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
Expires: July 31, 2015
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 3,019,751 30,555 SH DFND 30,555 0 0
Advanced Drainage Systems (WMS COM 00790r104 1,915,602 15,118 SH DFND 15,118 0 0
Akamai Technologies, Inc. (AK COM 00971t101 1,232,277 11,587 SH DFND 11,587 0 0
Alphabet, Inc. - Cl C (GOOG) COM 02079K107 12,746,402 37,408 SH DFND 37,408 0 0
Amazon.com, Inc. (AMZN) COM 023135106 4,802,615 19,276 SH DFND 19,276 0 0
Amdocs Ltd (DOX) COM G02602103 3,486,779 60,979 SH DFND 60,979 0 0
American Homes 4 Rent REIT (AM COM 02665t306 2,840,796 93,478 SH DFND 93,478 0 0
Apple Inc. (AAPL) COM 037833100 235,778 708 SH DFND 708 0 0
Blackbaud, Inc. (BLKB) COM 09227q100 2,109,260 50,679 SH DFND 50,679 0 0
Broadcom Inc. (AVGO) COM 11135f101 268,309 764 SH DFND 764 0 0
Cadre Holdings, Inc. (CDRE) COM 12763l105 5,638,476 224,730 SH DFND 224,730 0 0
Cannae Holdings Inc. (CNNE) COM 13765n107 1,036,248 67,552 SH DFND 67,552 0 0
Chubb Limited (CB) COM H1467J104 4,059,445 12,481 SH DFND 12,481 0 0
DuPont de Nemours, Inc. (DD) COM 26614n201 3,542,238 27,271 SH DFND 27,271 0 0
EMCOR Group, Inc. (EME) COM 29084q100 18,722,669 24,815 SH DFND 24,815 0 0
EOG Resources (EOG) COM 26875p101 5,573,770 40,460 SH DFND 40,460 0 0
Emerson Electric (EMR) COM 291011104 3,983,278 25,682 SH DFND 25,682 0 0
First Tr NASDAQ Cybersecurity COM 33734x846 216,180 2,097 SH DFND 2,097 0 0
Flex Ltd. (FLEX) COM y2573f102 8,379,368 76,183 SH DFND 76,183 0 0
JPMorgan Chase & Co. (JPM) COM 46625h100 204,122 617 SH DFND 617 0 0
Johnson Controls Int'l plc (JC COM g51502105 12,766,062 85,880 SH DFND 85,880 0 0
KBR, Inc. (KBR) COM 48242w106 9,673,641 275,132 SH DFND 275,132 0 0
Levi Strauss & Co. Class A (LE COM 52736r102 2,286,559 116,069 SH DFND 116,069 0 0
MYR Group, Inc. (MYRG) COM 55405w104 13,637,702 46,631 SH DFND 46,631 0 0
Medtronic plc (MDT) COM G5960L103 3,052,422 35,374 SH DFND 35,374 0 0
Microsoft Corp. (MSFT) COM 594918104 404,165 788 SH DFND 788 0 0
Minerals Technologies Inc. (M COM 603158106 1,981,555 30,299 SH DFND 30,299 0 0
NVIDIA Corp (NVDA) COM 67066g104 876,522 3,838 SH DFND 3,838 0 0
Nextera Energy Inc. (NEE) COM 65339f101 3,655,743 48,267 SH DFND 48,267 0 0
Nextpower Inc. Class A (NXT) COM 65290e101 5,179,773 66,467 SH DFND 66,467 0 0
OceanFirst Financial (OCFC) COM 675234108 481,635 29,137 SH DFND 29,137 0 0
Phillips 66 (PSX) COM 718546104 852,735 3,340 SH DFND 3,340 0 0
Primis Financial Corp. (FRST) COM 74167b109 4,111,710 269,091 SH DFND 269,091 0 0
Primo Brands Corporation Class COM 741623102 7,324,649 384,496 SH DFND 384,496 0 0
Qnity Electronics Inc. (Q) COM 74743l100 5,143,772 40,908 SH DFND 40,908 0 0
Republic Services, Inc. (RSG) COM 760759100 17,789,421 84,764 SH DFND 84,764 0 0
Roper Technologies, Inc. (ROP) COM 776696106 408,460 1,169 SH DFND 1,169 0 0
Rush Enterprises Class A (RUSH COM 781846209 1,772,389 38,690 SH DFND 38,690 0 0
Rush Enterprises Class B (RUSH COM 781846308 1,401,229 25,992 SH DFND 25,992 0 0
Sherwin-Williams Co. (SHW) COM 824348106 1,335,105 4,130 SH DFND 4,130 0 0
Shore Bancshares (SHBI) COM 825107105 2,500,963 111,700 SH DFND 111,700 0 0
T-Mobile USA, Inc. (TMUS) COM 872590104 3,344,282 20,507 SH DFND 20,507 0 0
US Foods Holding Corp. (USFD) COM 912008109 4,424,605 47,984 SH DFND 47,984 0 0
United Parcel Service, Inc. (U COM 911312106 1,244,434 13,318 SH DFND 13,318 0 0
Vanguard Information Technolog COM 92204a702 312,416 2,486 SH DFND 2,486 0 0
Visa Inc. - Class A (V) COM 92826c839 4,261,294 11,859 SH DFND 11,859 0 0
W. R. Berkley Corp. (WRB) COM 084423102 8,536,178 126,387 SH DFND 126,387 0 0
WSFS Financial (WSFS) COM 929328102 1,545,633 20,453 SH DFND 20,453 0 0
Wyndham Hotels & Resorts (WH) COM 98311a105 2,008,718 27,961 SH DFND 27,961 0 0
Xylem Inc. (XYL) COM 98419m100 5,576,129 55,062 SH DFND 55,062 0 0
Ziff Davis, Inc. (ZD) COM 48123v102 2,109,888 37,218 SH DFND 37,218 0 0
Zimmer Biomet Holdings, Inc. ( COM 98956p102 2,979,092 33,537 SH DFND 33,537 0 0
nVent Electric plc (NVT) COM G6700G107 3,525,414 21,983 SH DFND 21,983 0 0
Atlanticus Holdings Corp. (ATL PREF 04914y409 10,214,850 401,685 SH DFND 401,685 0 0
Blackstone Mortgage Trust CONV 09257WAE0 14,855,082 14,911,000 PRN DFND 14,911,000 0 0
Lucid Group Inc. CONV 549498AA1 3,337,725 3,495,000 PRN DFND 3,495,000 0 0
MGP Ingredients, Inc. CONV 55303JAB2 15,598,292 15,835,000 PRN DFND 15,835,000 0 0
Pebblebrook Hotel Trust CONV 70509VAA8 12,287,164 12,395,000 PRN DFND 12,395,000 0 0
Pennymac Corp CONV 70932AAH6 3,460,725 3,495,000 PRN DFND 3,495,000 0 0
Redfin Corp. CONV 75737FAE8 10,244,299 10,507,000 PRN DFND 10,507,000 0 0
Sarepta Therapeutics, Inc. CONV 803607AD2 10,377,153 10,810,000 PRN DFND 10,810,000 0 0
Snap Inc. CONV 83304AAF3 5,184,949 5,373,000 PRN DFND 5,373,000 0 0
Spectrum Brands CONV 84762LAZ8 4,398,887 4,459,000 PRN DFND 4,459,000 0 0
Starwood Property Trust CONV 85571BBA2 5,511,000 5,500,000 PRN DFND 5,500,000 0 0
Super Micro Computer, Inc. CONV 86800UAB0 14,320,072 14,494,000 PRN DFND 14,494,000 0 0
The Beauty Health Co. CONV 88331LAA6 970,000 1,000,000 PRN DFND 1,000,000 0 0
fuboTV, Inc. CONV 35953DAC8 4,887,399 5,000,000 PRN DFND 5,000,000 0 0