| 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 | (x$1000) | PRN AMT | PRN | CALL | DISCRETION | MANAGER | SOLE | SHARED | NONE |
| 1-800-Flowers.com Inc. | CL A | 68243Q106 | 4,909 | 535,304 | SH | | SOLE | 0 | 535,304 | 0 | 0 |
| ABM Industries Inc | COM | 000957100 | 4,098 | 103,224 | SH | | SOLE | 0 | 103,224 | 0 | 0 |
| AGCO Corp | COM | 001084102 | 27,180 | 551,104 | SH | | SOLE | 0 | 551,104 | 0 | 0 |
| Alamo Group, Inc. | COM | 011311107 | 6,345 | 96,302 | SH | | SOLE | 0 | 96,302 | 0 | 0 |
| Alico, Inc. | COM | 016230104 | 3,485 | 129,733 | SH | | SOLE | 0 | 129,733 | 0 | 0 |
| Alleghany Corp. | COM | 017175100 | 43,376 | 82,618 | SH | | SOLE | 0 | 82,618 | 0 | 0 |
| Allscripts Healthcare Solutions, Inc. | COM | 01988P108 | 2,691 | 204,351 | SH | | SOLE | 0 | 204,351 | 0 | 0 |
| Amgen Inc. | COM | 031162100 | 22,390 | 134,226 | SH | | SOLE | 0 | 134,226 | 0 | 0 |
| Ani Pharmaceuticals Inc. | COM | 00182C103 | 3,321 | 50,053 | SH | | SOLE | 0 | 50,053 | 0 | 0 |
| Anixter International Inc. | COM | 035290105 | 45,580 | 706,673 | SH | | SOLE | 0 | 706,673 | 0 | 0 |
| Apache Corp | COM | 037411105 | 25,885 | 405,279 | SH | | SOLE | 0 | 405,279 | 0 | 0 |
| Arcos Dorados Holdings, Inc. | SHS CL A | G0457F107 | 6,250 | 1,186,027 | SH | | SOLE | 0 | 1,186,027 | 0 | 0 |
| Bank of New York Mellon Corp. | COM | 064058100 | 81,132 | 2,034,401 | SH | | SOLE | 0 | 2,034,401 | 0 | 0 |
| Barnes Group Inc. | COM | 067806109 | 4,242 | 104,621 | SH | | SOLE | 0 | 104,621 | 0 | 0 |
| Brookdale Senior Living Inc. | COM | 112463104 | 41,965 | 2,404,847 | SH | | SOLE | 0 | 2,404,847 | 0 | 0 |
| Brookfield Asset Mgmt. CL A | CL A LTD VT SH | 112585104 | 154,784 | 4,399,779 | SH | | SOLE | 0 | 4,399,779 | 0 | 0 |
| Cambrex Corp. | COM | 132011107 | 3,732 | 83,939 | SH | | SOLE | 0 | 83,939 | 0 | 0 |
| Capital Southwest | COM | 140501107 | 2,210 | 150,348 | SH | | SOLE | 0 | 150,348 | 0 | 0 |
| Carrizo Oil & Gas Inc. | COM | 144577103 | 3,755 | 92,435 | SH | | SOLE | 0 | 92,435 | 0 | 0 |
| Catchmark Timber Trust Inc. | REIT | 14912Y202 | 935 | 80,000 | SH | | SOLE | 0 | 80,000 | 0 | 0 |
| Cavco Industries, Inc. (COM & Restricted) | COM | 149568107 | 46,843 | 472,919 | SH | | SOLE | 0 | 472,919 | 0 | 0 |
| CBS Corporation | CL B | 124857202 | 45,928 | 839,016 | SH | | SOLE | 0 | 839,016 | 0 | 0 |
| Century Communities Inc. | COM | 156504300 | 2,366 | 109,974 | SH | | SOLE | 0 | 109,974 | 0 | 0 |
| Circor International Inc. | COM | 17273K109 | 1,571 | 26,376 | SH | | SOLE | 0 | 26,376 | 0 | 0 |
| CNH Industrial NV | COM | N20944109 | 3,859 | 534,489 | SH | | SOLE | 0 | 534,489 | 0 | 0 |
| Comerica Inc 2018 Warrants | W EXP 11/14/2018 | 200340115 | 1,652 | 90,000 | SH | | SOLE | 0 | 90,000 | 0 | 0 |
| Comerica Inc. | COM | 200340107 | 73,100 | 1,544,793 | SH | | SOLE | 0 | 1,544,793 | 0 | 0 |
| Comfort Systems USA Inc. | COM | 199908104 | 4,750 | 162,058 | SH | | SOLE | 0 | 162,058 | 0 | 0 |
| Commerce Bancshares, Inc | COM | 200525103 | 8,726 | 177,138 | SH | | SOLE | 0 | 177,138 | 0 | 0 |
| Cosan Ltd. | CL A | G25343107 | 4,655 | 651,014 | SH | | SOLE | 0 | 651,014 | 0 | 0 |
| Covanta Holding Corporation | COM | 22282E102 | 26,202 | 1,702,563 | SH | | SOLE | 0 | 1,702,563 | 0 | 0 |
| CSG Systems International, Inc. | COM | 126349109 | 2,788 | 67,467 | SH | | SOLE | 0 | 67,467 | 0 | 0 |
| CST Brands, Inc | COM | 12646R105 | 2,911 | 60,534 | SH | | SOLE | 0 | 60,534 | 0 | 0 |
| CSW Industrials Inc. | COM | 126402106 | 4,870 | 150,348 | SH | | SOLE | 0 | 150,348 | 0 | 0 |
| Cubic, Corp. | COM | 229669106 | 8,062 | 172,224 | SH | | SOLE | 0 | 172,224 | 0 | 0 |
| Cullen Frost Bankers, Inc. | COM | 229899109 | 5,922 | 82,323 | SH | | SOLE | 0 | 82,323 | 0 | 0 |
| Devon Energy Corp. | COM | 25179M103 | 33,962 | 769,932 | SH | | SOLE | 0 | 769,932 | 0 | 0 |
| Dorman Products, Inc. | COM | 258278100 | 6,370 | 99,690 | SH | | SOLE | 0 | 99,690 | 0 | 0 |
| DST Systems | COM | 233326107 | 5,256 | 44,573 | SH | | SOLE | 0 | 44,573 | 0 | 0 |
| DSW Inc. | CL A | 23334L102 | 4,656 | 227,352 | SH | | SOLE | 0 | 227,352 | 0 | 0 |
| EMCOR Group, Inc. | COM | 29084Q100 | 7,583 | 127,187 | SH | | SOLE | 0 | 127,187 | 0 | 0 |
| Fiesta Restaurant Group, Inc. | COM | 31660B101 | 2,510 | 104,567 | SH | | SOLE | 0 | 104,567 | 0 | 0 |
| First Industrial Realty Trust, Inc. | COM | 32054K103 | 63,539 | 2,251,543 | SH | | SOLE | 0 | 2,251,543 | 0 | 0 |
| First Potomac Realty Trust | COM | 33610F109 | 732 | 80,000 | SH | | SOLE | 0 | 80,000 | 0 | 0 |
| FNF Group | COM | 31620R303 | 25,556 | 692,400 | SH | | SOLE | 0 | 692,400 | 0 | 0 |
| Forest City Enterprises Inc. CL A | CL A | 345605109 | 116,885 | 5,053,408 | SH | | SOLE | 0 | 5,053,408 | 0 | 0 |
| Forest City Enterprises Inc. CL B | CL B CONV | 345605208 | 16 | 702 | SH | | SOLE | 0 | 702 | 0 | 0 |
| FTI Consulting Inc. | COM | 302941109 | 6,842 | 153,535 | SH | | SOLE | 0 | 153,535 | 0 | 0 |
| Genpact Ltd. | COM | G3922B107 | 4,986 | 208,196 | SH | | SOLE | 0 | 208,196 | 0 | 0 |
| G-III Apparel Group Ltd. | COM | 36237H101 | 4,175 | 143,218 | SH | | SOLE | 0 | 143,218 | 0 | 0 |
| Harman International Industries, Inc. | COM | 413086109 | 33,552 | 397,296 | SH | | SOLE | 0 | 397,296 | 0 | 0 |
| ICF International, Inc. | COM | 44925C103 | 7,478 | 168,729 | SH | | SOLE | 0 | 168,729 | 0 | 0 |
| Ingram Micro Inc. | CL A | 457153104 | 3,946 | 110,658 | SH | | SOLE | 0 | 110,658 | 0 | 0 |
| Insight Enterprises, Inc. | COM | 45765U103 | 7,181 | 220,604 | SH | | SOLE | 0 | 220,604 | 0 | 0 |
| Interface Inc. | COM | 458665304 | 4,164 | 249,473 | SH | | SOLE | 0 | 249,473 | 0 | 0 |
| Johnson Controls International plc | COM | G51502105 | 32,838 | 705,743 | SH | | SOLE | 0 | 705,743 | 0 | 0 |
| Kaiser Aluminum Corp. | COM PAR $0.01 | 483007704 | 4,273 | 49,405 | SH | | SOLE | 0 | 49,405 | 0 | 0 |
| Kennedy-Wilson Holdings Inc. | COM | 489398107 | 29,092 | 1,290,112 | SH | | SOLE | 0 | 1,290,112 | 0 | 0 |
| Keycorp | COM | 493267108 | 17,303 | 1,421,788 | SH | | SOLE | 0 | 1,421,788 | 0 | 0 |
| Kirby Corporation | COM | 497266106 | 6,488 | 104,375 | SH | | SOLE | 0 | 104,375 | 0 | 0 |
| Legg Mason Inc. | COM | 524901105 | 3,497 | 104,455 | SH | | SOLE | 0 | 104,455 | 0 | 0 |
| Lennar Corp. | CL A | 526057104 | 41,671 | 984,200 | SH | | SOLE | 0 | 984,200 | 0 | 0 |
| Leucadia National Corporation | COM | 527288104 | 3,245 | 170,433 | SH | | SOLE | 0 | 170,433 | 0 | 0 |
| Livanova PLC | COM | G5509L101 | 20,068 | 333,848 | SH | | SOLE | 0 | 333,848 | 0 | 0 |
| Lowe's Companies Inc. | COM | 548661107 | 42,215 | 584,611 | SH | | SOLE | 0 | 584,611 | 0 | 0 |
| Masco Corp. | COM | 574599106 | 27,023 | 787,625 | SH | | SOLE | 0 | 787,625 | 0 | 0 |
| Multi-Color Corporation | COM | 625383104 | 7,374 | 111,720 | SH | | SOLE | 0 | 111,720 | 0 | 0 |
| MYR Group Inc. | COM | 55405W104 | 3,501 | 116,310 | SH | | SOLE | 0 | 116,310 | 0 | 0 |
| Netscout Systems Inc. | COM | 64115T104 | 7,906 | 270,281 | SH | | SOLE | 0 | 270,281 | 0 | 0 |
| NEXPOINT RESIDNL TR | EQUITY | 65341D102 | 492 | 25,000 | SH | | SOLE | 0 | 25,000 | 0 | 0 |
| Patterson Companies Inc | COM | 703395103 | 3,478 | 75,716 | SH | | SOLE | 0 | 75,716 | 0 | 0 |
| PNC Financial Corp | COM | 693475105 | 57,236 | 635,315 | SH | | SOLE | 0 | 635,315 | 0 | 0 |
| PNC Financial Services Group 2018 Warrants | W EXP 12/31/2018 | 693475121 | 57,603 | 2,452,249 | SH | | SOLE | 0 | 2,452,249 | 0 | 0 |
| Progress Software Corporation | COM | 743312100 | 3,069 | 112,816 | SH | | SOLE | 0 | 112,816 | 0 | 0 |
| Prosperity Bancshares Inc. | COM | 743606105 | 5,619 | 102,362 | SH | | SOLE | 0 | 102,362 | 0 | 0 |
| Radio One Inc Cl D | CL D NON VTG | 75040P405 | 6,447 | 2,127,789 | SH | | SOLE | 0 | 2,127,789 | 0 | 0 |
| Ralph Lauren Corp. | CL A | 751212101 | 27,501 | 271,913 | SH | | SOLE | 0 | 271,913 | 0 | 0 |
| Rayonier Inc. | COM | 754907103 | 95,448 | 3,596,370 | SH | | SOLE | 0 | 3,596,370 | 0 | 0 |
| Seaboard Corp. | COM | 811543107 | 3,234 | 940 | SH | | SOLE | 0 | 940 | 0 | 0 |
| Shire Plc - ADR | ADR | 82481R106 | 13,226 | 68,224 | SH | | SOLE | 0 | 68,224 | 0 | 0 |
| Southside Bancshares Inc. | COM | 84470P109 | 7,165 | 222,660 | SH | | SOLE | 0 | 222,660 | 0 | 0 |
| SP Plus Corp. | COM | 78469C103 | 3,131 | 122,449 | SH | | SOLE | 0 | 122,449 | 0 | 0 |
| Spanish Broadcasting System, Inc | CL A | 846425833 | 2,450 | 639,603 | SH | | SOLE | 0 | 639,603 | 0 | 0 |
| SPX Flow Inc. | COM | 78469X107 | 2,091 | 67,624 | SH | | SOLE | 0 | 67,624 | 0 | 0 |
| Standard Motor Products, Inc. | COM | 853666105 | 7,355 | 153,993 | SH | | SOLE | 0 | 153,993 | 0 | 0 |
| Syntel, Inc. | COM | 87162H103 | 4,932 | 117,688 | SH | | SOLE | 0 | 117,688 | 0 | 0 |
| Tanger Factory Outlet Centers, Inc | COM | 875465106 | 1,468 | 37,674 | SH | | SOLE | 0 | 37,674 | 0 | 0 |
| Tejon Ranch Co. | COM | 879080109 | 54,707 | 2,249,464 | SH | | SOLE | 0 | 2,249,464 | 0 | 0 |
| Telefex Inc. | COM | 879369106 | 3,882 | 23,102 | SH | | SOLE | 0 | 23,102 | 0 | 0 |
| Tetra Tech, Inc. | COM | 88162G103 | 5,317 | 149,891 | SH | | SOLE | 0 | 149,891 | 0 | 0 |
| The Macerich Company | COM | 554382101 | 62,771 | 776,201 | SH | | SOLE | 0 | 776,201 | 0 | 0 |
| Total Fina ELF S A ADR | ADR | 89151E109 | 134 | 2,807 | SH | | SOLE | 0 | 2,807 | 0 | 0 |
| Trinity Place Holdings | COM | 89656D101 | 124 | 12,729 | SH | | SOLE | 0 | 12,729 | 0 | 0 |
| UCP Inc. - Class A | CL A | 90265Y106 | 2,391 | 271,409 | SH | | SOLE | 0 | 271,409 | 0 | 0 |
| UMB Financial Corporation | COM | 902788108 | 8,440 | 141,973 | SH | | SOLE | 0 | 141,973 | 0 | 0 |
| UniFirst Corporation | COM | 904708104 | 5,177 | 39,261 | SH | | SOLE | 0 | 39,261 | 0 | 0 |
| Vail Resorts Inc. | COM | 91879Q109 | 4,243 | 27,048 | SH | | SOLE | 0 | 27,048 | 0 | 0 |
| Valley National Bancorp | COM | 919794107 | 4,971 | 510,883 | SH | | SOLE | 0 | 510,883 | 0 | 0 |
| Valmont Industries | COM | 920253101 | 319 | 2,369 | SH | | SOLE | 0 | 2,369 | 0 | 0 |
| VCA Antech Inc. | COM | 918194101 | 5,654 | 80,794 | SH | | SOLE | 0 | 80,794 | 0 | 0 |
| Viad Corp. | COM | 92552R406 | 5,310 | 144,032 | SH | | SOLE | 0 | 144,032 | 0 | 0 |
| Visteon Corp. | COM | 92839U206 | 9,263 | 129,268 | SH | | SOLE | 0 | 129,268 | 0 | 0 |
| Vodafone Group Plc - ADR | ADR | 92857W308 | 81 | 2,770 | SH | | SOLE | 0 | 2,770 | 0 | 0 |
| Vornado Realty Trust | SH BEN INT | 929042109 | 63,187 | 624,314 | SH | | SOLE | 0 | 624,314 | 0 | 0 |
| WCI Communities Inc. | COM | 92923C807 | 12,548 | 528,997 | SH | | SOLE | 0 | 528,997 | 0 | 0 |
| Weyerhaeuser Company | COM | 962166104 | 193,056 | 6,044,348 | SH | | SOLE | 0 | 6,044,348 | 0 | 0 |
| White Mountains Insurance Group | COM | G9618E107 | 54,864 | 66,101 | SH | | SOLE | 0 | 66,101 | 0 | 0 |
| WMI Holdings Corp, | COM | 92936P100 | 507 | 216,706 | SH | | SOLE | 0 | 216,706 | 0 | 0 |
| World Fuel Services Corp | COM | 981475106 | 6,230 | 134,679 | SH | | SOLE | 0 | 134,679 | 0 | 0 |
| Zions Bancorporation | COM | 989701107 | 58,825 | 1,896,358 | SH | | SOLE | 0 | 1,896,358 | 0 | 0 |
