6,972,192 57,779 SH   SOLE 0 57,779 0 0
Inventrust Properties Corp. COM 46124J201   10,300,244 432,420 SH   SOLE 0 432,420 0 0
Investors Title Co. COM 461804106   4,373,548 29,599 SH   SOLE 0 29,599 0 0
Jones Lang Lasalle COM 48020Q107   10,416,912 74,258 SH   SOLE 0 74,258 0 0
Kaiser Aluminum Corp. COM 483007704   7,092,551 96,721 SH   SOLE 0 96,721 0 0
Lazard Ltd. COM G54050102   17,072,892 550,206 SH   SOLE 0 550,206 0 0
Lennar Corp - Class B CL B 526057302   21,462,156 205,872 SH   SOLE 0 205,872 0 0
Lowe's Companies Inc. COM 548661107   11,841,798 56,992 SH   SOLE 0 56,992 0 0
LSB Industries Inc. COM 502160104   314,141 30,618 SH   SOLE 0 30,618 0 0
Madison Square Garden Entertainment COM 55826T102   4,187,525 111,252 SH   SOLE 0 111,252 0 0
MYR Group Inc. COM 55405W104   11,004,969 80,806 SH   SOLE 0 80,806 0 0
Old Republic International Corp. COM 680223104   22,540,209 826,557 SH   SOLE 0 826,557 0 0
Potlatchdeltic Corp. COM 737630103   902,800 20,000 SH   SOLE 0 20,000 0 0
Proassurance Corp. COM 74267C106   8,362,218 443,619 SH   SOLE 0 443,619 0 0
Prologis Inc. COM 74340W103   13,757,118 122,689 SH   SOLE 0 122,689 0 0
Prosperity Bancshares Inc. COM 743606105   5,485,717 101,965 SH   SOLE 0 101,965 0 0
Rayonier Inc. COM 754907103   11,809,770 418,193 SH   SOLE 0 418,193 0 0
Retail Opportunity Investments Corp. COM 76131N101   1,116,900 90,000 SH   SOLE 0 90,000 0 0
Seaboard Corp. COM 811543107   8,802,946 2,333 SH   SOLE 0 2,333 0 0
Southside Bancshares Inc. COM 84470P109   6,010,526 209,426 SH   SOLE 0 209,426 0 0
Stewart Information Services Corp. COM 860372101   762,620 17,000 SH   SOLE 0 17,000 0 0
Sun Communities Inc. COM 866674104   4,324,432 36,527 SH   SOLE 0 36,527 0 0
Supernus Pharmaceuticals, Inc. COM 868459108   3,272,696 116,549 SH   SOLE 0 116,549 0 0
The RMR Group Inc. COM 74967R106   914,270 37,000 SH   SOLE 0 37,000 0 0
Tidewater Inc. COM 88642R109   58,487,892 809,185 SH   SOLE 0 809,185 0 0
Tri Pointe Group Inc. COM 87265H109   4,339,837 155,997 SH   SOLE 0 155,997 0 0
Trinity Place Holdings COM 89656D101   1,871,642 5,127,786 SH   SOLE 0 5,127,786 0 0
U-Haul Holding Company COM 023586100   81,449 1,456 SH   SOLE 0 1,456 0 0
U-Haul Holding Company COM 023586506   16,639,893 311,959 SH   SOLE 0 311,959 0 0
UMB Financial Corporation COM 902788108   9,185,445 149,284 SH   SOLE 0 149,284 0 0
UniFirst Corporation COM 904708104   3,273,303 19,837 SH   SOLE 0 19,837 0 0
Valaris Ltd. COM G9460G101   32,041,883 419,726 SH   SOLE 0 419,726 0 0
Warrior Met Coal Inc. COM 93627C101   64,711,044 1,267,353 SH   SOLE 0 1,267,353 0 0
Washington Trust Bancorp. COM 940610108   8,050,386 294,994 SH   SOLE 0 294,994 0 0
Weyerhaeuser Company COM 962166104   13,279,294 435,244 SH   SOLE 0 435,244 0 0
Whitestone REIT COM 966084204   773,600 80,000 SH   SOLE 0 80,000 0 0