The Securities and Exchange Commission has not necessarily
reviewed the information in this filing and has not determined
if it is accurate and complete.
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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 |
| Alamo Group, Inc. | COM | 011311107 | 3,247,092 | 14,869 | SH | SOLE | 0 | 14,869 | 0 | 0 | |
| Ambac Financial Group | COM | 023139884 | 4,284,076 | 603,391 | SH | SOLE | 0 | 603,391 | 0 | 0 | |
| American Homes 4 Rent | CL A | 02665T306 | 6,891,751 | 191,066 | SH | SOLE | 0 | 191,066 | 0 | 0 | |
| Atlanta Braves Holdings Inc - A | COM | 047726104 | 8,091,994 | 164,438 | SH | SOLE | 0 | 164,438 | 0 | 0 | |
| Atlanta Braves Holdings Inc - C | COM | 047726302 | 1,220,884 | 26,104 | SH | SOLE | 0 | 26,104 | 0 | 0 | |
| Bluelinx Holdings Inc. | COM | 09624H208 | 3,448,034 | 46,357 | SH | SOLE | 0 | 46,357 | 0 | 0 | |
| Brookfield Corp. | COM | 11271J107 | 23,394,701 | 378,249 | SH | SOLE | 0 | 378,249 | 0 | 0 | |
| Cantaloupe, Inc. | COM | 138103106 | 4,066,443 | 370,013 | SH | SOLE | 0 | 370,013 | 0 | 0 | |
| CBRE Group, Inc. | COM | 12504L109 | 23,079,165 | 164,710 | SH | SOLE | 0 | 164,710 | 0 | 0 | |
| Central Securities Corporation | COM | 155123102 | 4,872,722 | 101,812 | SH | SOLE | 0 | 101,812 | 0 | 0 | |
| Champion Homes, Inc. | COM | 830830105 | 3,748,148 | 59,865 | SH | SOLE | 0 | 59,865 | 0 | 0 | |
| Collegium Pharmaceutical Inc. | COM | 19459J104 | 6,014,568 | 203,401 | SH | SOLE | 0 | 203,401 | 0 | 0 | |
| Comerica Inc. | COM | 200340107 | 10,212,677 | 171,210 | SH | SOLE | 0 | 171,210 | 0 | 0 | |
| Deutsche Bank AG | COM | D18190898 | 30,182,748 | 1,021,558 | SH | SOLE | 0 | 1,021,558 | 0 | 0 | |
| DR Horton Inc. | COM | 23331A109 | 10,080,126 | 78,189 | SH | SOLE | 0 | 78,189 | 0 | 0 | |
| Encore Capital Group Inc. | COM | 292554102 | 6,620,262 | 171,022 | SH | SOLE | 0 | 171,022 | 0 | 0 | |
| First Industrial Realty Trust, Inc. | COM | 32054K103 | 6,385,070 | 132,663 | SH | SOLE | 0 | 132,663 | 0 | 0 | |
| Five Point Holdings LLC - CL A | COM | 33833Q106 | 22,692,511 | 4,125,911 | SH | SOLE | 0 | 4,125,911 | 0 | 0 | |
| FNF Group | COM | 31620R303 | 6,651,855 | 118,656 | SH | SOLE | 0 | 118,656 | 0 | 0 | |
| FRP Holdings Inc. | COM | 30292L107 | 5,685,622 | 211,440 | SH | SOLE | 0 | 211,440 | 0 | 0 | |
| Hamilton Beach Brand | COM CL A | 40701T104 | 2,351,837 | 131,461 | SH | SOLE | 0 | 131,461 | 0 | 0 | |
| ICF International, Inc. | COM | 44925C103 | 3,983,403 | 47,024 | SH | SOLE | 0 | 47,024 | 0 | 0 | |
| Investors Title Co. | COM | 461804106 | 7,554,398 | 35,752 | SH | SOLE | 0 | 35,752 | 0 | 0 | |
| Jones Lang Lasalle | COM | 48020Q107 | 13,221,268 | 51,690 | SH | SOLE | 0 | 51,690 | 0 | 0 | |
| Kaiser Aluminum Corp. | COM PAR $0.01 | 483007704 | 7,153,847 | 89,535 | SH | SOLE | 0 | 89,535 | 0 | 0 | |
| Lennar Corp - Class B | CL B | 526057302 | 15,580,473 | 148,033 | SH | SOLE | 0 | 148,033 | 0 | 0 | |
| LSB Industries Inc. | COM | 502160104 | 6,157,687 | 789,447 | SH | SOLE | 0 | 789,447 | 0 | 0 | |
| Millrose Properties, Inc. | COM CL A | 601137102 | 1,445,371 | 50,697 | SH | SOLE | 0 | 50,697 | 0 | 0 | |
| MYR Group Inc. | COM | 55405W104 | 9,906,263 | 54,595 | SH | SOLE | 0 | 54,595 | 0 | 0 | |
| OceanFirst Financial Trust | COM | 675234108 | 2,857,011 | 162,238 | SH | SOLE | 0 | 162,238 | 0 | 0 | |
| Old Republic International Corp. | COM | 680223104 | 3,787,685 | 98,535 | SH | SOLE | 0 | 98,535 | 0 | 0 | |
| PBF Energy Inc. | Class A | 69318G106 | 2,839,854 | 131,050 | SH | SOLE | 0 | 131,050 | 0 | 0 | |
| Proassurance Corp. | COM US | 74267C106 | 8,781,331 | 384,640 | SH | SOLE | 0 | 384,640 | 0 | 0 | |
| Prologis Inc. | COM | 74340W103 | 15,297,273 | 145,522 | SH | SOLE | 0 | 145,522 | 0 | 0 | |
| Prosperity Bancshares Inc. | COM | 743606105 | 7,176,280 | 102,168 | SH | SOLE | 0 | 102,168 | 0 | 0 | |
| PulteGroup Inc. | COM | 745867101 | 10,222,343 | 96,931 | SH | SOLE | 0 | 96,931 | 0 | 0 | |
| Rayonier Inc. | COM | 754907103 | 5,725,301 | 258,129 | SH | SOLE | 0 | 258,129 | 0 | 0 | |
| Sandridge Energy Inc. | COM | 80007P869 | 3,578,152 | 330,698 | SH | SOLE | 0 | 330,698 | 0 | 0 | |
| Seaboard Corp. | COM | 811543107 | 2,904,118 | 1,015 | SH | SOLE | 0 | 1,015 | 0 | 0 | |
| Southside Bancshares Inc. | COM | 84470P109 | 6,163,407 | 209,426 | SH | SOLE | 0 | 209,426 | 0 | 0 | |
| Sun Communities Inc. | COM | 866674104 | 12,296,093 | 97,210 | SH | SOLE | 0 | 97,210 | 0 | 0 | |
| Supernus Pharmaceuticals, Inc. | COM | 868459108 | 5,972,819 | 189,493 | SH | SOLE | 0 | 189,493 | 0 | 0 | |
| Tidewater Inc. | COM | 88642R109 | 40,370,992 | 875,157 | SH | SOLE | 0 | 875,157 | 0 | 0 | |
| Tri Pointe Group Inc. | COM | 87265H109 | 4,978,769 | 155,830 | SH | SOLE | 0 | 155,830 | 0 | 0 | |
| U-Haul Holding Company | COM | 023586506 | 14,109,559 | 259,510 | SH | SOLE | 0 | 259,510 | 0 | 0 | |
| UMB Financial Corporation | COM | 902788108 | 10,806,557 | 102,763 | SH | SOLE | 0 | 102,763 | 0 | 0 | |
| UniFirst Corporation | COM | 904708104 | 4,396,066 | 23,356 | SH | SOLE | 0 | 23,356 | 0 | 0 | |
| Valaris Ltd. | COM | G9460G101 | 24,673,133 | 585,921 | SH | SOLE | 0 | 585,921 | 0 | 0 | |
| Visteon Corp. | COM | 92839U206 | 960,803 | 10,298 | SH | SOLE | 0 | 10,298 | 0 | 0 | |
| Warrior Met Coal Inc. | COM | 93627C101 | 29,408,378 | 641,684 | SH | SOLE | 0 | 641,684 | 0 | 0 | |
| Wesco International | COM | 95082P105 | 3,721,224 | 20,093 | SH | SOLE | 0 | 20,093 | 0 | 0 | |
| Weyerhaeuser Company | COM | 962166104 | 5,673,611 | 220,849 | SH | SOLE | 0 | 220,849 | 0 | 0 | |