The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
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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 FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
Abbott Laboratories (ABT) COM 002824100   1,519,274 13,838 SH   DFND   13,838 0 0
Advanced Drainage Systems (WMS COM 00790r104   287,715 3,510 SH   DFND   3,510 0 0
Alphabet, Inc. - Cl C (GOOG) COM 02079K107   7,929,623 89,368 SH   DFND   89,368 0 0
Amazon.com, Inc. (AMZN) COM 023135106   3,576,636 42,579 SH   DFND   42,579 0 0
Amdocs Ltd (DOX) COM G02602103   3,447,564 37,927 SH   DFND   37,927 0 0
American Homes 4 Rent (AMH) COM 02665t306   3,773,438 125,197 SH   DFND   125,197 0 0
American National Bankshares ( COM 027745108   1,459,511 39,521 SH   DFND   39,521 0 0
Avid Technology (AVID) COM 05367p100   545,627 20,520 SH   DFND   20,520 0 0
Cannae Holdings Inc. (CNNE) COM 13765n107   595,174 28,822 SH   DFND   28,822 0 0
Chevron Corp. (CVX) COM 166764100   229,388 1,278 SH   DFND   1,278 0 0
Chubb Limited (CB) COM H1467J104   5,408,009 24,515 SH   DFND   24,515 0 0
Cisco Systems, Inc. (CSCO) COM 17275r102   6,128,600 128,644 SH   DFND   128,644 0 0
Coca Cola Co. (KO) COM 191216100   760,966 11,963 SH   DFND   11,963 0 0
Colombier Acq Corp Class A (CL COM 19533h108   207,249 20,850 SH   DFND   20,850 0 0
Du Pont de Nemours, Inc. (DD) COM 26614n102   6,645,943 96,837 SH   DFND   96,837 0 0
Dun & Bradstreet Holdings Inc. COM 26484t106   3,102,749 253,079 SH   DFND   253,079 0 0
EG Acquisition Corp Class A (E COM 26846a100   185,950 18,651 SH   DFND   18,651 0 0
EMCOR Group (EME) COM 29084q100   8,844,389 59,715 SH   DFND   59,715 0 0
EOG Resources (EOG) COM 26875p101   5,867,256 45,300 SH   DFND   45,300 0 0
Emerson Electric (EMR) COM 291011104   2,984,584 31,070 SH   DFND   31,070 0 0
Envista Holdings Corp (NVST) COM 29415f104   959,124 28,486 SH   DFND   28,486 0 0
Graf Acq. Corp IV Class A (GFO COM 384272100   112,634 11,320 SH   DFND   11,320 0 0
Healthwell Acq. Corp. I Class COM 42227r109   112,290 11,331 SH   DFND   11,331 0 0
Intl. Flavors & Fragrances (IF COM 459506101   1,150,409 10,973 SH   DFND   10,973 0 0
Invesco Solar ETF (TAN) COM 46138g706   5,356,495 73,437 SH   DFND   73,437 0 0
Johnson & Johnson (JNJ) COM 478160104   3,198,072 18,104 SH   DFND   18,104 0 0
Johnson Controls Int'l plc (JC COM g51502105   8,304,384 129,756 SH   DFND   129,756 0 0
KBR, Inc. (KBR) COM 48242w106   17,298,758 327,628 SH   DFND   327,628 0 0
Levi Strauss & Co. Class A (LE COM 52736r102   5,241,864 337,749 SH   DFND   337,749 0 0
MYR Group, Inc. (MYRG) COM 55405w104   9,319,510 101,222 SH   DFND   101,222 0 0
Medtronic plc (MDT) COM G5960L103   5,616,902 72,271 SH   DFND   72,271 0 0
Nextera Energy Inc. (NEE) COM 65339f101   4,184,096 50,049 SH   DFND   50,049 0 0
OceanFirst Financial (OCFC) COM 675234108   1,184,050 55,720 SH   DFND   55,720 0 0
Owens Corning (OC) COM 690742101   2,315,127 27,141 SH   DFND   27,141 0 0
Phillips 66 (PSX) COM 718546104   386,553 3,714 SH   DFND   3,714 0 0
Physicians Realty Trust (DOC) COM 71943U104   255,497 17,657 SH   DFND   17,657 0 0
Post Holdings Part Corp. Clas COM 737465104   177,429 17,868 SH   DFND   17,868 0 0
Primis Financial Corp. (FRST) COM 74167b109   5,059,796 426,987 SH   DFND   426,987 0 0
Republic Services, Inc. (RSG) COM 760759100   19,050,146 147,687 SH   DFND   147,687 0 0
Rush Enterprises Class A (RUSH COM 781846209   1,134,947 21,709 SH   DFND   21,709 0 0
Rush Enterprises Class B (RUSH COM 781846308   650,031 11,552 SH   DFND   11,552 0 0
Sherwin-Williams Co. (SHW) COM 824348106   2,369,740 9,985 SH   DFND   9,985 0 0
Shore Bancshares (SHBI) COM 825107105   2,960,799 169,868 SH   DFND   169,868 0 0
T-Mobile US Inc. (TMUS) COM 872590104   10,388,980 74,207 SH   DFND   74,207 0 0
United Parcel Service, Inc. (U COM 911312106   5,235,539 30,117 SH   DFND   30,117 0 0
Vanguard Consumer Discretionar COM 92204a108   349,994 1,598 SH   DFND   1,598 0 0
Vanguard Consumer Staples ETF COM 92204a207   386,014 2,015 SH   DFND   2,015 0 0
Vanguard Financials ETF (VFH) COM 92204a405   217,001 2,623 SH   DFND   2,623 0 0
Vanguard Health Care ETF (VHT COM 92204a504   451,451 1,820 SH   DFND   1,820 0 0
Vanguard Information Technolog COM 92204a702   525,749 1,646 SH   DFND   1,646 0 0
Visa Inc. - Class A (V) COM 92826c839   6,001,563 28,887 SH   DFND   28,887 0 0
W. R. Berkley Corp. (WRB) COM 084423102   6,023,101 82,997 SH   DFND   82,997 0 0
WSFS Financial (WSFS) COM 929328102   1,617,096 35,666 SH   DFND   35,666 0 0
Wyndham Hotels & Resorts (WH) COM 98311a105   4,656,472 65,299 SH   DFND   65,299 0 0
Ziff Davis Inc. (ZD) COM 48123v102   7,951,686 100,527 SH   DFND   100,527 0 0
iShares U.S. B-D & Sec Ex ETF COM 464288794   215,620 2,243 SH   DFND   2,243 0 0
nVent Electric plc (NVT) COM G6700G107   915,201 23,790 SH   DFND   23,790 0 0
Gaslog Partners LP (GLOP.PRA) PREF Y2687w116   2,668,503 110,225 SH   DFND   110,225 0 0
Gaslog Partners LP (GLOP.PRB) PREF Y2687w124   338,039 13,963 SH   DFND   13,963 0 0
Blackstone Mortgage Trust CONV 09257WAC4   7,175,233 7,317,000 PRN   DFND   7,317,000 0 0
Digitalbridge Group Inc. CONV 19624RAA4   19,302,060 19,596,000 PRN   DFND   19,596,000 0 0
Haemonetics Corp. CONV 405024AB6   834,563 1,010,000 PRN   DFND   1,010,000 0 0
Hope Bancorp Inc CONV 43940TAB5   4,958,275 5,075,000 PRN   DFND   5,075,000 0 0
LendingTree, Inc. CONV 52603bad9   10,206,773 14,028,000 PRN   DFND   14,028,000 0 0
Ziff Davis 144A CONV 48123VAD4   997,000 1,000,000 PRN   DFND   1,000,000 0 0