The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it 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 | (x$1000) | PRN AMT | PRN | CALL | DISCRETION | MANAGER | SOLE | SHARED | NONE |
| ABM Industries Inc | COM | 000957100 | 3,731 | 89,857 | SH | SOLE | 0 | 89,857 | 0 | 0 | |
| Alamo Group, Inc. | COM | 011311107 | 5,168 | 56,906 | SH | SOLE | 0 | 56,906 | 0 | 0 | |
| Alico, Inc. | COM | 016230104 | 4,017 | 128,323 | SH | SOLE | 0 | 128,323 | 0 | 0 | |
| Alleghany Corp. | COM | 017175100 | 46,206 | 77,682 | SH | SOLE | 0 | 77,682 | 0 | 0 | |
| Amgen Inc. | COM | 031162100 | 36,243 | 210,430 | SH | SOLE | 0 | 210,430 | 0 | 0 | |
| AMN Healthcare Services Inc. | COM | 001744101 | 2,884 | 73,842 | SH | SOLE | 0 | 73,842 | 0 | 0 | |
| Ani Pharmaceuticals Inc. | COM | 00182C103 | 2,337 | 49,933 | SH | SOLE | 0 | 49,933 | 0 | 0 | |
| Anixter International Inc. | COM | 035290105 | 27,597 | 352,892 | SH | SOLE | 0 | 352,892 | 0 | 0 | |
| Arcos Dorados Holdings, Inc. | SHS CL A | G0457F107 | 7,374 | 989,700 | SH | SOLE | 0 | 989,700 | 0 | 0 | |
| Avnet Inc. | COM | 053807103 | 20,093 | 516,792 | SH | SOLE | 0 | 516,792 | 0 | 0 | |
| Bank of New York Mellon Corp. | COM | 064058100 | 89,919 | 1,762,417 | SH | SOLE | 0 | 1,762,417 | 0 | 0 | |
| Barnes Group Inc. | COM | 067806109 | 5,338 | 91,200 | SH | SOLE | 0 | 91,200 | 0 | 0 | |
| BMC Stock Holdings, Inc. | Equity | 05591B109 | 6,193 | 283,400 | SH | SOLE | 0 | 283,400 | 0 | 0 | |
| Brookdale Senior Living Inc. | COM | 112463104 | 30,367 | 2,064,320 | SH | SOLE | 0 | 2,064,320 | 0 | 0 | |
| Brookfield Asset Mgmt. CL A | CL A LTD VT SH | 112585104 | 168,282 | 4,291,808 | SH | SOLE | 0 | 4,291,808 | 0 | 0 | |
| Cambrex Corp. | COM | 132011107 | 4,116 | 68,885 | SH | SOLE | 0 | 68,885 | 0 | 0 | |
| Capital Southwest | COM | 140501107 | 2,418 | 150,348 | SH | SOLE | 0 | 150,348 | 0 | 0 | |
| Carrizo Oil & Gas Inc. | COM | 144577103 | 2,825 | 162,153 | SH | SOLE | 0 | 162,153 | 0 | 0 | |
| Catchmark Timber Trust Inc. | REIT | 14912Y202 | 910 | 80,000 | SH | SOLE | 0 | 80,000 | 0 | 0 | |
| Cavco Industries, Inc. (COM & Restricted) | COM | 149568107 | 43,552 | 335,919 | SH | SOLE | 0 | 335,919 | 0 | 0 | |
| CBS Corporation | CL B | 124857202 | 26,433 | 414,426 | SH | SOLE | 0 | 414,426 | 0 | 0 | |
| CEDAR REALTY TRUST INC | COM | 150602209 | 853 | 175,700 | SH | SOLE | 0 | 175,700 | 0 | 0 | |
| Century Communities Inc. | COM | 156504300 | 1,413 | 56,974 | SH | SOLE | 0 | 56,974 | 0 | 0 | |
| Cerner Corp. | COM | 156782104 | 27,208 | 409,318 | SH | SOLE | 0 | 409,318 | 0 | 0 | |
| Circor International Inc. | COM | 17273K109 | 1,335 | 22,467 | SH | SOLE | 0 | 22,467 | 0 | 0 | |
| CNH Industrial NV | COM | N20944109 | 3,308 | 290,600 | SH | SOLE | 0 | 290,600 | 0 | 0 | |
| Comerica Inc 2018 Warrants | W EXP 11/14/2018 | 200340115 | 1,468 | 33,300 | SH | SOLE | 0 | 33,300 | 0 | 0 | |
| Comerica Inc. | COM | 200340107 | 71,157 | 971,553 | SH | SOLE | 0 | 971,553 | 0 | 0 | |
| Comfort Systems USA Inc. | COM | 199908104 | 5,988 | 161,375 | SH | SOLE | 0 | 161,375 | 0 | 0 | |
| Commerce Bancshares, Inc | COM | 200525103 | 7,917 | 139,306 | SH | SOLE | 0 | 139,306 | 0 | 0 | |
| Core-Mark Holding Co. Inc. | COM | 218681104 | 3,031 | 91,661 | SH | SOLE | 0 | 91,661 | 0 | 0 | |
| Cosan Ltd. | CL A | G25343107 | 3,609 | 563,000 | SH | SOLE | 0 | 563,000 | 0 | 0 | |
| Covanta Holding Corporation | COM | 22282E102 | 6,797 | 514,895 | SH | SOLE | 0 | 514,895 | 0 | 0 | |
| CSG Systems International, Inc. | COM | 126349109 | 2,727 | 67,198 | SH | SOLE | 0 | 67,198 | 0 | 0 | |
| CSW Industrials Inc. | COM | 126402106 | 5,811 | 150,348 | SH | SOLE | 0 | 150,348 | 0 | 0 | |
| Cubic, Corp. | COM | 229669106 | 6,122 | 132,204 | SH | SOLE | 0 | 132,204 | 0 | 0 | |
| Cullen Frost Bankers, Inc. | COM | 229899109 | 5,710 | 60,800 | SH | SOLE | 0 | 60,800 | 0 | 0 | |
| DEUTSCHE BANK AG-REGISTERED | COM | D18190898 | 7,116 | 400,000 | SH | SOLE | 0 | 400,000 | 0 | 0 | |
| Devon Energy Corp. | COM | 25179M103 | 19,818 | 619,883 | SH | SOLE | 0 | 619,883 | 0 | 0 | |
| Dorman Products, Inc. | COM | 258278100 | 3,609 | 43,600 | SH | SOLE | 0 | 43,600 | 0 | 0 | |
| DST Systems | COM | 233326107 | 5,739 | 93,000 | SH | SOLE | 0 | 93,000 | 0 | 0 | |
| DSW Inc. | CL A | 23334L102 | 4,397 | 248,400 | SH | SOLE | 0 | 248,400 | 0 | 0 | |
| EMCOR Group, Inc. | COM | 29084Q100 | 5,369 | 82,107 | SH | SOLE | 0 | 82,107 | 0 | 0 | |
| EOG Resources | COM | 26875P101 | 21,691 | 239,621 | SH | SOLE | 0 | 239,621 | 0 | 0 | |
| Finisar Corp. | COM | 31787A507 | 4,739 | 182,400 | SH | SOLE | 0 | 182,400 | 0 | 0 | |
| First Industrial Realty Trust, Inc. | COM | 32054K103 | 51,151 | 1,787,243 | SH | SOLE | 0 | 1,787,243 | 0 | 0 | |
| First Potomac Realty Trust | COM | 33610F109 | 889 | 80,000 | SH | SOLE | 0 | 80,000 | 0 | 0 | |
| Five Point Holdings LLC - CL A | COM | 33833Q106 | 36,408 | 2,466,661 | SH | SOLE | 0 | 2,466,661 | 0 | 0 | |
| FNF Group | COM | 31620R303 | 29,790 | 664,500 | SH | SOLE | 0 | 664,500 | 0 | 0 | |
| Forest City Enterprises Inc. CL A | CL A | 345605109 | 117,320 | 4,853,922 | SH | SOLE | 0 | 4,853,922 | 0 | 0 | |
| FTI Consulting Inc. | COM | 302941109 | 4,765 | 136,292 | SH | SOLE | 0 | 136,292 | 0 | 0 | |
| Genpact Ltd. | COM | G3922B107 | 5,254 | 188,766 | SH | SOLE | 0 | 188,766 | 0 | 0 | |
| G-III Apparel Group Ltd. | COM | 36237H101 | 4,858 | 194,701 | SH | SOLE | 0 | 194,701 | 0 | 0 | |
| Haynes International Inc. | COM | 420877201 | 4,619 | 127,187 | SH | SOLE | 0 | 127,187 | 0 | 0 | |
| Horizon Global Corp. | COM | 44052W104 | 3,850 | 268,100 | SH | SOLE | 0 | 268,100 | 0 | 0 | |
| ICF International, Inc. | COM | 44925C103 | 6,822 | 144,822 | SH | SOLE | 0 | 144,822 | 0 | 0 | |
| Insight Enterprises, Inc. | COM | 45765U103 | 5,907 | 147,700 | SH | SOLE | 0 | 147,700 | 0 | 0 | |
| Interface Inc. | COM | 458665304 | 4,754 | 241,920 | SH | SOLE | 0 | 241,920 | 0 | 0 | |
| Johnson Controls International plc | COM | G51502105 | 32,933 | 759,515 | SH | SOLE | 0 | 759,515 | 0 | 0 | |
| Kaiser Aluminum Corp. | COM PAR $0.01 | 483007704 | 6,160 | 69,578 | SH | SOLE | 0 | 69,578 | 0 | 0 | |
| Kennedy-Wilson Holdings Inc. | COM | 489398107 | 23,665 | 1,242,253 | SH | SOLE | 0 | 1,242,253 | 0 | 0 | |
| Keycorp | COM | 493267108 | 16,060 | 856,940 | SH | SOLE | 0 | 856,940 | 0 | 0 | |
| Korn/Ferry International | COM | 500643200 | 4,334 | 125,500 | SH | SOLE | 0 | 125,500 | 0 | 0 | |
| Legg Mason Inc. | COM | 524901105 | 2,265 | 59,332 | SH | SOLE | 0 | 59,332 | 0 | 0 | |
| Lennar Corp - Class B | CL B | 526057302 | 2,167 | 48,179 | SH | SOLE | 0 | 48,179 | 0 | 0 | |
| Lennar Corp. | COM | 526057104 | 153,031 | 2,870,041 | SH | SOLE | 0 | 2,870,041 | 0 | 0 | |
| Leucadia National Corporation | COM | 527288104 | 3,308 | 126,433 | SH | SOLE | 0 | 126,433 | 0 | 0 | |
| Livanova PLC | COM | G5509L101 | 31,871 | 520,671 | SH | SOLE | 0 | 520,671 | 0 | 0 | |
| Lowe's Companies Inc. | COM | 548661107 | 36,828 | 475,011 | SH | SOLE | 0 | 475,011 | 0 | 0 | |
| Masco Corp. | COM | 574599106 | 29,772 | 779,146 | SH | SOLE | 0 | 779,146 | 0 | 0 | |
| Multi-Color Corporation | COM | 625383104 | 6,697 | 82,062 | SH | SOLE | 0 | 82,062 | 0 | 0 | |
| MYR Group Inc. | COM | 55405W104 | 2,898 | 93,400 | SH | SOLE | 0 | 93,400 | 0 | 0 | |
| Netscout Systems Inc. | COM | 64115T104 | 8,521 | 247,700 | SH | SOLE | 0 | 247,700 | 0 | 0 | |
| NEXPOINT RESIDNL TR | EQUITY | 65341D102 | 623 | 25,000 | SH | SOLE | 0 | 25,000 | 0 | 0 | |
| Parkway Inc. | REIT | 70156Q107 | 24,052 | 1,050,762 | SH | SOLE | 0 | 1,050,762 | 0 | 0 | |
| Patterson Companies Inc | COM | 703395103 | 3,827 | 81,500 | SH | SOLE | 0 | 81,500 | 0 | 0 | |
| PDC Energy, Inc. | COM | 69327R101 | 3,135 | 72,700 | SH | SOLE | 0 | 72,700 | 0 | 0 | |
| Photronics Inc. | COM | 719405102 | 4,399 | 467,900 | SH | SOLE | 0 | 467,900 | 0 | 0 | |
| PNC Financial Corp | COM | 693475105 | 69,779 | 558,812 | SH | SOLE | 0 | 558,812 | 0 | 0 | |
| PNC Financial Services Group 2018 Warrants | W EXP 12/31/2018 | 693475121 | 68,399 | 1,186,849 | SH | SOLE | 0 | 1,186,849 | 0 | 0 | |
| Progress Software Corporation | COM | 743312100 | 3,168 | 102,555 | SH | SOLE | 0 | 102,555 | 0 | 0 | |
| Prosperity Bancshares Inc. | COM | 743606105 | 5,978 | 93,046 | SH | SOLE | 0 | 93,046 | 0 | 0 | |
| Quanex Building Products | COM | 747619104 | 4,541 | 214,700 | SH | SOLE | 0 | 214,700 | 0 | 0 | |
| Ralph Lauren Corp. | CL A | 751212101 | 26,535 | 359,546 | SH | SOLE | 0 | 359,546 | 0 | 0 | |
| Rayonier Inc. | COM | 754907103 | 96,632 | 3,358,770 | SH | SOLE | 0 | 3,358,770 | 0 | 0 | |
| Reliance Steel & Aluminum Co. | COM | 759509102 | 22,914 | 314,698 | SH | SOLE | 0 | 314,698 | 0 | 0 | |
| Seaboard Corp. | COM | 811543107 | 3,744 | 937 | SH | SOLE | 0 | 937 | 0 | 0 | |
| Shire Plc - ADR | ADR | 82481R106 | 11,458 | 69,324 | SH | SOLE | 0 | 69,324 | 0 | 0 | |
| Southside Bancshares Inc. | COM | 84470P109 | 7,131 | 204,070 | SH | SOLE | 0 | 204,070 | 0 | 0 | |
| SP Plus Corp. | COM | 78469C103 | 6,062 | 198,423 | SH | SOLE | 0 | 198,423 | 0 | 0 | |
| Standard Motor Products, Inc. | COM | 853666105 | 3,308 | 63,347 | SH | SOLE | 0 | 63,347 | 0 | 0 | |
| Synaptics Inc. | COM | 87157D109 | 4,722 | 91,307 | SH | SOLE | 0 | 91,307 | 0 | 0 | |
| Syntel, Inc. | COM | 87162H103 | 8,289 | 488,697 | SH | SOLE | 0 | 488,697 | 0 | 0 | |
| Tejon Ranch Co. | COM | 879080109 | 45,649 | 2,211,653 | SH | SOLE | 0 | 2,211,653 | 0 | 0 | |
| Tetra Tech, Inc. | COM | 88162G103 | 6,014 | 131,444 | SH | SOLE | 0 | 131,444 | 0 | 0 | |
| The Macerich Company | COM | 554382101 | 29,077 | 500,801 | SH | SOLE | 0 | 500,801 | 0 | 0 | |
| Total Fina ELF S A ADR | ADR | 89151E109 | 49 | 984 | SH | SOLE | 0 | 984 | 0 | 0 | |
| Tri Pointe Group Inc. | COM | 87265H109 | 5,420 | 410,900 | SH | SOLE | 0 | 410,900 | 0 | 0 | |
| Trinet Group Services | COM | 896288107 | 6,070 | 185,400 | SH | SOLE | 0 | 185,400 | 0 | 0 | |
| Trinity Place Holdings | COM | 89656D101 | 34,718 | 4,882,914 | SH | SOLE | 0 | 4,882,914 | 0 | 0 | |
| UCP Inc. - Class A | CL A | 90265Y106 | 698 | 63,659 | SH | SOLE | 0 | 63,659 | 0 | 0 | |
| UMB Financial Corporation | COM | 902788108 | 6,093 | 81,391 | SH | SOLE | 0 | 81,391 | 0 | 0 | |
| UniFirst Corporation | COM | 904708104 | 4,209 | 29,910 | SH | SOLE | 0 | 29,910 | 0 | 0 | |
| Vail Resorts Inc. | COM | 91879Q109 | 0 | 0 | SH | SOLE | 0 | 0 | 0 | 0 | |
| Valley National Bancorp | COM | 919794107 | 3,342 | 282,975 | SH | SOLE | 0 | 282,975 | 0 | 0 | |
| Valmont Industries | COM | 920253101 | 297 | 1,982 | SH | SOLE | 0 | 1,982 | 0 | 0 | |
| VCA Antech Inc. | COM | 918194101 | 5,277 | 57,158 | SH | SOLE | 0 | 57,158 | 0 | 0 | |
| Viad Corp. | COM | 92552R406 | 5,115 | 108,235 | SH | SOLE | 0 | 108,235 | 0 | 0 | |
| Visteon Corp. | COM | 92839U206 | 6,317 | 61,888 | SH | SOLE | 0 | 61,888 | 0 | 0 | |
| Vodafone Group Plc - ADR | ADR | 92857W308 | 37 | 1,259 | SH | SOLE | 0 | 1,259 | 0 | 0 | |
| Vornado Realty Trust | SH BEN INT | 929042109 | 59,976 | 638,714 | SH | SOLE | 0 | 638,714 | 0 | 0 | |
| Wesbanco Inc. | COM | 950810101 | 2,242 | 56,700 | SH | SOLE | 0 | 56,700 | 0 | 0 | |
| Weyerhaeuser Company | COM | 962166104 | 189,342 | 5,651,983 | SH | SOLE | 0 | 5,651,983 | 0 | 0 | |
| White Mountains Insurance Group | COM | G9618E107 | 28,696 | 33,035 | SH | SOLE | 0 | 33,035 | 0 | 0 | |
| World Fuel Services Corp | COM | 981475106 | 6,395 | 166,319 | SH | SOLE | 0 | 166,319 | 0 | 0 | |
| Zions Bancorporation | COM | 989701107 | 24,483 | 557,558 | SH | SOLE | 0 | 557,558 | 0 | 0 | |