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
Estimated average burden
hours per response: 23.8
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 1,633 13,821 SH   DFND   13,821 0 0
Adara Acq. Corp. Class A (ADR COM 00653h102 195 19,870 SH   DFND   19,870 0 0
Adit EdTech Acq Corp. Class A COM 007024102 169 17,388 SH   DFND   17,388 0 0
Aldel Financial Inc. Class A ( COM 01407x104 187 18,560 SH   DFND   18,560 0 0
Alphabet, Inc. - Cl C (GOOG) COM 02079K107 15,040 5,643 SH   DFND   5,643 0 0
Amazon.com, Inc. (AMZN) COM 023135106 7,891 2,402 SH   DFND   2,402 0 0
Amdocs Ltd (DOX) COM G02602103 6,488 85,702 SH   DFND   85,702 0 0
American Homes 4 Rent (AMH) COM 02665t306 5,162 135,423 SH   DFND   135,423 0 0
American National Bankshares ( COM 027745108 1,367 41,369 SH   DFND   41,369 0 0
Americold Realty Trust (COLD) COM 03064d108 3,058 105,263 SH   DFND   105,263 0 0
BRiley Principal 250 Merg Clas COM 05602l104 274 28,384 SH   DFND   28,384 0 0
Bright Lights Acq Corp Class A COM 10920k101 155 15,950 SH   DFND   15,950 0 0
CMS Energy Corp. (CMS) COM 125896100 3,609 60,417 SH   DFND   60,417 0 0
Chubb Limited (CB) COM H1467J104 4,924 28,386 SH   DFND   28,386 0 0
Cisco Systems (CSCO) COM 17275r102 8,878 163,110 SH   DFND   163,110 0 0
Coca Cola Co. (KO) COM 191216100 715 13,636 SH   DFND   13,636 0 0
DPCM Capital Inc. Class A (XPO COM 23344p101 218 22,350 SH   DFND   22,350 0 0
Du Pont de Nemours, Inc. (DD) COM 26614n102 6,674 98,164 SH   DFND   98,164 0 0
Dun & Bradstreet Holdings Inc. COM 26484t106 3,047 181,269 SH   DFND   181,269 0 0
E.Merge Tech Acq Class A (ETAC COM 26873y104 100 10,169 SH   DFND   10,169 0 0
EMCOR Group (EME) COM 29084q100 6,931 60,073 SH   DFND   60,073 0 0
EOG Resources (EOG) COM 26875p101 3,798 47,316 SH   DFND   47,316 0 0
Emerson Electric (EMR) COM 291011104 3,141 33,343 SH   DFND   33,343 0 0
Executive Network Part Class A COM 30158l100 269 27,399 SH   DFND   27,399 0 0
First Tr NASDAQ Cybersecurity COM 33734x846 252 5,167 SH   DFND   5,167 0 0
Flame Acq Corp Class A (FLME) COM 33850f108 573 58,990 SH   DFND   58,990 0 0
G Squared Ascend II Inc. (GSQB COM g42041106 103 10,539 SH   DFND   10,539 0 0
GigInternational1 Inc. (GIW) COM 37518w106 161 16,303 SH   DFND   16,303 0 0
Glass Houses Acq. Corp. Class COM 37714p103 133 13,623 SH   DFND   13,623 0 0
Goal Acquisition Corp. Class A COM 38021h107 406 41,796 SH   DFND   41,796 0 0
Golden Arrow Merger Corp. Clas COM 380799106 101 10,300 SH   DFND   10,300 0 0
Healthcare Svcs Acq Corp Class COM 42227k104 227 23,301 SH   DFND   23,301 0 0
IDACORP, Inc. (IDA) COM 451107106 2,255 21,811 SH   DFND   21,811 0 0
Intl. Flavors & Fragrances (IF COM 459506101 1,521 11,377 SH   DFND   11,377 0 0
Invesco Solar ETF (TAN) COM 46138g706 6,358 79,525 SH   DFND   79,525 0 0
J2 Global (JCOM) COM 48123v102 13,646 99,880 SH   DFND   99,880 0 0
JPMorgan Chase & Co. (JPM) COM 46625h100 238 1,451 SH   DFND   1,451 0 0
Johnson & Johnson (JNJ) COM 478160104 4,290 26,562 SH   DFND   26,562 0 0
Johnson Controls Intl. (JCI) COM g51502105 9,218 135,400 SH   DFND   135,400 0 0
KBR Inc. (KBR) COM 48242w106 13,737 348,644 SH   DFND   348,644 0 0
Kadem Sustainable Imp Corp. C COM 48284e105 377 38,674 SH   DFND   38,674 0 0
MCAP Acq. Corp. Class A (MACQ COM 55282t109 122 12,400 SH   DFND   12,400 0 0
MYR Group (MYRG) COM 55405w104 10,012 100,623 SH   DFND   100,623 0 0
Macondray Cap Acq Corp I Class COM g5853a107 306 31,101 SH   DFND   31,101 0 0
Medtronic plc (MDT) COM G5960L103 7,129 56,874 SH   DFND   56,874 0 0
Nextera Energy Inc. (NEE) COM 65339f101 2,752 35,047 SH   DFND   35,047 0 0
OceanFirst Financial (OCFC) COM 675234108 1,211 56,574 SH   DFND   56,574 0 0
Osiris Acquisition Corp Class COM 68829a103 441 44,942 SH   DFND   44,942 0 0
Owens Corning (OC) COM 690742101 3,044 35,602 SH   DFND   35,602 0 0
Oyster Ent Acq Corp Class A (O COM 69242m104 195 20,000 SH   DFND   20,000 0 0
PNC Financial Services Group ( COM 693475105 236 1,208 SH   DFND   1,208 0 0
Periphas Capital Ptn Co Class COM 713895100 365 15,008 SH   DFND   15,008 0 0
Phillips 66 (PSX) COM 718546104 260 3,714 SH   DFND   3,714 0 0
Physicians Realty Trust (DOC) COM 71943U104 508 28,824 SH   DFND   28,824 0 0
Post Holdings Part Corp. Clas COM 737465104 175 18,172 SH   DFND   18,172 0 0
Primis Financial Corp. (FRST) COM 74167b109 6,168 426,531 SH   DFND   426,531 0 0
Republic Services (RSG) COM 760759100 22,311 185,833 SH   DFND   185,833 0 0
Rush Enterprises Class A (RUSH COM 781846209 1,012 22,401 SH   DFND   22,401 0 0
Rush Enterprises Class B (RUSH COM 781846308 786 17,178 SH   DFND   17,178 0 0
SPAC and New Issue ETF (SPCX) COM 19423l672 3,261 113,449 SH   DFND   113,449 0 0
Seven Oaks Acq Corp. Class A ( COM 81787x106 254 25,600 SH   DFND   25,600 0 0
Sherwin-Williams Co. (SHW) COM 824348106 8,097 28,944 SH   DFND   28,944 0 0
Shore Bancshares (SHBI) COM 825107105 2,211 124,681 SH   DFND   124,681 0 0
T-Mobile US Inc. (TMUS) COM 872590104 6,781 53,073 SH   DFND   53,073 0 0
Tailwind Acquisition Corp. Cla COM 87403q102 156 15,950 SH   DFND   15,950 0 0
Tastemaker Acquisition Corp. ( COM 876545104 387 39,237 SH   DFND   39,237 0 0
United Parcel Service (UPS) COM 911312106 7,927 43,531 SH   DFND   43,531 0 0
Vanguard Communication Service COM 92204a884 489 3,474 SH   DFND   3,474 0 0
Vanguard Consumer Discretionar COM 92204a108 790 2,549 SH   DFND   2,549 0 0
Vanguard Consumer Staples ETF COM 92204a207 480 2,677 SH   DFND   2,677 0 0
Vanguard Financials ETF (VFH) COM 92204a405 398 4,300 SH   DFND   4,300 0 0
Vanguard Health Care ETF (VHT COM 92204a504 486 1,968 SH   DFND   1,968 0 0
Vanguard Information Technolog COM 92204a702 630 1,569 SH   DFND   1,569 0 0
Visa Inc. Class A (V) COM 92826c839 4,031 18,095 SH   DFND   18,095 0 0
W. R. Berkley Corp. (WRB) COM 084423102 4,226 57,751 SH   DFND   57,751 0 0
WSFS Financial (WSFS) COM 929328102 1,866 36,375 SH   DFND   36,375 0 0
Wyndham Hotels & Resorts (WH) COM 98311a105 7,854 101,748 SH   DFND   101,748 0 0
iShares U.S. Broker-Dealers & COM 464288794 254 2,435 SH   DFND   2,435 0 0
nVent Electric plc (NVT) COM G6700G107 791 24,475 SH   DFND   24,475 0 0
Gaslog Partners LP (GLOP.PRA) PREF Y2687w116 2,465 95,650 SH   DFND   95,650 0 0
Blackstone Mortgage Trust CONV 09257WAB6 17,900 17,703,000 PRN   DFND   17,703,000 0 0
Blackstone Mortgage Trust CONV 09257WAC4 2,054 2,020,000 PRN   DFND   2,020,000 0 0
FireEye Inc. CONV 31816QAD3 21,236 21,261,000 PRN   DFND   21,261,000 0 0
Golar LNG Ltd. CONV 38046YAB7 2,067 2,083,000 PRN   DFND   2,083,000 0 0
J2 Global CONV 48123VAD4 1,252 1,000,000 PRN   DFND   1,000,000 0 0
LendingTree, Inc. CONV 52603bad9 12,501 14,700,000 PRN   DFND   14,700,000 0 0
Macondray Cap Acq Corp I Warra WARR g5853a115 5 10,367 SH   DFND   10,367 0 0
Oyster Ent Acq Corp Warrants ( WARR 69242m112 5 10,000 SH   DFND   10,000 0 0