| 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 | 1,403,869 | 13,864 | SH | | DFND | | 13,864 | 0 | 0 |
| Advanced Drainage Systems (WMS | COM | 00790r104 | 695,238 | 8,256 | SH | | DFND | | 8,256 | 0 | 0 |
| Alphabet, Inc. - Cl C (GOOG) | COM | 02079K107 | 8,221,512 | 79,053 | SH | | DFND | | 79,053 | 0 | 0 |
| Amazon.com, Inc. (AMZN) | COM | 023135106 | 3,606,060 | 34,912 | SH | | DFND | | 34,912 | 0 | 0 |
| Amdocs Ltd (DOX) | COM | G02602103 | 3,505,671 | 36,506 | SH | | DFND | | 36,506 | 0 | 0 |
| American Homes 4 Rent (AMH) | COM | 02665t306 | 3,912,443 | 124,402 | SH | | DFND | | 124,402 | 0 | 0 |
| American National Bankshares ( | COM | 027745108 | 1,252,816 | 39,521 | SH | | DFND | | 39,521 | 0 | 0 |
| Avid Technology (AVID) | COM | 05367p100 | 740,497 | 23,155 | SH | | DFND | | 23,155 | 0 | 0 |
| Cannae Holdings Inc. (CNNE) | COM | 13765n107 | 581,628 | 28,822 | SH | | DFND | | 28,822 | 0 | 0 |
| Chevron Corp. (CVX) | COM | 166764100 | 209,824 | 1,286 | SH | | DFND | | 1,286 | 0 | 0 |
| Chubb Limited (CB) | COM | H1467J104 | 4,730,031 | 24,359 | SH | | DFND | | 24,359 | 0 | 0 |
| Cisco Systems, Inc. (CSCO) | COM | 17275r102 | 5,959,507 | 114,003 | SH | | DFND | | 114,003 | 0 | 0 |
| Coca Cola Co. (KO) | COM | 191216100 | 696,039 | 11,221 | SH | | DFND | | 11,221 | 0 | 0 |
| Du Pont de Nemours, Inc. (DD) | COM | 26614n102 | 6,898,840 | 96,124 | SH | | DFND | | 96,124 | 0 | 0 |
| Dun & Bradstreet Holdings Inc. | COM | 26484t106 | 2,986,374 | 254,376 | SH | | DFND | | 254,376 | 0 | 0 |
| EMCOR Group, Inc. (EME) | COM | 29084q100 | 9,638,335 | 59,280 | SH | | DFND | | 59,280 | 0 | 0 |
| EOG Resources (EOG) | COM | 26875p101 | 5,159,496 | 45,010 | SH | | DFND | | 45,010 | 0 | 0 |
| Emerson Electric (EMR) | COM | 291011104 | 2,676,767 | 30,718 | SH | | DFND | | 30,718 | 0 | 0 |
| Envista Holdings Corp (NVST) | COM | 29415f104 | 1,221,740 | 29,886 | SH | | DFND | | 29,886 | 0 | 0 |
| First Tr NASDAQ Cybersecurity | COM | 33734x846 | 211,741 | 4,953 | SH | | DFND | | 4,953 | 0 | 0 |
| Intl. Flavors & Fragrances (IF | COM | 459506101 | 1,724,802 | 18,756 | SH | | DFND | | 18,756 | 0 | 0 |
| Invesco Solar ETF (TAN) | COM | 46138g706 | 5,670,794 | 73,049 | SH | | DFND | | 73,049 | 0 | 0 |
| Johnson & Johnson (JNJ) | COM | 478160104 | 2,802,710 | 18,082 | SH | | DFND | | 18,082 | 0 | 0 |
| Johnson Controls Int'l plc (JC | COM | g51502105 | 7,768,440 | 129,001 | SH | | DFND | | 129,001 | 0 | 0 |
| KBR, Inc. (KBR) | COM | 48242w106 | 17,960,283 | 326,254 | SH | | DFND | | 326,254 | 0 | 0 |
| Leslie's Inc. (LESL) | COM | 527064109 | 1,395,275 | 126,728 | SH | | DFND | | 126,728 | 0 | 0 |
| Levi Strauss & Co. Class A (LE | COM | 52736r102 | 6,114,615 | 335,415 | SH | | DFND | | 335,415 | 0 | 0 |
| MYR Group, Inc. (MYRG) | COM | 55405w104 | 12,587,517 | 99,893 | SH | | DFND | | 99,893 | 0 | 0 |
| Medtronic plc (MDT) | COM | G5960L103 | 5,795,288 | 71,884 | SH | | DFND | | 71,884 | 0 | 0 |
| Nextera Energy Inc. (NEE) | COM | 65339f101 | 5,072,326 | 65,806 | SH | | DFND | | 65,806 | 0 | 0 |
| OceanFirst Financial (OCFC) | COM | 675234108 | 554,622 | 30,012 | SH | | DFND | | 30,012 | 0 | 0 |
| Owens Corning (OC) | COM | 690742101 | 259,714 | 2,711 | SH | | DFND | | 2,711 | 0 | 0 |
| Phillips 66 (PSX) | COM | 718546104 | 356,452 | 3,516 | SH | | DFND | | 3,516 | 0 | 0 |
| Physicians Realty Trust (DOC) | COM | 71943U104 | 263,619 | 17,657 | SH | | DFND | | 17,657 | 0 | 0 |
| Primis Financial Corp. (FRST) | COM | 74167b109 | 4,313,383 | 447,911 | SH | | DFND | | 447,911 | 0 | 0 |
| Primo Water Corp. (PRMW) | COM | 74167p108 | 2,997,456 | 195,274 | SH | | DFND | | 195,274 | 0 | 0 |
| Republic Services, Inc. (RSG) | COM | 760759100 | 19,753,343 | 146,083 | SH | | DFND | | 146,083 | 0 | 0 |
| Rush Enterprises Class A (RUSH | COM | 781846209 | 1,186,240 | 21,726 | SH | | DFND | | 21,726 | 0 | 0 |
| Rush Enterprises Class B (RUSH | COM | 781846308 | 691,849 | 11,552 | SH | | DFND | | 11,552 | 0 | 0 |
| Sherwin-Williams Co. (SHW) | COM | 824348106 | 2,208,365 | 9,825 | SH | | DFND | | 9,825 | 0 | 0 |
| Shore Bancshares (SHBI) | COM | 825107105 | 2,441,009 | 170,939 | SH | | DFND | | 170,939 | 0 | 0 |
| T-Mobile USA, Inc. (TMUS) | COM | 872590104 | 10,656,024 | 73,571 | SH | | DFND | | 73,571 | 0 | 0 |
| US Foods Holding Corp. | COM | 912008109 | 904,513 | 24,486 | SH | | DFND | | 24,486 | 0 | 0 |
| United Parcel Service, Inc. (U | COM | 911312106 | 4,591,355 | 23,668 | SH | | DFND | | 23,668 | 0 | 0 |
| Vanguard Consumer Discretionar | COM | 92204a108 | 344,226 | 1,363 | SH | | DFND | | 1,363 | 0 | 0 |
| Vanguard Consumer Staples ETF | COM | 92204a207 | 393,233 | 2,032 | SH | | DFND | | 2,032 | 0 | 0 |
| Vanguard Financials ETF (VFH) | COM | 92204a405 | 205,941 | 2,644 | SH | | DFND | | 2,644 | 0 | 0 |
| Vanguard Health Care ETF (VHT | COM | 92204a504 | 437,813 | 1,836 | SH | | DFND | | 1,836 | 0 | 0 |
| Vanguard Information Technolog | COM | 92204a702 | 639,880 | 1,660 | SH | | DFND | | 1,660 | 0 | 0 |
| Visa Inc. - Class A (V) | COM | 92826c839 | 5,648,900 | 25,055 | SH | | DFND | | 25,055 | 0 | 0 |
| W. R. Berkley Corp. (WRB) | COM | 084423102 | 5,425,655 | 87,145 | SH | | DFND | | 87,145 | 0 | 0 |
| WSFS Financial (WSFS) | COM | 929328102 | 1,342,113 | 35,685 | SH | | DFND | | 35,685 | 0 | 0 |
| Wyndham Hotels & Resorts (WH) | COM | 98311a105 | 4,361,194 | 64,277 | SH | | DFND | | 64,277 | 0 | 0 |
| Ziff Davis, Inc. (ZD) | COM | 48123v102 | 7,816,551 | 100,148 | SH | | DFND | | 100,148 | 0 | 0 |
| iShares U.S. B-D & Sec Ex ETF | COM | 464288794 | 207,198 | 2,261 | SH | | DFND | | 2,261 | 0 | 0 |
| nVent Electric plc (NVT) | COM | G6700G107 | 1,022,444 | 23,811 | SH | | DFND | | 23,811 | 0 | 0 |
| Gaslog Partners LP (GLOP.PRA) | PREF | Y2687w116 | 2,534,073 | 110,225 | SH | | DFND | | 110,225 | 0 | 0 |
| Gaslog Partners LP (GLOP.PRB) | PREF | Y2687w124 | 510,359 | 21,773 | SH | | DFND | | 21,773 | 0 | 0 |
| Digitalbridge Group Inc. | CONV | 19624RAA4 | 18,744,075 | 18,744,000 | PRN | | DFND | | 18,744,000 | 0 | 0 |
| Haemonetics Corp. | CONV | 405024AB6 | 856,968 | 1,010,000 | PRN | | DFND | | 1,010,000 | 0 | 0 |
| Hope Bancorp Inc | CONV | 43940TAB5 | 4,938,120 | 5,104,000 | PRN | | DFND | | 5,104,000 | 0 | 0 |
| LendingTree, Inc. | CONV | 52603bad9 | 10,267,429 | 13,767,000 | PRN | | DFND | | 13,767,000 | 0 | 0 |
| Nextera Energy Partners | CONV | 65341BAE6 | 464,250 | 500,000 | PRN | | DFND | | 500,000 | 0 | 0 |
| Ziff Davis 144A | CONV | 48123VAD4 | 977,500 | 1,000,000 | PRN | | DFND | | 1,000,000 | 0 | 0 |
