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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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 FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
Abbott Laboratories (ABT) COM 002824100   1,654,630 16,116 SH   DFND   16,116 0 0
Advanced Drainage Systems (WMS COM 00790r104   2,093,015 15,263 SH   DFND   15,263 0 0
Akamai Technologies, Inc. (AK COM 00971t101   1,556,677 13,554 SH   DFND   13,554 0 0
Alphabet, Inc. - Cl C (GOOG) COM 02079K107   10,963,789 38,220 SH   DFND   38,220 0 0
Amazon.com, Inc. (AMZN) COM 023135106   4,169,982 20,022 SH   DFND   20,022 0 0
Amdocs Ltd (DOX) COM G02602103   3,803,288 58,279 SH   DFND   58,279 0 0
American Homes 4 Rent REIT (AM COM 02665t306   2,673,452 95,754 SH   DFND   95,754 0 0
Blackbaud, Inc. (BLKB) COM 09227q100   1,985,249 51,418 SH   DFND   51,418 0 0
Broadcom Inc. (AVGO) COM 11135f101   307,034 992 SH   DFND   992 0 0
Cadre Holdings, Inc. (CDRE) COM 12763l105   3,041,738 99,144 SH   DFND   99,144 0 0
Cannae Holdings Inc. (CNNE) COM 13765n107   786,599 69,182 SH   DFND   69,182 0 0
Chubb Limited (CB) COM H1467J104   4,183,312 12,835 SH   DFND   12,835 0 0
DuPont de Nemours, Inc. (DD) COM 26614n102   3,812,915 83,251 SH   DFND   83,251 0 0
EMCOR Group, Inc. (EME) COM 29084q100   19,582,934 26,524 SH   DFND   26,524 0 0
EOG Resources (EOG) COM 26875p101   5,959,898 41,225 SH   DFND   41,225 0 0
Emerson Electric (EMR) COM 291011104   3,412,940 26,049 SH   DFND   26,049 0 0
Everpure, Inc. Class A (PSTG) COM 74624m102   801,881 13,582 SH   DFND   13,582 0 0
Flex Ltd. (FLEX) COM y2573f102   4,584,818 70,040 SH   DFND   70,040 0 0
Johnson Controls Int'l plc (JC COM g51502105   12,046,352 91,992 SH   DFND   91,992 0 0
KBR, Inc. (KBR) COM 48242w106   10,297,652 279,372 SH   DFND   279,372 0 0
Levi Strauss & Co. Class A (LE COM 52736r102   2,419,638 130,862 SH   DFND   130,862 0 0
MYR Group, Inc. (MYRG) COM 55405w104   17,177,478 60,844 SH   DFND   60,844 0 0
Medtronic plc (MDT) COM G5960L103   3,153,800 36,397 SH   DFND   36,397 0 0
Microsoft Corp. (MSFT) COM 594918104   312,794 845 SH   DFND   845 0 0
Minerals Technologies Inc. (M COM 603158106   2,158,663 30,438 SH   DFND   30,438 0 0
Nextera Energy Inc. (NEE) COM 65339f101   4,602,483 49,553 SH   DFND   49,553 0 0
Nextpower Inc. Class A (NXT) COM 65290e101   8,270,699 68,608 SH   DFND   68,608 0 0
OceanFirst Financial (OCFC) COM 675234108   525,631 29,137 SH   DFND   29,137 0 0
Phillips 66 (PSX) COM 718546104   613,764 3,369 SH   DFND   3,369 0 0
Primis Financial Corp. (FRST) COM 74167b109   3,589,345 270,282 SH   DFND   270,282 0 0
Primo Brands Corporation Class COM 741623102   7,353,247 390,507 SH   DFND   390,507 0 0
Qnity Electronics Inc. (Q) COM 74743l100   4,797,505 41,580 SH   DFND   41,580 0 0
Republic Services, Inc. (RSG) COM 760759100   18,850,394 86,067 SH   DFND   86,067 0 0
Roper Technologies, Inc. (ROP) COM 776696106   919,682 2,599 SH   DFND   2,599 0 0
Rush Enterprises Class A (RUSH COM 781846209   1,740,742 26,331 SH   DFND   26,331 0 0
Rush Enterprises Class B (RUSH COM 781846308   1,115,057 17,328 SH   DFND   17,328 0 0
Sherwin-Williams Co. (SHW) COM 824348106   1,323,872 4,130 SH   DFND   4,130 0 0
Shoals Technology Grp, Inc. Cl COM 82489w107   227,010 34,500 SH   DFND   34,500 0 0
Shore Bancshares (SHBI) COM 825107105   2,604,216 139,412 SH   DFND   139,412 0 0
T-Mobile USA, Inc. (TMUS) COM 872590104   4,392,567 20,914 SH   DFND   20,914 0 0
US Foods Holding Corp. (USFD) COM 912008109   2,269,565 24,613 SH   DFND   24,613 0 0
United Parcel Service, Inc. (U COM 911312106   1,335,213 13,572 SH   DFND   13,572 0 0
Vanguard Information Technolog COM 92204a702   223,968 321 SH   DFND   321 0 0
Visa Inc. - Class A (V) COM 92826c839   3,712,716 12,284 SH   DFND   12,284 0 0
W. R. Berkley Corp. (WRB) COM 084423102   8,490,733 128,104 SH   DFND   128,104 0 0
WSFS Financial (WSFS) COM 929328102   1,364,055 20,838 SH   DFND   20,838 0 0
Wyndham Hotels & Resorts (WH) COM 98311a105   1,910,855 23,524 SH   DFND   23,524 0 0
Xylem Inc. COM 98419m100   944,767 7,906 SH   DFND   7,906 0 0
Ziff Davis, Inc. (ZD) COM 48123v102   3,874,628 92,341 SH   DFND   92,341 0 0
Zimmer Biomet Holdings, Inc. ( COM 98956p102   3,078,801 34,050 SH   DFND   34,050 0 0
nVent Electric plc (NVT) COM G6700G107   2,655,859 22,454 SH   DFND   22,454 0 0
Bandwidth, Inc. CONV 05988JAD5   8,138,160 9,144,000 PRN   DFND   9,144,000 0 0
Blackstone Mortgage Trust CONV 09257WAE0   14,410,440 14,556,000 PRN   DFND   14,556,000 0 0
DigitalOcean Holdings, Inc. CONV 25402DAB8   512,324 526,000 PRN   DFND   526,000 0 0
Lucid Group Inc. CONV 549498AA1   2,995,313 3,195,000 PRN   DFND   3,195,000 0 0
MGP Ingredients, Inc. CONV 55303JAB2   14,491,196 15,100,000 PRN   DFND   15,100,000 0 0
Pebblebrook Hotel Trust CONV 70509VAA8   12,723,667 13,063,000 PRN   DFND   13,063,000 0 0
Pennymac Corp CONV 70932AAH6   2,953,364 2,845,000 PRN   DFND   2,845,000 0 0
Redfin Corp. CONV 75737FAE8   10,403,370 10,905,000 PRN   DFND   10,905,000 0 0
Sarepta Therapeutics Inc CONV 803607AD2   9,953,689 10,831,000 PRN   DFND   10,831,000 0 0
Snap Inc. CONV 83304AAF3   5,360,790 5,665,000 PRN   DFND   5,665,000 0 0
Spectrum Brands CONV 84762LAZ8   4,539,427 4,554,000 PRN   DFND   4,554,000 0 0