| 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 | 1,519,274 | 13,838 | SH | | DFND | | 13,838 | 0 | 0 |
| Advanced Drainage Systems (WMS | COM | 00790r104 | 287,715 | 3,510 | SH | | DFND | | 3,510 | 0 | 0 |
| Alphabet, Inc. - Cl C (GOOG) | COM | 02079K107 | 7,929,623 | 89,368 | SH | | DFND | | 89,368 | 0 | 0 |
| Amazon.com, Inc. (AMZN) | COM | 023135106 | 3,576,636 | 42,579 | SH | | DFND | | 42,579 | 0 | 0 |
| Amdocs Ltd (DOX) | COM | G02602103 | 3,447,564 | 37,927 | SH | | DFND | | 37,927 | 0 | 0 |
| American Homes 4 Rent (AMH) | COM | 02665t306 | 3,773,438 | 125,197 | SH | | DFND | | 125,197 | 0 | 0 |
| American National Bankshares ( | COM | 027745108 | 1,459,511 | 39,521 | SH | | DFND | | 39,521 | 0 | 0 |
| Avid Technology (AVID) | COM | 05367p100 | 545,627 | 20,520 | SH | | DFND | | 20,520 | 0 | 0 |
| Cannae Holdings Inc. (CNNE) | COM | 13765n107 | 595,174 | 28,822 | SH | | DFND | | 28,822 | 0 | 0 |
| Chevron Corp. (CVX) | COM | 166764100 | 229,388 | 1,278 | SH | | DFND | | 1,278 | 0 | 0 |
| Chubb Limited (CB) | COM | H1467J104 | 5,408,009 | 24,515 | SH | | DFND | | 24,515 | 0 | 0 |
| Cisco Systems, Inc. (CSCO) | COM | 17275r102 | 6,128,600 | 128,644 | SH | | DFND | | 128,644 | 0 | 0 |
| Coca Cola Co. (KO) | COM | 191216100 | 760,966 | 11,963 | SH | | DFND | | 11,963 | 0 | 0 |
| Colombier Acq Corp Class A (CL | COM | 19533h108 | 207,249 | 20,850 | SH | | DFND | | 20,850 | 0 | 0 |
| Du Pont de Nemours, Inc. (DD) | COM | 26614n102 | 6,645,943 | 96,837 | SH | | DFND | | 96,837 | 0 | 0 |
| Dun & Bradstreet Holdings Inc. | COM | 26484t106 | 3,102,749 | 253,079 | SH | | DFND | | 253,079 | 0 | 0 |
| EG Acquisition Corp Class A (E | COM | 26846a100 | 185,950 | 18,651 | SH | | DFND | | 18,651 | 0 | 0 |
| EMCOR Group (EME) | COM | 29084q100 | 8,844,389 | 59,715 | SH | | DFND | | 59,715 | 0 | 0 |
| EOG Resources (EOG) | COM | 26875p101 | 5,867,256 | 45,300 | SH | | DFND | | 45,300 | 0 | 0 |
| Emerson Electric (EMR) | COM | 291011104 | 2,984,584 | 31,070 | SH | | DFND | | 31,070 | 0 | 0 |
| Envista Holdings Corp (NVST) | COM | 29415f104 | 959,124 | 28,486 | SH | | DFND | | 28,486 | 0 | 0 |
| Graf Acq. Corp IV Class A (GFO | COM | 384272100 | 112,634 | 11,320 | SH | | DFND | | 11,320 | 0 | 0 |
| Healthwell Acq. Corp. I Class | COM | 42227r109 | 112,290 | 11,331 | SH | | DFND | | 11,331 | 0 | 0 |
| Intl. Flavors & Fragrances (IF | COM | 459506101 | 1,150,409 | 10,973 | SH | | DFND | | 10,973 | 0 | 0 |
| Invesco Solar ETF (TAN) | COM | 46138g706 | 5,356,495 | 73,437 | SH | | DFND | | 73,437 | 0 | 0 |
| Johnson & Johnson (JNJ) | COM | 478160104 | 3,198,072 | 18,104 | SH | | DFND | | 18,104 | 0 | 0 |
| Johnson Controls Int'l plc (JC | COM | g51502105 | 8,304,384 | 129,756 | SH | | DFND | | 129,756 | 0 | 0 |
| KBR, Inc. (KBR) | COM | 48242w106 | 17,298,758 | 327,628 | SH | | DFND | | 327,628 | 0 | 0 |
| Levi Strauss & Co. Class A (LE | COM | 52736r102 | 5,241,864 | 337,749 | SH | | DFND | | 337,749 | 0 | 0 |
| MYR Group, Inc. (MYRG) | COM | 55405w104 | 9,319,510 | 101,222 | SH | | DFND | | 101,222 | 0 | 0 |
| Medtronic plc (MDT) | COM | G5960L103 | 5,616,902 | 72,271 | SH | | DFND | | 72,271 | 0 | 0 |
| Nextera Energy Inc. (NEE) | COM | 65339f101 | 4,184,096 | 50,049 | SH | | DFND | | 50,049 | 0 | 0 |
| OceanFirst Financial (OCFC) | COM | 675234108 | 1,184,050 | 55,720 | SH | | DFND | | 55,720 | 0 | 0 |
| Owens Corning (OC) | COM | 690742101 | 2,315,127 | 27,141 | SH | | DFND | | 27,141 | 0 | 0 |
| Phillips 66 (PSX) | COM | 718546104 | 386,553 | 3,714 | SH | | DFND | | 3,714 | 0 | 0 |
| Physicians Realty Trust (DOC) | COM | 71943U104 | 255,497 | 17,657 | SH | | DFND | | 17,657 | 0 | 0 |
| Post Holdings Part Corp. Clas | COM | 737465104 | 177,429 | 17,868 | SH | | DFND | | 17,868 | 0 | 0 |
| Primis Financial Corp. (FRST) | COM | 74167b109 | 5,059,796 | 426,987 | SH | | DFND | | 426,987 | 0 | 0 |
| Republic Services, Inc. (RSG) | COM | 760759100 | 19,050,146 | 147,687 | SH | | DFND | | 147,687 | 0 | 0 |
| Rush Enterprises Class A (RUSH | COM | 781846209 | 1,134,947 | 21,709 | SH | | DFND | | 21,709 | 0 | 0 |
| Rush Enterprises Class B (RUSH | COM | 781846308 | 650,031 | 11,552 | SH | | DFND | | 11,552 | 0 | 0 |
| Sherwin-Williams Co. (SHW) | COM | 824348106 | 2,369,740 | 9,985 | SH | | DFND | | 9,985 | 0 | 0 |
| Shore Bancshares (SHBI) | COM | 825107105 | 2,960,799 | 169,868 | SH | | DFND | | 169,868 | 0 | 0 |
| T-Mobile US Inc. (TMUS) | COM | 872590104 | 10,388,980 | 74,207 | SH | | DFND | | 74,207 | 0 | 0 |
| United Parcel Service, Inc. (U | COM | 911312106 | 5,235,539 | 30,117 | SH | | DFND | | 30,117 | 0 | 0 |
| Vanguard Consumer Discretionar | COM | 92204a108 | 349,994 | 1,598 | SH | | DFND | | 1,598 | 0 | 0 |
| Vanguard Consumer Staples ETF | COM | 92204a207 | 386,014 | 2,015 | SH | | DFND | | 2,015 | 0 | 0 |
| Vanguard Financials ETF (VFH) | COM | 92204a405 | 217,001 | 2,623 | SH | | DFND | | 2,623 | 0 | 0 |
| Vanguard Health Care ETF (VHT | COM | 92204a504 | 451,451 | 1,820 | SH | | DFND | | 1,820 | 0 | 0 |
| Vanguard Information Technolog | COM | 92204a702 | 525,749 | 1,646 | SH | | DFND | | 1,646 | 0 | 0 |
| Visa Inc. - Class A (V) | COM | 92826c839 | 6,001,563 | 28,887 | SH | | DFND | | 28,887 | 0 | 0 |
| W. R. Berkley Corp. (WRB) | COM | 084423102 | 6,023,101 | 82,997 | SH | | DFND | | 82,997 | 0 | 0 |
| WSFS Financial (WSFS) | COM | 929328102 | 1,617,096 | 35,666 | SH | | DFND | | 35,666 | 0 | 0 |
| Wyndham Hotels & Resorts (WH) | COM | 98311a105 | 4,656,472 | 65,299 | SH | | DFND | | 65,299 | 0 | 0 |
| Ziff Davis Inc. (ZD) | COM | 48123v102 | 7,951,686 | 100,527 | SH | | DFND | | 100,527 | 0 | 0 |
| iShares U.S. B-D & Sec Ex ETF | COM | 464288794 | 215,620 | 2,243 | SH | | DFND | | 2,243 | 0 | 0 |
| nVent Electric plc (NVT) | COM | G6700G107 | 915,201 | 23,790 | SH | | DFND | | 23,790 | 0 | 0 |
| Gaslog Partners LP (GLOP.PRA) | PREF | Y2687w116 | 2,668,503 | 110,225 | SH | | DFND | | 110,225 | 0 | 0 |
| Gaslog Partners LP (GLOP.PRB) | PREF | Y2687w124 | 338,039 | 13,963 | SH | | DFND | | 13,963 | 0 | 0 |
| Blackstone Mortgage Trust | CONV | 09257WAC4 | 7,175,233 | 7,317,000 | PRN | | DFND | | 7,317,000 | 0 | 0 |
| Digitalbridge Group Inc. | CONV | 19624RAA4 | 19,302,060 | 19,596,000 | PRN | | DFND | | 19,596,000 | 0 | 0 |
| Haemonetics Corp. | CONV | 405024AB6 | 834,563 | 1,010,000 | PRN | | DFND | | 1,010,000 | 0 | 0 |
| Hope Bancorp Inc | CONV | 43940TAB5 | 4,958,275 | 5,075,000 | PRN | | DFND | | 5,075,000 | 0 | 0 |
| LendingTree, Inc. | CONV | 52603bad9 | 10,206,773 | 14,028,000 | PRN | | DFND | | 14,028,000 | 0 | 0 |
| Ziff Davis 144A | CONV | 48123VAD4 | 997,000 | 1,000,000 | PRN | | DFND | | 1,000,000 | 0 | 0 |
