| 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 | 1,166,182 | 11,223 | SH | | DFND | | 11,223 | 0 | 0 |
| Advanced Drainage Systems (WMS | COM | 00790r104 | 1,173,413 | 7,316 | SH | | DFND | | 7,316 | 0 | 0 |
| Akamai Technologies, Inc. (AK | COM | 00971t101 | 1,282,379 | 14,236 | SH | | DFND | | 14,236 | 0 | 0 |
| Alight, Inc. (ALIT) | COM | 01626w101 | 5,063,558 | 686,119 | SH | | DFND | | 686,119 | 0 | 0 |
| Alphabet, Inc. - Cl C (GOOG) | COM | 02079K107 | 9,761,612 | 53,220 | SH | | DFND | | 53,220 | 0 | 0 |
| Amazon.com, Inc. (AMZN) | COM | 023135106 | 4,333,825 | 22,426 | SH | | DFND | | 22,426 | 0 | 0 |
| Amdocs Ltd (DOX) | COM | G02602103 | 3,063,674 | 38,820 | SH | | DFND | | 38,820 | 0 | 0 |
| American Homes 4 Rent (AMH) | COM | 02665t306 | 3,801,505 | 102,301 | SH | | DFND | | 102,301 | 0 | 0 |
| Blackbaud, Inc. (BLKB) | COM | 09227q100 | 2,333,163 | 30,631 | SH | | DFND | | 30,631 | 0 | 0 |
| Broadcom Inc. (AVGO) | COM | 11135f101 | 274,546 | 171 | SH | | DFND | | 171 | 0 | 0 |
| Cannae Holdings Inc. (CNNE) | COM | 13765n107 | 555,066 | 30,599 | SH | | DFND | | 30,599 | 0 | 0 |
| Chubb Limited (CB) | COM | H1467J104 | 4,170,558 | 16,350 | SH | | DFND | | 16,350 | 0 | 0 |
| Coca Cola Co. (KO) | COM | 191216100 | 209,154 | 3,286 | SH | | DFND | | 3,286 | 0 | 0 |
| Darling Ingredients Inc. (DAR) | COM | 237266101 | 1,073,872 | 29,221 | SH | | DFND | | 29,221 | 0 | 0 |
| DuPont de Nemours, Inc. (DD) | COM | 26614n102 | 6,940,097 | 86,223 | SH | | DFND | | 86,223 | 0 | 0 |
| Dun & Bradstreet Holdings Inc. | COM | 26484t106 | 2,827,856 | 305,384 | SH | | DFND | | 305,384 | 0 | 0 |
| EMCOR Group, Inc. (EME) | COM | 29084q100 | 16,361,425 | 44,816 | SH | | DFND | | 44,816 | 0 | 0 |
| EOG Resources (EOG) | COM | 26875p101 | 5,251,548 | 41,722 | SH | | DFND | | 41,722 | 0 | 0 |
| Emerson Electric (EMR) | COM | 291011104 | 3,006,707 | 27,294 | SH | | DFND | | 27,294 | 0 | 0 |
| First Tr NASDAQ Cybersecurity | COM | 33734x846 | 208,021 | 3,687 | SH | | DFND | | 3,687 | 0 | 0 |
| Flex Ltd. (FLEX) | COM | y2573f102 | 2,216,881 | 75,174 | SH | | DFND | | 75,174 | 0 | 0 |
| Invesco Solar ETF (TAN) | COM | 46138g706 | 2,115,368 | 52,608 | SH | | DFND | | 52,608 | 0 | 0 |
| JPMorgan Chase & Co. (JPM) | COM | 46625h100 | 240,487 | 1,189 | SH | | DFND | | 1,189 | 0 | 0 |
| Johnson & Johnson (JNJ) | COM | 478160104 | 1,025,020 | 7,013 | SH | | DFND | | 7,013 | 0 | 0 |
| Johnson Controls Int'l plc (JC | COM | g51502105 | 8,275,714 | 124,503 | SH | | DFND | | 124,503 | 0 | 0 |
| KBR, Inc. (KBR) | COM | 48242w106 | 18,491,241 | 288,295 | SH | | DFND | | 288,295 | 0 | 0 |
| Kenvue Inc (KVUE) | COM | 49177j102 | 3,077,489 | 169,279 | SH | | DFND | | 169,279 | 0 | 0 |
| Levi Strauss & Co. Class A (LE | COM | 52736r102 | 4,570,305 | 237,049 | SH | | DFND | | 237,049 | 0 | 0 |
| MYR Group, Inc. (MYRG) | COM | 55405w104 | 11,182,504 | 82,400 | SH | | DFND | | 82,400 | 0 | 0 |
| Medtronic plc (MDT) | COM | G5960L103 | 4,324,327 | 54,940 | SH | | DFND | | 54,940 | 0 | 0 |
| Microsoft Corp. (MSFT) | COM | 594918104 | 363,370 | 813 | SH | | DFND | | 813 | 0 | 0 |
| Minerals Technologies Inc. (M | COM | 603158106 | 2,305,860 | 27,728 | SH | | DFND | | 27,728 | 0 | 0 |
| Nextera Energy Inc. (NEE) | COM | 65339f101 | 3,719,508 | 52,528 | SH | | DFND | | 52,528 | 0 | 0 |
| Nextracker Inc. Class A (NXT) | COM | 65290e101 | 1,762,268 | 37,591 | SH | | DFND | | 37,591 | 0 | 0 |
| OceanFirst Financial (OCFC) | COM | 675234108 | 476,891 | 30,012 | SH | | DFND | | 30,012 | 0 | 0 |
| Phillips 66 (PSX) | COM | 718546104 | 485,766 | 3,441 | SH | | DFND | | 3,441 | 0 | 0 |
| Primis Financial Corp. (FRST) | COM | 74167b109 | 3,467,088 | 330,829 | SH | | DFND | | 330,829 | 0 | 0 |
| Primo Water Corp. (PRMW) | COM | 74167p108 | 8,058,449 | 368,639 | SH | | DFND | | 368,639 | 0 | 0 |
| Pure Storage, Inc. | COM | 74624m102 | 397,781 | 6,195 | SH | | DFND | | 6,195 | 0 | 0 |
| Republic Services, Inc. (RSG) | COM | 760759100 | 23,039,201 | 118,551 | SH | | DFND | | 118,551 | 0 | 0 |
| Rush Enterprises Class A (RUSH | COM | 781846209 | 1,165,410 | 27,834 | SH | | DFND | | 27,834 | 0 | 0 |
| Rush Enterprises Class B (RUSH | COM | 781846308 | 679,951 | 17,328 | SH | | DFND | | 17,328 | 0 | 0 |
| Sherwin-Williams Co. (SHW) | COM | 824348106 | 1,333,385 | 4,468 | SH | | DFND | | 4,468 | 0 | 0 |
| Shoals Technology Grp, Inc. Cl | COM | 82489w107 | 903,571 | 144,803 | SH | | DFND | | 144,803 | 0 | 0 |
| Shore Bancshares (SHBI) | COM | 825107105 | 1,808,562 | 157,953 | SH | | DFND | | 157,953 | 0 | 0 |
| T-Mobile USA, Inc. (TMUS) | COM | 872590104 | 7,791,737 | 44,226 | SH | | DFND | | 44,226 | 0 | 0 |
| Teleflex, Inc. (TFX) | COM | 879369106 | 399,417 | 1,899 | SH | | DFND | | 1,899 | 0 | 0 |
| US Foods Holding Corp. | COM | 912008109 | 1,297,268 | 24,486 | SH | | DFND | | 24,486 | 0 | 0 |
| United Parcel Service, Inc. (U | COM | 911312106 | 1,874,571 | 13,698 | SH | | DFND | | 13,698 | 0 | 0 |
| Vanguard Consumer Discretionar | COM | 92204a108 | 322,637 | 1,033 | SH | | DFND | | 1,033 | 0 | 0 |
| Vanguard Health Care ETF (VHT | COM | 92204a504 | 371,336 | 1,396 | SH | | DFND | | 1,396 | 0 | 0 |
| Vanguard Information Technolog | COM | 92204a702 | 915,625 | 1,588 | SH | | DFND | | 1,588 | 0 | 0 |
| Visa Inc. - Class A (V) | COM | 92826c839 | 3,791,642 | 14,446 | SH | | DFND | | 14,446 | 0 | 0 |
| W. R. Berkley Corp. (WRB) | COM | 084423102 | 6,826,726 | 86,876 | SH | | DFND | | 86,876 | 0 | 0 |
| WSFS Financial (WSFS) | COM | 929328102 | 1,628,597 | 34,651 | SH | | DFND | | 34,651 | 0 | 0 |
| Wyndham Hotels & Resorts (WH) | COM | 98311a105 | 4,295,108 | 58,042 | SH | | DFND | | 58,042 | 0 | 0 |
| Ziff Davis, Inc. (ZD) | COM | 48123v102 | 6,094,916 | 110,716 | SH | | DFND | | 110,716 | 0 | 0 |
| Zimmer Biomet Holdings, Inc. ( | COM | 98956p102 | 1,624,477 | 14,968 | SH | | DFND | | 14,968 | 0 | 0 |
| iShares U.S. B-D & Sec Ex ETF | COM | 464288794 | 201,237 | 1,721 | SH | | DFND | | 1,721 | 0 | 0 |
| nVent Electric plc (NVT) | COM | G6700G107 | 1,748,393 | 22,822 | SH | | DFND | | 22,822 | 0 | 0 |
| WESCO International, Inc. (WC | PREF | 95082p303 | 9,387,101 | 362,017 | SH | | DFND | | 362,017 | 0 | 0 |
| Cracker Barrel Old Country Sto | CONV | 22410JAB2 | 2,650,521 | 3,000,000 | PRN | | DFND | | 3,000,000 | 0 | 0 |
| DigitalOcean Holdings, Inc. | CONV | 25402DAB8 | 8,425,000 | 10,000,000 | PRN | | DFND | | 10,000,000 | 0 | 0 |
| Haemonetics Corp. | CONV | 405024AB6 | 457,215 | 510,000 | PRN | | DFND | | 510,000 | 0 | 0 |
| Snap Inc. | CONV | 83304AAF3 | 3,686,629 | 4,438,000 | PRN | | DFND | | 4,438,000 | 0 | 0 |
