| 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 | 1,460,432 | 13,396 | SH | | DFND | | 13,396 | 0 | 0 |
| Advanced Drainage Systems (WMS | COM | 00790r104 | 832,414 | 7,316 | SH | | DFND | | 7,316 | 0 | 0 |
| Alphabet, Inc. - Cl C (GOOG) | COM | 02079K107 | 7,580,101 | 62,661 | SH | | DFND | | 62,661 | 0 | 0 |
| Amazon.com, Inc. (AMZN) | COM | 023135106 | 3,196,427 | 24,520 | SH | | DFND | | 24,520 | 0 | 0 |
| Amdocs Ltd (DOX) | COM | G02602103 | 3,260,765 | 32,987 | SH | | DFND | | 32,987 | 0 | 0 |
| American Homes 4 Rent (AMH) | COM | 02665t306 | 3,874,153 | 109,285 | SH | | DFND | | 109,285 | 0 | 0 |
| American National Bankshares ( | COM | 027745108 | 1,142,971 | 39,440 | SH | | DFND | | 39,440 | 0 | 0 |
| Avid Technology (AVID) | COM | 05367p100 | 1,340,586 | 52,572 | SH | | DFND | | 52,572 | 0 | 0 |
| Cannae Holdings Inc. (CNNE) | COM | 13765n107 | 582,493 | 28,822 | SH | | DFND | | 28,822 | 0 | 0 |
| Chubb Limited (CB) | COM | H1467J104 | 4,036,058 | 20,960 | SH | | DFND | | 20,960 | 0 | 0 |
| Cisco Systems, Inc. (CSCO) | COM | 17275r102 | 2,715,884 | 52,491 | SH | | DFND | | 52,491 | 0 | 0 |
| Coca Cola Co. (KO) | COM | 191216100 | 220,104 | 3,655 | SH | | DFND | | 3,655 | 0 | 0 |
| Darling Ingredients Inc. (DAR) | COM | 237266101 | 454,185 | 7,120 | SH | | DFND | | 7,120 | 0 | 0 |
| DuPont de Nemours, Inc. (DD) | COM | 26614n102 | 6,524,010 | 91,322 | SH | | DFND | | 91,322 | 0 | 0 |
| Dun & Bradstreet Holdings Inc. | COM | 26484t106 | 2,834,881 | 245,020 | SH | | DFND | | 245,020 | 0 | 0 |
| EMCOR Group, Inc. (EME) | COM | 29084q100 | 9,707,972 | 52,538 | SH | | DFND | | 52,538 | 0 | 0 |
| EOG Resources (EOG) | COM | 26875p101 | 4,898,375 | 42,803 | SH | | DFND | | 42,803 | 0 | 0 |
| Emerson Electric (EMR) | COM | 291011104 | 2,603,413 | 28,802 | SH | | DFND | | 28,802 | 0 | 0 |
| Envista Holdings Corp (NVST) | COM | 29415f104 | 1,286,495 | 38,017 | SH | | DFND | | 38,017 | 0 | 0 |
| First Tr NASDAQ Cybersecurity | COM | 33734x846 | 220,375 | 4,853 | SH | | DFND | | 4,853 | 0 | 0 |
| Intl. Flavors & Fragrances (IF | COM | 459506101 | 1,438,271 | 18,071 | SH | | DFND | | 18,071 | 0 | 0 |
| Invesco Solar ETF (TAN) | COM | 46138g706 | 4,802,781 | 67,247 | SH | | DFND | | 67,247 | 0 | 0 |
| Johnson & Johnson (JNJ) | COM | 478160104 | 2,697,479 | 16,297 | SH | | DFND | | 16,297 | 0 | 0 |
| Johnson Controls Int'l plc (JC | COM | g51502105 | 8,398,051 | 123,247 | SH | | DFND | | 123,247 | 0 | 0 |
| KBR, Inc. (KBR) | COM | 48242w106 | 19,207,859 | 295,233 | SH | | DFND | | 295,233 | 0 | 0 |
| Leslie's Inc. (LESL) | COM | 527064109 | 2,476,002 | 263,685 | SH | | DFND | | 263,685 | 0 | 0 |
| Levi Strauss & Co. Class A (LE | COM | 52736r102 | 5,738,768 | 397,697 | SH | | DFND | | 397,697 | 0 | 0 |
| MYR Group, Inc. (MYRG) | COM | 55405w104 | 12,311,430 | 88,994 | SH | | DFND | | 88,994 | 0 | 0 |
| Medtronic plc (MDT) | COM | G5960L103 | 5,551,974 | 63,019 | SH | | DFND | | 63,019 | 0 | 0 |
| Nextera Energy Inc. (NEE) | COM | 65339f101 | 4,578,585 | 61,706 | SH | | DFND | | 61,706 | 0 | 0 |
| OceanFirst Financial (OCFC) | COM | 675234108 | 468,787 | 30,012 | SH | | DFND | | 30,012 | 0 | 0 |
| Phillips 66 (PSX) | COM | 718546104 | 335,356 | 3,516 | SH | | DFND | | 3,516 | 0 | 0 |
| Physicians Realty Trust (DOC) | COM | 71943U104 | 232,696 | 16,633 | SH | | DFND | | 16,633 | 0 | 0 |
| Primis Financial Corp. (FRST) | COM | 74167b109 | 3,621,248 | 430,077 | SH | | DFND | | 430,077 | 0 | 0 |
| Primo Water Corp. (PRMW) | COM | 74167p108 | 4,676,517 | 372,928 | SH | | DFND | | 372,928 | 0 | 0 |
| Republic Services, Inc. (RSG) | COM | 760759100 | 20,260,868 | 132,277 | SH | | DFND | | 132,277 | 0 | 0 |
| Rush Enterprises Class A (RUSH | COM | 781846209 | 1,196,821 | 19,704 | SH | | DFND | | 19,704 | 0 | 0 |
| Rush Enterprises Class B (RUSH | COM | 781846308 | 786,229 | 11,552 | SH | | DFND | | 11,552 | 0 | 0 |
| Sherwin-Williams Co. (SHW) | COM | 824348106 | 1,861,561 | 7,011 | SH | | DFND | | 7,011 | 0 | 0 |
| Shore Bancshares (SHBI) | COM | 825107105 | 1,881,182 | 162,732 | SH | | DFND | | 162,732 | 0 | 0 |
| T-Mobile USA, Inc. (TMUS) | COM | 872590104 | 8,741,671 | 62,935 | SH | | DFND | | 62,935 | 0 | 0 |
| US Foods Holding Corp. | COM | 912008109 | 1,077,384 | 24,486 | SH | | DFND | | 24,486 | 0 | 0 |
| United Parcel Service, Inc. (U | COM | 911312106 | 2,531,368 | 14,122 | SH | | DFND | | 14,122 | 0 | 0 |
| Vanguard Consumer Discretionar | COM | 92204a108 | 376,656 | 1,330 | SH | | DFND | | 1,330 | 0 | 0 |
| Vanguard Consumer Staples ETF | COM | 92204a207 | 266,202 | 1,369 | SH | | DFND | | 1,369 | 0 | 0 |
| Vanguard Financials ETF (VFH) | COM | 92204a405 | 210,330 | 2,589 | SH | | DFND | | 2,589 | 0 | 0 |
| Vanguard Health Care ETF (VHT | COM | 92204a504 | 442,390 | 1,807 | SH | | DFND | | 1,807 | 0 | 0 |
| Vanguard Information Technolog | COM | 92204a702 | 718,952 | 1,626 | SH | | DFND | | 1,626 | 0 | 0 |
| Visa Inc. - Class A (V) | COM | 92826c839 | 4,450,613 | 18,741 | SH | | DFND | | 18,741 | 0 | 0 |
| W. R. Berkley Corp. (WRB) | COM | 084423102 | 5,262,297 | 88,353 | SH | | DFND | | 88,353 | 0 | 0 |
| WSFS Financial (WSFS) | COM | 929328102 | 1,343,775 | 35,625 | SH | | DFND | | 35,625 | 0 | 0 |
| Wyndham Hotels & Resorts (WH) | COM | 98311a105 | 4,172,279 | 60,847 | SH | | DFND | | 60,847 | 0 | 0 |
| Ziff Davis, Inc. (ZD) | COM | 48123v102 | 6,750,421 | 96,352 | SH | | DFND | | 96,352 | 0 | 0 |
| iShares U.S. B-D & Sec Ex ETF | COM | 464288794 | 200,920 | 2,214 | SH | | DFND | | 2,214 | 0 | 0 |
| nVent Electric plc (NVT) | COM | G6700G107 | 1,225,406 | 23,716 | SH | | DFND | | 23,716 | 0 | 0 |
| Gaslog Partners LP (GLOP.PRA) | PREF | Y2687w116 | 2,429,257 | 109,426 | SH | | DFND | | 109,426 | 0 | 0 |
| Gaslog Partners LP (GLOP.PRB) | PREF | Y2687w124 | 592,402 | 24,581 | SH | | DFND | | 24,581 | 0 | 0 |
| Haemonetics Corp. | CONV | 405024AB6 | 859,406 | 1,010,000 | PRN | | DFND | | 1,010,000 | 0 | 0 |
| Herbalife Ltd. | CONV | 42703MAD5 | 1,968,960 | 2,033,000 | PRN | | DFND | | 2,033,000 | 0 | 0 |
| Nextera Energy Partners 144A | CONV | 65341BAE6 | 469,500 | 500,000 | PRN | | DFND | | 500,000 | 0 | 0 |
| Ziff Davis 144A | CONV | 48123VAD4 | 932,500 | 1,000,000 | PRN | | DFND | | 1,000,000 | 0 | 0 |
