| 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 | 1,339 | 13,843 | SH | | DFND | | 13,843 | 0 | 0 |
| Adara Acq. Corp. Class A (ADR | COM | 00653h102 | 168 | 16,866 | SH | | DFND | | 16,866 | 0 | 0 |
| Adit EdTech Acq Corp. Class A | COM | 007024102 | 123 | 12,388 | SH | | DFND | | 12,388 | 0 | 0 |
| Alphabet, Inc. - Cl C (GOOG) | COM | 02079K107 | 9,916 | 103,133 | SH | | DFND | | 103,133 | 0 | 0 |
| Amazon.com, Inc. (AMZN) | COM | 023135106 | 5,251 | 46,468 | SH | | DFND | | 46,468 | 0 | 0 |
| Amdocs Ltd (DOX) | COM | G02602103 | 3,015 | 37,952 | SH | | DFND | | 37,952 | 0 | 0 |
| American Homes 4 Rent (AMH) | COM | 02665t306 | 4,119 | 125,553 | SH | | DFND | | 125,553 | 0 | 0 |
| American National Bankshares ( | COM | 027745108 | 1,263 | 39,521 | SH | | DFND | | 39,521 | 0 | 0 |
| BRiley Principal 250 Merg Clas | COM | 05602l104 | 278 | 28,384 | SH | | DFND | | 28,384 | 0 | 0 |
| Cannae Holdings Inc. (CNNE) | COM | 13765n107 | 595 | 28,822 | SH | | DFND | | 28,822 | 0 | 0 |
| Chubb Limited (CB) | COM | H1467J104 | 4,530 | 24,908 | SH | | DFND | | 24,908 | 0 | 0 |
| Cisco Systems, Inc. (CSCO) | COM | 17275r102 | 5,159 | 128,965 | SH | | DFND | | 128,965 | 0 | 0 |
| Coca Cola Co. (KO) | COM | 191216100 | 736 | 13,138 | SH | | DFND | | 13,138 | 0 | 0 |
| Colombier Acq Corp Class A (CL | COM | 19533h108 | 217 | 22,350 | SH | | DFND | | 22,350 | 0 | 0 |
| Du Pont de Nemours, Inc. (DD) | COM | 26614n102 | 4,884 | 96,902 | SH | | DFND | | 96,902 | 0 | 0 |
| Dun & Bradstreet Holdings Inc. | COM | 26484t106 | 2,208 | 178,224 | SH | | DFND | | 178,224 | 0 | 0 |
| EG Acquisition Corp Class A (E | COM | 26846a100 | 182 | 18,651 | SH | | DFND | | 18,651 | 0 | 0 |
| EMCOR Group (EME) | COM | 29084q100 | 6,904 | 59,781 | SH | | DFND | | 59,781 | 0 | 0 |
| EOG Resources (EOG) | COM | 26875p101 | 5,064 | 45,328 | SH | | DFND | | 45,328 | 0 | 0 |
| Emerson Electric (EMR) | COM | 291011104 | 2,275 | 31,070 | SH | | DFND | | 31,070 | 0 | 0 |
| Flame Acq Corp Class A (FLME) | COM | 33850f108 | 239 | 24,268 | SH | | DFND | | 24,268 | 0 | 0 |
| G Squared Ascend II Inc. (GSQB | COM | g42041106 | 277 | 27,918 | SH | | DFND | | 27,918 | 0 | 0 |
| Glass Houses Acq. Corp. Class | COM | 37714p103 | 134 | 13,623 | SH | | DFND | | 13,623 | 0 | 0 |
| Golden Arrow Merger Corp. Clas | COM | 380799106 | 206 | 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 |
| Healthwell Acq. Corp. I Class | COM | 42227r109 | 110 | 11,331 | SH | | DFND | | 11,331 | 0 | 0 |
| Intl. Flavors & Fragrances (IF | COM | 459506101 | 994 | 10,941 | SH | | DFND | | 10,941 | 0 | 0 |
| Invesco Solar ETF (TAN) | COM | 46138g706 | 5,416 | 73,581 | SH | | DFND | | 73,581 | 0 | 0 |
| Johnson & Johnson (JNJ) | COM | 478160104 | 3,200 | 19,589 | SH | | DFND | | 19,589 | 0 | 0 |
| Johnson Controls Int'l plc (JC | COM | g51502105 | 6,401 | 130,045 | SH | | DFND | | 130,045 | 0 | 0 |
| Jupiter Acq Corp. Class A (JA | COM | 482082104 | 110 | 11,374 | SH | | DFND | | 11,374 | 0 | 0 |
| KBR, Inc. (KBR) | COM | 48242w106 | 14,156 | 327,534 | SH | | DFND | | 327,534 | 0 | 0 |
| Kadem Sustainable Imp Corp. C | COM | 48284e105 | 360 | 36,573 | SH | | DFND | | 36,573 | 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 | 4,960 | 342,785 | SH | | DFND | | 342,785 | 0 | 0 |
| Logistics Innovation Technolog | COM | 54141l100 | 164 | 16,789 | SH | | DFND | | 16,789 | 0 | 0 |
| MYR Group, Inc. (MYRG) | COM | 55405w104 | 8,154 | 96,241 | SH | | DFND | | 96,241 | 0 | 0 |
| Medtronic plc (MDT) | COM | G5960L103 | 6,359 | 78,755 | SH | | DFND | | 78,755 | 0 | 0 |
| Newbury Street Acq Corp. (NBS | COM | 65101l104 | 130 | 13,286 | SH | | DFND | | 13,286 | 0 | 0 |
| Nextera Energy Inc. (NEE) | COM | 65339f101 | 3,926 | 50,069 | SH | | DFND | | 50,069 | 0 | 0 |
| OceanFirst Financial (OCFC) | COM | 675234108 | 1,039 | 55,720 | SH | | DFND | | 55,720 | 0 | 0 |
| Osiris Acquisition Corp Class | COM | 68829a103 | 440 | 44,942 | SH | | DFND | | 44,942 | 0 | 0 |
| Owens Corning (OC) | COM | 690742101 | 2,184 | 27,781 | SH | | DFND | | 27,781 | 0 | 0 |
| Phillips 66 (PSX) | COM | 718546104 | 300 | 3,714 | SH | | DFND | | 3,714 | 0 | 0 |
| Physicians Realty Trust (DOC) | COM | 71943U104 | 266 | 17,657 | SH | | DFND | | 17,657 | 0 | 0 |
| Post Holdings Part Corp. Clas | COM | 737465104 | 287 | 29,572 | SH | | DFND | | 29,572 | 0 | 0 |
| Primis Financial Corp. (FRST) | COM | 74167b109 | 4,991 | 411,452 | SH | | DFND | | 411,452 | 0 | 0 |
| Republic Services, Inc. (RSG) | COM | 760759100 | 20,111 | 147,835 | SH | | DFND | | 147,835 | 0 | 0 |
| Rush Enterprises Class A (RUSH | COM | 781846209 | 952 | 21,709 | SH | | DFND | | 21,709 | 0 | 0 |
| Rush Enterprises Class B (RUSH | COM | 781846308 | 553 | 11,552 | SH | | DFND | | 11,552 | 0 | 0 |
| Sherwin-Williams Co. (SHW) | COM | 824348106 | 2,136 | 10,430 | SH | | DFND | | 10,430 | 0 | 0 |
| Shore Bancshares (SHBI) | COM | 825107105 | 2,137 | 123,361 | SH | | DFND | | 123,361 | 0 | 0 |
| T-Mobile US Inc. (TMUS) | COM | 872590104 | 9,973 | 74,333 | SH | | DFND | | 74,333 | 0 | 0 |
| TCV Acquisition Corp Class A ( | COM | g8704c124 | 108 | 11,004 | SH | | DFND | | 11,004 | 0 | 0 |
| Tech and Energy Trans Cor Clas | COM | 87823r102 | 113 | 11,437 | SH | | DFND | | 11,437 | 0 | 0 |
| United Parcel Service, Inc. (U | COM | 911312106 | 4,868 | 30,134 | SH | | DFND | | 30,134 | 0 | 0 |
| Vanguard Consumer Discretionar | COM | 92204a108 | 378 | 1,608 | SH | | DFND | | 1,608 | 0 | 0 |
| Vanguard Consumer Staples ETF | COM | 92204a207 | 464 | 2,702 | SH | | DFND | | 2,702 | 0 | 0 |
| Vanguard Financials ETF (VFH) | COM | 92204a405 | 291 | 3,903 | SH | | DFND | | 3,903 | 0 | 0 |
| Vanguard Health Care ETF (VHT | COM | 92204a504 | 415 | 1,854 | SH | | DFND | | 1,854 | 0 | 0 |
| Vanguard Information Technolog | COM | 92204a702 | 510 | 1,660 | SH | | DFND | | 1,660 | 0 | 0 |
| Visa Inc. - Class A (V) | COM | 92826c839 | 5,782 | 32,548 | SH | | DFND | | 32,548 | 0 | 0 |
| W. R. Berkley Corp. (WRB) | COM | 084423102 | 5,364 | 83,067 | SH | | DFND | | 83,067 | 0 | 0 |
| WSFS Financial (WSFS) | COM | 929328102 | 1,658 | 35,678 | SH | | DFND | | 35,678 | 0 | 0 |
| Wyndham Hotels & Resorts (WH) | COM | 98311a105 | 4,009 | 65,346 | SH | | DFND | | 65,346 | 0 | 0 |
| Ziff Davis Inc. (ZD) | COM | 48123v102 | 6,884 | 100,527 | SH | | DFND | | 100,527 | 0 | 0 |
| nVent Electric plc (NVT) | COM | G6700G107 | 754 | 23,860 | SH | | DFND | | 23,860 | 0 | 0 |
| Gaslog Partners LP (GLOP.PRA) | PREF | Y2687w116 | 2,371 | 94,301 | SH | | DFND | | 94,301 | 0 | 0 |
| Blackstone Mortgage Trust | CONV | 09257WAC4 | 5,218 | 5,291,000 | PRN | | DFND | | 5,291,000 | 0 | 0 |
| Digitalbridge Group Inc | CONV | 19624RAA4 | 19,470 | 19,777,000 | PRN | | DFND | | 19,777,000 | 0 | 0 |
| Haemonetics Corp. | CONV | 405024AB6 | 808 | 1,010,000 | PRN | | DFND | | 1,010,000 | 0 | 0 |
| Hope Bancorp Inc | CONV | 43940TAB5 | 4,797 | 5,033,000 | PRN | | DFND | | 5,033,000 | 0 | 0 |
| LendingTree, Inc. | CONV | 52603bad9 | 10,277 | 14,416,000 | PRN | | DFND | | 14,416,000 | 0 | 0 |
| Ziff Davis 144A | CONV | 48123VAD4 | 928 | 1,000,000 | PRN | | DFND | | 1,000,000 | 0 | 0 |
