| 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 | 1,326,784 | 12,054 | SH | | DFND | | 12,054 | 0 | 0 |
| Advanced Drainage Systems (WMS | COM | 00790r104 | 1,028,922 | 7,316 | SH | | DFND | | 7,316 | 0 | 0 |
| Alight, Inc. (ALIT) | COM | 01626w101 | 5,415,816 | 634,914 | SH | | DFND | | 634,914 | 0 | 0 |
| Alphabet, Inc. - Cl C (GOOG) | COM | 02079K107 | 8,053,586 | 57,146 | SH | | DFND | | 57,146 | 0 | 0 |
| Amazon.com, Inc. (AMZN) | COM | 023135106 | 3,500,242 | 23,037 | SH | | DFND | | 23,037 | 0 | 0 |
| Amdocs Ltd (DOX) | COM | G02602103 | 3,208,600 | 36,507 | SH | | DFND | | 36,507 | 0 | 0 |
| American Homes 4 Rent (AMH) | COM | 02665t306 | 3,832,833 | 106,586 | SH | | DFND | | 106,586 | 0 | 0 |
| Broadcom Inc. (AVGO) | COM | 11135f101 | 241,110 | 216 | SH | | DFND | | 216 | 0 | 0 |
| Cannae Holdings Inc. (CNNE) | COM | 13765n107 | 596,986 | 30,599 | SH | | DFND | | 30,599 | 0 | 0 |
| Chubb Limited (CB) | COM | H1467J104 | 4,164,728 | 18,428 | SH | | DFND | | 18,428 | 0 | 0 |
| Coca Cola Co. (KO) | COM | 191216100 | 213,503 | 3,623 | SH | | DFND | | 3,623 | 0 | 0 |
| Darling Ingredients Inc. (DAR) | COM | 237266101 | 1,456,375 | 29,221 | SH | | DFND | | 29,221 | 0 | 0 |
| DuPont de Nemours, Inc. (DD) | COM | 26614n102 | 6,932,818 | 90,119 | SH | | DFND | | 90,119 | 0 | 0 |
| Dun & Bradstreet Holdings Inc. | COM | 26484t106 | 3,434,477 | 293,545 | SH | | DFND | | 293,545 | 0 | 0 |
| EMCOR Group, Inc. (EME) | COM | 29084q100 | 11,222,180 | 52,092 | SH | | DFND | | 52,092 | 0 | 0 |
| EOG Resources (EOG) | COM | 26875p101 | 5,135,658 | 42,461 | SH | | DFND | | 42,461 | 0 | 0 |
| Emerson Electric (EMR) | COM | 291011104 | 2,766,313 | 28,422 | SH | | DFND | | 28,422 | 0 | 0 |
| Envista Holdings Corp (NVST) | COM | 29415f104 | 1,778,010 | 73,899 | SH | | DFND | | 73,899 | 0 | 0 |
| First Tr NASDAQ Cybersecurity | COM | 33734x846 | 254,125 | 4,720 | SH | | DFND | | 4,720 | 0 | 0 |
| Flex Ltd. (FLEX) | COM | y2573f102 | 2,318,006 | 76,100 | SH | | DFND | | 76,100 | 0 | 0 |
| Hologic, Inc. (HOLX) | COM | 436440101 | 247,217 | 3,460 | SH | | DFND | | 3,460 | 0 | 0 |
| Invesco Solar ETF (TAN) | COM | 46138g706 | 3,140,448 | 58,865 | SH | | DFND | | 58,865 | 0 | 0 |
| JPMorgan Chase & Co. (JPM) | COM | 46625h100 | 229,465 | 1,349 | SH | | DFND | | 1,349 | 0 | 0 |
| Johnson & Johnson (JNJ) | COM | 478160104 | 1,300,315 | 8,296 | SH | | DFND | | 8,296 | 0 | 0 |
| Johnson Controls Int'l plc (JC | COM | g51502105 | 7,316,418 | 126,933 | SH | | DFND | | 126,933 | 0 | 0 |
| KBR, Inc. (KBR) | COM | 48242w106 | 16,176,839 | 291,948 | SH | | DFND | | 291,948 | 0 | 0 |
| Kenvue Inc (KVUE) | COM | 49177j102 | 3,698,786 | 171,797 | SH | | DFND | | 171,797 | 0 | 0 |
| Leslie's Inc. (LESL) | COM | 527064109 | 2,335,110 | 337,932 | SH | | DFND | | 337,932 | 0 | 0 |
| Levi Strauss & Co. Class A (LE | COM | 52736r102 | 6,374,599 | 385,405 | SH | | DFND | | 385,405 | 0 | 0 |
| MYR Group, Inc. (MYRG) | COM | 55405w104 | 12,683,762 | 87,698 | SH | | DFND | | 87,698 | 0 | 0 |
| Medtronic plc (MDT) | COM | G5960L103 | 4,892,713 | 59,392 | SH | | DFND | | 59,392 | 0 | 0 |
| Minerals Technologies Inc. (M | COM | 603158106 | 2,106,355 | 29,538 | SH | | DFND | | 29,538 | 0 | 0 |
| Nextera Energy Inc. (NEE) | COM | 65339f101 | 3,656,730 | 60,203 | SH | | DFND | | 60,203 | 0 | 0 |
| Nextracker Inc. Class A (NXT) | COM | 65290e101 | 482,368 | 10,296 | SH | | DFND | | 10,296 | 0 | 0 |
| OceanFirst Financial (OCFC) | COM | 675234108 | 521,008 | 30,012 | SH | | DFND | | 30,012 | 0 | 0 |
| Phillips 66 (PSX) | COM | 718546104 | 468,120 | 3,516 | SH | | DFND | | 3,516 | 0 | 0 |
| Physicians Realty Trust (DOC) | COM | 71943U104 | 221,385 | 16,633 | SH | | DFND | | 16,633 | 0 | 0 |
| Primis Financial Corp. (FRST) | COM | 74167b109 | 4,738,689 | 374,304 | SH | | DFND | | 374,304 | 0 | 0 |
| Primo Water Corp. (PRMW) | COM | 74167p108 | 5,628,715 | 374,001 | SH | | DFND | | 374,001 | 0 | 0 |
| Pure Storage, Inc. | COM | 74624m102 | 220,914 | 6,195 | SH | | DFND | | 6,195 | 0 | 0 |
| Republic Services, Inc. (RSG) | COM | 760759100 | 20,878,925 | 126,608 | SH | | DFND | | 126,608 | 0 | 0 |
| Rush Enterprises Class A (RUSH | COM | 781846209 | 1,452,513 | 28,877 | SH | | DFND | | 28,877 | 0 | 0 |
| Rush Enterprises Class B (RUSH | COM | 781846308 | 918,037 | 17,328 | SH | | DFND | | 17,328 | 0 | 0 |
| Sherwin-Williams Co. (SHW) | COM | 824348106 | 2,084,740 | 6,684 | SH | | DFND | | 6,684 | 0 | 0 |
| Shore Bancshares (SHBI) | COM | 825107105 | 2,272,519 | 159,475 | SH | | DFND | | 159,475 | 0 | 0 |
| T-Mobile USA, Inc. (TMUS) | COM | 872590104 | 7,802,780 | 48,667 | SH | | DFND | | 48,667 | 0 | 0 |
| US Foods Holding Corp. | COM | 912008109 | 1,111,909 | 24,486 | SH | | DFND | | 24,486 | 0 | 0 |
| United Parcel Service, Inc. (U | COM | 911312106 | 2,176,220 | 13,841 | SH | | DFND | | 13,841 | 0 | 0 |
| Vanguard Consumer Discretionar | COM | 92204a108 | 391,651 | 1,286 | SH | | DFND | | 1,286 | 0 | 0 |
| Vanguard Health Care ETF (VHT | COM | 92204a504 | 437,472 | 1,745 | SH | | DFND | | 1,745 | 0 | 0 |
| Vanguard Information Technolog | COM | 92204a702 | 999,944 | 2,066 | SH | | DFND | | 2,066 | 0 | 0 |
| Visa Inc. - Class A (V) | COM | 92826c839 | 4,061,460 | 15,600 | SH | | DFND | | 15,600 | 0 | 0 |
| W. R. Berkley Corp. (WRB) | COM | 084423102 | 6,189,600 | 87,523 | SH | | DFND | | 87,523 | 0 | 0 |
| WSFS Financial (WSFS) | COM | 929328102 | 1,611,408 | 35,084 | SH | | DFND | | 35,084 | 0 | 0 |
| Wyndham Hotels & Resorts (WH) | COM | 98311a105 | 4,700,447 | 58,456 | SH | | DFND | | 58,456 | 0 | 0 |
| Ziff Davis, Inc. (ZD) | COM | 48123v102 | 6,363,901 | 94,715 | SH | | DFND | | 94,715 | 0 | 0 |
| iShares U.S. B-D & Sec Ex ETF | COM | 464288794 | 235,836 | 2,173 | SH | | DFND | | 2,173 | 0 | 0 |
| nVent Electric plc (NVT) | COM | G6700G107 | 1,394,760 | 23,604 | SH | | DFND | | 23,604 | 0 | 0 |
| Haemonetics Corp. | CONV | 405024AB6 | 453,900 | 510,000 | PRN | | DFND | | 510,000 | 0 | 0 |
| Herbalife Ltd. | CONV | 42703MAD5 | 3,512,927 | 3,561,000 | PRN | | DFND | | 3,561,000 | 0 | 0 |
