| 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 |
| Abbott Laboratories (ABT) | COM | 002824100 | 2,014 | 14,311 | SH | | DFND | | 14,311 | 0 | 0 |
| Adara Acq. Corp. Class A (ADR | COM | 00653h102 | 195 | 19,870 | SH | | DFND | | 19,870 | 0 | 0 |
| Adit EdTech Acq Corp. Class A | COM | 007024102 | 172 | 17,388 | SH | | DFND | | 17,388 | 0 | 0 |
| Alphabet, Inc. - Cl C (GOOG) | COM | 02079K107 | 16,265 | 5,621 | SH | | DFND | | 5,621 | 0 | 0 |
| Amazon.com, Inc. (AMZN) | COM | 023135106 | 8,016 | 2,404 | SH | | DFND | | 2,404 | 0 | 0 |
| Amdocs Ltd (DOX) | COM | G02602103 | 7,694 | 102,808 | SH | | DFND | | 102,808 | 0 | 0 |
| American Homes 4 Rent (AMH) | COM | 02665t306 | 5,887 | 134,990 | SH | | DFND | | 134,990 | 0 | 0 |
| American National Bankshares ( | COM | 027745108 | 1,499 | 39,795 | SH | | DFND | | 39,795 | 0 | 0 |
| Americold Realty Trust (COLD) | COM | 03064d108 | 1,996 | 60,882 | SH | | DFND | | 60,882 | 0 | 0 |
| BRiley Principal 250 Merg Clas | COM | 05602l104 | 276 | 28,384 | SH | | DFND | | 28,384 | 0 | 0 |
| CMS Energy Corp. (CMS) | COM | 125896100 | 3,936 | 60,500 | SH | | DFND | | 60,500 | 0 | 0 |
| Chubb Limited (CB) | COM | H1467J104 | 5,458 | 28,233 | SH | | DFND | | 28,233 | 0 | 0 |
| Cisco Systems (CSCO) | COM | 17275r102 | 12,124 | 191,314 | SH | | DFND | | 191,314 | 0 | 0 |
| Coca Cola Co. (KO) | COM | 191216100 | 839 | 14,164 | SH | | DFND | | 14,164 | 0 | 0 |
| Colombier Acq Corp Class A (CL | COM | 19533h108 | 215 | 22,350 | SH | | DFND | | 22,350 | 0 | 0 |
| DPCM Capital Inc. Class A (XPO | COM | 23344p101 | 219 | 22,350 | SH | | DFND | | 22,350 | 0 | 0 |
| Du Pont de Nemours, Inc. (DD) | COM | 26614n102 | 7,932 | 98,188 | SH | | DFND | | 98,188 | 0 | 0 |
| Dun & Bradstreet Holdings Inc. | COM | 26484t106 | 3,711 | 181,127 | SH | | DFND | | 181,127 | 0 | 0 |
| E.Merge Tech Acq Class A (ETAC | COM | 26873y104 | 100 | 10,169 | SH | | DFND | | 10,169 | 0 | 0 |
| EMCOR Group (EME) | COM | 29084q100 | 7,627 | 59,868 | SH | | DFND | | 59,868 | 0 | 0 |
| EOG Resources (EOG) | COM | 26875p101 | 4,205 | 47,340 | SH | | DFND | | 47,340 | 0 | 0 |
| Emerson Electric (EMR) | COM | 291011104 | 3,112 | 33,469 | SH | | DFND | | 33,469 | 0 | 0 |
| Executive Network Part Class A | COM | 30158l100 | 242 | 24,674 | SH | | DFND | | 24,674 | 0 | 0 |
| Fast Acquisition Corp (FST) | COM | 311875108 | 723 | 71,122 | SH | | DFND | | 71,122 | 0 | 0 |
| First Tr NASDAQ Cybersecurity | COM | 33734x846 | 310 | 5,874 | SH | | DFND | | 5,874 | 0 | 0 |
| Flame Acq Corp Class A (FLME) | COM | 33850f108 | 573 | 58,990 | SH | | DFND | | 58,990 | 0 | 0 |
| G Squared Ascend II Inc. (GSQB | COM | g42041106 | 273 | 28,121 | SH | | DFND | | 28,121 | 0 | 0 |
| GigInternational1 Inc. (GIW) | COM | 37518w106 | 162 | 16,303 | SH | | DFND | | 16,303 | 0 | 0 |
| Glass Houses Acq. Corp. Class | COM | 37714p103 | 132 | 13,623 | SH | | DFND | | 13,623 | 0 | 0 |
| Goal Acquisition Corp. Class A | COM | 38021h107 | 407 | 41,796 | SH | | DFND | | 41,796 | 0 | 0 |
| Golden Arrow Merger Corp. Clas | COM | 380799106 | 132 | 13,673 | SH | | DFND | | 13,673 | 0 | 0 |
| Healthcare Svcs Acq Corp Class | COM | 42227k104 | 227 | 23,301 | SH | | DFND | | 23,301 | 0 | 0 |
| Intl. Flavors & Fragrances (IF | COM | 459506101 | 1,745 | 11,585 | SH | | DFND | | 11,585 | 0 | 0 |
| Invesco Solar ETF (TAN) | COM | 46138g706 | 6,123 | 79,549 | SH | | DFND | | 79,549 | 0 | 0 |
| JPMorgan Chase & Co. (JPM) | COM | 46625h100 | 247 | 1,558 | SH | | DFND | | 1,558 | 0 | 0 |
| Johnson & Johnson (JNJ) | COM | 478160104 | 4,574 | 26,739 | SH | | DFND | | 26,739 | 0 | 0 |
| Johnson Controls Int'l plc (JC | COM | g51502105 | 10,971 | 134,926 | SH | | DFND | | 134,926 | 0 | 0 |
| Jupiter Acq Corp. Class A (JA | COM | 482082104 | 109 | 11,374 | SH | | DFND | | 11,374 | 0 | 0 |
| KBR, Inc. (KBR) | COM | 48242w106 | 16,549 | 347,531 | SH | | DFND | | 347,531 | 0 | 0 |
| Kadem Sustainable Imp Corp. C | COM | 48284e105 | 374 | 38,674 | SH | | DFND | | 38,674 | 0 | 0 |
| MYR Group, Inc. (MYRG) | COM | 55405w104 | 10,884 | 98,451 | SH | | DFND | | 98,451 | 0 | 0 |
| Macondray Cap Acq Corp I Class | COM | g5853a107 | 306 | 31,101 | SH | | DFND | | 31,101 | 0 | 0 |
| Medtronic plc (MDT) | COM | G5960L103 | 7,309 | 70,652 | SH | | DFND | | 70,652 | 0 | 0 |
| Nextera Energy Inc. (NEE) | COM | 65339f101 | 3,270 | 35,029 | SH | | DFND | | 35,029 | 0 | 0 |
| Noble Rock Acq. Corp. Class A | COM | g6546r101 | 110 | 11,300 | SH | | DFND | | 11,300 | 0 | 0 |
| OceanFirst Financial (OCFC) | COM | 675234108 | 1,256 | 56,574 | SH | | DFND | | 56,574 | 0 | 0 |
| Osiris Acquisition Corp Class | COM | 68829a103 | 435 | 44,942 | SH | | DFND | | 44,942 | 0 | 0 |
| Owens Corning (OC) | COM | 690742101 | 3,222 | 35,602 | SH | | DFND | | 35,602 | 0 | 0 |
| Oyster Ent Acq Corp Class A (O | COM | 69242m104 | 195 | 20,000 | SH | | DFND | | 20,000 | 0 | 0 |
| PNC Financial Services Group ( | COM | 693475105 | 259 | 1,292 | SH | | DFND | | 1,292 | 0 | 0 |
| Periphas Capital Ptn Co Class | COM | 713895100 | 366 | 15,008 | SH | | DFND | | 15,008 | 0 | 0 |
| Phillips 66 (PSX) | COM | 718546104 | 269 | 3,714 | SH | | DFND | | 3,714 | 0 | 0 |
| Physicians Realty Trust (DOC) | COM | 71943U104 | 517 | 27,461 | SH | | DFND | | 27,461 | 0 | 0 |
| Post Holdings Part Corp. Clas | COM | 737465104 | 290 | 29,572 | SH | | DFND | | 29,572 | 0 | 0 |
| Primis Financial Corp. (FRST) | COM | 74167b109 | 6,254 | 415,845 | SH | | DFND | | 415,845 | 0 | 0 |
| Republic Services, Inc. (RSG) | COM | 760759100 | 25,757 | 184,706 | SH | | DFND | | 184,706 | 0 | 0 |
| Rush Enterprises Class A (RUSH | COM | 781846209 | 1,264 | 22,719 | SH | | DFND | | 22,719 | 0 | 0 |
| Rush Enterprises Class B (RUSH | COM | 781846308 | 927 | 17,178 | SH | | DFND | | 17,178 | 0 | 0 |
| SPAC and New Issue ETF (SPCX) | COM | 19423l672 | 1,499 | 53,522 | SH | | DFND | | 53,522 | 0 | 0 |
| Sherwin-Williams Co. (SHW) | COM | 824348106 | 4,704 | 13,357 | SH | | DFND | | 13,357 | 0 | 0 |
| Shore Bancshares (SHBI) | COM | 825107105 | 2,590 | 124,211 | SH | | DFND | | 124,211 | 0 | 0 |
| T-Mobile US Inc. (TMUS) | COM | 872590104 | 7,217 | 62,225 | SH | | DFND | | 62,225 | 0 | 0 |
| Tailwind Acquisition Corp. Cla | COM | 87403q102 | 157 | 15,950 | SH | | DFND | | 15,950 | 0 | 0 |
| Tastemaker Acquisition Corp. ( | COM | 876545104 | 388 | 39,237 | SH | | DFND | | 39,237 | 0 | 0 |
| United Parcel Service, Inc. (U | COM | 911312106 | 9,409 | 43,897 | SH | | DFND | | 43,897 | 0 | 0 |
| Vanguard Communication Service | COM | 92204a884 | 546 | 4,026 | SH | | DFND | | 4,026 | 0 | 0 |
| Vanguard Consumer Discretionar | COM | 92204a108 | 998 | 2,931 | SH | | DFND | | 2,931 | 0 | 0 |
| Vanguard Consumer Staples ETF | COM | 92204a207 | 628 | 3,142 | SH | | DFND | | 3,142 | 0 | 0 |
| Vanguard Financials ETF (VFH) | COM | 92204a405 | 466 | 4,829 | SH | | DFND | | 4,829 | 0 | 0 |
| Vanguard Health Care ETF (VHT | COM | 92204a504 | 605 | 2,270 | SH | | DFND | | 2,270 | 0 | 0 |
| Vanguard Information Technolog | COM | 92204a702 | 907 | 1,979 | SH | | DFND | | 1,979 | 0 | 0 |
| Visa Inc. Class A (V) | COM | 92826c839 | 7,647 | 35,286 | SH | | DFND | | 35,286 | 0 | 0 |
| W. R. Berkley Corp. (WRB) | COM | 084423102 | 4,733 | 57,445 | SH | | DFND | | 57,445 | 0 | 0 |
| WSFS Financial (WSFS) | COM | 929328102 | 1,840 | 36,715 | SH | | DFND | | 36,715 | 0 | 0 |
| Wyndham Hotels & Resorts (WH) | COM | 98311a105 | 8,276 | 92,317 | SH | | DFND | | 92,317 | 0 | 0 |
| Ziff Davis Inc. (ZD) | COM | 48123v102 | 17,379 | 156,761 | SH | | DFND | | 156,761 | 0 | 0 |
| iShares U.S. Broker-Dealers & | COM | 464288794 | 302 | 2,743 | SH | | DFND | | 2,743 | 0 | 0 |
| nVent Electric plc (NVT) | COM | G6700G107 | 948 | 24,949 | SH | | DFND | | 24,949 | 0 | 0 |
| Gaslog Partners LP (GLOP.PRA) | PREF | Y2687w116 | 2,519 | 95,650 | SH | | DFND | | 95,650 | 0 | 0 |
| Blackstone Mortgage Trust | CONV | 09257WAB6 | 17,688 | 17,600,000 | PRN | | DFND | | 17,600,000 | 0 | 0 |
| Blackstone Mortgage Trust | CONV | 09257WAC4 | 2,135 | 2,092,000 | PRN | | DFND | | 2,092,000 | 0 | 0 |
| FireEye Inc. | CONV | 31816QAD3 | 20,159 | 20,208,000 | PRN | | DFND | | 20,208,000 | 0 | 0 |
| Golar LNG Ltd. | CONV | 38046YAB7 | 2,079 | 2,083,000 | PRN | | DFND | | 2,083,000 | 0 | 0 |
| Hope Bancorp Inc | CONV | 43940TAB5 | 275 | 283,000 | PRN | | DFND | | 283,000 | 0 | 0 |
| LendingTree, Inc. | CONV | 52603bad9 | 13,843 | 16,704,000 | PRN | | DFND | | 16,704,000 | 0 | 0 |
| Ziff Davis | CONV | 48123VAD4 | 1,236 | 1,000,000 | PRN | | DFND | | 1,000,000 | 0 | 0 |
| Oyster Ent Acq Corp Warrants | WARR | 69242m112 | 5 | 10,000 | SH | | DFND | | 10,000 | 0 | 0 |
