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
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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   7,279,160 31,880 SH   SOLE 0 31,880 0 0
American Homes 4 Rent CL A 02665T306   12,487,104 339,508 SH   SOLE 0 339,508 0 0
Atlanta Braves Holdings Inc - A COM 047726104   6,889,952 164,438 SH   SOLE 0 164,438 0 0
Atlanta Braves Holdings Inc - C COM 047726302   1,021,692 26,157 SH   SOLE 0 26,157 0 0
Brookfield Asset Mgmt. CL A CL A LTD VT SH 113004105   5,532,773 131,670 SH   SOLE 0 131,670 0 0
Brookfield Corp. COM 11271J107   20,289,030 484,572 SH   SOLE 0 484,572 0 0
CBRE Group, Inc. COM 12504L109   17,717,128 182,200 SH   SOLE 0 182,200 0 0
Central Securities Corporation COM 155123102   4,645,242 111,210 SH   SOLE 0 111,210 0 0
Collegium Pharmaceutical Inc. COM 19459J104   4,197,218 108,120 SH   SOLE 0 108,120 0 0
Comerica Inc. COM 200340107   26,182,499 476,132 SH   SOLE 0 476,132 0 0
CTO Realty Growth, Inc. COM 22948Q101   1,067,850 63,000 SH   SOLE 0 63,000 0 0
Deutsche Bank AG COM D18190898   39,155,429 2,486,280 SH   SOLE 0 2,486,280 0 0
DR Horton Inc. COM 23331A109   20,239,321 122,998 SH   SOLE 0 122,998 0 0
Elme Communities COM 939653101   1,294,560 93,000 SH   SOLE 0 93,000 0 0
Encore Capital Group Inc. COM 292554102   7,784,624 170,678 SH   SOLE 0 170,678 0 0
Equity Commonwealth COM 294628102   1,038,400 55,000 SH   SOLE 0 55,000 0 0
First Industrial Realty Trust, Inc. COM 32054K103   8,157,518 155,263 SH   SOLE 0 155,263 0 0
Five Point Holdings LLC - CL A COM 33833Q106   10,340,465 3,303,663 SH   SOLE 0 3,303,663 0 0
FNF Group COM 31620R303   6,263,304 117,953 SH   SOLE 0 117,953 0 0
FRP Holdings Inc. COM 30292L107   7,766,425 126,489 SH   SOLE 0 126,489 0 0
Green Brick Partners COM 392709101   301,150 5,000 SH   SOLE 0 5,000 0 0
Hamilton Beach Brand COM CL A 40701T104   7,729,745 317,313 SH   SOLE 0 317,313 0 0
Hawaiian Holdings Inc. COM 419879101   9,144,527 686,011 SH   SOLE 0 686,011 0 0
ICF International, Inc. COM 44925C103   6,668,239 44,269 SH   SOLE 0 44,269 0 0
Inventrust Properties Corp. COM 46124J201   4,712,540 183,296 SH   SOLE 0 183,296 0 0
Investors Title Co. COM 461804106   6,391,173 39,164 SH   SOLE 0 39,164 0 0
Jones Lang Lasalle COM 48020Q107   10,142,729 51,990 SH   SOLE 0 51,990 0 0
Kaiser Aluminum Corp. COM 483007704   9,895,637 110,739 SH   SOLE 0 110,739 0 0
Lazard Ltd. COM 52110M109   23,048,263 550,472 SH   SOLE 0 550,472 0 0
Lennar Corp - Class B CL B 526057302   25,793,389 167,294 SH   SOLE 0 167,294 0 0
Lowe's Companies Inc. COM 548661107   6,912,099 27,135 SH   SOLE 0 27,135 0 0
LSB Industries Inc. COM 502160104   6,917,841 787,909 SH   SOLE 0 787,909 0 0
MYR Group Inc. COM 55405W104   11,976,050 67,757 SH   SOLE 0 67,757 0 0
Old Republic International Corp. COM 680223104   25,418,373 827,421 SH   SOLE 0 827,421 0 0
Potlatchdeltic Corp. COM 737630103   940,400 20,000 SH   SOLE 0 20,000 0 0
Proassurance Corp. COM 74267C106   7,884,505 613,103 SH   SOLE 0 613,103 0 0
Prologis Inc. COM 74340W103   15,215,686 116,846 SH   SOLE 0 116,846 0 0
Prosperity Bancshares Inc. COM 743606105   6,707,258 101,965 SH   SOLE 0 101,965 0 0
Rayonier Inc. COM 754907103   11,279,928 339,348 SH   SOLE 0 339,348 0 0
Retail Opportunity Investments Corp. COM 76131N101   1,153,800 90,000 SH   SOLE 0 90,000 0 0
Seaboard Corp. COM 811543107   7,524,629 2,334 SH   SOLE 0 2,334 0 0
Southside Bancshares Inc. COM 84470P109   6,121,522 209,426 SH   SOLE 0 209,426 0 0
Stewart Information Services Corp. COM 860372101   337,922 5,194 SH   SOLE 0 5,194 0 0
Sun Communities Inc. COM 866674104   11,209,347 87,178 SH   SOLE 0 87,178 0 0
Supernus Pharmaceuticals, Inc. COM 868459108   5,447,947 159,717 SH   SOLE 0 159,717 0 0
The RMR Group Inc. COM 74967R106   888,000 37,000 SH   SOLE 0 37,000 0 0
Tidewater Inc. COM 88642R109   47,124,240 512,220 SH   SOLE 0 512,220 0 0
Tri Pointe Group Inc. COM 87265H109   6,030,844 155,997 SH   SOLE 0 155,997 0 0
Trinity Place Holdings COM 89656D101   616,421 4,109,472 SH   SOLE 0 4,109,472 0 0
U-Haul Holding Company COM 023586100   98,338 1,456 SH   SOLE 0 1,456 0 0
U-Haul Holding Company COM 023586506   19,631,459 294,413 SH   SOLE 0 294,413 0 0
UMB Financial Corporation COM 902788108   12,986,215 149,284 SH   SOLE 0 149,284 0 0
UniFirst Corporation COM 904708104   3,440,331 19,837 SH   SOLE 0 19,837 0 0
Valaris Ltd. COM G9460G101   31,603,480 419,924 SH   SOLE 0 419,924 0 0
Warrior Met Coal Inc. COM 93627C101   46,375,893 764,018 SH   SOLE 0 764,018 0 0
Washington Trust Bancorp. COM 940610108   5,352,319 199,119 SH   SOLE 0 199,119 0 0
Weyerhaeuser Company COM 962166104   13,315,572 370,804 SH   SOLE 0 370,804 0 0
Whitestone REIT COM 966084204   1,004,000 80,000 SH   SOLE 0 80,000 0 0