Third Avenue Management

Matthew Fine

$550.2M Portfolio Value

51 Stocks

+12.76% YTD Return ⓘ

Feb 12, 2026 Last Updated

Portfolio Value Over Time

Period:

Stock Click to search	Shares	Value	% of Portfolio	Change	Est. Return ⓘ
HCC\|Warrior Met Coal Inc.	583.3K	$51.4M	9.35%	TRIM -9.1%	—
TDW\|Tidewater Inc.	873.1K	$44.1M	8.02%	TRIM -0.2%	—
BCC\|Boise Cascade Company	430.0K	$31.6M	5.75%	ADD +57.1%	-0.71%
VAL\|Valaris Ltd.	584.4K	$29.5M	5.35%	TRIM -0.2%	+36.91%
BN\|Brookfield Corp.	548.1K	$25.2M	4.57%	ADD +44.9%	+113.28%
CBRE\|CBRE Group, Inc.	146.8K	$23.6M	4.29%	TRIM -5.1%	+172.15%
FPH\|Five Point Holdings LLC - CL A	4.1M	$23.0M	4.18%	—	—
PLD\|Prologis Inc.	145.5K	$18.6M	3.38%	ADD +0.0%	+36.99%
ROG\|Rogers Corp.	199.5K	$18.3M	3.32%	ADD +0.1%	+31.26%
LEN-B\|Lennar Corp - Class B	148.0K	$14.1M	2.56%	ADD +0.1%	—
Deutsche Bank AG	337.2K	$13.0M	2.36%	ADD NEW	—
UHAL-B\|U-Haul Holding Company	259.2K	$12.1M	2.20%	ADD +0.0%	-22.69%
SUI\|Sun Communities Inc.	96.9K	$12.0M	2.18%	ADD +0.1%	-0.35%
PHM\|PulteGroup Inc.	100.7K	$11.8M	2.15%	ADD +4.0%	+21.79%
JLL\|Jones Lang Lasalle	34.4K	$11.6M	2.10%	TRIM -33.5%	+120.08%
DHI\|DR Horton Inc.	78.2K	$11.3M	2.05%	ADD +0.1%	+119.50%
FNF\|FNF Group	205.3K	$11.2M	2.04%	ADD +73.0%	—
KALU\|Kaiser Aluminum Corp.	85.4K	$9.8M	1.78%	TRIM -4.7%	—
SUPN\|Supernus Pharmaceuticals, Inc.	189.5K	$9.4M	1.71%	—	+57.93%
COLL\|Collegium Pharmaceutical Inc.	203.4K	$9.4M	1.71%	—	+56.34%
ECPG\|Encore Capital Group Inc.	171.0K	$9.3M	1.69%	—	+15.96%
UMBF\|UMB Financial Corporation	78.2K	$9.0M	1.64%	TRIM -19.8%	—
SKY\|Champion Homes, Inc.	106.4K	$9.0M	1.63%	—	+20.26%
AMH\|American Homes 4 Rent	278.5K	$8.9M	1.62%	ADD +45.8%	+20.79%
MYRG\|MYR Group Inc.	35.6K	$7.8M	1.41%	—	—
PRA\|Proassurance Corp.	293.0K	$7.1M	1.29%	TRIM -19.5%	+49.87%
PB\|Prosperity Bancshares Inc.	102.2K	$7.1M	1.28%	—	—
BATRA\|Atlanta Braves Holdings Inc - A	164.4K	$7.0M	1.27%	—	+2.49%
LXU\|LSB Industries Inc.	789.4K	$6.7M	1.22%	—	+13.13%
OSG\|Octave Specialty Group	782.1K	$6.1M	1.11%	ADD +29.6%	-37.68%
FR\|First Industrial Realty Trust, Inc.	104.7K	$6.0M	1.09%	TRIM -1.5%	—
UNF\|UniFirst Corporation	28.4K	$5.5M	1.00%	ADD +9.7%	—
ITIC\|Investors Title Co.	21.9K	$5.5M	0.99%	ADD +0.1%	+72.11%
CET\|Central Securities Corporation	101.8K	$5.2M	0.94%	—	+57.78%
WCC\|Wesco International	20.3K	$5.0M	0.90%	ADD +1.0%	+71.73%
TPH\|Tri Pointe Group Inc.	155.9K	$4.9M	0.89%	—	—
SD\|Sandridge Energy Inc.	330.8K	$4.8M	0.87%	ADD +0.0%	+15.45%
ICFI\|ICF International, Inc.	52.9K	$4.5M	0.82%	ADD +12.4%	—
RYN\|Rayonier Inc.	188.3K	$4.1M	0.74%	TRIM -13.6%	—
WY\|Weyerhaeuser Company	171.6K	$4.1M	0.74%	ADD +6.0%	—
ALG\|Alamo Group, Inc.	24.0K	$4.0M	0.73%	ADD +61.5%	—
BXC\|Bluelinx Holdings Inc.	64.3K	$4.0M	0.72%	ADD +38.8%	-10.02%
CTLP\|Cantaloupe, Inc.	370.0K	$3.9M	0.71%	—	+32.32%
PBF\|PBF Energy Inc.	131.1K	$3.6M	0.65%	—	-9.93%
SBSI\|Southside Bancshares Inc.	116.9K	$3.6M	0.65%	TRIM -44.2%	—
OCFC\|OceanFirst Financial Trust	192.8K	$3.5M	0.63%	ADD +18.8%	+2.84%
FSV\|FirstService Corp.	18.7K	$2.9M	0.53%	ADD NEW	-3.64%
QC10\|Flagstar Bank	217.3K	$2.7M	0.50%	ADD NEW	—
FRPH\|FRP Holdings Inc.	107.4K	$2.4M	0.45%	TRIM -39.8%	-12.27%
BATRK\|Atlanta Braves Holdings Inc - C	26.1K	$1.0M	0.19%	—	+6.87%
FG\|F&G Annuities and Life	12.3K	$380.0K	0.07%	ADD NEW	-9.32%

13F Filing:

Stock Click to search	Action	Change	Shares After	Value	Est. Return ⓘ
2025-Q4
HCC\|Warrior Met Coal Inc.	SELL	-9.13%	583.3K	$51M	—
TDW\|Tidewater Inc.	SELL	-0.18%	873.1K	$44M	—
BCC\|Boise Cascade Company	BUY	+57.10%	430.0K	$32M	—
VAL\|Valaris Ltd.	SELL	-0.21%	584.4K	$29M	+36.5%
BN\|Brookfield Corp.	BUY	+44.91%	548.1K	$25M	—
CBRE\|CBRE Group, Inc.	SELL	-5.07%	146.8K	$24M	+150.8%
PLD\|Prologis Inc.	BUY	+0.04%	145.5K	$19M	—
ROG\|Rogers Corp.	BUY	+0.05%	199.5K	$18M	—
LEN-B\|Lennar Corp - Class B	BUY	+0.11%	148.0K	$14M	—
JLL\|Jones Lang Lasalle	SELL	-33.45%	34.4K	$12M	+91.6%
DHI\|DR Horton Inc.	BUY	+0.15%	78.2K	$11M	—
UHAL-B\|U-Haul Holding Company	BUY	+0.01%	259.2K	$12M	—
PHM\|PulteGroup Inc.	BUY	+4.05%	100.7K	$12M	—
Deutsche Bank AG	BUY	NEW	337.2K	$13M	—
SUI\|Sun Communities Inc.	BUY	+0.14%	96.9K	$12M	—
UMBF\|UMB Financial Corporation	SELL	-19.76%	78.2K	$9M	—
FNF\|FNF Group	BUY	+73.04%	205.3K	$11M	—
CMA\|Comerica Inc.	SELL	EXIT	—	—	—
KALU\|Kaiser Aluminum Corp.	SELL	-4.66%	85.4K	$10M	—
AMH\|American Homes 4 Rent	BUY	+45.77%	278.5K	$9M	—
PRA\|Proassurance Corp.	SELL	-19.51%	293.0K	$7M	+49.1%
OSG\|Octave Specialty Group	BUY	+29.62%	782.1K	$6M	—
FR\|First Industrial Realty Trust, Inc.	SELL	-1.52%	104.7K	$6M	—
ITIC\|Investors Title Co.	BUY	+0.05%	21.9K	$5M	—
RYN\|Rayonier Inc.	SELL	-13.63%	188.3K	$4M	—
SBSI\|Southside Bancshares Inc.	SELL	-44.19%	116.9K	$4M	—
UNF\|UniFirst Corporation	BUY	+9.66%	28.4K	$5M	—
WCC\|Wesco International	BUY	+1.01%	20.3K	$5M	—
SD\|Sandridge Energy Inc.	BUY	+0.04%	330.8K	$5M	—
ICFI\|ICF International, Inc.	BUY	+12.42%	52.9K	$5M	—
FRPH\|FRP Holdings Inc.	SELL	-39.83%	107.4K	$2M	-13.2%
WY\|Weyerhaeuser Company	BUY	+5.97%	171.6K	$4M	—
ALG\|Alamo Group, Inc.	BUY	+61.47%	24.0K	$4M	—
BXC\|Bluelinx Holdings Inc.	BUY	+38.79%	64.3K	$4M	—
SEB\|Seaboard Corp.	SELL	EXIT	—	—	—
OCFC\|OceanFirst Financial Trust	BUY	+18.77%	192.8K	$3M	—
FSV\|FirstService Corp.	BUY	NEW	18.7K	$3M	—
QC10\|Flagstar Bank	BUY	NEW	217.3K	$3M	—
VC\|Visteon Corp.	SELL	EXIT	—	—	+25.1%
FG\|F&G Annuities and Life	BUY	NEW	12.3K	$380047	—
2025-Q3
TDW\|Tidewater Inc.	SELL	-0.06%	874.7K	$48M	—
HCC\|Warrior Met Coal Inc.	BUY	+0.04%	641.9K	$42M	—
Deutsche Bank AG	SELL	EXIT	—	—	—
VAL\|Valaris Ltd.	SELL	-0.05%	585.6K	$30M	+23.8%
FPH\|Five Point Holdings LLC - CL A	SELL	-0.29%	4.1M	$25M	—
CBRE\|CBRE Group, Inc.	SELL	-6.09%	154.7K	$24M	+152.4%
BCC\|Boise Cascade Company	BUY	NEW	273.7K	$21M	—
LEN-B\|Lennar Corp - Class B	SELL	-0.13%	147.8K	$18M	—
PLD\|Prologis Inc.	SELL	-0.09%	145.4K	$17M	+18.7%
ROG\|Rogers Corp.	BUY	NEW	199.4K	$16M	—
JLL\|Jones Lang Lasalle	SELL	-0.14%	51.6K	$15M	+80.9%
UHAL-B\|U-Haul Holding Company	SELL	-0.11%	259.2K	$13M	—
DHI\|DR Horton Inc.	SELL	-0.14%	78.1K	$13M	+130.2%
PHM\|PulteGroup Inc.	SELL	-0.17%	96.8K	$13M	+20.6%
SUI\|Sun Communities Inc.	SELL	-0.44%	96.8K	$12M	+0.7%
UMBF\|UMB Financial Corporation	SELL	-5.10%	97.5K	$12M	—
CMA\|Comerica Inc.	SELL	-8.70%	156.3K	$11M	—
MYRG\|MYR Group Inc.	SELL	-34.88%	35.6K	$7M	—
PRA\|Proassurance Corp.	SELL	-5.36%	364.0K	$9M	+47.7%
SKY\|Champion Homes, Inc.	BUY	+77.75%	106.4K	$8M	—
ITIC\|Investors Title Co.	SELL	-38.79%	21.9K	$6M	+60.6%
FR\|First Industrial Realty Trust, Inc.	SELL	-19.84%	106.3K	$6M	—
RYN\|Rayonier Inc.	SELL	-15.53%	218.1K	$6M	—
FRPH\|FRP Holdings Inc.	SELL	-15.56%	178.5K	$4M	-3.9%
WY\|Weyerhaeuser Company	SELL	-26.68%	161.9K	$4M	—
TPH\|Tri Pointe Group Inc.	BUY	+0.02%	155.9K	$5M	—
UNF\|UniFirst Corporation	BUY	+11.02%	25.9K	$4M	—
ORI\|Old Republic International Corp.	SELL	EXIT	—	—	+93.6%
OCFC\|OceanFirst Financial Trust	BUY	+0.06%	162.3K	$3M	—
HBB\|Hamilton Beach Brand	SELL	EXIT	—	—	-7.6%
MRP\|Millrose Properties, Inc.	SELL	EXIT	—	—	+39.1%
2025-Q2
TDW\|Tidewater Inc.	BUY	+8.14%	875.2K	$40M	—
Deutsche Bank AG	SELL	-29.43%	1.0M	$30M	—
HCC\|Warrior Met Coal Inc.	BUY	+4.64%	641.7K	$29M	—
VAL\|Valaris Ltd.	BUY	+2.82%	585.9K	$25M	—
CBRE\|CBRE Group, Inc.	SELL	-0.24%	164.7K	$23M	+100.0%
CMA\|Comerica Inc.	SELL	-43.48%	171.2K	$10M	—
LEN-B\|Lennar Corp - Class B	BUY	+0.18%	148.0K	$16M	—
PLD\|Prologis Inc.	BUY	+12.67%	145.5K	$15M	—
UHAL-B\|U-Haul Holding Company	BUY	+3.86%	259.5K	$14M	—
JLL\|Jones Lang Lasalle	SELL	-0.58%	51.7K	$13M	+41.6%
ORI\|Old Republic International Corp.	SELL	-70.71%	98.5K	$4M	+88.8%
PRA\|Proassurance Corp.	SELL	-31.80%	384.6K	$9M	+43.5%
SUI\|Sun Communities Inc.	BUY	+7.16%	97.2K	$12M	—
UMBF\|UMB Financial Corporation	SELL	-0.03%	102.8K	$11M	—
PHM\|PulteGroup Inc.	BUY	+51.93%	96.9K	$10M	—
DHI\|DR Horton Inc.	SELL	-0.71%	78.2K	$10M	+73.5%
MYRG\|MYR Group Inc.	SELL	-25.00%	54.6K	$10M	—
ITIC\|Investors Title Co.	SELL	-8.14%	35.8K	$8M	+55.2%
AMH\|American Homes 4 Rent	SELL	-0.78%	191.1K	$7M	+41.7%
FR\|First Industrial Realty Trust, Inc.	SELL	-1.41%	132.7K	$6M	—
FRPH\|FRP Holdings Inc.	SELL	-16.41%	211.4K	$6M	+0.1%
RYN\|Rayonier Inc.	SELL	-0.14%	258.1K	$6M	—
KALU\|Kaiser Aluminum Corp.	BUY	+12.16%	89.5K	$7M	—
BAM\|Brookfield Asset Mgmt. CL A	SELL	EXIT	—	—	+86.2%
CET\|Central Securities Corporation	SELL	-8.45%	101.8K	$5M	+40.3%
HBB\|Hamilton Beach Brand	SELL	-47.41%	131.5K	$2M	+13.1%
ALG\|Alamo Group, Inc.	SELL	-41.80%	14.9K	$3M	—
OSG\|Ambac Financial Group	BUY	+64.65%	603.4K	$4M	—
CTLP\|Cantaloupe, Inc.	BUY	NEW	370.0K	$4M	—
SKY\|Champion Homes, Inc.	BUY	NEW	59.9K	$4M	—
WCC\|Wesco International	BUY	+35.56%	20.1K	$4M	—
SEB\|Seaboard Corp.	SELL	-23.05%	1.0K	$3M	—
BXC\|Bluelinx Holdings Inc.	BUY	+55.20%	46.4K	$3M	—
OCFC\|OceanFirst Financial Trust	BUY	+39.09%	162.2K	$3M	—
MRP\|Millrose Properties, Inc.	SELL	-37.33%	50.7K	$1M	+19.0%
ELME\|Elme Communities	SELL	EXIT	—	—	+2.8%
CTO\|CTO Realty Growth, Inc.	SELL	EXIT	—	—	-6.0%
WSR\|Whitestone REIT	SELL	EXIT	—	—	+41.5%
IVT\|Inventrust Properties Corp.	SELL	EXIT	—	—	+9.3%
VC\|Visteon Corp.	BUY	NEW	10.3K	$960803	—
PCH\|Potlatchdeltic Corp.	SELL	EXIT	—	—	-5.8%
RMR\|The RMR Group Inc.	SELL	EXIT	—	—	-57.0%
VTMX\|Vesta Real Estate Corp.	SELL	EXIT	—	—	-6.7%
STC\|Stewart Information Services Corp.	SELL	EXIT	—	—	+61.4%
GRBK\|Green Brick Partners	SELL	EXIT	—	—	+419.5%
UHAL\|U-Haul Holding Company	SELL	EXIT	—	—	—
HP5A\|Equity Commonwealth	SELL	EXIT	—	—	—
2025-Q1
Deutsche Bank AG	SELL	-33.80%	1.4M	$34M	—
TDW\|Tidewater Inc.	BUY	+37.59%	809.3K	$34M	—
HCC\|Warrior Met Coal Inc.	BUY	+4.39%	613.2K	$29M	—
CBRE\|CBRE Group, Inc.	SELL	-5.12%	165.1K	$22M	+120.5%
BN\|Brookfield Corp.	SELL	-3.38%	378.2K	$20M	+75.9%
VAL\|Valaris Ltd.	BUY	+33.57%	569.8K	$22M	—
LEN-B\|Lennar Corp - Class B	SELL	-8.66%	147.8K	$16M	—
CMA\|Comerica Inc.	BUY	+0.01%	302.9K	$18M	—
ORI\|Old Republic International Corp.	SELL	-27.73%	336.4K	$13M	+83.3%
PLD\|Prologis Inc.	BUY	+0.17%	129.2K	$14M	—
SUI\|Sun Communities Inc.	SELL	-16.11%	90.7K	$12M	+0.4%
AMH\|American Homes 4 Rent	SELL	-40.05%	192.6K	$7M	+35.7%
ITIC\|Investors Title Co.	SELL	-0.56%	38.9K	$9M	+55.8%
RYN\|Rayonier Inc.	SELL	-18.14%	258.5K	$7M	—
FR\|First Industrial Realty Trust, Inc.	SELL	-14.37%	134.6K	$7M	—
PHM\|PulteGroup Inc.	BUY	NEW	63.8K	$7M	—
ALG\|Alamo Group, Inc.	SELL	-19.87%	25.5K	$5M	—
SEB\|Seaboard Corp.	SELL	-43.49%	1.3K	$4M	—
KALU\|Kaiser Aluminum Corp.	BUY	+0.26%	79.8K	$5M	—
ICFI\|ICF International, Inc.	BUY	+6.42%	47.0K	$4M	—
HBB\|Hamilton Beach Brand	SELL	-15.97%	250.0K	$5M	+12.7%
OSG\|Ambac Financial Group	BUY	+59.04%	366.5K	$3M	—
WCC\|Wesco International	BUY	+0.56%	14.8K	$2M	—
BXC\|Bluelinx Holdings Inc.	BUY	NEW	29.9K	$2M	—
MRP\|Millrose Properties, Inc.	BUY	NEW	80.9K	$2M	—
OCFC\|OceanFirst Financial Trust	BUY	+91.66%	116.6K	$2M	—
ROICUSD\|Retail Opportunity Investments Corp.	SELL	EXIT	—	—	—
2024-Q4
HCC\|Warrior Met Coal Inc.	SELL	-26.15%	587.4K	$32M	—
Deutsche Bank AG	SELL	-12.15%	2.2M	$38M	—
TDW\|Tidewater Inc.	BUY	+22.16%	588.2K	$32M	—
CMA\|Comerica Inc.	SELL	-36.35%	302.9K	$19M	—
BN\|Brookfield Corp.	SELL	-13.92%	391.5K	$22M	+73.2%
VAL\|Valaris Ltd.	SELL	-1.33%	426.6K	$19M	+27.8%
CBRE\|CBRE Group, Inc.	SELL	-4.91%	174.0K	$23M	+110.8%
UHAL-B\|U-Haul Holding Company	SELL	-12.18%	249.9K	$16M	—
LAZ\|Lazard Ltd.	SELL	EXIT	—	—	+36.4%
ORI\|Old Republic International Corp.	SELL	-8.74%	465.5K	$17M	+82.1%
FPH\|Five Point Holdings LLC - CL A	BUY	+24.61%	4.1M	$16M	—
SUI\|Sun Communities Inc.	BUY	+0.32%	108.1K	$13M	—
UMBF\|UMB Financial Corporation	SELL	-7.30%	102.8K	$12M	—
WY\|Weyerhaeuser Company	SELL	-28.30%	220.8K	$6M	—
HBB\|Hamilton Beach Brand	SELL	-6.05%	297.5K	$5M	+28.5%
COLL\|Collegium Pharmaceutical Inc.	BUY	+11.36%	203.4K	$6M	—
IVT\|Inventrust Properties Corp.	SELL	-79.25%	38.0K	$1M	+17.6%
SD\|Sandridge Energy Inc.	BUY	+17.87%	330.7K	$4M	—
PBF\|PBF Energy Inc.	BUY	+52.46%	131.1K	$3M	—
OSG\|Ambac Financial Group	BUY	NEW	230.4K	$3M	—
OCFC\|OceanFirst Financial Trust	BUY	NEW	60.9K	$1M	—
VTMX\|Vesta Real Estate Corp.	BUY	+150.00%	25.0K	$640000	—
TPHS\|Trinity Place Holdings	SELL	EXIT	—	—	—
2024-Q3
HCC\|Warrior Met Coal Inc.	BUY	+4.06%	795.4K	$51M	—
TDW\|Tidewater Inc.	SELL	-5.56%	481.5K	$35M	—
Deutsche Bank AG	BUY	+0.29%	2.5M	$43M	—
VAL\|Valaris Ltd.	BUY	+2.90%	432.3K	$24M	—
CMA\|Comerica Inc.	SELL	-0.11%	475.9K	$29M	—
ORI\|Old Republic International Corp.	SELL	-38.39%	510.1K	$18M	+73.0%
BN\|Brookfield Corp.	SELL	-6.14%	454.8K	$24M	+43.6%
CBRE\|CBRE Group, Inc.	BUY	+0.11%	183.0K	$23M	—
LAZ\|Lazard Ltd.	SELL	-34.18%	362.5K	$18M	+21.8%
UHAL-B\|U-Haul Holding Company	BUY	+0.01%	284.5K	$20M	—
PLD\|Prologis Inc.	BUY	+0.04%	128.9K	$16M	—
DHI\|DR Horton Inc.	SELL	-25.71%	78.7K	$15M	+152.3%
UMBF\|UMB Financial Corporation	SELL	-25.71%	110.9K	$12M	—
AMH\|American Homes 4 Rent	BUY	+0.19%	321.2K	$12M	—
WY\|Weyerhaeuser Company	SELL	-10.66%	308.0K	$10M	—
RYN\|Rayonier Inc.	BUY	+0.01%	315.8K	$10M	—
HBB\|Hamilton Beach Brand	SELL	-0.21%	316.6K	$10M	+66.5%
MYRG\|MYR Group Inc.	BUY	+7.44%	72.8K	$7M	—
ITIC\|Investors Title Co.	SELL	-0.15%	39.1K	$9M	+43.8%
PRA\|Proassurance Corp.	SELL	-0.01%	564.0K	$8M	-19.2%
ECPG\|Encore Capital Group Inc.	BUY	+0.20%	171.0K	$8M	—
FRPH\|FRP Holdings Inc.	SELL	-0.04%	253.0K	$8M	+8.7%
ICFI\|ICF International, Inc.	SELL	-0.16%	44.2K	$7M	—
PB\|Prosperity Bancshares Inc.	BUY	+0.20%	102.2K	$7M	—
TPH\|Tri Pointe Group Inc.	SELL	-0.11%	155.8K	$7M	—
COLL\|Collegium Pharmaceutical Inc.	BUY	+0.20%	182.7K	$7M	—
LXU\|LSB Industries Inc.	BUY	+0.20%	789.4K	$6M	—
SUPN\|Supernus Pharmaceuticals, Inc.	BUY	+0.20%	189.5K	$6M	—
WASH\|Washington Trust Bancorp.	SELL	EXIT	—	—	-4.4%
IVT\|Inventrust Properties Corp.	SELL	-0.07%	183.2K	$5M	+9.8%
SD\|Sandridge Energy Inc.	BUY	NEW	280.6K	$3M	—
LOW\|Lowe's Companies Inc.	SELL	EXIT	—	—	+101.6%
PBF\|PBF Energy Inc.	BUY	NEW	86.0K	$3M	—
WCC\|Wesco International	BUY	+211.21%	14.7K	$2M	—
BATRK\|Atlanta Braves Holdings Inc - C	SELL	-0.72%	26.1K	$1M	+11.3%
2024-Q2
TDW\|Tidewater Inc.	SELL	-0.47%	509.8K	$49M	—
HCC\|Warrior Met Coal Inc.	BUY	+0.05%	764.4K	$48M	—
Deutsche Bank AG	SELL	-0.18%	2.5M	$40M	—
VAL\|Valaris Ltd.	BUY	+0.06%	420.2K	$31M	—
CMA\|Comerica Inc.	BUY	+0.06%	476.4K	$24M	—
LEN-B\|Lennar Corp - Class B	SELL	-3.30%	161.8K	$23M	—
ORI\|Old Republic International Corp.	BUY	+0.05%	827.8K	$26M	—
LAZ\|Lazard Ltd.	BUY	+0.06%	550.8K	$21M	—
BN\|Brookfield Corp.	SELL	-0.01%	484.5K	$20M	+26.2%
DHI\|DR Horton Inc.	SELL	-13.83%	106.0K	$15M	+105.6%
UHAL-B\|U-Haul Holding Company	SELL	-3.36%	284.5K	$17M	—
CBRE\|CBRE Group, Inc.	BUY	+0.33%	182.8K	$16M	—
PLD\|Prologis Inc.	BUY	+10.31%	128.9K	$14M	—
WY\|Weyerhaeuser Company	SELL	-7.03%	344.7K	$10M	—
SUI\|Sun Communities Inc.	BUY	+23.65%	107.8K	$13M	—
AMH\|American Homes 4 Rent	SELL	-5.56%	320.6K	$12M	+38.1%
RYN\|Rayonier Inc.	SELL	-6.95%	315.8K	$9M	—
FPH\|Five Point Holdings LLC - CL A	BUY	+0.22%	3.3M	$10M	—
KALU\|Kaiser Aluminum Corp.	SELL	-28.10%	79.6K	$7M	—
HAN\|Hawaiian Holdings Inc.	SELL	EXIT	—	—	—
FR\|First Industrial Realty Trust, Inc.	BUY	+1.20%	157.1K	$7M	—
PRA\|Proassurance Corp.	SELL	-8.00%	564.1K	$7M	-16.3%
FRPH\|FRP Holdings Inc.	BUY	+100.06%	253.1K	$7M	—
ITIC\|Investors Title Co.	BUY	+0.08%	39.2K	$7M	—
LOW\|Lowe's Companies Inc.	SELL	-48.05%	14.1K	$3M	+91.3%
ICFI\|ICF International, Inc.	SELL	-0.03%	44.3K	$7M	—
FNF\|FNF Group	BUY	+0.60%	118.7K	$6M	—
COLL\|Collegium Pharmaceutical Inc.	BUY	+68.59%	182.3K	$6M	—
BAM\|Brookfield Asset Mgmt. CL A	BUY	+0.33%	132.1K	$5M	—
SUPN\|Supernus Pharmaceuticals, Inc.	BUY	+18.41%	189.1K	$5M	—
UNF\|UniFirst Corporation	BUY	+17.74%	23.4K	$4M	—
BATRK\|Atlanta Braves Holdings Inc - C	BUY	+0.52%	26.3K	$1M	—
WCC\|Wesco International	BUY	NEW	4.7K	$750751	—
TPHS\|Trinity Place Holdings	SELL	-15.43%	3.5M	$406630	—
VTMX\|Vesta Real Estate Corp.	BUY	NEW	10.0K	$299900	—
2024-Q1
HCC\|Warrior Met Coal Inc.	SELL	-21.06%	764.0K	$46M	—
TDW\|Tidewater Inc.	SELL	-27.20%	512.2K	$47M	—
Deutsche Bank AG	SELL	-0.01%	2.5M	$39M	—
VAL\|Valaris Ltd.	SELL	-0.02%	419.9K	$32M	+76.8%
CMA\|Comerica Inc.	SELL	-0.03%	476.1K	$26M	—
LEN-B\|Lennar Corp - Class B	SELL	-3.69%	167.3K	$26M	—
LAZ\|Lazard Ltd.	BUY	NEW	550.5K	$23M	—
BN\|Brookfield Corp.	SELL	-0.76%	484.6K	$20M	+24.4%
PLD\|Prologis Inc.	BUY	+0.41%	116.8K	$15M	—
WY\|Weyerhaeuser Company	BUY	+0.18%	370.8K	$13M	—
AMH\|American Homes 4 Rent	BUY	+0.33%	339.5K	$12M	—
HAN\|Hawaiian Holdings Inc.	SELL	-15.89%	686.0K	$9M	—
RYN\|Rayonier Inc.	BUY	+0.19%	339.3K	$11M	—
SUI\|Sun Communities Inc.	BUY	+72.17%	87.2K	$11M	—
IVT\|Inventrust Properties Corp.	SELL	-55.90%	183.3K	$5M	-1.4%
FPH\|Five Point Holdings LLC - CL A	BUY	+0.27%	3.3M	$10M	—
FR\|First Industrial Realty Trust, Inc.	BUY	+0.27%	155.3K	$8M	—
HBB\|Hamilton Beach Brand	SELL	-30.65%	317.3K	$8M	+18.5%
PRA\|Proassurance Corp.	BUY	+38.20%	613.1K	$8M	—
ICFI\|ICF International, Inc.	SELL	-23.38%	44.3K	$7M	—
LXU\|LSB Industries Inc.	BUY	+66.50%	787.9K	$7M	—
LOW\|Lowe's Companies Inc.	SELL	-8.73%	27.1K	$7M	+89.7%
COLL\|Collegium Pharmaceutical Inc.	BUY	+30.08%	108.1K	$4M	—
FIX\|Comfort Systems USA Inc.	SELL	EXIT	—	—	—
MSGE\|Madison Square Garden Entertainment	SELL	EXIT	—	—	—
ELME\|Elme Communities	BUY	+43.08%	93.0K	$1M	—
BATRK\|Atlanta Braves Holdings Inc - C	BUY	+0.60%	26.2K	$1M	—
STC\|Stewart Information Services Corp.	SELL	-69.45%	5.2K	$337922	+52.8%
TPHS\|Trinity Place Holdings	SELL	-19.86%	4.1M	$616421	—
2023-Q4
HCC\|Warrior Met Coal Inc.	SELL	-23.63%	967.9K	$59M	—
TDW\|Tidewater Inc.	SELL	-13.04%	703.6K	$51M	—
Deutsche Bank AG	BUY	+0.05%	2.5M	$34M	—
VAL\|Valaris Ltd.	BUY	+0.07%	420.0K	$29M	—
CMA\|Comerica Inc.	BUY	+0.08%	476.3K	$27M	—
ORI\|Old Republic International Corp.	BUY	+0.10%	827.4K	$24M	—
LEN-B\|Lennar Corp - Class B	SELL	-15.62%	173.7K	$23M	—
UHAL-B\|U-Haul Holding Company	SELL	-5.62%	294.4K	$21M	—
BN\|Brookfield Corp.	SELL	-6.16%	488.3K	$20M	+3.3%
DHI\|DR Horton Inc.	SELL	-22.55%	123.0K	$19M	+77.5%
LAZ\|Lazard Ltd.	SELL	EXIT	—	—	-20.3%
CBRE\|CBRE Group, Inc.	BUY	+0.72%	182.2K	$17M	—
PLD\|Prologis Inc.	SELL	-5.15%	116.4K	$16M	+20.9%
WY\|Weyerhaeuser Company	SELL	-14.96%	370.1K	$13M	—
AMH\|American Homes 4 Rent	SELL	-4.75%	338.4K	$12M	+34.6%
LOW\|Lowe's Companies Inc.	SELL	-47.83%	29.7K	$7M	+67.2%
RYN\|Rayonier Inc.	SELL	-19.00%	338.7K	$11M	—
HAN\|Hawaiian Holdings Inc.	SELL	-47.79%	815.6K	$12M	—
MYRG\|MYR Group Inc.	SELL	-16.15%	67.8K	$10M	—
FPH\|Five Point Holdings LLC - CL A	SELL	-12.04%	3.3M	$10M	—
IVT\|Inventrust Properties Corp.	SELL	-3.87%	415.7K	$11M	-2.2%
JLL\|Jones Lang Lasalle	SELL	-29.99%	52.0K	$10M	-6.7%
SEB\|Seaboard Corp.	BUY	+0.04%	2.3K	$8M	—
FR\|First Industrial Realty Trust, Inc.	SELL	-1.84%	154.8K	$8M	—
WASH\|Washington Trust Bancorp.	SELL	-32.50%	199.1K	$6M	-18.8%
HBB\|Hamilton Beach Brand	SELL	-19.64%	457.6K	$8M	-12.9%
KALU\|Kaiser Aluminum Corp.	BUY	+14.49%	110.7K	$8M	—
SUI\|Sun Communities Inc.	BUY	+38.62%	50.6K	$7M	—
ITIC\|Investors Title Co.	BUY	+32.32%	39.2K	$6M	—
FNF\|FNF Group	SELL	-2.68%	118.0K	$6M	—
BAM\|Brookfield Asset Mgmt. CL A	BUY	+0.95%	131.7K	$5M	—
SUPN\|Supernus Pharmaceuticals, Inc.	BUY	+37.04%	159.7K	$5M	—
FIX\|Comfort Systems USA Inc.	SELL	-24.39%	19.4K	$4M	—
LXU\|LSB Industries Inc.	BUY	NEW	473.2K	$4M	—
MSGE\|Madison Square Garden Entertainment	SELL	-5.10%	105.6K	$4M	—
COLL\|Collegium Pharmaceutical Inc.	BUY	NEW	83.1K	$3M	—
BATRK\|Atlanta Braves Holdings Inc - C	BUY	+1.17%	26.0K	$1M	—
2023-Q3
HCC\|Warrior Met Coal Inc.	SELL	-5.77%	1.3M	$65M	—
TDW\|Tidewater Inc.	SELL	-26.34%	809.2K	$58M	—
Deutsche Bank AG	SELL	-18.48%	2.5M	$27M	—
CMA\|Comerica Inc.	SELL	-17.22%	475.9K	$19M	—
LEN-B\|Lennar Corp - Class B	SELL	-3.51%	205.9K	$21M	—
ORI\|Old Republic International Corp.	SELL	-1.17%	826.6K	$23M	+36.6%
DHI\|DR Horton Inc.	SELL	-4.14%	158.8K	$17M	+67.7%
PLD\|Prologis Inc.	SELL	-18.50%	122.7K	$14M	+34.9%
BN\|Brookfield Corp.	SELL	-0.15%	520.4K	$17M	+2.5%
UHAL-B\|U-Haul Holding Company	SELL	-0.15%	312.0K	$17M	—
WY\|Weyerhaeuser Company	SELL	-10.30%	435.2K	$13M	—
CBRE\|CBRE Group, Inc.	SELL	-0.16%	180.9K	$13M	+34.0%
RYN\|Rayonier Inc.	SELL	-6.28%	418.2K	$12M	—
LOW\|Lowe's Companies Inc.	SELL	-0.18%	57.0K	$12M	+89.3%
AMH\|American Homes 4 Rent	SELL	-0.16%	355.3K	$12M	+38.3%
JLL\|Jones Lang Lasalle	SELL	-0.16%	74.3K	$10M	+2.4%
MYRG\|MYR Group Inc.	SELL	-0.10%	80.8K	$11M	—
FPH\|Five Point Holdings LLC - CL A	SELL	-0.14%	3.7M	$11M	—
IVT\|Inventrust Properties Corp.	SELL	-0.09%	432.4K	$10M	-5.3%
PRA\|Proassurance Corp.	BUY	+0.02%	443.6K	$8M	—
FR\|First Industrial Realty Trust, Inc.	SELL	-0.16%	157.8K	$8M	—
WASH\|Washington Trust Bancorp.	BUY	+44.50%	295.0K	$8M	—
ECPG\|Encore Capital Group Inc.	BUY	+17.75%	170.7K	$8M	—
BATRAUSD\|Liberty Media Corp. - Braves A	SELL	EXIT	—	—	—
BATRA\|Atlanta Braves Holdings Inc - A	BUY	NEW	164.4K	$6M	—
FNF\|FNF Group	SELL	-0.18%	121.2K	$5M	—
CCFEUR\|Chase Corp.	SELL	EXIT	—	—	—
BAM\|Brookfield Asset Mgmt. CL A	SELL	-0.16%	130.4K	$4M	+14.7%
ITIC\|Investors Title Co.	BUY	+343.56%	29.6K	$4M	—
SUI\|Sun Communities Inc.	BUY	+217.16%	36.5K	$4M	—
MSGE\|Madison Square Garden Entertainment	SELL	-13.59%	111.3K	$4M	—
SUPN\|Supernus Pharmaceuticals, Inc.	BUY	+73.79%	116.5K	$3M	—
BATRK\|Atlanta Braves Holdings Inc - C	BUY	NEW	25.7K	$913635	—
ELME\|Elme Communities	BUY	+44.44%	65.0K	$878800	—
LXU\|LSB Industries Inc.	BUY	NEW	30.6K	$314141	—
UHAL\|U-Haul Holding Company	SELL	-3.45%	1.5K	$81449	—
2023-Q2
TDW\|Tidewater Inc.	SELL	-21.19%	1.1M	$61M	—
HCC\|Warrior Met Coal Inc.	BUY	+0.12%	1.3M	$52M	—
Deutsche Bank AG	BUY	+1.24%	3.0M	$32M	—
VAL\|Valaris Ltd.	BUY	+35.74%	419.7K	$26M	—
LEN-B\|Lennar Corp - Class B	SELL	-21.98%	213.4K	$24M	—
CMA\|Comerica Inc.	BUY	+19.68%	574.9K	$24M	—
ORI\|Old Republic International Corp.	BUY	+0.23%	836.3K	$21M	—
PLD\|Prologis Inc.	SELL	-10.49%	150.5K	$18M	+34.6%
DHI\|DR Horton Inc.	SELL	-16.90%	165.7K	$20M	+53.0%
LAZ\|Lazard Ltd.	BUY	+0.41%	550.2K	$18M	—
BN\|Brookfield Corp.	SELL	-0.02%	521.1K	$18M	-3.2%
HAN\|Hawaiian Holdings Inc.	BUY	+0.39%	1.6M	$17M	—
WY\|Weyerhaeuser Company	SELL	-0.02%	485.2K	$16M	—
UHAL-B\|U-Haul Holding Company	SELL	-0.01%	312.4K	$16M	—
RYN\|Rayonier Inc.	SELL	-0.02%	446.2K	$14M	—
CBRE\|CBRE Group, Inc.	SELL	-0.02%	181.2K	$15M	+20.3%
LOW\|Lowe's Companies Inc.	SELL	-8.15%	57.1K	$13M	+72.7%
IVT\|Inventrust Properties Corp.	SELL	-20.27%	432.8K	$10M	-11.6%
JLL\|Jones Lang Lasalle	BUY	+45.17%	74.4K	$12M	—
MYRG\|MYR Group Inc.	SELL	-7.24%	80.9K	$11M	—
FPH\|Five Point Holdings LLC - CL A	SELL	-0.04%	3.8M	$11M	—
UMBF\|UMB Financial Corporation	SELL	-0.09%	149.3K	$9M	—
SEB\|Seaboard Corp.	SELL	-0.13%	2.3K	$8M	—
PRA\|Proassurance Corp.	SELL	-0.13%	443.5K	$7M	-14.3%
FRPH\|FRP Holdings Inc.	SELL	-0.14%	126.5K	$7M	+17.7%
ICFI\|ICF International, Inc.	SELL	-9.44%	57.8K	$7M	—
WASH\|Washington Trust Bancorp.	SELL	-0.08%	204.2K	$5M	-20.7%
ECPG\|Encore Capital Group Inc.	BUY	+9.12%	145.0K	$7M	—
KALU\|Kaiser Aluminum Corp.	BUY	+50.39%	96.7K	$7M	—
BATRAUSD\|Liberty Media Corp. - Braves A	SELL	-5.56%	164.4K	$7M	—
TPH\|Tri Pointe Group Inc.	SELL	-39.88%	156.0K	$5M	—
HBB\|Hamilton Beach Brand	SELL	-0.16%	569.4K	$6M	-37.0%
EME\|EMCOR GROUP INC	SELL	EXIT	—	—	—
CCFEUR\|Chase Corp.	SELL	-0.25%	40.2K	$5M	—
MSGE\|Madison Square Garden Entertainment	BUY	+58.49%	128.8K	$4M	—
FIX\|Comfort Systems USA Inc.	SELL	-11.06%	25.7K	$4M	—
UNF\|UniFirst Corporation	BUY	+32.76%	19.8K	$3M	—
SUPN\|Supernus Pharmaceuticals, Inc.	BUY	NEW	67.1K	$2M	—
SUI\|Sun Communities Inc.	BUY	NEW	11.5K	$2M	—
ROICUSD\|Retail Opportunity Investments Corp.	BUY	+20.00%	90.0K	$1M	—
HP5A\|Equity Commonwealth	BUY	NEW	55.0K	$1M	—
CTO\|CTO Realty Growth, Inc.	BUY	+8.85%	63.0K	$1M	—
ITIC\|Investors Title Co.	BUY	NEW	6.7K	$974258	—
RMR\|The RMR Group Inc.	BUY	+42.31%	37.0K	$857290	—
WSR\|Whitestone REIT	BUY	NEW	80.0K	$776000	—
ELME\|Elme Communities	BUY	NEW	45.0K	$739800	—
2023-Q1
TDW\|TIDEWATER INC NEW	SELL	-23.02%	1.4M	$61M	—
HCC\|WARRIOR MET COAL INC	BUY	+5.39%	1.3M	$49M	—
DEUTSCHE BANK AG	BUY	+4.25%	3.0M	$31M	—
LEN-B\|LENNAR CORP CL B	SELL	-16.63%	273.5K	$24M	—
PLD\|PROLOGIS INC.	SELL	-1.58%	168.2K	$21M	+34.6%
CMA\|COMERICA INCORPORATED	BUY	+58.30%	480.4K	$21M	—
ORI\|OLD REP INTL CORP	SELL	-0.39%	834.4K	$21M	+23.9%
VAL\|VALARIS LIMITED	BUY	+3.09%	309.2K	$20M	—
DHI\|D R HORTON INC	SELL	-5.28%	199.4K	$19M	+34.7%
LAZ\|LAZARD LTD	BUY	+20.09%	548.0K	$18M	—
BN\|BROOKFIELD CORP	BUY	+0.11%	521.2K	$17M	—
IVT\|INVENTRUST PPTYS CORP	SELL	-21.58%	542.9K	$13M	-5.8%
WY\|WEYERHAEUSER CO	SELL	-2.68%	485.3K	$15M	—
RYN\|RAYONIER INC	SELL	-2.55%	446.3K	$15M	—
HAN\|HAWAIIAN HOLDINGS INC.	BUY	+141.00%	1.6M	$14M	—
CBRE\|CBRE GROUP	BUY	+0.27%	181.2K	$13M	—
AMH\|AMERICAN HOMES 4 RENT	SELL	-13.88%	355.8K	$11M	+20.9%
MYRG\|MYR GRP INC	SELL	-13.82%	87.2K	$11M	—
FPH\|FIVE POINT HOLDINGS LLC	SELL	-19.80%	3.8M	$9M	—
UMBF\|UMB FINL CORP	BUY	+15.87%	149.4K	$9M	—
WASH\|WASHINGTON TST BCP	BUY	+11.80%	204.3K	$7M	—
FR\|FIRST INDUSTRIAL REALTY TRUST, INC.	BUY	+0.35%	158.0K	$8M	—
PRA\|PROASSURANCE CORP	BUY	+17.16%	444.1K	$8M	—
JLL\|JONES LANG LASALLE INCORPORATED	BUY	NEW	51.2K	$7M	—
FNF\|FIDELITY NATIONAL FINANCIAL, INC.	SELL	-32.02%	121.4K	$4M	—
ECPG\|ENCORE CAPITAL GROUP INC.	BUY	+11.13%	132.8K	$7M	—
TPH\|TRI POINTE HOMES INC	SELL	-21.42%	259.5K	$7M	—
MSGE\|SPHERE ENTERTAINMENT CO	BUY	+27.82%	81.2K	$5M	—
BAM\|BROOKFIELD ASSET MANAGMT LTD	BUY	+0.37%	130.6K	$4M	—
TPHS\|TRINITY PLACE HOLDINGS INC.	BUY	+0.00%	5.1M	$2M	—
STRS\|Stratus Properties Inc.	SELL	EXIT	—	—	-23.0%
URTH\|Ishares Inc	SELL	EXIT	—	—	+5.2%
2022-Q4
TDW\|Tidewater Inc.	SELL	-13.68%	1.8M	$67M	—
HCC\|Warrior Met Coal Inc.	SELL	-7.18%	1.3M	$44M	—
Deutsche Bank AG-Registered	BUY	NEW	2.9M	$33M	—
LEN-B\|Lennar Corp - Class B	SELL	-16.64%	328.0K	$25M	—
BAM\|Brookfield Asset Mgmt. CL A	SELL	EXIT	—	—	—
CMA\|Comerica Inc.	SELL	-0.04%	303.4K	$20M	—
VAL\|Valaris Ltd.	SELL	-7.30%	299.9K	$20M	+117.9%
ORI\|Old Republic International Corp.	SELL	-0.05%	837.7K	$20M	+18.7%
PLD\|Prologis Inc.	SELL	-3.49%	170.9K	$19M	+23.0%
UHAL\|Amerco	SELL	-95.93%	1.5K	$90767	—
DHI\|DR Horton Inc.	SELL	-6.12%	210.5K	$19M	+15.0%
UHAL-B\|U-Haul Holding Company	BUY	NEW	312.4K	$17M	—
IVT\|Inventrust Properties Corp.	SELL	-4.46%	692.2K	$16M	-5.5%
BN\|Brookfield Corp	BUY	NEW	520.6K	$16M	—
LAZ\|Lazard Ltd.	SELL	-0.97%	456.3K	$16M	-3.5%
WY\|Weyerhaeuser Company	SELL	-5.74%	498.7K	$15M	—
RYN\|Rayonier Inc.	SELL	-8.51%	457.9K	$15M	—
LOW\|Lowe's Companies Inc.	SELL	-17.96%	62.2K	$12M	+67.9%
FPH\|Five Point Holdings LLC - CL A	SELL	-13.51%	4.7M	$11M	—
AMH\|American Homes 4 Rent	SELL	-3.27%	413.2K	$12M	+22.2%
CBRE\|CBRE Group, Inc.	SELL	-0.03%	180.7K	$14M	+20.5%
HAN\|Hawaiian Holdings Inc.	SELL	-28.33%	645.7K	$7M	—
FR\|First Industrial Realty Trust, Inc.	SELL	-3.49%	157.5K	$8M	—
SBSI\|Southside Bancshares Inc.	BUY	+33.30%	209.4K	$8M	—
FNF\|FNF Group	SELL	-10.79%	178.6K	$7M	—
FRPH\|FRP Holdings Inc.	SELL	-1.74%	126.7K	$7M	+15.6%
PRA\|Proassurance Corp.	BUY	+12.46%	379.0K	$7M	—
TPH\|Tri Pointe Group Inc.	BUY	+7.44%	330.2K	$6M	—
ECPG\|Encore Capital Group Inc.	BUY	NEW	119.5K	$6M	—
EME\|EMCOR Group, Inc.	SELL	-28.81%	32.6K	$5M	—
TPHS\|Trinity Place Holdings	SELL	-3.49%	5.1M	$4M	—
FIX\|Comfort Systems USA Inc.	SELL	-31.83%	28.9K	$3M	—
BAM\|Brookfield Asset Managmt Ltd	BUY	NEW	130.2K	$4M	—
MSGE\|Madison Square Garden Entertainment	SELL	-23.64%	63.6K	$3M	—
AAMI\|Brightsphere Investment Group	SELL	EXIT	—	—	-6.0%
STRS\|Stratus Properties Inc.	SELL	-20.79%	60.2K	$1M	-12.5%
CALM\|Cal-Maine Foods, Inc.	SELL	EXIT	—	—	+55.4%
URTH\|Ishares Inc	BUY	NEW	2.6K	$287437	—
Wheeler REIT Series D Preferred Stock	SELL	EXIT	—	—	—
2022-Q3
TDW\|Tidewater Inc.	SELL	-0.38%	2.1M	$46M	—
HCC\|Warrior Met Coal Inc.	SELL	-1.51%	1.4M	$39M	—
FPH\|Five Point Holdings LLC - CL A	SELL	-29.13%	5.4M	$14M	—
BAM\|Brookfield Asset Mgmt. CL A	SELL	-6.13%	532.8K	$22M	—
CMA\|Comerica Inc.	SELL	-8.35%	303.6K	$22M	—
LEN-B\|Lennar Corp - Class B	SELL	-1.98%	393.5K	$23M	—
PLD\|Prologis Inc.	SELL	-2.17%	177.0K	$18M	+37.7%
RYN\|Rayonier Inc.	SELL	-5.92%	500.5K	$15M	—
IVT\|Inventrust Properties Corp.	SELL	-1.25%	724.5K	$15M	+3.9%
UHAL\|Amerco	SELL	-2.17%	37.1K	$19M	—
ORI\|Old Republic International Corp.	SELL	-0.47%	838.1K	$18M	+12.6%
WY\|Weyerhaeuser Company	SELL	-2.17%	529.1K	$15M	—
VAL\|Valaris Ltd.	SELL	-0.18%	323.6K	$16M	+68.2%
AMH\|American Homes 4 Rent	SELL	-2.17%	427.1K	$14M	+38.7%
DHI\|DR Horton Inc.	SELL	-2.17%	224.2K	$15M	+3.3%
LOW\|Lowe's Companies Inc.	SELL	-10.52%	75.8K	$14M	+62.3%
LAZ\|Lazard Ltd.	BUY	+15.19%	460.7K	$15M	—
CBRE\|CBRE Group, Inc.	SELL	-2.17%	180.8K	$12M	+27.6%
HAN\|Hawaiian Holdings Inc.	BUY	+15.10%	901.0K	$12M	—
FRPH\|FRP Holdings Inc.	SELL	-15.43%	128.9K	$7M	+19.0%
FR\|First Industrial Realty Trust, Inc.	SELL	-2.18%	163.2K	$7M	—
FNF\|FNF Group	SELL	-2.18%	200.2K	$7M	—
HBB\|Hamilton Beach Brand	SELL	-5.30%	570.3K	$7M	-25.1%
PRA\|Proassurance Corp.	BUY	+13.47%	337.0K	$7M	—
TPHS\|Trinity Place Holdings	SELL	-1.92%	5.3M	$5M	—
TPH\|Tri Pointe Group Inc.	BUY	+25.11%	307.3K	$5M	—
MSGE\|Madison Square Garden Entertainment	SELL	-4.17%	83.2K	$4M	—
KALU\|Kaiser Aluminum Corp.	BUY	+23.30%	64.3K	$4M	—
STRS\|Stratus Properties Inc.	SELL	-37.37%	76.1K	$2M	+16.0%
VC\|Visteon Corp.	SELL	EXIT	—	—	+55.9%
CALM\|Cal-Maine Foods, Inc.	SELL	-56.99%	28.4K	$2M	+45.2%
CTO\|CTO Realty Growth, Inc.	BUY	+200.00%	57.9K	$1M	—
NXRT\|NexPoint Residential Trust, Inc.	SELL	EXIT	—	—	+24.3%
GRBK\|Green Brick Partners	SELL	-80.77%	5.0K	$107000	+112.0%
Wheeler REIT Series B Convertible Preferred Stock	SELL	EXIT	—	—	—
2022-Q2
FPH\|Five Point Holdings LLC - CL A	SELL	-12.76%	7.6M	$30M	—
HCC\|Warrior Met Coal Inc.	BUY	+4.62%	1.4M	$43M	—
PLD\|Prologis Inc.	SELL	-25.29%	181.0K	$21M	+39.8%
BAM\|Brookfield Asset Mgmt. CL A	SELL	-16.75%	567.6K	$25M	—
LEN-B\|Lennar Corp - Class B	SELL	-15.40%	401.4K	$24M	—
RYN\|Rayonier Inc.	SELL	-30.21%	532.0K	$20M	—
WY\|Weyerhaeuser Company	SELL	-29.45%	540.8K	$18M	—
UHAL\|Amerco	SELL	-13.19%	37.9K	$18M	—
IVT\|Inventrust Properties Corp.	SELL	-13.05%	733.7K	$19M	+17.2%
HAN\|Hawaiian Holdings Inc.	SELL	-35.88%	782.8K	$11M	—
ORI\|Old Republic International Corp.	SELL	-0.72%	842.0K	$19M	+16.2%
LOW\|Lowe's Companies Inc.	SELL	-16.50%	84.7K	$15M	+63.4%
AMH\|American Homes 4 Rent	SELL	-12.40%	436.6K	$15M	+43.6%
VAL\|Valaris Ltd.	BUY	+1.06%	324.1K	$14M	—
DHI\|DR Horton Inc.	BUY	NEW	229.2K	$15M	—
CBRE\|CBRE Group, Inc.	BUY	+12.79%	184.8K	$14M	—
LAZ\|Lazard Ltd.	BUY	+7.93%	400.0K	$13M	—
TPHS\|Trinity Place Holdings	SELL	-16.85%	5.4M	$5M	—
FR\|First Industrial Realty Trust, Inc.	SELL	-15.83%	166.8K	$8M	—
FNF\|FNF Group	SELL	-17.11%	204.7K	$8M	—
ICFI\|ICF International, Inc.	SELL	-23.75%	63.8K	$6M	—
PB\|Prosperity Bancshares Inc.	SELL	-5.52%	102.0K	$7M	—
HBB\|Hamilton Beach Brand	SELL	-1.34%	602.2K	$7M	-33.6%
JBGS\|JBG Smith Properties	SELL	EXIT	—	—	—
SBSI\|Southside Bancshares Inc.	SELL	-4.33%	157.1K	$6M	—
STRS\|Stratus Properties Inc.	SELL	-14.98%	121.4K	$4M	+46.9%
MSGE\|Madison Square Garden Entertainment	BUY	+27.65%	86.9K	$5M	—
TPH\|Tri Pointe Group Inc.	BUY	+25.87%	245.6K	$4M	—
CTT1USD\|Catchmark Timber Trust Inc.	SELL	EXIT	—	—	—
CCFEUR\|Chase Corp.	BUY	NEW	40.3K	$3M	—
DORM\|Dorman Products, Inc.	SELL	EXIT	—	—	—
RMR\|The RMR Group Inc.	BUY	+13.04%	26.0K	$738000	—
GRBK\|Green Brick Partners	BUY	+62.50%	26.0K	$509000	—
Wheeler REIT Series B Convertible Preferred Stock	SELL	-34.76%	17.6K	$84000	—
WHLR\|Wheeler Real Estate Investment Trust	SELL	EXIT	—	—	—
SUPN\|Supernus Pharmaceuticals, Inc.	BUY	NEW	2.5K	$72000	—
2022-Q1
FPH\|Five Point Holdings LLC - CL A	BUY	+0.20%	8.7M	$53M	—
HCC\|Warrior Met Coal Inc.	SELL	-28.55%	1.3M	$49M	—
TDW\|Tidewater Inc.	BUY	+0.97%	2.1M	$46M	—
LEN-B\|Lennar Corp - Class B	SELL	-0.76%	474.5K	$32M	—
BAM\|Brookfield Asset Mgmt. CL A	SELL	-4.32%	681.8K	$39M	—
PLD\|Prologis Inc.	SELL	-3.72%	242.2K	$39M	+67.8%
CMA\|Comerica Inc.	SELL	-10.86%	331.2K	$30M	—
WY\|Weyerhaeuser Company	SELL	-0.82%	766.6K	$29M	—
RYN\|Rayonier Inc.	SELL	-0.39%	762.4K	$31M	—
UHAL\|Amerco	BUY	+4.41%	43.7K	$26M	—
LOW\|Lowe's Companies Inc.	SELL	-11.99%	101.4K	$21M	+90.3%
IVT\|Inventrust Properties Corp.	BUY	+67.43%	843.8K	$26M	—
HAN\|Hawaiian Holdings Inc.	BUY	+24.19%	1.2M	$24M	—
ORI\|Old Republic International Corp.	BUY	+0.83%	848.1K	$22M	—
AMH\|American Homes 4 Rent	SELL	-0.82%	498.4K	$20M	+49.8%
CBRE\|CBRE Group, Inc.	SELL	-0.02%	163.8K	$15M	+62.6%
VAL\|Valaris Ltd.	BUY	+3.45%	320.7K	$17M	—
LAZ\|Lazard Ltd.	BUY	+0.47%	370.6K	$13M	—
UMBF\|UMB Financial Corporation	SELL	-0.40%	129.0K	$13M	—
FR\|First Industrial Realty Trust, Inc.	SELL	-0.82%	198.1K	$12M	—
FNF\|FNF Group	SELL	-0.83%	246.9K	$12M	—
ESS\|Essex Property Trust, Inc.	SELL	EXIT	—	—	+10.7%
JBGS\|JBG Smith Properties	SELL	-29.50%	239.3K	$7M	—
APTSUSD\|Preferred Apartment Communities	SELL	EXIT	—	—	—
HBB\|Hamilton Beach Brand	BUY	+87.73%	610.4K	$7M	—
FIX\|Comfort Systems USA Inc.	SELL	-19.07%	42.4K	$4M	—
CALM\|Cal-Maine Foods, Inc.	SELL	-52.70%	66.0K	$4M	+14.6%
AAMI\|Brightsphere Investment Group	BUY	+46.53%	137.9K	$3M	—
CTT1USD\|Catchmark Timber Trust Inc.	BUY	+359.06%	406.4K	$3M	—
Wheeler REIT Series D Preferred Stock	BUY	+100.00%	24.0K	$346000	—
DHI\|DR Horton Inc.	BUY	NEW	3.0K	$226000	—
Wheeler REIT Series B Convertible Preferred Stock	BUY	+125.00%	27.0K	$180000	—
2021-Q4
FPH\|Five Point Holdings LLC - CL A	SELL	-1.86%	8.7M	$57M	—
HCC\|Warrior Met Coal Inc.	BUY	+7.80%	1.9M	$48M	—
LEN-B\|Lennar Corp - Class B	SELL	-1.35%	478.1K	$46M	—
BAM\|Brookfield Asset Mgmt. CL A	SELL	-14.01%	712.6K	$43M	—
PLD\|Prologis Inc.	SELL	-1.49%	251.6K	$42M	+63.8%
WY\|Weyerhaeuser Company	SELL	-6.86%	772.9K	$32M	—
RYN\|Rayonier Inc.	SELL	-7.17%	765.4K	$31M	—
UHAL\|Amerco	SELL	-1.50%	41.8K	$30M	—
LOW\|Lowe's Companies Inc.	SELL	-1.51%	115.2K	$30M	+98.8%
TDW\|Tidewater Inc.	SELL	-11.15%	2.1M	$22M	—
ORI\|Old Republic International Corp.	SELL	-24.24%	841.2K	$21M	+23.9%
AMH\|American Homes 4 Rent	SELL	-0.60%	502.6K	$22M	+54.9%
HAN\|Hawaiian Holdings Inc.	SELL	-1.11%	983.1K	$18M	—
CBRE\|CBRE Group, Inc.	SELL	-1.91%	163.9K	$18M	+69.3%
JBGS\|JBG Smith Properties	SELL	-35.70%	339.4K	$10M	—
UMBF\|UMB Financial Corporation	SELL	-11.41%	129.5K	$14M	—
IVT\|Inventrust Properties Corp.	BUY	NEW	503.9K	$14M	—
FR\|First Industrial Realty Trust, Inc.	SELL	-1.52%	199.8K	$13M	—
FNF\|FNF Group	SELL	-1.85%	249.0K	$13M	—
TPHS\|Trinity Place Holdings	BUY	+7.14%	6.5M	$12M	—
MHK\|Mohawk Industries Inc.	SELL	EXIT	—	—	+37.3%
MYRG\|MYR Group Inc.	SELL	-0.12%	101.2K	$11M	—
ESS\|Essex Property Trust, Inc.	SELL	-1.50%	29.9K	$11M	+12.5%
APTSUSD\|Preferred Apartment Communities	BUY	+76.32%	454.4K	$8M	—
VNO\|Vornado Realty Trust	SELL	EXIT	—	—	—
TPH\|Tri Pointe Group Inc.	SELL	-16.23%	195.2K	$5M	—
STRS\|Stratus Properties Inc.	BUY	+1.22%	142.8K	$5M	—
AAMI\|Brightsphere Investment Group	SELL	-51.30%	94.1K	$2M	+39.7%
MSGE\|Madison Square Garden Entertainment	BUY	+147.91%	68.0K	$5M	—
HBB\|Hamilton Beach Brand	BUY	+15.11%	325.1K	$5M	—
ATNI\|ATN International Inc.	SELL	EXIT	—	—	-22.1%
SRG\|Seritage Growth Properties	SELL	EXIT	—	—	-63.6%
CTT1USD\|Catchmark Timber Trust Inc.	BUY	NEW	88.5K	$772000	—
MNRUSD\|Monmouth Real Estate Investment Corp.	SELL	EXIT	—	—	—
Wheeler REIT Series D Preferred Stock	BUY	NEW	12.0K	$181000	—
Wheeler REIT Series B Convertible Preferred Stock	BUY	NEW	12.0K	$81000	—
WHLR\|Wheeler Real Estate Investment Trust	BUY	NEW	40.0K	$78000	—
2021-Q3
FPH\|Five Point Holdings LLC - CL A	BUY	+0.32%	8.9M	$70M	—
BAM\|Brookfield Asset Mgmt. CL A	SELL	-0.75%	828.6K	$44M	—
HCC\|Warrior Met Coal Inc.	BUY	+0.29%	1.7M	$40M	—
LEN-B\|Lennar Corp - Class B	BUY	+0.40%	484.7K	$38M	—
PLD\|Prologis Inc.	SELL	-0.18%	255.4K	$32M	+41.7%
TDW\|Tidewater Inc.	SELL	-7.54%	2.3M	$28M	—
RYN\|Rayonier Inc.	BUY	+0.20%	824.5K	$29M	—
WY\|Weyerhaeuser Company	BUY	+0.25%	829.8K	$30M	—
UHAL\|Amerco	SELL	-0.83%	42.5K	$27M	—
LOW\|Lowe's Companies Inc.	SELL	-0.96%	117.0K	$24M	+65.3%
JBGS\|JBG Smith Properties	SELL	-24.67%	527.9K	$16M	—
AMH\|American Homes 4 Rent	SELL	-0.18%	505.6K	$19M	+57.1%
MHK\|Mohawk Industries Inc.	SELL	-30.80%	66.5K	$12M	+50.6%
CBRE\|CBRE Group, Inc.	BUY	+0.95%	167.1K	$16M	—
EXP\|Eagle Materials Inc.	SELL	EXIT	—	—	+86.5%
FNF\|FNF Group	BUY	+0.25%	253.7K	$12M	—
VAL\|Valaris Ltd.	BUY	NEW	310.0K	$11M	—
FR\|First Industrial Realty Trust, Inc.	SELL	-0.18%	202.9K	$11M	—
ESS\|Essex Property Trust, Inc.	SELL	-0.18%	30.3K	$10M	+7.0%
VNO\|Vornado Realty Trust	SELL	-2.88%	193.0K	$8M	—
LEN\|Lennar Corp.	SELL	EXIT	—	—	—
SRG\|Seritage Growth Properties	SELL	-41.37%	202.3K	$3M	-61.6%
HBB\|Hamilton Beach Brand	BUY	+24.30%	282.4K	$4M	—
CALM\|Cal-Maine Foods, Inc.	BUY	+20.28%	139.6K	$5M	—
STRS\|Stratus Properties Inc.	BUY	+10.63%	141.1K	$5M	—
APTSUSD\|Preferred Apartment Communities	BUY	NEW	257.7K	$3M	—
MAC\|The Macerich Company	SELL	EXIT	—	—	—
MSGE\|Madison Square Garden Entertainment	BUY	NEW	27.4K	$2M	—
CIO-PA\|City Office REIT, Inc.	SELL	EXIT	—	—	+0.3%
2021-Q2
FPH\|Five Point Holdings LLC - CL A	SELL	-1.07%	8.9M	$72M	—
BAM\|Brookfield Asset Mgmt. CL A	SELL	-4.34%	834.8K	$43M	—
LEN-B\|Lennar Corp - Class B	BUY	+0.20%	482.7K	$39M	—
TDW\|Tidewater Inc.	SELL	-0.23%	2.5M	$31M	—
PLD\|Prologis Inc.	SELL	-6.15%	255.9K	$31M	+27.2%
WY\|Weyerhaeuser Company	SELL	-3.02%	827.8K	$28M	—
HCC\|Warrior Met Coal Inc.	BUY	+24.52%	1.7M	$30M	—
RYN\|Rayonier Inc.	SELL	-3.03%	822.8K	$30M	—
ORI\|Old Republic International Corp.	SELL	-0.44%	1.1M	$28M	+27.9%
HAN\|Hawaiian Holdings Inc.	SELL	-3.12%	994.1K	$24M	—
UHAL\|Amerco	SELL	-2.50%	42.8K	$25M	—
CMA\|Comerica Inc.	SELL	-0.43%	371.5K	$27M	—
LOW\|Lowe's Companies Inc.	SELL	-9.57%	118.1K	$23M	+62.2%
JBGS\|JBG Smith Properties	SELL	-9.46%	700.8K	$22M	—
AMH\|American Homes 4 Rent	BUY	+4.29%	506.6K	$20M	—
MHK\|Mohawk Industries Inc.	SELL	-0.28%	96.0K	$18M	+57.1%
EXP\|Eagle Materials Inc.	SELL	-32.47%	87.0K	$12M	+87.0%
CBRE\|CBRE Group, Inc.	SELL	-1.25%	165.5K	$14M	+42.9%
CTB\|Cooper Tire & Rubber Company	SELL	EXIT	—	—	—
LEN\|Lennar Corp.	SELL	-26.44%	90.8K	$9M	—
FNF\|FNF Group	SELL	-3.12%	253.0K	$11M	—
FR\|First Industrial Realty Trust, Inc.	SELL	-3.02%	203.2K	$11M	—
VNO\|Vornado Realty Trust	SELL	-3.78%	198.7K	$9M	—
ESS\|Essex Property Trust, Inc.	SELL	-5.78%	30.4K	$9M	-3.6%
FRPH\|FRP Holdings Inc.	BUY	+1.23%	152.4K	$8M	—
SRG\|Seritage Growth Properties	SELL	-22.96%	345.0K	$6M	-55.8%
SBSI\|Southside Bancshares Inc.	SELL	-1.44%	164.2K	$6M	—
STRS\|Stratus Properties Inc.	BUY	NEW	127.6K	$3M	—
GRBK\|Green Brick Partners	SELL	-60.00%	16.0K	$364000	+128.1%
RMR\|The RMR Group Inc.	BUY	+64.29%	23.0K	$889000	—
FCN\|FTI Consulting Inc.	SELL	EXIT	—	—	—
2021-Q1
FPH\|Five Point Holdings LLC - CL A	BUY	+1.84%	9.0M	$68M	—
WY\|Weyerhaeuser Company	SELL	-36.17%	853.6K	$30M	—
BAM\|Brookfield Asset Mgmt. CL A	SELL	-13.25%	872.7K	$39M	—
LEN-B\|Lennar Corp - Class B	BUY	+0.17%	481.8K	$40M	—
TDW\|Tidewater Inc.	BUY	+1.24%	2.5M	$32M	—
PLD\|Prologis Inc.	SELL	-13.34%	272.6K	$29M	+12.6%
RYN\|Rayonier Inc.	SELL	-13.30%	848.5K	$27M	—
JBGS\|JBG Smith Properties	SELL	-13.29%	773.9K	$25M	—
HAN\|Hawaiian Holdings Inc.	BUY	+0.94%	1.0M	$27M	—
UHAL\|Amerco	SELL	-18.92%	43.9K	$27M	—
CMA\|Comerica Inc.	BUY	+0.49%	373.2K	$27M	—
HCC\|Warrior Met Coal Inc.	BUY	+13.91%	1.4M	$24M	—
LOW\|Lowe's Companies Inc.	SELL	-13.32%	130.6K	$25M	+43.8%
ORI\|Old Republic International Corp.	BUY	+0.51%	1.1M	$24M	—
EXP\|Eagle Materials Inc.	SELL	-30.77%	128.8K	$17M	+58.9%
MHK\|Mohawk Industries Inc.	SELL	-27.29%	96.3K	$19M	+30.8%
AMH\|American Homes 4 Rent	SELL	-6.18%	485.7K	$16M	+21.4%
LAZ\|Lazard Ltd.	BUY	+0.72%	368.9K	$16M	—
KFY\|Korn/Ferry International	SELL	EXIT	—	—	+85.5%
CBRE\|CBRE Group, Inc.	SELL	-12.03%	167.6K	$13M	+16.6%
TPHS\|Trinity Place Holdings	BUY	+0.05%	6.1M	$13M	—
LEN\|Lennar Corp.	SELL	-22.28%	123.4K	$12M	—
FNF\|FNF Group	SELL	-13.20%	261.2K	$11M	—
FR\|First Industrial Realty Trust, Inc.	SELL	-13.31%	209.6K	$10M	—
VNO\|Vornado Realty Trust	SELL	-13.07%	206.5K	$9M	—
ESS\|Essex Property Trust, Inc.	SELL	-13.10%	32.3K	$9M	-13.5%
SEB\|Seaboard Corp.	BUY	+16.80%	2.3K	$9M	—
SRG\|Seritage Growth Properties	SELL	-13.26%	447.8K	$8M	-55.4%
MYRG\|MYR Group Inc.	SELL	-19.96%	101.3K	$7M	—
FRPH\|FRP Holdings Inc.	BUY	+16.08%	150.6K	$7M	—
ALG\|Alamo Group, Inc.	SELL	-31.74%	31.9K	$5M	—
SBSI\|Southside Bancshares Inc.	SELL	-7.83%	166.6K	$6M	—
CALM\|Cal-Maine Foods, Inc.	SELL	-27.17%	116.1K	$4M	+3.7%
ATNI\|ATN International Inc.	BUY	+55.83%	93.9K	$5M	—
MAC\|The Macerich Company	SELL	-58.14%	164.7K	$2M	—
HBB\|Hamilton Beach Brand	BUY	+22.14%	227.2K	$4M	—
AAMI\|Brightsphere Investment Group	BUY	NEW	193.3K	$4M	—
CFR\|Cullen Frost Bankers, Inc.	SELL	EXIT	—	—	—
ALCO\|Alico, Inc.	SELL	EXIT	—	—	—
CTO\|CTO Realty Growth, Inc.	BUY	NEW	19.3K	$1M	—
CTO\|CTO Realty Growth, Inc.	SELL	EXIT	—	—	+39.5%
SPY\|SPDR TR UNIT SER 1	SELL	EXIT	—	—	+8.6%
2020-Q4
WY\|Weyerhaeuser Company	SELL	-20.73%	1.3M	$45M	—
FPH\|Five Point Holdings LLC - CL A	SELL	-14.38%	8.8M	$48M	—
LEN-B\|Lennar Corp - Class B	SELL	-31.11%	481.0K	$29M	—
BAM\|Brookfield Asset Mgmt. CL A	SELL	-24.20%	1.0M	$42M	—
PLD\|Prologis Inc.	SELL	-9.98%	314.6K	$31M	+9.9%
VNO\|Vornado Realty Trust	SELL	-75.10%	237.6K	$9M	—
RYN\|Rayonier Inc.	SELL	-8.56%	978.6K	$29M	—
JBGS\|JBG Smith Properties	SELL	-14.44%	892.6K	$28M	—
LEN\|Lennar Corp.	SELL	-52.43%	158.8K	$12M	—
LOW\|Lowe's Companies Inc.	SELL	-6.74%	150.7K	$24M	+35.5%
HCC\|Warrior Met Coal Inc.	SELL	-18.35%	1.2M	$26M	—
UHAL\|Amerco	SELL	-7.08%	54.2K	$25M	—
ORI\|Old Republic International Corp.	SELL	-13.66%	1.1M	$22M	-8.8%
TDW\|Tidewater Inc.	SELL	-13.00%	2.5M	$22M	—
CMA\|Comerica Inc.	SELL	-4.79%	371.3K	$21M	—
EXP\|Eagle Materials Inc.	SELL	-5.40%	186.0K	$19M	+20.3%
MHK\|Mohawk Industries Inc.	SELL	-10.10%	132.5K	$19M	-4.7%
HAN\|Hawaiian Holdings Inc.	SELL	-12.43%	1.0M	$18M	—
KFY\|Korn/Ferry International	BUY	+9.13%	358.5K	$16M	—
AMH\|American Homes 4 Rent	BUY	+12.09%	517.7K	$16M	—
LAZ\|Lazard Ltd.	BUY	NEW	366.2K	$15M	—
FDX\|FedEx Corporation	SELL	EXIT	—	—	+86.5%
ESS\|Essex Property Trust, Inc.	SELL	-41.12%	37.1K	$9M	-22.5%
CBRE\|CBRE Group, Inc.	SELL	-8.49%	190.5K	$12M	-3.8%
FNF\|FNF Group	SELL	-7.23%	300.9K	$12M	—
MYRG\|MYR Group Inc.	SELL	-58.36%	126.6K	$8M	—
FR\|First Industrial Realty Trust, Inc.	SELL	-8.55%	241.7K	$10M	—
UMBF\|UMB Financial Corporation	BUY	+0.04%	146.1K	$10M	—
WASH\|Washington Trust Bancorp.	BUY	+8.82%	182.7K	$8M	—
SRG\|Seritage Growth Properties	SELL	-7.43%	516.3K	$8M	-65.1%
PB\|Prosperity Bancshares Inc.	BUY	+43.22%	107.9K	$7M	—
ICFI\|ICF International, Inc.	BUY	+0.08%	83.7K	$6M	—
SEB\|Seaboard Corp.	BUY	+4.06%	2.0K	$6M	—
CALM\|Cal-Maine Foods, Inc.	BUY	+16.41%	159.4K	$6M	—
FRPH\|FRP Holdings Inc.	SELL	-1.54%	129.7K	$6M	-10.0%
SBSI\|Southside Bancshares Inc.	BUY	+21.11%	180.8K	$6M	—
PRA\|Proassurance Corp.	BUY	NEW	297.0K	$5M	—
VC\|Visteon Corp.	SELL	-58.06%	31.8K	$4M	+35.3%
KALU\|Kaiser Aluminum Corp.	SELL	-10.18%	52.2K	$5M	—
BATRAUSD\|Liberty Media Corp. - Braves A	BUY	+41.90%	174.1K	$4M	—
MAC\|The Macerich Company	BUY	+4.92%	393.4K	$4M	—
ALCO\|Alico, Inc.	SELL	-59.88%	56.3K	$2M	—
DORM\|Dorman Products, Inc.	SELL	-40.19%	26.1K	$2M	—
ATNI\|ATN International Inc.	SELL	-16.80%	60.3K	$3M	-15.6%
HBB\|Hamilton Beach Brand	BUY	+195.16%	186.0K	$3M	—
AGX\|Argan Inc.	SELL	EXIT	—	—	-2.4%
Carter Bank & Trust	SELL	EXIT	—	—	—
NXRT\|NexPoint Residential Trust, Inc.	SELL	-43.48%	13.0K	$551000	-7.5%
CTO\|CTO Realty Growth, Inc.	BUY	+28.62%	19.3K	$814000	—
CIO-PA\|City Office REIT, Inc.	SELL	-34.29%	46.0K	$450000	-2.2%
SPY\|SPDR TR UNIT SER 1	BUY	NEW	377	$141000	—
2020-Q3
FPH\|Five Point Holdings LLC - CL A	SELL	-5.03%	10.3M	$43M	—
WY\|Weyerhaeuser Company	SELL	-2.63%	1.7M	$48M	—
LEN-B\|Lennar Corp - Class B	SELL	-14.72%	698.2K	$46M	—
BAM\|Brookfield Asset Mgmt. CL A	SELL	-4.12%	1.3M	$44M	—
VNO\|Vornado Realty Trust	SELL	-2.77%	954.1K	$32M	—
PLD\|Prologis Inc.	SELL	-4.22%	349.5K	$35M	+10.7%
JBGS\|JBG Smith Properties	SELL	-4.12%	1.0M	$28M	—
RYN\|Rayonier Inc.	SELL	-4.06%	1.1M	$28M	—
HCC\|Warrior Met Coal Inc.	SELL	-16.61%	1.5M	$25M	—
LEN\|Lennar Corp.	SELL	-4.32%	333.8K	$27M	—
LOW\|Lowe's Companies Inc.	SELL	-4.26%	161.6K	$27M	+30.2%
ESS\|Essex Property Trust, Inc.	SELL	-34.30%	63.0K	$13M	-27.8%
UHAL\|Amerco	SELL	-4.16%	58.3K	$21M	—
TDW\|Tidewater Inc.	BUY	+4.13%	2.9M	$19M	—
ORI\|Old Republic International Corp.	BUY	+14.94%	1.3M	$19M	—
EXP\|Eagle Materials Inc.	SELL	-17.00%	196.6K	$17M	+7.5%
MHK\|Mohawk Industries Inc.	SELL	-2.78%	147.3K	$14M	-29.2%
CMA\|Comerica Inc.	BUY	+13.91%	390.0K	$15M	—
AMH\|American Homes 4 Rent	BUY	+14.76%	461.9K	$13M	—
FDX\|FedEx Corporation	SELL	-29.44%	50.6K	$13M	+39.3%
MYRG\|MYR Group Inc.	SELL	-8.98%	303.9K	$11M	—
FR\|First Industrial Realty Trust, Inc.	SELL	-4.08%	264.3K	$11M	—
FNF\|FNF Group	SELL	-4.07%	324.3K	$10M	—
CBRE\|CBRE Group, Inc.	SELL	-4.12%	208.2K	$10M	-24.9%
KFY\|Korn/Ferry International	BUY	NEW	328.5K	$10M	—
UMBF\|UMB Financial Corporation	SELL	-15.82%	146.1K	$7M	—
TPHS\|Trinity Place Holdings	BUY	+0.11%	6.1M	$9M	—
SRG\|Seritage Growth Properties	SELL	-6.16%	557.7K	$8M	-69.5%
PSA\|Public Storage, Inc.	SELL	EXIT	—	—	-9.3%
FIX\|Comfort Systems USA Inc.	SELL	-63.60%	52.4K	$3M	—
SEB\|Seaboard Corp.	BUY	+12.53%	1.9K	$5M	—
WASH\|Washington Trust Bancorp.	BUY	+155.09%	167.9K	$5M	—
AGX\|Argan Inc.	SELL	-28.72%	75.0K	$3M	-3.2%
TPH\|Tri Pointe Group Inc.	SELL	-18.85%	233.0K	$4M	—
PB\|Prosperity Bancshares Inc.	BUY	+23.24%	75.4K	$4M	—
FCN\|FTI Consulting Inc.	SELL	-99.69%	101	$11000	—
SBSI\|Southside Bancshares Inc.	BUY	+18.96%	149.3K	$4M	—
UNF\|UniFirst Corporation	SELL	-21.17%	14.9K	$3M	—
KALU\|Kaiser Aluminum Corp.	BUY	+41.32%	58.1K	$3M	—
Carter Bank & Trust	SELL	-23.88%	204.7K	$1M	—
HBB\|Hamilton Beach Brand	BUY	NEW	63.0K	$1M	—
GRBK\|Green Brick Partners	SELL	-50.00%	40.0K	$644000	+42.7%
PCH\|Potlatchdeltic Corp.	BUY	+25.00%	20.0K	$842000	—
ROICUSD\|Retail Opportunity Investments Corp.	BUY	+36.36%	75.0K	$782000	—
CUBI\|Customers Bancorp Inc	SELL	EXIT	—	—	-39.2%
JCAPUSD\|Jernigan Capital	SELL	EXIT	—	—	—
CTO\|CTO Realty Growth, Inc.	BUY	+87.50%	15.0K	$662000	—
CIO-PA\|City Office REIT, Inc.	BUY	+27.27%	70.0K	$527000	—
2020-Q2
FPH\|Five Point Holdings LLC - CL A	SELL	-7.05%	10.8M	$50M	—
BAM\|Brookfield Asset Mgmt. CL A	BUY	+28.74%	1.4M	$46M	—
JBGS\|JBG Smith Properties	SELL	-11.66%	1.1M	$32M	—
WY\|Weyerhaeuser Company	SELL	-5.71%	1.7M	$39M	—
LEN-B\|Lennar Corp - Class B	SELL	-17.57%	818.7K	$38M	—
VNO\|Vornado Realty Trust	SELL	-4.00%	981.3K	$37M	—
PLD\|Prologis Inc.	SELL	-1.09%	364.9K	$34M	-2.0%
RYN\|Rayonier Inc.	SELL	-8.76%	1.1M	$28M	—
HCC\|Warrior Met Coal Inc.	SELL	-3.21%	1.8M	$27M	—
LEN\|Lennar Corp.	SELL	-43.19%	348.9K	$21M	—
LOW\|Lowe's Companies Inc.	SELL	-0.27%	168.8K	$23M	-4.7%
ESS\|Essex Property Trust, Inc.	SELL	-1.83%	95.9K	$22M	-19.8%
UHAL\|Amerco	SELL	-17.35%	60.8K	$18M	—
PSA\|Public Storage, Inc.	SELL	-62.31%	38.3K	$7M	-12.6%
TDW\|Tidewater Inc.	BUY	+0.10%	2.8M	$16M	—
ORI\|Old Republic International Corp.	BUY	+40.26%	1.1M	$18M	—
EXP\|Eagle Materials Inc.	SELL	-3.05%	236.9K	$17M	-18.3%
HAN\|Hawaiian Holdings Inc.	SELL	-4.53%	1.2M	$16M	—
MHK\|Mohawk Industries Inc.	SELL	-9.03%	151.6K	$15M	-34.1%
CMA\|Comerica Inc.	BUY	+44.37%	342.4K	$13M	—
TPHS\|Trinity Place Holdings	BUY	+0.39%	6.1M	$8M	—
AMH\|American Homes 4 Rent	BUY	NEW	402.5K	$11M	—
MYRG\|MYR Group Inc.	SELL	-12.95%	333.9K	$11M	—
FR\|First Industrial Realty Trust, Inc.	SELL	-8.79%	275.6K	$11M	—
FNF\|FNF Group	SELL	-8.71%	338.1K	$10M	—
FDX\|FedEx Corporation	BUY	+0.34%	71.8K	$10M	—
CBRE\|CBRE Group, Inc.	SELL	-7.65%	217.1K	$10M	-29.0%
UMBF\|UMB Financial Corporation	BUY	+18.64%	173.5K	$9M	—
CTB\|Cooper Tire & Rubber Company	BUY	+8.59%	252.7K	$7M	—
SRG\|Seritage Growth Properties	SELL	-8.80%	594.3K	$7M	-78.0%
ICFI\|ICF International, Inc.	SELL	-10.74%	83.6K	$5M	—
ATNI\|ATN International Inc.	SELL	-33.55%	72.4K	$4M	+4.6%
CUBI\|Customers Bancorp Inc	SELL	-88.71%	63.3K	$762000	-43.7%
FIX\|Comfort Systems USA Inc.	BUY	+6.90%	143.9K	$6M	—
VC\|Visteon Corp.	BUY	+5.70%	75.9K	$5M	—
FCN\|FTI Consulting Inc.	SELL	-22.97%	33.1K	$4M	—
AGX\|Argan Inc.	SELL	-11.91%	105.2K	$5M	-18.2%
TPH\|Tri Pointe Group Inc.	BUY	+33.29%	287.1K	$4M	—
MAC\|The Macerich Company	BUY	+5.16%	375.0K	$3M	—
KALU\|Kaiser Aluminum Corp.	BUY	+18.18%	41.1K	$3M	—
G\|Genpact Ltd.	SELL	EXIT	—	—	—
BATRAUSD\|Liberty Media Corp. - Braves A	BUY	+78.59%	122.7K	$2M	—
WASH\|Washington Trust Bancorp.	BUY	NEW	65.8K	$2M	—
SMHI\|Seacor Marine Holdings Inc.	SELL	EXIT	—	—	-82.1%
IYR\|Ishares Dow Jones Real Estate Index	SELL	EXIT	—	—	-19.4%
CTOUSD\|Consolidated Tomoka Land Co.	SELL	EXIT	—	—	—
RESIEUR\|Front Yard Residential Corporation	SELL	EXIT	—	—	—
CTO\|CTO Realty Growth, Inc.	BUY	NEW	8.0K	$316000	—
2020-Q1
FPH\|Five Point Holdings LLC - CL A	SELL	-0.55%	11.6M	$59M	—
WY\|Weyerhaeuser Company	SELL	-30.53%	1.8M	$31M	—
BAM\|Brookfield Asset Mgmt. CL A	SELL	-0.04%	1.1M	$48M	—
TDW\|Tidewater Inc.	BUY	+0.62%	2.8M	$20M	—
LEN-B\|Lennar Corp - Class B	SELL	-12.14%	993.2K	$29M	—
LEN\|Lennar Corp.	SELL	-30.33%	614.1K	$24M	—
JBGS\|JBG Smith Properties	BUY	+0.79%	1.2M	$39M	—
RYN\|Rayonier Inc.	SELL	-4.65%	1.2M	$29M	—
VNO\|Vornado Realty Trust	BUY	+76.03%	1.0M	$37M	—
HCC\|Warrior Met Coal Inc.	BUY	+3.15%	1.8M	$20M	—
MAC\|The Macerich Company	SELL	-74.11%	356.6K	$2M	—
HAN\|Hawaiian Holdings	BUY	+10.84%	1.2M	$13M	—
UHAL\|Amerco	SELL	-8.28%	73.6K	$21M	—
PLD\|Prologis Inc.	BUY	NEW	368.9K	$30M	—
CMA\|Comerica Inc.	SELL	-28.46%	237.2K	$7M	—
FR\|First Industrial Realty Trust, Inc.	SELL	-46.30%	302.1K	$10M	—
AKR\|Acadia Realty Trust	SELL	EXIT	—	—	+1.4%
PNC\|PNC Financial Corp	SELL	EXIT	—	—	—
ESS\|Essex Property Trust, Inc.	BUY	NEW	97.7K	$22M	—
PSA\|Public Storage, Inc.	BUY	NEW	101.5K	$20M	—
MHK\|Mohawk Industries Inc.	BUY	+13.44%	166.6K	$13M	—
TPHS\|Trinity Place Holdings	BUY	+3.49%	6.0M	$11M	—
EXP\|Eagle Materials Inc.	BUY	+37.80%	244.4K	$14M	—
LOW\|Lowe's Companies Inc.	BUY	NEW	169.2K	$15M	—
HHC*\|Howard Hughes Corporation	SELL	EXIT	—	—	—
SRG\|Seritage Growth Properties	BUY	+94.60%	651.6K	$6M	—
ORI\|Old Republic International Corp.	BUY	NEW	797.2K	$12M	—
FNF\|FNF Group	BUY	+41.99%	370.4K	$9M	—
UMBF\|UMB Financial Corporation	BUY	+10.67%	146.3K	$7M	—
CBRE\|CBRE Group, Inc.	BUY	NEW	235.1K	$9M	—
FDX\|FedEx Corporation	BUY	NEW	71.5K	$9M	—
CLNSEUR\|Colony Capital Inc.	SELL	EXIT	—	—	—
FCN\|FTI Consulting Inc.	SELL	-42.00%	43.0K	$5M	—
TPH\|Tri Pointe Group Inc.	SELL	-57.14%	215.4K	$2M	—
ATNI\|ATN International Inc.	SELL	-20.08%	109.0K	$6M	+0.9%
SBSI\|Southside Bancshares Inc.	SELL	-31.77%	125.5K	$4M	—
AGX\|Argan Inc.	SELL	-28.37%	119.5K	$4M	-7.1%
EME\|EMCOR Group, Inc.	SELL	-34.63%	45.8K	$3M	—
CALM\|Cal-Maine Foods, Inc.	BUY	NEW	136.9K	$6M	—
G\|Genpact Ltd.	SELL	-29.19%	85.6K	$2M	—
PRSU\|Viad Corp.	SELL	EXIT	—	—	—
CTB\|Cooper Tire & Rubber Company	BUY	+57.34%	232.7K	$4M	—
CET\|Central Securities Corporation	BUY	NEW	111.2K	$3M	—
BATRAUSD\|Liberty Media Corp. - Braves A	BUY	NEW	68.7K	$1M	—
CCS\|Century Communities Inc.	SELL	EXIT	—	—	—
SPY\|SPDR TR UNIT SER 1	SELL	EXIT	—	—	+4.7%
WLHUSD\|William Lyon Homes - Cl A	SELL	EXIT	—	—	—
GRBK\|Green Brick Partners	BUY	+33.33%	80.0K	$644000	—
IYR\|Ishares Dow Jones Real Estate Index	BUY	NEW	9.0K	$627000	—
NXRT\|NexPoint Residential Trust, Inc.	BUY	NEW	23.0K	$580000	—
JCAPUSD\|Jernigan Capital	BUY	+142.91%	48.6K	$533000	—
CTT1USD\|Catchmark Timber Trust Inc.	SELL	EXIT	—	—	—
PCH\|Potlatchdeltic Corp.	BUY	NEW	16.0K	$503000	—
ROICUSD\|Retail Opportunity Investments Corp.	BUY	NEW	55.0K	$456000	—
STC\|Stewart Information Services Corp.	BUY	NEW	17.0K	$454000	—
CIO-PA\|City Office REIT, Inc.	BUY	NEW	55.0K	$398000	—
RMR\|The RMR Group Inc.	BUY	NEW	14.0K	$378000	—
CTOUSD\|Consolidated Tomoka Land Co.	BUY	NEW	8.0K	$363000	—
MNRUSD\|Monmouth Real Estate Investment Corp.	BUY	NEW	30.0K	$362000	—
RESIEUR\|Front Yard Residential Corporation	BUY	+16.60%	30.0K	$359000	—
2019-Q4
WY\|Weyerhaeuser Company	SELL	-17.31%	2.6M	$80M	—
BAM\|Brookfield Asset Mgmt. CL A	SELL	-32.07%	1.1M	$62M	—
FPH\|Five Point Holdings LLC - CL A	BUY	+6.25%	11.7M	$81M	—
LEN-B\|Lennar Corp - Class B	SELL	-11.35%	1.1M	$51M	—
TDW\|Tidewater Inc.	BUY	+0.63%	2.8M	$53M	—
LEN\|Lennar Corp.	SELL	-6.59%	881.4K	$49M	—
RYN\|Rayonier Inc.	SELL	-30.49%	1.3M	$42M	—
JBGS\|JBG Smith Properties	SELL	-6.59%	1.2M	$49M	—
VNO\|Vornado Realty Trust	SELL	-6.60%	580.7K	$39M	—
PNC\|PNC Financial Corp	SELL	-49.71%	136.1K	$22M	—
HCC\|Warrior Met Coal Inc.	BUY	+1.10%	1.8M	$38M	—
HAN\|Hawaiian Holdings Inc.	SELL	-22.48%	1.1M	$32M	—
MAC\|The Macerich Company	BUY	+23.18%	1.4M	$37M	—
UHAL\|Amerco	BUY	+6.46%	80.2K	$30M	—
FR\|First Industrial Realty Trust, Inc.	SELL	-16.81%	562.6K	$23M	—
AKR\|Acadia Realty Trust	SELL	-6.60%	872.6K	$23M	+11.7%
CMA\|Comerica Inc.	SELL	-12.52%	331.5K	$24M	—
LOW\|Lowe's Companies Inc.	SELL	EXIT	—	—	-4.4%
TPHS\|Trinity Place Holdings	BUY	+2.38%	5.8M	$18M	—
MHK\|Mohawk Industries Inc.	BUY	+0.44%	146.9K	$20M	—
EXP\|Eagle Materials Inc.	BUY	+0.83%	177.4K	$16M	—
FNF\|FNF Group	SELL	-23.06%	260.8K	$12M	—
HHC*\|Howard Hughes Corporation	BUY	NEW	112.8K	$14M	—
SRG\|Seritage Growth Properties	BUY	+3.45%	334.8K	$13M	—
MYRG\|MYR Group Inc.	BUY	+0.04%	383.6K	$13M	—
TRC\|Tejon Ranch Co.	SELL	EXIT	—	—	—
CLNSEUR\|Colony Capital Inc.	BUY	+2.77%	1.8M	$9M	—
ICFI\|ICF International, Inc.	SELL	-16.95%	93.7K	$9M	—
VC\|Visteon Corp.	SELL	-35.89%	71.8K	$6M	+17.1%
FCN\|FTI Consulting Inc.	SELL	-14.74%	74.1K	$8M	—
TPH\|Tri Pointe Group Inc.	SELL	-17.16%	502.6K	$8M	—
UMBF\|UMB Financial Corporation	BUY	+8.52%	132.2K	$9M	—
ATNI\|ATN International Inc.	BUY	+0.14%	136.4K	$8M	—
EME\|EMCOR Group, Inc.	SELL	-14.69%	70.0K	$6M	—
SBSI\|Southside Bancshares Inc.	SELL	-7.30%	183.9K	$7M	—
AGX\|Argan Inc.	BUY	+25.25%	166.8K	$7M	—
Carter Bank & Trust	SELL	-20.32%	269.0K	$6M	—
PRSU\|Viad Corp.	SELL	-4.31%	73.3K	$5M	—
UNF\|UniFirst Corporation	SELL	-22.17%	19.0K	$4M	—
CTB\|Cooper Tire & Rubber Company	BUY	+52.27%	147.9K	$4M	—
KALU\|Kaiser Aluminum Corp.	SELL	-14.82%	34.8K	$4M	—
SPY\|SPDR TR UNIT SER 1	BUY	NEW	3.4K	$1M	—
RESIEUR\|Front Yard Residential Corporation	SELL	-71.41%	25.7K	$318000	—
CTT1USD\|Catchmark Timber Trust Inc.	SELL	-42.55%	46.0K	$528000	—
2019-Q3
WY\|Weyerhaeuser Company	SELL	-21.95%	3.2M	$89M	—
FPH\|Five Point Holdings LLC - CL A	SELL	-4.89%	11.0M	$83M	—
BAM\|Brookfield Asset Mgmt. CL A	SELL	-2.76%	1.6M	$84M	—
LEN\|Lennar Corp.	SELL	-27.75%	943.6K	$53M	—
RYN\|Rayonier Inc.	SELL	-9.08%	1.8M	$52M	—
TDW\|Tidewater Inc.	BUY	+5.23%	2.7M	$41M	—
LEN-B\|Lennar Corp - Class B	BUY	+0.70%	1.3M	$57M	—
JBGS\|JBG Smith Properties	BUY	+0.51%	1.3M	$51M	—
MAC\|The Macerich Company	SELL	-21.47%	1.1M	$35M	—
HCC\|Warrior Met Coal Inc.	BUY	+0.35%	1.8M	$35M	—
VNO\|Vornado Realty Trust	BUY	+56.27%	621.7K	$40M	—
HAN\|Hawaiian Holdings Inc.	SELL	+0.00%	1.4M	$37M	—
PNC\|PNC Financial Corp	BUY	+1.99%	270.7K	$38M	—
CMA\|Comerica Inc.	SELL	-15.06%	379.0K	$25M	—
AKR\|Acadia Realty Trust	SELL	-18.49%	934.2K	$27M	+12.6%
UHAL\|Amerco	BUY	+0.78%	75.4K	$29M	—
FR\|First Industrial Realty Trust, Inc.	SELL	-5.55%	676.3K	$27M	—
LOW\|Lowe's Companies Inc.	SELL	-6.52%	217.3K	$24M	-12.3%
TPHS\|Trinity Place Holdings	BUY	+0.48%	5.7M	$23M	—
FNF\|FNF Group	SELL	-27.08%	339.0K	$15M	—
MHK\|Mohawk Industries Inc.	BUY	+18.63%	146.2K	$18M	—
TRC\|Tejon Ranch Co.	SELL	-30.35%	686.1K	$12M	—
SRG\|Seritage Growth Properties	BUY	+1.94%	323.7K	$14M	—
MYRG\|MYR Group Inc.	BUY	+19.28%	383.5K	$12M	—
CUBI\|Customers Bancorp Inc	BUY	+2.95%	561.1K	$12M	—
VC\|Visteon Corp.	SELL	-40.62%	112.1K	$9M	-15.6%
CLNSEUR\|Colony Capital Inc.	BUY	NEW	1.8M	$11M	—
UMBF\|UMB Financial Corporation	SELL	-19.26%	121.8K	$8M	—
RIG\|Transocean Ltd.	SELL	EXIT	—	—	-44.3%
FCN\|FTI Consulting Inc.	SELL	-16.26%	86.9K	$9M	—
PB\|Prosperity Bancshares Inc.	SELL	-44.85%	61.1K	$4M	—
FIX\|Comfort Systems USA Inc.	BUY	+19.00%	134.6K	$6M	—
UNF\|UniFirst Corporation	SELL	-18.83%	24.4K	$5M	—
PRSU\|Viad Corp.	SELL	-8.62%	76.6K	$5M	—
SF9\|Sanderson Farms Inc.	SELL	EXIT	—	—	—
CTB\|Cooper Tire & Rubber Company	BUY	NEW	97.1K	$3M	—
ASIX\|AdvanSix Inc.	SELL	EXIT	—	—	-18.0%
2019-Q2
WY\|Weyerhaeuser Company	SELL	-4.62%	4.1M	$108M	—
FPH\|Five Point Holdings LLC - CL A	BUY	+0.30%	11.6M	$87M	—
LEN\|Lennar Corp.	SELL	-32.88%	1.3M	$63M	—
BAM\|Brookfield Asset Mgmt. CL A	SELL	-4.52%	1.6M	$78M	—
RYN\|Rayonier Inc.	SELL	-3.40%	2.0M	$61M	—
TDW\|Tidewater Inc.	BUY	+6.47%	2.6M	$61M	—
MAC\|The Macerich Company	BUY	+1.45%	1.4M	$48M	—
HCC\|Warrior Met Coal Inc.	SELL	-10.29%	1.8M	$46M	—
JBGS\|JBG Smith Properties	SELL	-1.00%	1.3M	$51M	—
LEN-B\|Lennar Corp - Class B	BUY	+1.45%	1.3M	$49M	—
HAN\|HAWAIIAN HOLDINGS INC	BUY	+3.44%	1.4M	$39M	—
PNC\|PNC Financial Corp	BUY	+0.34%	265.4K	$36M	—
AKR\|Acadia Realty Trust	SELL	-7.38%	1.1M	$31M	+13.9%
CMA\|Comerica Inc.	SELL	-1.13%	446.2K	$32M	—
FR\|First Industrial Realty Trust, Inc.	SELL	-21.19%	716.0K	$26M	—
UHAL\|Amerco	SELL	-3.88%	74.8K	$28M	—
LOW\|Lowe's Companies Inc.	SELL	-15.84%	232.4K	$23M	-10.8%
VNO\|Vornado Realty Trust	SELL	-3.91%	397.8K	$26M	—
TPHS\|Trinity Place Holdings	BUY	+12.87%	5.7M	$22M	—
FNF\|FNF Group	SELL	-3.80%	464.9K	$19M	—
MHK\|Mohawk Industries Inc.	BUY	+38.80%	123.3K	$18M	—
SRG\|Seritage Growth Properties	BUY	NEW	317.5K	$14M	—
SRG\|Seritage Growth Properties	SELL	EXIT	—	—	+12.4%
CUBI\|Customers Bancorp Inc	BUY	+4.98%	545.0K	$11M	—
VC\|Visteon Corp.	BUY	+38.65%	188.7K	$11M	—
FCN\|FTI Consulting Inc.	SELL	-5.98%	103.7K	$9M	—
SF9\|Sanderson Farms Inc.	SELL	-47.73%	25.8K	$4M	—
PRSU\|Viad Corp.	SELL	-22.60%	83.8K	$6M	—
ASIX\|AdvanSix Inc.	SELL	-83.01%	30.7K	$751000	-7.8%
AGX\|Argan Inc.	BUY	+49.60%	133.1K	$5M	—
CUBUSD\|Cubic, Corp.	SELL	EXIT	—	—	—
2019-Q1
WY\|Weyerhaeuser Company	SELL	-10.67%	4.3M	$110M	—
FPH\|Five Point Holdings LLC - CL A	BUY	+0.96%	11.6M	$106M	—
BAM\|Brookfield Asset Mgmt. CL A	SELL	-37.15%	1.7M	$80M	—
LEN\|Lennar Corp.	SELL	-23.71%	1.9M	$99M	—
RYN\|Rayonier Inc.	SELL	-7.93%	2.1M	$66M	—
MAC\|The Macerich Company	SELL	-7.92%	1.4M	$57M	—
HCC\|Warrior Met Coal Inc.	SELL	-24.95%	2.0M	$55M	—
TDW\|Tidewater Inc.	BUY	+1.44%	2.4M	$57M	—
JBGS\|JBG Smith Properties	BUY	+106.40%	1.3M	$54M	—
LEN-B\|Lennar Corp - Class B	BUY	+0.46%	1.2M	$51M	—
VNO\|Vornado Realty Trust	SELL	-48.47%	414.0K	$27M	—
AKR\|Acadia Realty Trust	SELL	-29.71%	1.2M	$35M	+12.0%
CMA\|Comerica Inc.	SELL	-16.73%	451.3K	$34M	—
HAN\|Hawaiian Holdings Inc.	BUY	+14.59%	1.4M	$37M	—
PNC\|PNC Financial Corp	SELL	-6.30%	264.5K	$35M	—
LOW\|Lowe's Companies Inc.	SELL	-21.72%	276.1K	$29M	-16.3%
FR\|First Industrial Realty Trust, Inc.	SELL	-14.72%	908.6K	$31M	—
UHAL\|Amerco	SELL	-7.66%	77.8K	$30M	—
TPHS\|Trinity Place Holdings	BUY	+1.47%	5.0M	$21M	—
FNF\|FNF Group	SELL	-7.78%	483.2K	$19M	—
TRC\|Tejon Ranch Co.	SELL	-11.93%	985.1K	$18M	—
EXP\|Eagle Materials Inc.	BUY	NEW	175.9K	$16M	—
DD\|DowDuPont Inc.	SELL	EXIT	—	—	-4.5%
SRG\|Seritage Growth Properties	SELL	-4.78%	282.7K	$13M	+9.6%
MHK\|Mohawk Industries Inc.	BUY	NEW	88.8K	$12M	—
RIG\|Transocean Ltd.	BUY	+0.71%	1.5M	$12M	—
CUBI\|Customers Bancorp Inc	BUY	+0.01%	519.2K	$11M	—
FCN\|FTI Consulting Inc.	SELL	-17.73%	110.3K	$9M	—
VC\|Visteon Corp.	BUY	+40.47%	136.1K	$9M	—
ATNI\|ATN International Inc.	BUY	+18.39%	136.2K	$8M	—
TPH\|Tri Pointe Group Inc.	BUY	+0.12%	606.7K	$8M	—
SF9\|Sanderson Farms Inc.	SELL	-19.33%	49.3K	$8M	—
SEB\|Seaboard Corp.	BUY	+6.09%	1.7K	$7M	—
Carter Bank & Trust	BUY	NEW	337.6K	$7M	—
FRPH\|FRP Holdings Inc.	BUY	+6.27%	131.8K	$6M	—
TTEK\|Tetra Tech, Inc.	SELL	EXIT	—	—	—
CUBUSD\|Cubic, Corp.	SELL	-90.86%	10.1K	$592000	—
KALU\|Kaiser Aluminum Corp.	SELL	-34.88%	40.8K	$4M	—
ASIX\|AdvanSix Inc.	SELL	-20.99%	180.7K	$6M	+1.7%
CFR\|Cullen Frost Bankers, Inc.	SELL	-30.38%	42.3K	$4M	—
SMHI\|Seacor Marine Holdings Inc.	BUY	+0.02%	358.1K	$5M	—
G\|Genpact Ltd.	SELL	-25.42%	120.9K	$4M	—
AGX\|Argan Inc.	BUY	NEW	89.0K	$4M	—
SPY\|SPDR TR UNIT SER 1	SELL	EXIT	—	—	+0.9%
SMP\|Standard Motor Products, Inc.	SELL	EXIT	—	—	—
RESIEUR\|Front Yard Residential Corporation	SELL	-45.23%	90.0K	$998000	—
CCS\|Century Communities Inc.	SELL	-39.12%	40.0K	$1M	—
CTT1USD\|Catchmark Timber Trust Inc.	SELL	-40.65%	80.0K	$784000	—
CDR-PC\|Cedar Realty Trust Inc.	SELL	EXIT	—	—	—
WLHUSD\|William Lyon Homes - Cl A	SELL	-10.05%	40.0K	$757000	—
GRBK\|Green Brick Partners	SELL	-20.00%	60.0K	$558000	-13.7%
JCAPUSD\|Jernigan Capital	SELL	-20.00%	20.0K	$420000	—
AHL\|Aspen Insurance Holdings Ltd	SELL	EXIT	—	—	—
2018-Q4
BAM\|Brookfield Asset Mgmt. CL A	SELL	-31.77%	2.7M	$104M	—
WY\|Weyerhaeuser Company	BUY	+2.65%	4.8M	$105M	—
LEN\|Lennar Corp.	SELL	-2.99%	2.6M	$100M	—
FPH\|Five Point Holdings LLC - CL A	BUY	+12.02%	11.4M	$79M	—
MAC\|The Macerich Company	SELL	-3.89%	1.5M	$66M	—
RYN\|Rayonier Inc.	SELL	-3.87%	2.3M	$63M	—
HCC\|Warrior Met Coal Inc.	SELL	-1.37%	2.6M	$63M	—
TDW\|Tidewater Inc.	BUY	+7.62%	2.4M	$46M	—
PNC Financial Services Group 2018 Warrants	SELL	EXIT	—	—	—
VNO\|Vornado Realty Trust	SELL	-3.86%	803.4K	$50M	—
LOW\|Lowe's Companies Inc.	SELL	-26.67%	352.7K	$33M	-20.9%
AKR\|Acadia Realty Trust	SELL	-3.87%	1.8M	$42M	+13.1%
CMA\|Comerica Inc.	BUY	+1.82%	541.9K	$37M	—
LEN-B\|Lennar Corp - Class B	BUY	+5.68%	1.2M	$39M	—
FR\|First Industrial Realty Trust, Inc.	SELL	-25.24%	1.1M	$31M	—
BK\|Bank of New York Mellon Corp.	SELL	EXIT	—	—	—
PNC\|PNC Financial Corp	BUY	+584.38%	282.3K	$33M	—
Ocean Rig UDW Inc.	SELL	EXIT	—	—	—
HAN\|Hawaiian Holdings Inc.	BUY	+107.89%	1.2M	$32M	—
UHAL\|Amerco	SELL	-3.86%	84.3K	$28M	—
TPHS\|Trinity Place Holdings	BUY	+0.22%	5.0M	$22M	—
ZION\|Zions Bancorporation	SELL	EXIT	—	—	—
TRC\|Tejon Ranch Co.	SELL	-12.53%	1.1M	$19M	—
WTM\|White Mountains Insurance Group	SELL	EXIT	—	—	—
JBGS\|JBG Smith Properties	BUY	+1.13%	637.0K	$22M	—
AHL\|Aspen Insurance Holdings Ltd	SELL	-99.93%	342	$15000	—
FNF\|FNF Group	SELL	-3.83%	524.0K	$16M	—
SRG\|Seritage Growth Properties	BUY	+1.28%	296.9K	$10M	—
DD\|DowDuPont Inc.	BUY	NEW	251.2K	$13M	—
RIG\|Transocean Ltd.	BUY	NEW	1.5M	$10M	—
MYRG\|MYR Group Inc.	BUY	+7.33%	321.5K	$9M	—
CUBUSD\|Cubic, Corp.	SELL	-16.84%	110.1K	$6M	—
CUBI\|Customers Bancorp Inc	BUY	NEW	519.1K	$9M	—
UMBF\|UMB Financial Corporation	BUY	+34.83%	150.8K	$9M	—
TTEK\|Tetra Tech, Inc.	SELL	-9.02%	119.8K	$6M	—
PB\|Prosperity Bancshares Inc.	SELL	-11.31%	110.9K	$7M	—
SMHI\|Seacor Marine Holdings Inc.	BUY	+0.03%	358.0K	$4M	—
CSW\|CSW Industrials Inc.	SELL	EXIT	—	—	—
CBSH\|Commerce Bancshares, Inc	SELL	EXIT	—	—	—
TPH\|Tri Pointe Group Inc.	BUY	+7.42%	606.0K	$7M	—
Forest City Enterprises Inc. CL A	SELL	EXIT	—	—	—
CSGS\|CSG Systems International, Inc.	SELL	EXIT	—	—	—
SPUSD\|SP Plus Corp.	SELL	EXIT	—	—	—
SF9\|Sanderson Farms Inc.	BUY	+71.52%	61.1K	$6M	—
VC\|Visteon Corp.	BUY	+58.17%	96.9K	$6M	—
FRPH\|FRP Holdings Inc.	BUY	+242.40%	124.0K	$6M	—
SEB\|Seaboard Corp.	BUY	+13.62%	1.6K	$6M	—
ASIX\|AdvanSix Inc.	BUY	+198.39%	228.7K	$6M	—
BMCH\|BMC Stock Holdings, Inc.	SELL	EXIT	—	—	—
WSBC\|Wesbanco Inc.	SELL	EXIT	—	—	—
AMN\|AMN Healthcare Services Inc.	SELL	EXIT	—	—	—
SPY\|SPDR TR UNIT SER 1	BUY	NEW	11.2K	$3M	—
CSWC\|Capital Southwest	SELL	EXIT	—	—	—
Comerica Inc 2018 Warrants	SELL	EXIT	—	—	—
RESIEUR\|Front Yard Residential Corporation	BUY	+79.37%	164.3K	$1M	—
CCS\|Century Communities Inc.	BUY	+57.67%	65.7K	$1M	—
CDR-PC\|Cedar Realty Trust Inc.	BUY	+30.62%	294.3K	$925000	—
CTT1USD\|Catchmark Timber Trust Inc.	BUY	+68.50%	134.8K	$958000	—
NXRT\|NEXPOINT RESIDNL TR	SELL	EXIT	—	—	-27.9%
GRBK\|Green Brick Partners	BUY	+40.98%	75.0K	$543000	—
WLHUSD\|William Lyon Homes - Cl A	BUY	NEW	44.5K	$476000	—
TTE\|Total Fina ELF S A ADR	SELL	EXIT	—	—	—
2018-Q3
WY\|Weyerhaeuser Company	SELL	-7.07%	4.7M	$151M	—
BAM\|Brookfield Asset Mgmt. CL A	SELL	-1.04%	4.0M	$177M	—
Forest City Enterprises Inc. CL A	SELL	-96.43%	256.4K	$6M	—
LEN\|Lennar Corp.	BUY	+0.08%	2.6M	$123M	—
FPH\|Five Point Holdings LLC - CL A	BUY	+17.77%	10.2M	$96M	—
RYN\|Rayonier Inc.	BUY	+0.21%	2.4M	$80M	—
MAC\|The Macerich Company	BUY	+0.30%	1.6M	$88M	—
HCC\|Warrior Met Coal Inc.	BUY	+5.57%	2.7M	$72M	—
TDW\|Tidewater Inc.	SELL	-0.93%	2.2M	$70M	—
VNO\|Vornado Realty Trust	BUY	+0.27%	835.7K	$61M	—
FR\|First Industrial Realty Trust, Inc.	SELL	-16.42%	1.4M	$45M	—
LOW\|Lowe's Companies Inc.	BUY	+0.27%	481.0K	$55M	—
AKR\|Acadia Realty Trust	BUY	+0.16%	1.8M	$51M	—
CMA\|Comerica Inc.	SELL	-1.04%	532.2K	$48M	—
LEN-B\|Lennar Corp - Class B	BUY	+7.09%	1.2M	$45M	—
TRC\|Tejon Ranch Co.	SELL	-30.78%	1.3M	$28M	—
BK\|Bank of New York Mellon Corp.	SELL	-16.74%	651.1K	$33M	—
YUSD\|Alleghany Corp.	SELL	EXIT	—	—	—
Ocean Rig UDW Inc.	BUY	+14.17%	936.6K	$32M	—
TPHS\|Trinity Place Holdings	BUY	+0.29%	4.9M	$30M	—
UHAL\|Amerco	BUY	+0.25%	87.7K	$31M	—
WTM\|White Mountains Insurance Group	SELL	-0.33%	28.6K	$27M	—
JBGS\|JBG Smith Properties	BUY	+95.59%	629.9K	$23M	—
HAN\|HAWAIIAN HOLDINGS INC	BUY	+43.95%	574.2K	$23M	—
AHL\|Aspen Insurance Holdings Ltd	BUY	+25.70%	513.5K	$21M	—
FNF\|FNF Group	BUY	+0.30%	544.9K	$21M	—
SRG\|Seritage Growth Properties	BUY	+0.63%	293.1K	$14M	—
ICFI\|ICF International, Inc.	SELL	-22.25%	112.8K	$9M	—
MYRG\|MYR Group Inc.	BUY	+5.64%	299.5K	$10M	—
FCN\|FTI Consulting Inc.	SELL	-0.03%	134.1K	$10M	—
TTEK\|Tetra Tech, Inc.	SELL	-0.05%	131.7K	$9M	—
SMHI\|Seacor Marine Holdings Inc.	BUY	+0.07%	357.9K	$8M	—
CSW\|CSW Industrials Inc.	SELL	-6.50%	140.6K	$8M	—
UMBF\|UMB Financial Corporation	BUY	+37.07%	111.9K	$8M	—
TPH\|Tri Pointe Group Inc.	BUY	+37.29%	564.1K	$7M	—
VC\|Visteon Corp.	BUY	+15.47%	61.3K	$6M	—
ARCO\|Arcos Dorados Holdings, Inc.	SELL	EXIT	—	—	—
BMCH\|BMC Stock Holdings, Inc.	SELL	-7.59%	296.4K	$6M	—
LMEUR\|Legg Mason Inc.	SELL	EXIT	—	—	—
PRSU\|Viad Corp.	SELL	-0.27%	108.2K	$6M	—
CSGS\|CSG Systems International, Inc.	BUY	+21.79%	159.0K	$6M	—
FIX\|Comfort Systems USA Inc.	SELL	-16.01%	113.1K	$6M	—
PNC\|PNC Financial Corp	BUY	+0.01%	41.3K	$6M	—
SEB\|Seaboard Corp.	BUY	+0.14%	1.4K	$5M	—
AMN\|AMN Healthcare Services Inc.	SELL	-36.46%	55.8K	$3M	—
SF9\|Sanderson Farms Inc.	BUY	+131.11%	35.6K	$4M	—
DEUTSCHE BANK AG-REGISTERED	SELL	EXIT	—	—	—
CSWC\|Capital Southwest	SELL	-6.50%	140.6K	$3M	—
ASIX\|AdvanSix Inc.	BUY	NEW	76.7K	$3M	—
CCS\|Century Communities Inc.	SELL	-41.86%	41.7K	$1M	—
Comerica Inc 2018 Warrants	SELL	-1.20%	32.9K	$2M	—
RESIEUR\|Front Yard Residential Corporation	BUY	+40.94%	91.6K	$994000	—
GRBK\|Green Brick Partners	BUY	+6.40%	53.2K	$538000	—
TTE\|Total Fina ELF S A ADR	SELL	-24.72%	612	$40000	—
2018-Q2
WY\|Weyerhaeuser Company	SELL	-0.26%	5.0M	$184M	—
Forest City Enterprises Inc. CL A	BUY	+2.15%	7.2M	$164M	—
BAM\|Brookfield Asset Mgmt. CL A	SELL	-2.14%	4.0M	$163M	—
LEN\|Lennar Corp.	SELL	-0.32%	2.6M	$138M	—
RYN\|Rayonier Inc.	SELL	-22.80%	2.4M	$92M	—
FPH\|Five Point Holdings LLC - CL A	BUY	+225.09%	8.7M	$98M	—
MAC\|The Macerich Company	BUY	+29.87%	1.6M	$90M	—
HCC\|Warrior Met Coal Inc.	BUY	+97.71%	2.5M	$69M	—
TDW\|Tidewater Inc.	BUY	+1.17%	2.3M	$65M	—
VNO\|Vornado Realty Trust	BUY	+0.21%	833.4K	$62M	—
TRC\|Tejon Ranch Co.	SELL	-30.29%	1.8M	$45M	—
FR\|First Industrial Realty Trust, Inc.	BUY	+0.18%	1.7M	$57M	—
BK\|Bank of New York Mellon Corp.	SELL	-28.16%	781.9K	$42M	—
CMA\|Comerica Inc.	SELL	-0.44%	537.8K	$49M	—
AKR\|Acadia Realty Trust	BUY	+0.34%	1.8M	$50M	—
CVCO\|Cavco Industries, Inc. (COM & Restricted)	SELL	EXIT	—	—	—
LEN-B\|Lennar Corp - Class B	BUY	+149.61%	1.1M	$47M	—
LOW\|Lowe's Companies Inc.	BUY	+0.21%	479.7K	$46M	—
YUSD\|Alleghany Corp.	BUY	+0.05%	70.8K	$41M	—
TPHS\|Trinity Place Holdings	BUY	+0.20%	4.9M	$32M	—
UHAL\|Amerco	BUY	+0.25%	87.4K	$31M	—
ZION\|Zions Bancorporation	BUY	+0.22%	563.7K	$30M	—
WTM\|White Mountains Insurance Group	SELL	-15.94%	28.7K	$26M	—
FNF\|FNF Group	BUY	+0.25%	543.3K	$20M	—
AHL\|Aspen Insurance Holdings Ltd	BUY	+3.68%	408.5K	$17M	—
KEY\|Keycorp	SELL	EXIT	—	—	—
HAN\|HAWAIIAN HOLDINGS INC	BUY	NEW	398.9K	$14M	—
SRG\|Seritage Growth Properties	BUY	+36.97%	291.3K	$12M	—
ICFI\|ICF International, Inc.	BUY	+0.17%	145.1K	$10M	—
MYRG\|MYR Group Inc.	BUY	+14.88%	283.5K	$10M	—
DEUTSCHE BANK AG-REGISTERED	SELL	-54.00%	322.0K	$3M	—
PB\|Prosperity Bancshares Inc.	BUY	+20.36%	125.0K	$9M	—
CUBUSD\|Cubic, Corp.	BUY	+0.19%	132.4K	$9M	—
SMHI\|Seacor Marine Holdings Inc.	BUY	+22.52%	357.6K	$8M	—
FCN\|FTI Consulting Inc.	SELL	-15.45%	134.2K	$8M	—
TTEK\|Tetra Tech, Inc.	BUY	+0.22%	131.7K	$8M	—
AMN\|AMN Healthcare Services Inc.	SELL	-26.02%	87.7K	$5M	—
BMCH\|BMC Stock Holdings, Inc.	BUY	+0.24%	320.7K	$7M	—
KFY\|Korn/Ferry International	SELL	EXIT	—	—	+80.8%
UMBF\|UMB Financial Corporation	BUY	+0.27%	81.6K	$6M	—
TILE\|Interface Inc.	SELL	EXIT	—	—	—
ATNI\|ATN INTERNATIONAL INC	BUY	NEW	115.1K	$6M	—
PNC\|PNC Financial Corp	BUY	+3.23%	41.2K	$6M	—
PRSU\|Viad Corp.	BUY	+0.27%	108.5K	$6M	—
SEB\|Seaboard Corp.	BUY	+9.78%	1.4K	$6M	—
CSGS\|CSG Systems International, Inc.	BUY	+7.96%	130.5K	$5M	—
UNF\|UniFirst Corporation	BUY	+0.31%	30.0K	$5M	—
DST\|DST Systems	SELL	EXIT	—	—	—
Cosan Ltd.	SELL	EXIT	—	—	—
NSIT\|Insight Enterprises, Inc.	SELL	EXIT	—	—	—
FRPH\|FRP Holdings Inc.	BUY	+0.78%	36.2K	$2M	—
LUK\|Leucadia National Corporation	SELL	EXIT	—	—	—
SF9\|Sanderson Farms Inc.	BUY	NEW	15.4K	$2M	—
CDR-PC\|CEDAR REALTY TRUST INC	BUY	+28.25%	225.3K	$1M	—
RESIEUR\|Front Yard Residential Corporation	BUY	NEW	65.0K	$678000	—
GRBK\|Green Brick Partners	BUY	NEW	50.0K	$490000	—
JCAPUSD\|Jernigan Capital	BUY	NEW	25.0K	$477000	—
TTE\|Total Fina ELF S A ADR	SELL	-17.38%	813	$50000	—
2018-Q1
WY\|Weyerhaeuser Company	SELL	-5.05%	5.1M	$177M	—
BAM\|Brookfield Asset Mgmt. CL A	SELL	-4.54%	4.1M	$160M	—
LEN\|Lennar Corp.	BUY	+0.38%	2.6M	$155M	—
Forest City Enterprises Inc. CL A	BUY	+23.68%	7.0M	$143M	—
RYN\|Rayonier Inc.	BUY	+0.61%	3.1M	$108M	—
MAC\|The Macerich Company	BUY	+43.22%	1.2M	$68M	—
TDW\|Tidewater Inc.	BUY	+33.26%	2.2M	$64M	—
TRC\|Tejon Ranch Co.	SELL	-0.16%	2.6M	$61M	—
BK\|Bank of New York Mellon Corp.	BUY	+0.00%	1.1M	$56M	—
VNO\|Vornado Realty Trust	BUY	+20.20%	831.7K	$56M	—
FR\|First Industrial Realty Trust, Inc.	BUY	+0.57%	1.7M	$50M	—
CMA\|Comerica Inc.	SELL	-1.12%	540.2K	$52M	—
Johnson Controls International plc	SELL	EXIT	—	—	—
PNC\|PNC Financial Corp	SELL	-87.57%	40.0K	$6M	—
AKR\|Acadia Realty Trust	BUY	NEW	1.8M	$45M	—
LOW\|Lowe's Companies Inc.	BUY	+0.95%	478.7K	$42M	—
YUSD\|Alleghany Corp.	BUY	+2.25%	70.8K	$43M	—
FPH\|Five Point Holdings LLC - CL A	BUY	+3.23%	2.7M	$38M	—
AMGN\|Amgen Inc.	SELL	EXIT	—	—	—
HCC\|Warrior Met Coal Inc.	BUY	+85.39%	1.3M	$36M	—
TPHS\|Trinity Place Holdings	BUY	+0.64%	4.9M	$32M	—
RS\|Reliance Steel & Aluminum Co.	SELL	EXIT	—	—	—
UHAL\|Amerco	BUY	+57.77%	87.2K	$30M	—
ZION\|Zions Bancorporation	BUY	+0.51%	562.5K	$30M	—
WTM\|White Mountains Insurance Group	BUY	+1.03%	34.2K	$28M	—
EOG\|EOG Resources	SELL	EXIT	—	—	—
MAS\|Masco Corp.	SELL	EXIT	—	—	—
FNF\|FNF Group	BUY	+0.45%	541.9K	$22M	—
LEN-B\|Lennar Corp - Class B	BUY	+212.50%	439.9K	$21M	—
Ocean Rig UDW Inc.	BUY	NEW	820.4K	$21M	—
KIM\|Kimco Realty Corp	SELL	EXIT	—	—	—
AHL\|Aspen Insurance Holdings Ltd	BUY	+148.24%	394.0K	$18M	—
KEY\|Keycorp	SELL	-0.09%	850.9K	$17M	—
DEUTSCHE BANK AG-REGISTERED	BUY	+16.67%	700.0K	$10M	—
JBGS\|JBG Smith Properties	BUY	+0.84%	322.0K	$11M	—
SRG\|Seritage Growth Properties	BUY	NEW	212.7K	$8M	—
VC\|Visteon Corp.	SELL	-3.75%	53.1K	$6M	+59.4%
BMCH\|BMC Stock Holdings, Inc.	BUY	+18.15%	319.9K	$6M	—
NTCT\|Netscout Systems Inc.	SELL	EXIT	—	—	—
SMHI\|Seacor Marine Holdings Inc.	BUY	NEW	291.9K	$6M	—
SEB\|Seaboard Corp.	BUY	+37.57%	1.3K	$5M	—
CSGS\|CSG Systems International, Inc.	BUY	+79.94%	120.9K	$5M	—
Cosan Ltd.	SELL	-10.31%	504.9K	$5M	—
SYNL\|Syntel, Inc.	SELL	EXIT	—	—	—
AXE3EUR\|Anixter International Inc.	SELL	EXIT	—	—	—
FNSR\|Finisar Corp.	SELL	EXIT	—	—	—
PDCEUSD\|PDC Energy, Inc.	SELL	EXIT	—	—	—
SYNA\|Synaptics Inc.	SELL	EXIT	—	—	—
CRZOEUR\|Carrizo Oil & Gas Inc.	SELL	EXIT	—	—	—
PRGS\|Progress Software Corporation	SELL	EXIT	—	—	—
CNH\|CNH Industrial NV	SELL	EXIT	—	—	—
ABM\|ABM Industries Inc	SELL	EXIT	—	—	—
KW\|Kennedy-Wilson Holdings Inc.	SELL	EXIT	—	—	—
VLY\|Valley National Bancorp	SELL	EXIT	—	—	—
FRPH\|FRP Holdings Inc.	BUY	NEW	35.9K	$2M	—
HAYNUSD\|Haynes International Inc.	SELL	EXIT	—	—	—

Stock Click to search	Held Period	Cost Basis	Sale Proceeds	Realized Gain	Return ⓘ	CAGR ⓘ
VC\|Visteon Corp.	2025-Q2 → 2025-Q4 (0.5y)	$857.7K	$1.1M	$+214.8K	+25.1%	+56.6%
ORI\|Old Republic International Corp.	2020-Q1 → 2025-Q3 (5.5y)	$26.0M	$40.6M	$+14.7M	+56.5%	+8.5%
HBB\|Hamilton Beach Brand	2020-Q3 → 2025-Q3 (5.0y)	$9.7M	$10.0M	$+284.1K	+2.9%	+0.6%
MRP\|Millrose Properties, Inc.	2025-Q1 → 2025-Q3 (0.5y)	$1.8M	$2.4M	$+584.8K	+31.6%	+73.6%
IVT\|Inventrust Properties Corp.	2021-Q4 → 2025-Q2 (3.5y)	$21.5M	$22.1M	$+547.2K	+2.5%	+0.7%
BAM\|Brookfield Asset Mgmt. CL A	2022-Q4 → 2025-Q2 (2.5y)	$3.9M	$7.3M	$+3.4M	+86.1%	+28.3%
GRBK\|Green Brick Partners	2018-Q2 → 2025-Q2 (7.0y)	$1.2M	$2.1M	$+903.0K	+75.6%	+8.4%
ELME\|Elme Communities	2023-Q2 → 2025-Q2 (2.0y)	$1.4M	$1.5M	$+40.5K	+2.8%	+1.4%
CTO\|CTO Realty Growth, Inc.	2021-Q1 → 2025-Q2 (4.2y)	$1.2M	$1.1M	$-72.9K	-6.0%	-1.4%
STC\|Stewart Information Services Corp.	2020-Q1 → 2025-Q2 (5.2y)	$681.7K	$1.1M	$+377.9K	+55.4%	+8.8%
WSR\|Whitestone REIT	2023-Q2 → 2025-Q2 (2.0y)	$711.2K	$1.0M	$+295.2K	+41.5%	+19.0%
PCH\|Potlatchdeltic Corp.	2020-Q1 → 2025-Q2 (5.2y)	$830.6K	$782.2K	$-48.4K	-5.8%	-1.1%
VTMX\|Vesta Real Estate Corp.	2024-Q2 → 2025-Q2 (1.0y)	$739.1K	$689.5K	$-49.6K	-6.7%	-6.7%
RMR\|The RMR Group Inc.	2020-Q1 → 2025-Q2 (5.2y)	$1.3M	$560.9K	$-744.2K	-57.0%	-14.9%
LAZ\|Lazard Ltd.	2024-Q1 → 2024-Q4 (0.7y)	$21.4M	$28.2M	$+6.7M	+31.4%	+44.1%
LOW\|Lowe's Companies Inc.	2020-Q1 → 2024-Q3 (4.5y)	$20.2M	$33.8M	$+13.6M	+67.1%	+12.1%
WASH\|Washington Trust Bancorp.	2020-Q2 → 2024-Q3 (4.2y)	$9.6M	$8.7M	$-875.5K	-9.1%	-2.2%
LAZ\|Lazard Ltd.	2020-Q4 → 2023-Q4 (3.0y)	$20.5M	$16.4M	$-4.1M	-20.2%	-7.2%
STRS\|Stratus Properties Inc.	2021-Q2 → 2023-Q1 (1.7y)	$3.9M	$4.0M	$+40.3K	+1.0%	+0.6%
URTH\|Ishares Inc	2022-Q4 → 2023-Q1 (0.2y)	$286.5K	$301.4K	$+14.9K	+5.2%	+5.2%
CALM\|Cal-Maine Foods, Inc.	2020-Q1 → 2022-Q4 (2.7y)	$6.8M	$8.5M	$+1.7M	+24.8%	+8.4%
AAMI\|Brightsphere Investment Group	2021-Q1 → 2022-Q4 (1.7y)	$4.8M	$5.4M	$+519.3K	+10.7%	+6.0%
NXRT\|NexPoint Residential Trust, Inc.	2020-Q1 → 2022-Q3 (2.5y)	$1.1M	$1.2M	$+115.3K	+10.5%	+4.1%
ESS\|Essex Property Trust, Inc.	2020-Q1 → 2022-Q1 (2.0y)	$29.6M	$25.7M	$-3.9M	-13.1%	-6.8%
MHK\|Mohawk Industries Inc.	2019-Q1 → 2021-Q4 (2.7y)	$21.5M	$27.2M	$+5.7M	+26.4%	+8.9%
SRG\|Seritage Growth Properties	2019-Q2 → 2021-Q4 (2.5y)	$26.7M	$9.9M	$-16.8M	-62.8%	-32.8%
ATNI\|ATN International Inc.	2018-Q2 → 2021-Q4 (3.5y)	$9.3M	$8.3M	$-992.2K	-10.7%	-3.2%
EXP\|Eagle Materials Inc.	2019-Q1 → 2021-Q3 (2.5y)	$18.7M	$30.2M	$+11.4M	+61.0%	+21.1%
CIO-PA\|City Office REIT, Inc.	2020-Q1 → 2021-Q3 (1.5y)	$1.8M	$1.8M	$-10.5K	-0.6%	-0.4%
KFY\|Korn/Ferry International	2020-Q3 → 2021-Q1 (0.5y)	$10.8M	$20.1M	$+9.3M	+85.5%	+245.6%
CTO\|CTO Realty Growth, Inc.	2020-Q2 → 2021-Q1 (0.7y)	$225.3K	$314.2K	$+88.9K	+39.5%	+56.1%
SPY\|SPDR TR UNIT SER 1	2020-Q4 → 2021-Q1 (0.2y)	$134.3K	$145.8K	$+11.5K	+8.6%	+8.6%
FDX\|FedEx Corporation	2020-Q1 → 2020-Q4 (0.7y)	$10.6M	$18.4M	$+7.7M	+72.6%	+107.6%
AGX\|Argan Inc.	2019-Q1 → 2020-Q4 (1.7y)	$7.6M	$7.2M	$-395.2K	-5.2%	-3.0%
PSA\|Public Storage, Inc.	2020-Q1 → 2020-Q3 (0.5y)	$22.4M	$19.9M	$-2.5M	-11.4%	-21.5%
CUBI\|Customers Bancorp Inc	2018-Q4 → 2020-Q3 (1.7y)	$11.0M	$6.3M	$-4.8M	-43.2%	-27.7%
SMHI\|Seacor Marine Holdings Inc.	2018-Q1 → 2020-Q2 (2.2y)	$6.0M	$1.1M	$-5.0M	-82.1%	-53.6%
IYR\|Ishares Dow Jones Real Estate Index	2020-Q1 → 2020-Q2 (0.2y)	$845.2K	$681.4K	$-163.8K	-19.4%	-19.4%
AKR\|Acadia Realty Trust	2018-Q1 → 2020-Q1 (2.0y)	$45.2M	$48.5M	$+3.2M	+7.2%	+3.5%
RIG\|Transocean Ltd.	2018-Q4 → 2019-Q3 (0.7y)	$15.0M	$8.4M	$-6.6M	-44.3%	-54.3%
ASIX\|AdvanSix Inc.	2018-Q3 → 2019-Q3 (1.0y)	$6.9M	$6.4M	$-491.7K	-7.2%	-7.2%
SRG\|Seritage Growth Properties	2018-Q1 → 2019-Q2 (1.2y)	$11.7M	$13.1M	$+1.4M	+12.3%	+9.7%
DD\|DowDuPont Inc.	2018-Q4 → 2019-Q1 (0.2y)	$8.6M	$8.2M	$-388.2K	-4.5%	-4.5%

Third Avenue Management

Current Holdings for Third Avenue Management

Trading Activity for Third Avenue Management

Closed Positions for Third Avenue Management

Position Details