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   1,460,432 13,396 SH   DFND   13,396 0 0
Advanced Drainage Systems (WMS COM 00790r104   832,414 7,316 SH   DFND   7,316 0 0
Alphabet, Inc. - Cl C (GOOG) COM 02079K107   7,580,101 62,661 SH   DFND   62,661 0 0
Amazon.com, Inc. (AMZN) COM 023135106   3,196,427 24,520 SH   DFND   24,520 0 0
Amdocs Ltd (DOX) COM G02602103   3,260,765 32,987 SH   DFND   32,987 0 0
American Homes 4 Rent (AMH) COM 02665t306   3,874,153 109,285 SH   DFND   109,285 0 0
American National Bankshares ( COM 027745108   1,142,971 39,440 SH   DFND   39,440 0 0
Avid Technology (AVID) COM 05367p100   1,340,586 52,572 SH   DFND   52,572 0 0
Cannae Holdings Inc. (CNNE) COM 13765n107   582,493 28,822 SH   DFND   28,822 0 0
Chubb Limited (CB) COM H1467J104   4,036,058 20,960 SH   DFND   20,960 0 0
Cisco Systems, Inc. (CSCO) COM 17275r102   2,715,884 52,491 SH   DFND   52,491 0 0
Coca Cola Co. (KO) COM 191216100   220,104 3,655 SH   DFND   3,655 0 0
Darling Ingredients Inc. (DAR) COM 237266101   454,185 7,120 SH   DFND   7,120 0 0
DuPont de Nemours, Inc. (DD) COM 26614n102   6,524,010 91,322 SH   DFND   91,322 0 0
Dun & Bradstreet Holdings Inc. COM 26484t106   2,834,881 245,020 SH   DFND   245,020 0 0
EMCOR Group, Inc. (EME) COM 29084q100   9,707,972 52,538 SH   DFND   52,538 0 0
EOG Resources (EOG) COM 26875p101   4,898,375 42,803 SH   DFND   42,803 0 0
Emerson Electric (EMR) COM 291011104   2,603,413 28,802 SH   DFND   28,802 0 0
Envista Holdings Corp (NVST) COM 29415f104   1,286,495 38,017 SH   DFND   38,017 0 0
First Tr NASDAQ Cybersecurity COM 33734x846   220,375 4,853 SH   DFND   4,853 0 0
Intl. Flavors & Fragrances (IF COM 459506101   1,438,271 18,071 SH   DFND   18,071 0 0
Invesco Solar ETF (TAN) COM 46138g706   4,802,781 67,247 SH   DFND   67,247 0 0
Johnson & Johnson (JNJ) COM 478160104   2,697,479 16,297 SH   DFND   16,297 0 0
Johnson Controls Int'l plc (JC COM g51502105   8,398,051 123,247 SH   DFND   123,247 0 0
KBR, Inc. (KBR) COM 48242w106   19,207,859 295,233 SH   DFND   295,233 0 0
Leslie's Inc. (LESL) COM 527064109   2,476,002 263,685 SH   DFND   263,685 0 0
Levi Strauss & Co. Class A (LE COM 52736r102   5,738,768 397,697 SH   DFND   397,697 0 0
MYR Group, Inc. (MYRG) COM 55405w104   12,311,430 88,994 SH   DFND   88,994 0 0
Medtronic plc (MDT) COM G5960L103   5,551,974 63,019 SH   DFND   63,019 0 0
Nextera Energy Inc. (NEE) COM 65339f101   4,578,585 61,706 SH   DFND   61,706 0 0
OceanFirst Financial (OCFC) COM 675234108   468,787 30,012 SH   DFND   30,012 0 0
Phillips 66 (PSX) COM 718546104   335,356 3,516 SH   DFND   3,516 0 0
Physicians Realty Trust (DOC) COM 71943U104   232,696 16,633 SH   DFND   16,633 0 0
Primis Financial Corp. (FRST) COM 74167b109   3,621,248 430,077 SH   DFND   430,077 0 0
Primo Water Corp. (PRMW) COM 74167p108   4,676,517 372,928 SH   DFND   372,928 0 0
Republic Services, Inc. (RSG) COM 760759100   20,260,868 132,277 SH   DFND   132,277 0 0
Rush Enterprises Class A (RUSH COM 781846209   1,196,821 19,704 SH   DFND   19,704 0 0
Rush Enterprises Class B (RUSH COM 781846308   786,229 11,552 SH   DFND   11,552 0 0
Sherwin-Williams Co. (SHW) COM 824348106   1,861,561 7,011 SH   DFND   7,011 0 0
Shore Bancshares (SHBI) COM 825107105   1,881,182 162,732 SH   DFND   162,732 0 0
T-Mobile USA, Inc. (TMUS) COM 872590104   8,741,671 62,935 SH   DFND   62,935 0 0
US Foods Holding Corp. COM 912008109   1,077,384 24,486 SH   DFND   24,486 0 0
United Parcel Service, Inc. (U COM 911312106   2,531,368 14,122 SH   DFND   14,122 0 0
Vanguard Consumer Discretionar COM 92204a108   376,656 1,330 SH   DFND   1,330 0 0
Vanguard Consumer Staples ETF COM 92204a207   266,202 1,369 SH   DFND   1,369 0 0
Vanguard Financials ETF (VFH) COM 92204a405   210,330 2,589 SH   DFND   2,589 0 0
Vanguard Health Care ETF (VHT COM 92204a504   442,390 1,807 SH   DFND   1,807 0 0
Vanguard Information Technolog COM 92204a702   718,952 1,626 SH   DFND   1,626 0 0
Visa Inc. - Class A (V) COM 92826c839   4,450,613 18,741 SH   DFND   18,741 0 0
W. R. Berkley Corp. (WRB) COM 084423102   5,262,297 88,353 SH   DFND   88,353 0 0
WSFS Financial (WSFS) COM 929328102   1,343,775 35,625 SH   DFND   35,625 0 0
Wyndham Hotels & Resorts (WH) COM 98311a105   4,172,279 60,847 SH   DFND   60,847 0 0
Ziff Davis, Inc. (ZD) COM 48123v102   6,750,421 96,352 SH   DFND   96,352 0 0
iShares U.S. B-D & Sec Ex ETF COM 464288794   200,920 2,214 SH   DFND   2,214 0 0
nVent Electric plc (NVT) COM G6700G107   1,225,406 23,716 SH   DFND   23,716 0 0
Gaslog Partners LP (GLOP.PRA) PREF Y2687w116   2,429,257 109,426 SH   DFND   109,426 0 0
Gaslog Partners LP (GLOP.PRB) PREF Y2687w124   592,402 24,581 SH   DFND   24,581 0 0
Haemonetics Corp. CONV 405024AB6   859,406 1,010,000 PRN   DFND   1,010,000 0 0
Herbalife Ltd. CONV 42703MAD5   1,968,960 2,033,000 PRN   DFND   2,033,000 0 0
Nextera Energy Partners 144A CONV 65341BAE6   469,500 500,000 PRN   DFND   500,000 0 0
Ziff Davis 144A CONV 48123VAD4   932,500 1,000,000 PRN   DFND   1,000,000 0 0