Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	Brookfield Asset Mgmt. CL A	3,977,742	$177M	10.0%	$35.23	—	CL A LTD VT SH	112585104
WY	Weyerhaeuser Company	4,685,535	$151M	8.5%	$19.43	+33.3%	COM	962166104
LEN	Lennar Corp.	2,629,208	$123M	6.9%	$37.07	+24.7%	COM	526057104
FPH	Five Point Holdings LLC - CL A	10,218,135	$96.15M	5.4%	$12.98	-15.3%	COM	33833Q106
MAC	The Macerich Company	1,585,516	$87.66M	5.0%	$60.48	—	COM	554382101
RYN	Rayonier Inc.	2,372,835	$80.23M	4.5%	$28.39	—	COM	754907103
HCC	Warrior Met Coal Inc.	2,655,834	$71.81M	4.1%	$26.56	-3.8%	com	93627C101
TDW	Tidewater Inc.	2,238,085	$69.81M	3.9%	$26.49	+18.9%	COM	88642R109
—	PNC Financial Services Group 2018 Warrants	896,250	$61.84M	3.5%	$19.30	—	W EXP 12/31/2018	693475121
VNO	Vornado Realty Trust	835,693	$61.01M	3.4%	$84.79	—	SH BEN INT	929042109
LOW	Lowe's Companies Inc.	481,026	$55.23M	3.1%	$32.49	+180.2%	COM	548661107
AKR	Acadia Realty Trust	1,831,470	$51.34M	2.9%	$24.60	—	COM SH BEN INT	004239109
CMA	Comerica Inc.	532,225	$48.01M	2.7%	$25.85	+160.7%	COM	200340107
LEN/B	Lennar Corp - Class B	1,175,800	$45.27M	2.6%	$38.69	-5.8%	CL B	526057302
FR	First Industrial Realty Trust, Inc.	1,425,033	$44.75M	2.5%	$16.71	—	COM	32054K103
BK	Bank of New York Mellon Corp.	651,082	$33.2M	1.9%	$21.22	+101.3%	COM	064058100
—	Ocean Rig UDW Inc.	936,650	$32.43M	1.8%	$26.40	—	COM	G66964118
UHAL	Amerco	87,659	$31.26M	1.8%	$36.72	+0.5%	COM	023586100
TPHS	Trinity Place Holdings	4,948,595	$30.14M	1.7%	$9.42	-33.1%	COM	89656D101
ZION	Zions Bancorporation	563,711	$28.27M	1.6%	$28.85	+83.0%	COM	989701107
TRC	Tejon Ranch Co.	1,278,691	$27.76M	1.6%	$26.22	-13.0%	COM	879080109
WTM	White Mountains Insurance Group	28,649	$26.81M	1.5%	$596.67	+55.3%	COM	G9618E107
JBGS	JBG Smith Properties	629,885	$23.2M	1.3%	$35.49	—	REIT	46590V100
—	HAWAIIAN HOLDINGS INC	574,199	$23.03M	1.3%	$37.22	—	COM	419879101
—	Aspen Insurance Holdings Ltd	513,456	$21.46M	1.2%	$42.80	—	SHS	G05384105
FNF	FNF Group	544,922	$21.44M	1.2%	$15.26	+81.9%	COM	31620R303
—	Seritage Growth Properties	293,125	$13.92M	0.8%	$37.41	—	Com	81752r100
FCN	FTI Consulting Inc.	134,122	$9.817M	0.6%	$36.84	+99.8%	COM	302941109
MYRG	MYR Group Inc.	299,535	$9.777M	0.6%	$30.50	+15.5%	COM	55405W104
—	Cubic, Corp.	132,450	$9.676M	0.5%	$46.06	—	COM	229669106
TTEK	Tetra Tech, Inc.	131,673	$8.994M	0.5%	$5.19	+155.2%	COM	88162G103
PB	Prosperity Bancshares Inc.	125,024	$8.671M	0.5%	$47.95	+19.4%	COM	743606105
ICFI	ICF International, Inc.	112,787	$8.51M	0.5%	$30.93	+148.0%	COM	44925C103
ATNI	ATN INTERNATIONAL INC	115,053	$8.501M	0.5%	$46.57	+19.6%	COM	00215F107
SMHI	Seacor Marine Holdings Inc.	357,909	$8.1M	0.5%	$17.18	+27.6%	COM	78413P101
UMBF	UMB Financial Corporation	111,865	$7.932M	0.4%	$62.04	+21.1%	COM	902788108
CSW	CSW Industrials Inc.	140,574	$7.549M	0.4%	$30.94	+70.0%	COM	126402106
CBSH	Commerce Bancshares, Inc	108,051	$7.134M	0.4%	$23.71	+91.2%	COM	200525103
TPH	Tri Pointe Group Inc.	564,113	$6.996M	0.4%	$13.03	+13.5%	COM	87265H109
SBSI	Southside Bancshares Inc.	198,385	$6.904M	0.4%	$26.35	+34.2%	COM	84470P109
KALU	Kaiser Aluminum Corp.	62,678	$6.836M	0.4%	$48.75	+71.8%	COM PAR $0.01	483007704
—	Forest City Enterprises Inc. CL A	256,418	$6.434M	0.4%	$21.32	—	CL A	345605109
PRSU	Viad Corp.	108,235	$6.413M	0.4%	$24.83	+134.7%	COM	92552R406
CSGS	CSG Systems International, Inc.	158,988	$6.382M	0.4%	$30.41	+11.3%	COM	126349109
FIX	Comfort Systems USA Inc.	113,130	$6.381M	0.4%	$28.23	+81.7%	COM	199908104
CFR	Cullen Frost Bankers, Inc.	60,800	$6.35M	0.4%	$44.57	+99.4%	COM	229899109
EME	EMCOR Group, Inc.	82,107	$6.168M	0.3%	$37.04	+102.4%	COM	29084Q100
—	SP Plus Corp.	166,523	$6.079M	0.3%	$26.91	—	COM	78469C103
VC	Visteon Corp.	61,260	$5.692M	0.3%	$72.93	+57.8%	COM	92839U206
PNC	PNC Financial Corp	41,252	$5.619M	0.3%	$66.39	+64.9%	COM	693475105
—	BMC Stock Holdings, Inc.	296,399	$5.528M	0.3%	$20.76	—	Equity	05591B109
SEB	Seaboard Corp.	1,417	$5.258M	0.3%	$3276.13	+11.7%	COM	811543107
UNF	UniFirst Corporation	30,002	$5.21M	0.3%	$89.73	+96.3%	COM	904708104
WSBC	Wesbanco Inc.	111,300	$4.962M	0.3%	$38.56	+24.1%	COM	950810101
G	Genpact Ltd.	162,066	$4.961M	0.3%	$16.47	+69.1%	COM	G3922B107
ALCO	Alico, Inc.	140,451	$4.748M	0.3%	$35.16	-20.2%	COM	016230104
ALG	Alamo Group, Inc.	46,706	$4.279M	0.2%	$39.86	+126.9%	COM	011311107
—	Sanderson Farms Inc.	35,607	$3.681M	0.2%	$104.17	—	COM	800013104
DORM	Dorman Products, Inc.	43,600	$3.354M	0.2%	$47.50	+60.9%	COM	258278100
AMN	AMN Healthcare Services Inc.	55,755	$3.05M	0.2%	$38.28	+49.6%	COM	001744101
CSWC	Capital Southwest	140,574	$2.669M	0.2%	$4.41	+76.7%	COM	140501107
ASIX	AdvanSix Inc.	76,658	$2.603M	0.1%	$32.81	0.0%	COM	00773T101
SMP	Standard Motor Products, Inc.	46,947	$2.311M	0.1%	$39.21	+26.5%	COM	853666105
FRPH	FRP Holdings Inc.	36,211	$2.249M	0.1%	$25.38	+26.7%	COM	30292L107
—	Comerica Inc 2018 Warrants	32,900	$2.032M	0.1%	$13.70	—	Options	200340115
CCS	Century Communities Inc.	41,671	$1.094M	0.1%	$18.79	+49.3%	COM	156504300
—	CEDAR REALTY TRUST INC	225,328	$1.051M	0.1%	$4.95	—	COM	150602209
—	Front Yard Residential Corporation	91,609	$994K	0.1%	$10.55	—	Com	35904G107
—	Catchmark Timber Trust Inc.	80,000	$915K	0.1%	$10.28	—	REIT	14912Y202
NXRT	NEXPOINT RESIDNL TR	17,300	$575K	0.0%	$18.20	—	COM	65341D102
GRBK	Green Brick Partners	53,200	$538K	0.0%	$10.90	-8.0%	com	392709101
—	Jernigan Capital	25,000	$483K	0.0%	$19.08	—	Com	476405105
—	Total Fina ELF S A ADR	612	$40,000	0.0%	$50.89	—	ADR	89151E109