The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete. | |||||||||||||||||||||
| UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 13F FORM 13F INFORMATION TABLE |
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| 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 | 1,264,344 | 11,178 | SH | DFND | 11,178 | 0 | 0 | ||
| Advanced Drainage Systems (WMS | COM | 00790r104 | 1,633,544 | 14,131 | SH | DFND | 14,131 | 0 | 0 | ||
| Akamai Technologies, Inc. (AK | COM | 00971t101 | 1,358,039 | 14,198 | SH | DFND | 14,198 | 0 | 0 | ||
| Alight, Inc. (ALIT) | COM | 01626w101 | 5,672,026 | 819,657 | SH | DFND | 819,657 | 0 | 0 | ||
| Alphabet, Inc. - Cl C (GOOG) | COM | 02079K107 | 9,409,260 | 49,408 | SH | DFND | 49,408 | 0 | 0 | ||
| Amazon.com, Inc. (AMZN) | COM | 023135106 | 4,701,089 | 21,428 | SH | DFND | 21,428 | 0 | 0 | ||
| Amdocs Ltd (DOX) | COM | G02602103 | 3,296,110 | 38,714 | SH | DFND | 38,714 | 0 | 0 | ||
| American Homes 4 Rent (AMH) | COM | 02665t306 | 3,746,303 | 100,115 | SH | DFND | 100,115 | 0 | 0 | ||
| Blackbaud, Inc. (BLKB) | COM | 09227q100 | 2,710,203 | 36,664 | SH | DFND | 36,664 | 0 | 0 | ||
| Broadcom Inc. (AVGO) | COM | 11135f101 | 365,844 | 1,578 | SH | DFND | 1,578 | 0 | 0 | ||
| Cadre Holdings, Inc. (CDRE) | COM | 12763l105 | 1,020,809 | 31,604 | SH | DFND | 31,604 | 0 | 0 | ||
| Cannae Holdings Inc. (CNNE) | COM | 13765n107 | 607,696 | 30,599 | SH | DFND | 30,599 | 0 | 0 | ||
| Chubb Limited (CB) | COM | H1467J104 | 4,295,084 | 15,545 | SH | DFND | 15,545 | 0 | 0 | ||
| Coca Cola Co. (KO) | COM | 191216100 | 201,224 | 3,232 | SH | DFND | 3,232 | 0 | 0 | ||
| Darling Ingredients Inc. (DAR) | COM | 237266101 | 1,003,794 | 29,795 | SH | DFND | 29,795 | 0 | 0 | ||
| DuPont de Nemours, Inc. (DD) | COM | 26614n102 | 6,552,627 | 85,936 | SH | DFND | 85,936 | 0 | 0 | ||
| Dun & Bradstreet Holdings Inc. | COM | 26484t106 | 3,647,054 | 292,701 | SH | DFND | 292,701 | 0 | 0 | ||
| EMCOR Group, Inc. (EME) | COM | 29084q100 | 17,336,257 | 38,194 | SH | DFND | 38,194 | 0 | 0 | ||
| EOG Resources (EOG) | COM | 26875p101 | 5,097,857 | 41,588 | SH | DFND | 41,588 | 0 | 0 | ||
| Emerson Electric (EMR) | COM | 291011104 | 3,315,004 | 26,749 | SH | DFND | 26,749 | 0 | 0 | ||
| First Tr NASDAQ Cybersecurity | COM | 33734x846 | 203,294 | 3,204 | SH | DFND | 3,204 | 0 | 0 | ||
| Flex Ltd. (FLEX) | COM | y2573f102 | 2,871,802 | 74,806 | SH | DFND | 74,806 | 0 | 0 | ||
| Invesco Solar ETF (TAN) | COM | 46138g706 | 983,300 | 29,689 | SH | DFND | 29,689 | 0 | 0 | ||
| JPMorgan Chase & Co. (JPM) | COM | 46625h100 | 236,833 | 988 | SH | DFND | 988 | 0 | 0 | ||
| Johnson & Johnson (JNJ) | COM | 478160104 | 796,422 | 5,507 | SH | DFND | 5,507 | 0 | 0 | ||
| Johnson Controls Int'l plc (JC | COM | g51502105 | 8,126,317 | 102,956 | SH | DFND | 102,956 | 0 | 0 | ||
| KBR, Inc. (KBR) | COM | 48242w106 | 16,639,350 | 287,232 | SH | DFND | 287,232 | 0 | 0 | ||
| Kenvue Inc (KVUE) | COM | 49177j102 | 3,605,136 | 168,859 | SH | DFND | 168,859 | 0 | 0 | ||
| Levi Strauss & Co. Class A (LE | COM | 52736r102 | 4,109,061 | 237,518 | SH | DFND | 237,518 | 0 | 0 | ||
| MYR Group, Inc. (MYRG) | COM | 55405w104 | 12,211,637 | 82,084 | SH | DFND | 82,084 | 0 | 0 | ||
| Medtronic plc (MDT) | COM | G5960L103 | 3,715,458 | 46,513 | SH | DFND | 46,513 | 0 | 0 | ||
| Microsoft Corp. (MSFT) | COM | 594918104 | 308,960 | 733 | SH | DFND | 733 | 0 | 0 | ||
| Minerals Technologies Inc. (M | COM | 603158106 | 2,319,680 | 30,438 | SH | DFND | 30,438 | 0 | 0 | ||
| Nextera Energy Inc. (NEE) | COM | 65339f101 | 3,642,210 | 50,805 | SH | DFND | 50,805 | 0 | 0 | ||
| Nextracker Inc. Class A (NXT) | COM | 65290e101 | 3,072,759 | 84,116 | SH | DFND | 84,116 | 0 | 0 | ||
| OceanFirst Financial (OCFC) | COM | 675234108 | 543,217 | 30,012 | SH | DFND | 30,012 | 0 | 0 | ||
| Phillips 66 (PSX) | COM | 718546104 | 392,033 | 3,441 | SH | DFND | 3,441 | 0 | 0 | ||
| Primis Financial Corp. (FRST) | COM | 74167b109 | 3,578,827 | 306,932 | SH | DFND | 306,932 | 0 | 0 | ||
| Primo Brands Corporation Class | COM | 741623102 | 11,288,744 | 366,875 | SH | DFND | 366,875 | 0 | 0 | ||
| Pure Storage, Inc. | COM | 74624m102 | 380,559 | 6,195 | SH | DFND | 6,195 | 0 | 0 | ||
| Republic Services, Inc. (RSG) | COM | 760759100 | 20,726,167 | 103,023 | SH | DFND | 103,023 | 0 | 0 | ||
| Rush Enterprises Class A (RUSH | COM | 781846209 | 1,521,244 | 27,765 | SH | DFND | 27,765 | 0 | 0 | ||
| Rush Enterprises Class B (RUSH | COM | 781846308 | 943,336 | 17,328 | SH | DFND | 17,328 | 0 | 0 | ||
| Sherwin-Williams Co. (SHW) | COM | 824348106 | 1,495,012 | 4,398 | SH | DFND | 4,398 | 0 | 0 | ||
| Shoals Technology Grp, Inc. Cl | COM | 82489w107 | 592,335 | 107,113 | SH | DFND | 107,113 | 0 | 0 | ||
| Shore Bancshares (SHBI) | COM | 825107105 | 2,497,786 | 157,589 | SH | DFND | 157,589 | 0 | 0 | ||
| T-Mobile USA, Inc. (TMUS) | COM | 872590104 | 5,271,695 | 23,883 | SH | DFND | 23,883 | 0 | 0 | ||
| Teleflex, Inc. (TFX) | COM | 879369106 | 3,435,726 | 19,304 | SH | DFND | 19,304 | 0 | 0 | ||
| US Foods Holding Corp. | COM | 912008109 | 1,651,826 | 24,486 | SH | DFND | 24,486 | 0 | 0 | ||
| United Parcel Service, Inc. (U | COM | 911312106 | 1,753,421 | 13,905 | SH | DFND | 13,905 | 0 | 0 | ||
| Vanguard Consumer Discretionar | COM | 92204a108 | 272,151 | 725 | SH | DFND | 725 | 0 | 0 | ||
| Vanguard Health Care ETF (VHT | COM | 92204a504 | 260,286 | 1,026 | SH | DFND | 1,026 | 0 | 0 | ||
| Vanguard Information Technolog | COM | 92204a702 | 708,230 | 1,139 | SH | DFND | 1,139 | 0 | 0 | ||
| Visa Inc. - Class A (V) | COM | 92826c839 | 4,373,045 | 13,837 | SH | DFND | 13,837 | 0 | 0 | ||
| W. R. Berkley Corp. (WRB) | COM | 084423102 | 7,620,884 | 130,227 | SH | DFND | 130,227 | 0 | 0 | ||
| WSFS Financial (WSFS) | COM | 929328102 | 1,792,341 | 33,735 | SH | DFND | 33,735 | 0 | 0 | ||
| Wyndham Hotels & Resorts (WH) | COM | 98311a105 | 3,588,628 | 35,605 | SH | DFND | 35,605 | 0 | 0 | ||
| Ziff Davis, Inc. (ZD) | COM | 48123v102 | 6,001,201 | 110,438 | SH | DFND | 110,438 | 0 | 0 | ||
| Zimmer Biomet Holdings, Inc. ( | COM | 98956p102 | 3,226,151 | 30,542 | SH | DFND | 30,542 | 0 | 0 | ||
| nVent Electric plc (NVT) | COM | G6700G107 | 1,550,504 | 22,748 | SH | DFND | 22,748 | 0 | 0 | ||
| Blackstone Mortgage Trust | CONV | 09257WAE0 | 8,825,163 | 9,169,000 | PRN | DFND | 9,169,000 | 0 | 0 | ||
| Chegg Inc. | CONV | 163092AD1 | 3,430,091 | 3,538,000 | PRN | DFND | 3,538,000 | 0 | 0 | ||
| Cracker Barrel Old Country Sto | CONV | 22410JAB2 | 6,796,200 | 7,230,000 | PRN | DFND | 7,230,000 | 0 | 0 | ||
| DigitalOcean Holdings, Inc. | CONV | 25402DAB8 | 14,222,188 | 16,025,000 | PRN | DFND | 16,025,000 | 0 | 0 | ||
| Haemonetics Corp. | CONV | 405024AB6 | 687,149 | 730,000 | PRN | DFND | 730,000 | 0 | 0 | ||
| Pebblebrook Hotel Trust | CONV | 70509VAA8 | 13,202,835 | 14,218,000 | PRN | DFND | 14,218,000 | 0 | 0 | ||
| Snap Inc. | CONV | 83304AAF3 | 6,259,880 | 7,216,000 | PRN | DFND | 7,216,000 | 0 | 0 | ||
