Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
WY	Weyerhaeuser Company	5,055,211	$177M	9.0%	$19.43	+33.3%	COM	962166104
—	Brookfield Asset Mgmt. CL A	4,107,685	$160M	8.1%	$35.23	—	CL A LTD VT SH	112585104
LEN	Lennar Corp.	2,635,519	$155M	7.9%	$37.07	+49.1%	COM	526057104
—	Forest City Enterprises Inc. CL A	7,035,206	$143M	7.3%	$21.29	—	CL A	345605109
RYN	Rayonier Inc.	3,067,125	$108M	5.5%	$28.39	—	COM	754907103
—	PNC Financial Services Group 2018 Warrants	896,250	$75.3M	3.8%	$19.30	—	W EXP 12/31/2018	693475121
MAC	The Macerich Company	1,217,161	$68.19M	3.5%	$61.57	—	COM	554382101
TDW	Tidewater Inc.	2,233,048	$63.89M	3.3%	$26.43	+0.9%	COM	88642R109
TRC	Tejon Ranch Co.	2,649,682	$61.23M	3.1%	$26.22	-15.7%	COM	879080109
BK	Bank of New York Mellon Corp.	1,088,443	$56.09M	2.9%	$21.22	+110.8%	COM	064058100
VNO	Vornado Realty Trust	831,699	$55.97M	2.8%	$84.79	—	SH BEN INT	929042109
CMA	Comerica Inc.	540,238	$51.83M	2.6%	$25.85	+158.7%	COM	200340107
FR	First Industrial Realty Trust, Inc.	1,702,028	$49.75M	2.5%	$16.71	—	COM	32054K103
CVCO	Cavco Industries, Inc. (COM & Restricted)	271,200	$47.12M	2.4%	$53.98	+206.2%	COM	149568107
AKR	Acadia Realty Trust	1,822,246	$44.83M	2.3%	$24.60	—	COM SH BEN INT	004239109
—	Alleghany Corp.	70,772	$43.49M	2.2%	$414.02	—	COM	017175100
LOW	Lowe's Companies Inc.	478,713	$42.01M	2.1%	$32.49	+152.1%	COM	548661107
FPH	Five Point Holdings LLC - CL A	2,668,974	$38.06M	1.9%	$15.12	-7.0%	COM	33833Q106
HCC	Warrior Met Coal Inc.	1,272,485	$35.64M	1.8%	$26.87	+7.7%	com	93627C101
TPHS	Trinity Place Holdings	4,924,645	$32.01M	1.6%	$9.42	-29.9%	COM	89656D101
UHAL	Amerco	87,224	$30.1M	1.5%	$36.72	-3.2%	COM	023586100
ZION	Zions Bancorporation	562,479	$29.66M	1.5%	$28.85	+86.6%	COM	989701107
WTM	White Mountains Insurance Group	34,195	$28.13M	1.4%	$596.67	+38.3%	COM	G9618E107
FNF	FNF Group	541,905	$21.69M	1.1%	$15.26	+78.7%	COM	31620R303
LEN/B	Lennar Corp - Class B	439,890	$20.98M	1.1%	$41.30	+3.7%	CL B	526057302
—	Ocean Rig UDW Inc.	820,373	$20.7M	1.1%	$25.23	—	COM	G66964118
—	Aspen Insurance Holdings Ltd	393,969	$17.67M	0.9%	$43.14	—	SHS	G05384105
KEY	Keycorp	850,900	$16.64M	0.8%	$6.66	+119.1%	COM	493267108
JBGS	JBG Smith Properties	322,037	$10.86M	0.6%	$34.21	—	REIT	46590V100
DB	DEUTSCHE BANK AG-REGISTERED	700,000	$9.786M	0.5%	$15.28	-3.7%	COM	D18190898
ARCO	Arcos Dorados Holdings, Inc.	971,150	$8.887M	0.5%	$7.04	+18.5%	SHS CL A	G0457F107
ICFI	ICF International, Inc.	144,822	$8.465M	0.4%	$30.93	+82.3%	COM	44925C103
—	Cubic, Corp.	132,204	$8.409M	0.4%	$46.06	—	COM	229669106
FCN	FTI Consulting Inc.	158,683	$7.682M	0.4%	$36.84	+22.5%	COM	302941109
—	Legg Mason Inc.	187,411	$7.619M	0.4%	$42.49	—	COM	524901105
MYRG	MYR Group Inc.	246,824	$7.608M	0.4%	$29.48	+15.2%	COM	55405W104
—	Seritage Growth Properties	212,680	$7.561M	0.4%	$35.55	—	Com	81752r100
PB	Prosperity Bancshares Inc.	103,872	$7.545M	0.4%	$45.96	+28.5%	COM	743606105
SBSI	Southside Bancshares Inc.	198,385	$6.892M	0.4%	$26.35	+31.9%	COM	84470P109
CSW	CSW Industrials Inc.	150,348	$6.774M	0.3%	$30.94	+45.0%	COM	126402106
TPH	Tri Pointe Group Inc.	410,900	$6.752M	0.3%	$12.37	+38.8%	COM	87265H109
AMN	AMN Healthcare Services Inc.	118,617	$6.732M	0.3%	$38.28	+42.0%	COM	001744101
KFY	Korn/Ferry International	125,500	$6.475M	0.3%	$21.41	+85.7%	COM	500643200
CBSH	Commerce Bancshares, Inc	108,051	$6.474M	0.3%	$23.71	+61.5%	COM	200525103
CFR	Cullen Frost Bankers, Inc.	60,800	$6.45M	0.3%	$44.57	+85.5%	COM	229899109
TTEK	Tetra Tech, Inc.	131,444	$6.435M	0.3%	$5.19	+90.4%	COM	88162G103
EME	EMCOR Group, Inc.	82,107	$6.399M	0.3%	$37.04	+107.6%	COM	29084Q100
KALU	Kaiser Aluminum Corp.	62,678	$6.325M	0.3%	$48.75	+67.8%	COM PAR $0.01	483007704
—	BMC Stock Holdings, Inc.	319,949	$6.256M	0.3%	$20.76	—	Equity	05591B109
TILE	Interface Inc.	241,920	$6.097M	0.3%	$17.22	+44.1%	COM	458665304
PNC	PNC Financial Corp	39,960	$6.044M	0.3%	$64.94	+82.0%	COM	693475105
—	SP Plus Corp.	166,523	$5.929M	0.3%	$26.91	—	COM	78469C103
UMBF	UMB Financial Corporation	81,391	$5.892M	0.3%	$57.20	+31.0%	COM	902788108
VC	Visteon Corp.	53,052	$5.849M	0.3%	$66.40	+87.4%	COM	92839U206
PRSU	Viad Corp.	108,235	$5.677M	0.3%	$24.83	+116.2%	COM	92552R406
FIX	Comfort Systems USA Inc.	134,697	$5.557M	0.3%	$28.23	+41.9%	COM	199908104
SMHI	Seacor Marine Holdings Inc.	291,900	$5.552M	0.3%	$15.94	0.0%	COM	78413P101
SEB	Seaboard Corp.	1,289	$5.498M	0.3%	$3209.52	+27.5%	COM	811543107
CSGS	CSG Systems International, Inc.	120,914	$5.477M	0.3%	$29.14	+33.2%	COM	126349109
—	DST Systems	62,900	$5.262M	0.3%	$85.52	—	COM	233326107
—	Cosan Ltd.	504,937	$5.247M	0.3%	$3.37	—	CL A	G25343107
G	Genpact Ltd.	162,066	$5.185M	0.3%	$16.47	+80.0%	COM	G3922B107
NSIT	Insight Enterprises, Inc.	147,700	$5.16M	0.3%	$21.18	+70.7%	COM	45765U103
ALG	Alamo Group, Inc.	46,706	$5.133M	0.3%	$39.86	+172.5%	COM	011311107
UNF	UniFirst Corporation	29,910	$4.835M	0.2%	$89.73	+71.1%	COM	904708104
WSBC	Wesbanco Inc.	111,300	$4.708M	0.2%	$38.56	+9.4%	COM	950810101
ALCO	Alico, Inc.	140,451	$3.821M	0.2%	$35.16	-33.2%	COM	016230104
DORM	Dorman Products, Inc.	43,600	$2.887M	0.1%	$47.50	+50.0%	COM	258278100
CSWC	Capital Southwest	150,348	$2.559M	0.1%	$4.41	+48.6%	COM	140501107
—	Comerica Inc 2018 Warrants	33,300	$2.281M	0.1%	$13.70	—	W EXP 11/14/2018	200340115
—	Leucadia National Corporation	100,233	$2.279M	0.1%	$25.50	—	COM	527288104
SMP	Standard Motor Products, Inc.	46,947	$2.234M	0.1%	$39.21	+20.7%	COM	853666105
CCS	Century Communities Inc.	71,671	$2.147M	0.1%	$18.79	+58.4%	COM	156504300
FRPH	FRP Holdings Inc.	35,932	$2.013M	0.1%	$25.38	0.0%	COM	30292L107
—	Catchmark Timber Trust Inc.	80,000	$998K	0.1%	$10.28	—	REIT	14912Y202
—	CEDAR REALTY TRUST INC	175,700	$693K	0.0%	$5.02	—	COM	150602209
NXRT	NEXPOINT RESIDNL TR	17,300	$430K	0.0%	$18.20	—	COM	65341D102
—	Total Fina ELF S A ADR	984	$57,000	0.0%	$50.89	—	ADR	89151E109