| 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 | 1,297,403 | 13,396 | SH | | DFND | | 13,396 | 0 | 0 |
| Advanced Drainage Systems (WMS | COM | 00790r104 | 832,780 | 7,316 | SH | | DFND | | 7,316 | 0 | 0 |
| Alight, Inc. (ALIT) | COM | 01626w101 | 3,692,593 | 520,817 | SH | | DFND | | 520,817 | 0 | 0 |
| Alphabet, Inc. - Cl C (GOOG) | COM | 02079K107 | 7,679,340 | 58,243 | SH | | DFND | | 58,243 | 0 | 0 |
| Amazon.com, Inc. (AMZN) | COM | 023135106 | 2,983,506 | 23,470 | SH | | DFND | | 23,470 | 0 | 0 |
| Amdocs Ltd (DOX) | COM | G02602103 | 2,761,978 | 32,690 | SH | | DFND | | 32,690 | 0 | 0 |
| American Homes 4 Rent (AMH) | COM | 02665t306 | 3,623,258 | 107,547 | SH | | DFND | | 107,547 | 0 | 0 |
| Avid Technology (AVID) | COM | 05367p100 | 1,412,610 | 52,572 | SH | | DFND | | 52,572 | 0 | 0 |
| Cannae Holdings Inc. (CNNE) | COM | 13765n107 | 537,242 | 28,822 | SH | | DFND | | 28,822 | 0 | 0 |
| Chevron Corp. (CVX) | COM | 166764100 | 213,136 | 1,264 | SH | | DFND | | 1,264 | 0 | 0 |
| Chubb Limited (CB) | COM | H1467J104 | 3,860,698 | 18,545 | SH | | DFND | | 18,545 | 0 | 0 |
| Coca Cola Co. (KO) | COM | 191216100 | 204,607 | 3,655 | SH | | DFND | | 3,655 | 0 | 0 |
| Darling Ingredients Inc. (DAR) | COM | 237266101 | 1,145,581 | 21,946 | SH | | DFND | | 21,946 | 0 | 0 |
| DuPont de Nemours, Inc. (DD) | COM | 26614n102 | 6,752,150 | 90,524 | SH | | DFND | | 90,524 | 0 | 0 |
| Dun & Bradstreet Holdings Inc. | COM | 26484t106 | 2,961,026 | 296,399 | SH | | DFND | | 296,399 | 0 | 0 |
| EMCOR Group, Inc. (EME) | COM | 29084q100 | 10,987,618 | 52,225 | SH | | DFND | | 52,225 | 0 | 0 |
| EOG Resources (EOG) | COM | 26875p101 | 5,398,708 | 42,590 | SH | | DFND | | 42,590 | 0 | 0 |
| Emerson Electric (EMR) | COM | 291011104 | 2,761,419 | 28,595 | SH | | DFND | | 28,595 | 0 | 0 |
| Envista Holdings Corp (NVST) | COM | 29415f104 | 2,047,424 | 73,437 | SH | | DFND | | 73,437 | 0 | 0 |
| First Tr NASDAQ Cybersecurity | COM | 33734x846 | 220,472 | 4,853 | SH | | DFND | | 4,853 | 0 | 0 |
| Invesco Solar ETF (TAN) | COM | 46138g706 | 3,461,385 | 66,835 | SH | | DFND | | 66,835 | 0 | 0 |
| Johnson & Johnson (JNJ) | COM | 478160104 | 1,420,129 | 9,118 | SH | | DFND | | 9,118 | 0 | 0 |
| Johnson Controls Int'l plc (JC | COM | g51502105 | 6,504,231 | 122,237 | SH | | DFND | | 122,237 | 0 | 0 |
| KBR, Inc. (KBR) | COM | 48242w106 | 17,263,290 | 292,896 | SH | | DFND | | 292,896 | 0 | 0 |
| Kenvue Inc (KVUE) | COM | 49177j102 | 2,999,647 | 149,385 | SH | | DFND | | 149,385 | 0 | 0 |
| Leslie's Inc. (LESL) | COM | 527064109 | 3,024,800 | 534,417 | SH | | DFND | | 534,417 | 0 | 0 |
| Levi Strauss & Co. Class A (LE | COM | 52736r102 | 5,342,929 | 393,441 | SH | | DFND | | 393,441 | 0 | 0 |
| MYR Group, Inc. (MYRG) | COM | 55405w104 | 11,871,817 | 88,096 | SH | | DFND | | 88,096 | 0 | 0 |
| Medtronic plc (MDT) | COM | G5960L103 | 4,890,761 | 62,414 | SH | | DFND | | 62,414 | 0 | 0 |
| Minerals Technologies Inc. (M | COM | 603158106 | 1,505,736 | 27,497 | SH | | DFND | | 27,497 | 0 | 0 |
| Nextera Energy Inc. (NEE) | COM | 65339f101 | 3,505,059 | 61,181 | SH | | DFND | | 61,181 | 0 | 0 |
| OceanFirst Financial (OCFC) | COM | 675234108 | 434,274 | 30,012 | SH | | DFND | | 30,012 | 0 | 0 |
| Phillips 66 (PSX) | COM | 718546104 | 422,447 | 3,516 | SH | | DFND | | 3,516 | 0 | 0 |
| Physicians Realty Trust (DOC) | COM | 71943U104 | 202,756 | 16,633 | SH | | DFND | | 16,633 | 0 | 0 |
| Primis Financial Corp. (FRST) | COM | 74167b109 | 3,302,258 | 405,185 | SH | | DFND | | 405,185 | 0 | 0 |
| Primo Water Corp. (PRMW) | COM | 74167p108 | 5,177,898 | 375,210 | SH | | DFND | | 375,210 | 0 | 0 |
| Republic Services, Inc. (RSG) | COM | 760759100 | 18,611,806 | 130,600 | SH | | DFND | | 130,600 | 0 | 0 |
| Rush Enterprises Class A (RUSH | COM | 781846209 | 1,189,868 | 29,142 | SH | | DFND | | 29,142 | 0 | 0 |
| Rush Enterprises Class B (RUSH | COM | 781846308 | 784,785 | 17,328 | SH | | DFND | | 17,328 | 0 | 0 |
| Sherwin-Williams Co. (SHW) | COM | 824348106 | 1,766,221 | 6,925 | SH | | DFND | | 6,925 | 0 | 0 |
| Shore Bancshares (SHBI) | COM | 825107105 | 1,829,859 | 173,941 | SH | | DFND | | 173,941 | 0 | 0 |
| T-Mobile USA, Inc. (TMUS) | COM | 872590104 | 8,504,816 | 60,727 | SH | | DFND | | 60,727 | 0 | 0 |
| US Foods Holding Corp. | COM | 912008109 | 972,094 | 24,486 | SH | | DFND | | 24,486 | 0 | 0 |
| United Parcel Service, Inc. (U | COM | 911312106 | 2,175,478 | 13,957 | SH | | DFND | | 13,957 | 0 | 0 |
| Vanguard Consumer Discretionar | COM | 92204a108 | 358,262 | 1,330 | SH | | DFND | | 1,330 | 0 | 0 |
| Vanguard Financials ETF (VFH) | COM | 92204a405 | 207,948 | 2,589 | SH | | DFND | | 2,589 | 0 | 0 |
| Vanguard Health Care ETF (VHT | COM | 92204a504 | 424,826 | 1,807 | SH | | DFND | | 1,807 | 0 | 0 |
| Vanguard Information Technolog | COM | 92204a702 | 881,663 | 2,125 | SH | | DFND | | 2,125 | 0 | 0 |
| Visa Inc. - Class A (V) | COM | 92826c839 | 3,975,263 | 17,283 | SH | | DFND | | 17,283 | 0 | 0 |
| W. R. Berkley Corp. (WRB) | COM | 084423102 | 5,567,740 | 87,695 | SH | | DFND | | 87,695 | 0 | 0 |
| WSFS Financial (WSFS) | COM | 929328102 | 1,300,313 | 35,625 | SH | | DFND | | 35,625 | 0 | 0 |
| Wyndham Hotels & Resorts (WH) | COM | 98311a105 | 4,179,424 | 60,101 | SH | | DFND | | 60,101 | 0 | 0 |
| Ziff Davis, Inc. (ZD) | COM | 48123v102 | 6,060,422 | 95,155 | SH | | DFND | | 95,155 | 0 | 0 |
| iShares U.S. B-D & Sec Ex ETF | COM | 464288794 | 201,540 | 2,214 | SH | | DFND | | 2,214 | 0 | 0 |
| nVent Electric plc (NVT) | COM | G6700G107 | 1,256,711 | 23,716 | SH | | DFND | | 23,716 | 0 | 0 |
| Haemonetics Corp. | CONV | 405024AB6 | 444,975 | 510,000 | PRN | | DFND | | 510,000 | 0 | 0 |
| Herbalife Ltd. | CONV | 42703MAD5 | 2,130,608 | 2,183,000 | PRN | | DFND | | 2,183,000 | 0 | 0 |
