| 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 | 1,661 | 14,033 | SH | | DFND | | 14,033 | 0 | 0 |
| Adara Acq. Corp. Class A (ADR | COM | 00653h102 | 196 | 19,870 | SH | | DFND | | 19,870 | 0 | 0 |
| Adit EdTech Acq Corp. Class A | COM | 007024102 | 122 | 12,388 | SH | | DFND | | 12,388 | 0 | 0 |
| Agile Growth Corp Class A (AGG | COM | g01202103 | 118 | 12,050 | SH | | DFND | | 12,050 | 0 | 0 |
| Alphabet, Inc. - Cl C (GOOG) | COM | 02079K107 | 15,487 | 5,545 | SH | | DFND | | 5,545 | 0 | 0 |
| Amazon.com, Inc. (AMZN) | COM | 023135106 | 7,850 | 2,408 | SH | | DFND | | 2,408 | 0 | 0 |
| Amdocs Ltd (DOX) | COM | G02602103 | 3,590 | 43,669 | SH | | DFND | | 43,669 | 0 | 0 |
| American Homes 4 Rent (AMH) | COM | 02665t306 | 5,301 | 132,424 | SH | | DFND | | 132,424 | 0 | 0 |
| American National Bankshares ( | COM | 027745108 | 1,499 | 39,795 | SH | | DFND | | 39,795 | 0 | 0 |
| Americold Realty Trust (COLD) | COM | 03064d108 | 1,563 | 56,079 | SH | | DFND | | 56,079 | 0 | 0 |
| BRiley Principal 250 Merg Clas | COM | 05602l104 | 277 | 28,384 | SH | | DFND | | 28,384 | 0 | 0 |
| Chevron Corp. (CVX) | COM | 166764100 | 226 | 1,385 | SH | | DFND | | 1,385 | 0 | 0 |
| Chubb Limited (CB) | COM | H1467J104 | 5,900 | 27,581 | SH | | DFND | | 27,581 | 0 | 0 |
| Cisco Systems (CSCO) | COM | 17275r102 | 10,531 | 188,855 | SH | | DFND | | 188,855 | 0 | 0 |
| Coca Cola Co. (KO) | COM | 191216100 | 850 | 13,715 | SH | | DFND | | 13,715 | 0 | 0 |
| Colombier Acq Corp Class A (CL | COM | 19533h108 | 216 | 22,350 | SH | | DFND | | 22,350 | 0 | 0 |
| Du Pont de Nemours, Inc. (DD) | COM | 26614n102 | 7,145 | 97,107 | SH | | DFND | | 97,107 | 0 | 0 |
| Dun & Bradstreet Holdings Inc. | COM | 26484t106 | 3,150 | 179,767 | SH | | DFND | | 179,767 | 0 | 0 |
| EG Acquisition Corp Class A (E | COM | 26846a100 | 182 | 18,651 | SH | | DFND | | 18,651 | 0 | 0 |
| EMCOR Group (EME) | COM | 29084q100 | 6,695 | 59,446 | SH | | DFND | | 59,446 | 0 | 0 |
| EOG Resources (EOG) | COM | 26875p101 | 5,546 | 46,511 | SH | | DFND | | 46,511 | 0 | 0 |
| Emerson Electric (EMR) | COM | 291011104 | 3,214 | 32,778 | SH | | DFND | | 32,778 | 0 | 0 |
| Fast Acquisition Corp (FST) | COM | 311875108 | 485 | 48,152 | SH | | DFND | | 48,152 | 0 | 0 |
| First Tr NASDAQ Cybersecurity | COM | 33734x846 | 279 | 5,256 | SH | | DFND | | 5,256 | 0 | 0 |
| Flame Acq Corp Class A (FLME) | COM | 33850f108 | 612 | 62,790 | SH | | DFND | | 62,790 | 0 | 0 |
| G Squared Ascend II Inc. (GSQB | COM | g42041106 | 276 | 28,121 | SH | | DFND | | 28,121 | 0 | 0 |
| GigInternational1 Inc. (GIW) | COM | 37518w106 | 163 | 16,303 | SH | | DFND | | 16,303 | 0 | 0 |
| Glass Houses Acq. Corp. Class | COM | 37714p103 | 133 | 13,623 | SH | | DFND | | 13,623 | 0 | 0 |
| Goal Acquisition Corp. Class A | COM | 38021h107 | 515 | 52,790 | SH | | DFND | | 52,790 | 0 | 0 |
| Golden Arrow Merger Corp. Clas | COM | 380799106 | 205 | 21,030 | SH | | DFND | | 21,030 | 0 | 0 |
| Graf Acq. Corp IV Class A (GFO | COM | 384272100 | 110 | 11,320 | SH | | DFND | | 11,320 | 0 | 0 |
| Healthcare Svcs Acq Corp Class | COM | 42227k104 | 228 | 23,301 | SH | | DFND | | 23,301 | 0 | 0 |
| Healthwell Acq. Corp. I Class | COM | 42227r109 | 109 | 11,331 | SH | | DFND | | 11,331 | 0 | 0 |
| Intl. Flavors & Fragrances (IF | COM | 459506101 | 1,501 | 11,432 | SH | | DFND | | 11,432 | 0 | 0 |
| Invesco Solar ETF (TAN) | COM | 46138g706 | 5,918 | 78,423 | SH | | DFND | | 78,423 | 0 | 0 |
| Johnson & Johnson (JNJ) | COM | 478160104 | 3,708 | 20,920 | SH | | DFND | | 20,920 | 0 | 0 |
| Johnson Controls Int'l plc (JC | COM | g51502105 | 8,780 | 133,904 | SH | | DFND | | 133,904 | 0 | 0 |
| Jupiter Acq Corp. Class A (JA | COM | 482082104 | 110 | 11,374 | SH | | DFND | | 11,374 | 0 | 0 |
| KBR, Inc. (KBR) | COM | 48242w106 | 18,496 | 337,948 | SH | | DFND | | 337,948 | 0 | 0 |
| Kadem Sustainable Imp Corp. C | COM | 48284e105 | 377 | 38,674 | SH | | DFND | | 38,674 | 0 | 0 |
| Landcadia Holdings IV Inc. Cla | COM | 51477a104 | 99 | 10,100 | SH | | DFND | | 10,100 | 0 | 0 |
| Levi Strauss & Co. Class A (LE | COM | 52736r102 | 6,330 | 320,352 | SH | | DFND | | 320,352 | 0 | 0 |
| Logistics Innovation Technolog | COM | 54141l100 | 163 | 16,789 | SH | | DFND | | 16,789 | 0 | 0 |
| MYR Group, Inc. (MYRG) | COM | 55405w104 | 9,188 | 97,705 | SH | | DFND | | 97,705 | 0 | 0 |
| Macondray Cap Acq Corp I Class | COM | g5853a107 | 308 | 31,101 | SH | | DFND | | 31,101 | 0 | 0 |
| Medtronic plc (MDT) | COM | G5960L103 | 7,757 | 69,914 | SH | | DFND | | 69,914 | 0 | 0 |
| Newbury Street Acq Corp. (NBS | COM | 65101l104 | 129 | 13,286 | SH | | DFND | | 13,286 | 0 | 0 |
| Nextera Energy Inc. (NEE) | COM | 65339f101 | 3,999 | 47,210 | SH | | DFND | | 47,210 | 0 | 0 |
| Noble Rock Acq. Corp. Class A | COM | g6546r101 | 111 | 11,300 | SH | | DFND | | 11,300 | 0 | 0 |
| OceanFirst Financial (OCFC) | COM | 675234108 | 1,137 | 56,574 | SH | | DFND | | 56,574 | 0 | 0 |
| Osiris Acquisition Corp Class | COM | 68829a103 | 437 | 44,942 | SH | | DFND | | 44,942 | 0 | 0 |
| Owens Corning (OC) | COM | 690742101 | 3,247 | 35,489 | SH | | DFND | | 35,489 | 0 | 0 |
| Oyster Ent Acq Corp Class A (O | COM | 69242m104 | 196 | 20,000 | SH | | DFND | | 20,000 | 0 | 0 |
| PNC Financial Services Group ( | COM | 693475105 | 217 | 1,177 | SH | | DFND | | 1,177 | 0 | 0 |
| Periphas Capital Ptn Co Class | COM | 713895100 | 368 | 15,008 | SH | | DFND | | 15,008 | 0 | 0 |
| Phillips 66 (PSX) | COM | 718546104 | 321 | 3,714 | SH | | DFND | | 3,714 | 0 | 0 |
| Physicians Realty Trust (DOC) | COM | 71943U104 | 444 | 25,339 | SH | | DFND | | 25,339 | 0 | 0 |
| Post Holdings Part Corp. Clas | COM | 737465104 | 289 | 29,572 | SH | | DFND | | 29,572 | 0 | 0 |
| Primis Financial Corp. (FRST) | COM | 74167b109 | 5,794 | 414,452 | SH | | DFND | | 414,452 | 0 | 0 |
| Republic Services, Inc. (RSG) | COM | 760759100 | 22,825 | 172,264 | SH | | DFND | | 172,264 | 0 | 0 |
| Rush Enterprises Class A (RUSH | COM | 781846209 | 1,137 | 22,333 | SH | | DFND | | 22,333 | 0 | 0 |
| Rush Enterprises Class B (RUSH | COM | 781846308 | 831 | 17,178 | SH | | DFND | | 17,178 | 0 | 0 |
| SPAC and New Issue ETF (SPCX) | COM | 19423l672 | 972 | 34,965 | SH | | DFND | | 34,965 | 0 | 0 |
| Sherwin-Williams Co. (SHW) | COM | 824348106 | 3,308 | 13,251 | SH | | DFND | | 13,251 | 0 | 0 |
| Shore Bancshares (SHBI) | COM | 825107105 | 2,544 | 124,211 | SH | | DFND | | 124,211 | 0 | 0 |
| T-Mobile US Inc. (TMUS) | COM | 872590104 | 9,849 | 76,736 | SH | | DFND | | 76,736 | 0 | 0 |
| TCV Acquisition Corp Class A ( | COM | g8704c124 | 107 | 11,004 | SH | | DFND | | 11,004 | 0 | 0 |
| Tastemaker Acquisition Corp. ( | COM | 876545104 | 388 | 39,237 | SH | | DFND | | 39,237 | 0 | 0 |
| Tech and Energy Trans Cor Clas | COM | 87823r102 | 117 | 11,937 | SH | | DFND | | 11,937 | 0 | 0 |
| United Parcel Service, Inc. (U | COM | 911312106 | 9,356 | 43,625 | SH | | DFND | | 43,625 | 0 | 0 |
| Vanguard Communication Service | COM | 92204a884 | 420 | 3,502 | SH | | DFND | | 3,502 | 0 | 0 |
| Vanguard Consumer Discretionar | COM | 92204a108 | 530 | 1,737 | SH | | DFND | | 1,737 | 0 | 0 |
| Vanguard Consumer Staples ETF | COM | 92204a207 | 566 | 2,887 | SH | | DFND | | 2,887 | 0 | 0 |
| Vanguard Financials ETF (VFH) | COM | 92204a405 | 395 | 4,232 | SH | | DFND | | 4,232 | 0 | 0 |
| Vanguard Health Care ETF (VHT | COM | 92204a504 | 508 | 1,996 | SH | | DFND | | 1,996 | 0 | 0 |
| Vanguard Information Technolog | COM | 92204a702 | 743 | 1,783 | SH | | DFND | | 1,783 | 0 | 0 |
| Visa Inc. Class A (V) | COM | 92826c839 | 7,710 | 34,768 | SH | | DFND | | 34,768 | 0 | 0 |
| W. R. Berkley Corp. (WRB) | COM | 084423102 | 5,686 | 85,382 | SH | | DFND | | 85,382 | 0 | 0 |
| WSFS Financial (WSFS) | COM | 929328102 | 1,690 | 36,256 | SH | | DFND | | 36,256 | 0 | 0 |
| Wyndham Hotels & Resorts (WH) | COM | 98311a105 | 5,709 | 67,416 | SH | | DFND | | 67,416 | 0 | 0 |
| Ziff Davis Inc. (ZD) | COM | 48123v102 | 9,847 | 101,751 | SH | | DFND | | 101,751 | 0 | 0 |
| iShares U.S. Broker-Dealers & | COM | 464288794 | 243 | 2,436 | SH | | DFND | | 2,436 | 0 | 0 |
| nVent Electric plc (NVT) | COM | G6700G107 | 844 | 24,277 | SH | | DFND | | 24,277 | 0 | 0 |
| Gaslog Partners LP (GLOP.PRA) | PREF | Y2687w116 | 2,505 | 95,650 | SH | | DFND | | 95,650 | 0 | 0 |
| Blackstone Mortgage Trust | CONV | 09257WAB6 | 16,268 | 16,268,000 | PRN | | DFND | | 16,268,000 | 0 | 0 |
| Blackstone Mortgage Trust | CONV | 09257WAC4 | 2,076 | 2,053,000 | PRN | | DFND | | 2,053,000 | 0 | 0 |
| FireEye Inc. | CONV | 31816QAD3 | 19,186 | 19,282,000 | PRN | | DFND | | 19,282,000 | 0 | 0 |
| Hope Bancorp Inc | CONV | 43940TAB5 | 281 | 283,000 | PRN | | DFND | | 283,000 | 0 | 0 |
| LendingTree, Inc. | CONV | 52603bad9 | 13,256 | 16,190,000 | PRN | | DFND | | 16,190,000 | 0 | 0 |
| Ziff Davis | CONV | 48123VAD4 | 1,132 | 1,000,000 | PRN | | DFND | | 1,000,000 | 0 | 0 |
| Oyster Ent Acq Corp Warrants ( | WAR | 69242m112 | 2 | 10,000 | SH | | DFND | | 10,000 | 0 | 0 |
