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
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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   5,863,051 31,880 SH   SOLE 0 31,880 0 0
American Homes 4 Rent CL A 02665T306   12,613,925 355,823 SH   SOLE 0 355,823 0 0
Brookfield Asset Mgmt. CL A CL A LTD VT SH 113004105   4,262,979 130,646 SH   SOLE 0 130,646 0 0
Brookfield Corp. COM 11271J107   17,535,789 521,123 SH   SOLE 0 521,123 0 0
CBRE Group, Inc. COM 12504L109   14,623,764 181,189 SH   SOLE 0 181,189 0 0
Central Securities Corporation COM 155123102   4,060,277 111,210 SH   SOLE 0 111,210 0 0
Chase Corp. COM 16150R104   4,872,074 40,192 SH   SOLE 0 40,192 0 0
Comerica Inc. COM 200340107   24,353,018 574,906 SH   SOLE 0 574,906 0 0
Comfort Systems USA Inc. COM 199908104   4,220,597 25,704 SH   SOLE 0 25,704 0 0
CTO Realty Growth, Inc. COM 22948Q101   1,079,820 63,000 SH   SOLE 0 63,000 0 0
Deutsche Bank AG COM D18190898   31,989,255 3,048,570 SH   SOLE 0 3,048,570 0 0
DR Horton Inc. COM 23331A109   20,161,356 165,678 SH   SOLE 0 165,678 0 0
Elme Communities COM 939653101   739,800 45,000 SH   SOLE 0 45,000 0 0
Encore Capital Group Inc. COM 292554102   7,047,712 144,955 SH   SOLE 0 144,955 0 0
Equity Commonwealth COM 294628102   1,114,300 55,000 SH   SOLE 0 55,000 0 0
First Industrial Realty Trust, Inc. COM 32054K103   8,317,646 158,010 SH   SOLE 0 158,010 0 0
Five Point Holdings LLC - CL A COM 33833Q106   10,841,084 3,751,240 SH   SOLE 0 3,751,240 0 0
FNF Group COM 31620R303   4,371,408 121,428 SH   SOLE 0 121,428 0 0
FRP Holdings Inc. COM 30292L107   7,281,972 126,489 SH   SOLE 0 126,489 0 0
Green Brick Partners COM 392709101   284,000 5,000 SH   SOLE 0 5,000 0 0
Hamilton Beach Brand COM CL A 40701T104   5,500,443 569,404 SH   SOLE 0 569,404 0 0
Hawaiian Holdings Inc. COM 419879101   16,824,086 1,562,125 SH   SOLE 0 1,562,125 0 0
ICF International, Inc. COM 44925C103   7,187,130 57,779 SH   SOLE 0 57,779 0 0
Inventrust Properties Corp. COM 46124J201   10,015,432 432,819 SH   SOLE 0 432,819 0 0
Investors Title Co. COM 461804106   974,258 6,673 SH   SOLE 0 6,673 0 0
Jones Lang Lasalle COM 48020Q107   11,588,092 74,378 SH   SOLE 0 74,378 0 0
Kaiser Aluminum Corp. COM PAR $0.01 483007704   6,929,092 96,721 SH   SOLE 0 96,721 0 0
Lazard Ltd. COM G54050102   17,606,592 550,206 SH   SOLE 0 550,206 0 0
Lennar Corp - Class B CL B 526057302   24,106,317 213,368 SH   SOLE 0 213,368 0 0
Liberty Media Corp. - Braves A COM 531229706   6,728,803 164,438 SH   SOLE 0 164,438 0 0
Lowe's Companies Inc. COM 548661107   12,886,567 57,096 SH   SOLE 0 57,096 0 0
Madison Square Garden Entertainment COM 55826T102   3,526,517 128,752 SH   SOLE 0 128,752 0 0
MYR Group Inc. COM 55405W104   11,189,631 80,885 SH   SOLE 0 80,885 0 0
Old Republic International Corp. COM 680223104   21,050,451 836,331 SH   SOLE 0 836,331 0 0
Potlatchdeltic Corp. COM 737630103   1,057,000 20,000 SH   SOLE 0 20,000 0 0
Proassurance Corp. COM US 74267C106   6,692,566 443,510 SH   SOLE 0 443,510 0 0
Prologis Inc. COM 74340W103   18,459,617 150,531 SH   SOLE 0 150,531 0 0
Prosperity Bancshares Inc. COM 743606105   5,758,983 101,965 SH   SOLE 0 101,965 0 0
Rayonier Inc. COM 754907103   14,010,931 446,208 SH   SOLE 0 446,208 0 0
Retail Opportunity Investments Corp. COM 76131N101   1,215,900 90,000 SH   SOLE 0 90,000 0 0
Seaboard Corp. COM 811543107   8,307,160 2,333 SH   SOLE 0 2,333 0 0
Southside Bancshares Inc. COM 84470P109   5,478,584 209,426 SH   SOLE 0 209,426 0 0
Stewart Information Services Corp. COM 860372101   699,380 17,000 SH   SOLE 0 17,000 0 0
Sun Communities Inc. COM 866674104   1,502,508 11,517 SH   SOLE 0 11,517 0 0
Supernus Pharmaceuticals, Inc. COM 868459108   2,015,884 67,062 SH   SOLE 0 67,062 0 0
The RMR Group Inc. COM 74967R106   857,290 37,000 SH   SOLE 0 37,000 0 0
Tidewater Inc. COM 88642R109   60,906,329 1,098,599 SH   SOLE 0 1,098,599 0 0
Tri Pointe Group Inc. COM 87265H109   5,126,061 155,997 SH   SOLE 0 155,997 0 0
Trinity Place Holdings COM 89656D101   2,769,004 5,127,786 SH   SOLE 0 5,127,786 0 0
U-Haul Holding Company COM 023586100   83,423 1,508 SH   SOLE 0 1,508 0 0
U-Haul Holding Company COM 023586506   15,830,372 312,421 SH   SOLE 0 312,421 0 0
UMB Financial Corporation COM 902788108   9,091,396 149,284 SH   SOLE 0 149,284 0 0
UniFirst Corporation COM 904708104   3,074,933 19,837 SH   SOLE 0 19,837 0 0
Valaris Ltd. COM G9460G101   26,413,357 419,726 SH   SOLE 0 419,726 0 0
Warrior Met Coal Inc. COM 93627C101   52,384,283 1,344,911 SH   SOLE 0 1,344,911 0 0
Washington Trust Bancorp. COM 940610108   5,473,315 204,152 SH   SOLE 0 204,152 0 0
Weyerhaeuser Company COM 962166104   16,260,459 485,242 SH   SOLE 0 485,242 0 0
Whitestone REIT COM 966084204   776,000 80,000 SH   SOLE 0 80,000 0 0