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   1,279,534 11,223 SH   DFND   11,223 0 0
Advanced Drainage Systems (WMS COM 00790r104   1,149,783 7,316 SH   DFND   7,316 0 0
Akamai Technologies, Inc. (AK COM 00971t101   1,437,124 14,236 SH   DFND   14,236 0 0
Alight, Inc. (ALIT) COM 01626w101   5,289,690 714,823 SH   DFND   714,823 0 0
Alphabet, Inc. - Cl C (GOOG) COM 02079K107   8,778,478 52,506 SH   DFND   52,506 0 0
Amazon.com, Inc. (AMZN) COM 023135106   4,130,191 22,166 SH   DFND   22,166 0 0
Amdocs Ltd (DOX) COM G02602103   3,391,075 38,764 SH   DFND   38,764 0 0
American Homes 4 Rent (AMH) COM 02665t306   3,866,526 100,717 SH   DFND   100,717 0 0
Blackbaud, Inc. (BLKB) COM 09227q100   2,588,583 30,569 SH   DFND   30,569 0 0
Broadcom Inc. (AVGO) COM 11135f101   294,975 1,710 SH   DFND   1,710 0 0
Cannae Holdings Inc. (CNNE) COM 13765n107   583,217 30,599 SH   DFND   30,599 0 0
Chubb Limited (CB) COM H1467J104   4,509,843 15,638 SH   DFND   15,638 0 0
Coca Cola Co. (KO) COM 191216100   234,479 3,263 SH   DFND   3,263 0 0
Darling Ingredients Inc. (DAR) COM 237266101   1,102,760 29,676 SH   DFND   29,676 0 0
DuPont de Nemours, Inc. (DD) COM 26614n102   7,671,310 86,088 SH   DFND   86,088 0 0
Dun & Bradstreet Holdings Inc. COM 26484t106   3,369,622 292,756 SH   DFND   292,756 0 0
EMCOR Group, Inc. (EME) COM 29084q100   17,641,828 40,977 SH   DFND   40,977 0 0
EOG Resources (EOG) COM 26875p101   5,118,559 41,638 SH   DFND   41,638 0 0
Emerson Electric (EMR) COM 291011104   2,944,131 26,919 SH   DFND   26,919 0 0
First Tr NASDAQ Cybersecurity COM 33734x846   218,381 3,687 SH   DFND   3,687 0 0
Flex Ltd. (FLEX) COM y2573f102   2,513,067 75,174 SH   DFND   75,174 0 0
Invesco Solar ETF (TAN) COM 46138g706   1,478,069 34,286 SH   DFND   34,286 0 0
JPMorgan Chase & Co. (JPM) COM 46625h100   247,339 1,173 SH   DFND   1,173 0 0
Johnson & Johnson (JNJ) COM 478160104   1,051,607 6,489 SH   DFND   6,489 0 0
Johnson Controls Int'l plc (JC COM g51502105   9,579,946 123,437 SH   DFND   123,437 0 0
KBR, Inc. (KBR) COM 48242w106   18,743,177 287,781 SH   DFND   287,781 0 0
Kenvue Inc (KVUE) COM 49177j102   3,909,290 169,014 SH   DFND   169,014 0 0
Levi Strauss & Co. Class A (LE COM 52736r102   5,157,640 236,589 SH   DFND   236,589 0 0
MYR Group, Inc. (MYRG) COM 55405w104   8,429,375 82,455 SH   DFND   82,455 0 0
Medtronic plc (MDT) COM G5960L103   4,198,099 46,630 SH   DFND   46,630 0 0
Microsoft Corp. (MSFT) COM 594918104   349,834 813 SH   DFND   813 0 0
Minerals Technologies Inc. (M COM 603158106   2,350,727 30,438 SH   DFND   30,438 0 0
Nextera Energy Inc. (NEE) COM 65339f101   4,300,126 50,871 SH   DFND   50,871 0 0
Nextracker Inc. Class A (NXT) COM 65290e101   3,119,162 83,222 SH   DFND   83,222 0 0
OceanFirst Financial (OCFC) COM 675234108   557,923 30,012 SH   DFND   30,012 0 0
Phillips 66 (PSX) COM 718546104   452,319 3,441 SH   DFND   3,441 0 0
Primis Financial Corp. (FRST) COM 74167b109   3,911,607 321,150 SH   DFND   321,150 0 0
Primo Water Corp. (PRMW) COM 74167p108   9,293,061 368,042 SH   DFND   368,042 0 0
Pure Storage, Inc. COM 74624m102   311,237 6,195 SH   DFND   6,195 0 0
Republic Services, Inc. (RSG) COM 760759100   22,198,243 110,527 SH   DFND   110,527 0 0
Rush Enterprises Class A (RUSH COM 781846209   1,470,470 27,834 SH   DFND   27,834 0 0
Rush Enterprises Class B (RUSH COM 781846308   830,878 17,328 SH   DFND   17,328 0 0
Sherwin-Williams Co. (SHW) COM 824348106   1,697,668 4,448 SH   DFND   4,448 0 0
Shoals Technology Grp, Inc. Cl COM 82489w107   873,915 155,778 SH   DFND   155,778 0 0
Shore Bancshares (SHBI) COM 825107105   2,209,762 157,953 SH   DFND   157,953 0 0
T-Mobile USA, Inc. (TMUS) COM 872590104   7,786,582 37,733 SH   DFND   37,733 0 0
Teleflex, Inc. (TFX) COM 879369106   469,661 1,899 SH   DFND   1,899 0 0
US Foods Holding Corp. COM 912008109   1,505,889 24,486 SH   DFND   24,486 0 0
United Parcel Service, Inc. (U COM 911312106   1,873,039 13,738 SH   DFND   13,738 0 0
Vanguard Consumer Discretionar COM 92204a108   358,185 1,052 SH   DFND   1,052 0 0
Vanguard Health Care ETF (VHT COM 92204a504   393,951 1,396 SH   DFND   1,396 0 0
Vanguard Information Technolog COM 92204a702   941,365 1,605 SH   DFND   1,605 0 0
Visa Inc. - Class A (V) COM 92826c839   3,953,231 14,378 SH   DFND   14,378 0 0
W. R. Berkley Corp. (WRB) COM 084423102   7,378,584 130,065 SH   DFND   130,065 0 0
WSFS Financial (WSFS) COM 929328102   1,766,854 34,651 SH   DFND   34,651 0 0
Wyndham Hotels & Resorts (WH) COM 98311a105   4,491,800 57,484 SH   DFND   57,484 0 0
Ziff Davis, Inc. (ZD) COM 48123v102   5,380,044 110,564 SH   DFND   110,564 0 0
Zimmer Biomet Holdings, Inc. ( COM 98956p102   3,123,101 28,931 SH   DFND   28,931 0 0
iShares U.S. B-D & Sec Ex ETF COM 464288794   221,252 1,721 SH   DFND   1,721 0 0
nVent Electric plc (NVT) COM G6700G107   1,603,474 22,822 SH   DFND   22,822 0 0
Cracker Barrel Old Country Sto CONV 22410JAB2   6,641,000 7,250,000 PRN   DFND   7,250,000 0 0
DigitalOcean Holdings, Inc. CONV 25402DAB8   11,778,337 13,339,000 PRN   DFND   13,339,000 0 0
Haemonetics Corp. CONV 405024AB6   555,680 604,000 PRN   DFND   604,000 0 0
Pebblebrook Hotel Trust CONV 70509VAA8   12,960,878 14,134,000 PRN   DFND   14,134,000 0 0
Snap Inc. CONV 83304AAF3   3,726,208 4,357,000 PRN   DFND   4,357,000 0 0