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 2,014 14,311 SH   DFND   14,311 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 172 17,388 SH   DFND   17,388 0 0
Alphabet, Inc. - Cl C (GOOG) COM 02079K107 16,265 5,621 SH   DFND   5,621 0 0
Amazon.com, Inc. (AMZN) COM 023135106 8,016 2,404 SH   DFND   2,404 0 0
Amdocs Ltd (DOX) COM G02602103 7,694 102,808 SH   DFND   102,808 0 0
American Homes 4 Rent (AMH) COM 02665t306 5,887 134,990 SH   DFND   134,990 0 0
American National Bankshares ( COM 027745108 1,499 39,795 SH   DFND   39,795 0 0
Americold Realty Trust (COLD) COM 03064d108 1,996 60,882 SH   DFND   60,882 0 0
BRiley Principal 250 Merg Clas COM 05602l104 276 28,384 SH   DFND   28,384 0 0
CMS Energy Corp. (CMS) COM 125896100 3,936 60,500 SH   DFND   60,500 0 0
Chubb Limited (CB) COM H1467J104 5,458 28,233 SH   DFND   28,233 0 0
Cisco Systems (CSCO) COM 17275r102 12,124 191,314 SH   DFND   191,314 0 0
Coca Cola Co. (KO) COM 191216100 839 14,164 SH   DFND   14,164 0 0
Colombier Acq Corp Class A (CL COM 19533h108 215 22,350 SH   DFND   22,350 0 0
DPCM Capital Inc. Class A (XPO COM 23344p101 219 22,350 SH   DFND   22,350 0 0
Du Pont de Nemours, Inc. (DD) COM 26614n102 7,932 98,188 SH   DFND   98,188 0 0
Dun & Bradstreet Holdings Inc. COM 26484t106 3,711 181,127 SH   DFND   181,127 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 7,627 59,868 SH   DFND   59,868 0 0
EOG Resources (EOG) COM 26875p101 4,205 47,340 SH   DFND   47,340 0 0
Emerson Electric (EMR) COM 291011104 3,112 33,469 SH   DFND   33,469 0 0
Executive Network Part Class A COM 30158l100 242 24,674 SH   DFND   24,674 0 0
Fast Acquisition Corp (FST) COM 311875108 723 71,122 SH   DFND   71,122 0 0
First Tr NASDAQ Cybersecurity COM 33734x846 310 5,874 SH   DFND   5,874 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 273 28,121 SH   DFND   28,121 0 0
GigInternational1 Inc. (GIW) COM 37518w106 162 16,303 SH   DFND   16,303 0 0
Glass Houses Acq. Corp. Class COM 37714p103 132 13,623 SH   DFND   13,623 0 0
Goal Acquisition Corp. Class A COM 38021h107 407 41,796 SH   DFND   41,796 0 0
Golden Arrow Merger Corp. Clas COM 380799106 132 13,673 SH   DFND   13,673 0 0
Healthcare Svcs Acq Corp Class COM 42227k104 227 23,301 SH   DFND   23,301 0 0
Intl. Flavors & Fragrances (IF COM 459506101 1,745 11,585 SH   DFND   11,585 0 0
Invesco Solar ETF (TAN) COM 46138g706 6,123 79,549 SH   DFND   79,549 0 0
JPMorgan Chase & Co. (JPM) COM 46625h100 247 1,558 SH   DFND   1,558 0 0
Johnson & Johnson (JNJ) COM 478160104 4,574 26,739 SH   DFND   26,739 0 0
Johnson Controls Int'l plc (JC COM g51502105 10,971 134,926 SH   DFND   134,926 0 0
Jupiter Acq Corp. Class A (JA COM 482082104 109 11,374 SH   DFND   11,374 0 0
KBR, Inc. (KBR) COM 48242w106 16,549 347,531 SH   DFND   347,531 0 0
Kadem Sustainable Imp Corp. C COM 48284e105 374 38,674 SH   DFND   38,674 0 0
MYR Group, Inc. (MYRG) COM 55405w104 10,884 98,451 SH   DFND   98,451 0 0
Macondray Cap Acq Corp I Class COM g5853a107 306 31,101 SH   DFND   31,101 0 0
Medtronic plc (MDT) COM G5960L103 7,309 70,652 SH   DFND   70,652 0 0
Nextera Energy Inc. (NEE) COM 65339f101 3,270 35,029 SH   DFND   35,029 0 0
Noble Rock Acq. Corp. Class A COM g6546r101 110 11,300 SH   DFND   11,300 0 0
OceanFirst Financial (OCFC) COM 675234108 1,256 56,574 SH   DFND   56,574 0 0
Osiris Acquisition Corp Class COM 68829a103 435 44,942 SH   DFND   44,942 0 0
Owens Corning (OC) COM 690742101 3,222 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 259 1,292 SH   DFND   1,292 0 0
Periphas Capital Ptn Co Class COM 713895100 366 15,008 SH   DFND   15,008 0 0
Phillips 66 (PSX) COM 718546104 269 3,714 SH   DFND   3,714 0 0
Physicians Realty Trust (DOC) COM 71943U104 517 27,461 SH   DFND   27,461 0 0
Post Holdings Part Corp. Clas COM 737465104 290 29,572 SH   DFND   29,572 0 0
Primis Financial Corp. (FRST) COM 74167b109 6,254 415,845 SH   DFND   415,845 0 0
Republic Services, Inc. (RSG) COM 760759100 25,757 184,706 SH   DFND   184,706 0 0
Rush Enterprises Class A (RUSH COM 781846209 1,264 22,719 SH   DFND   22,719 0 0
Rush Enterprises Class B (RUSH COM 781846308 927 17,178 SH   DFND   17,178 0 0
SPAC and New Issue ETF (SPCX) COM 19423l672 1,499 53,522 SH   DFND   53,522 0 0
Sherwin-Williams Co. (SHW) COM 824348106 4,704 13,357 SH   DFND   13,357 0 0
Shore Bancshares (SHBI) COM 825107105 2,590 124,211 SH   DFND   124,211 0 0
T-Mobile US Inc. (TMUS) COM 872590104 7,217 62,225 SH   DFND   62,225 0 0
Tailwind Acquisition Corp. Cla COM 87403q102 157 15,950 SH   DFND   15,950 0 0
Tastemaker Acquisition Corp. ( COM 876545104 388 39,237 SH   DFND   39,237 0 0
United Parcel Service, Inc. (U COM 911312106 9,409 43,897 SH   DFND   43,897 0 0
Vanguard Communication Service COM 92204a884 546 4,026 SH   DFND   4,026 0 0
Vanguard Consumer Discretionar COM 92204a108 998 2,931 SH   DFND   2,931 0 0
Vanguard Consumer Staples ETF COM 92204a207 628 3,142 SH   DFND   3,142 0 0
Vanguard Financials ETF (VFH) COM 92204a405 466 4,829 SH   DFND   4,829 0 0
Vanguard Health Care ETF (VHT COM 92204a504 605 2,270 SH   DFND   2,270 0 0
Vanguard Information Technolog COM 92204a702 907 1,979 SH   DFND   1,979 0 0
Visa Inc. Class A (V) COM 92826c839 7,647 35,286 SH   DFND   35,286 0 0
W. R. Berkley Corp. (WRB) COM 084423102 4,733 57,445 SH   DFND   57,445 0 0
WSFS Financial (WSFS) COM 929328102 1,840 36,715 SH   DFND   36,715 0 0
Wyndham Hotels & Resorts (WH) COM 98311a105 8,276 92,317 SH   DFND   92,317 0 0
Ziff Davis Inc. (ZD) COM 48123v102 17,379 156,761 SH   DFND   156,761 0 0
iShares U.S. Broker-Dealers & COM 464288794 302 2,743 SH   DFND   2,743 0 0
nVent Electric plc (NVT) COM G6700G107 948 24,949 SH   DFND   24,949 0 0
Gaslog Partners LP (GLOP.PRA) PREF Y2687w116 2,519 95,650 SH   DFND   95,650 0 0
Blackstone Mortgage Trust CONV 09257WAB6 17,688 17,600,000 PRN   DFND   17,600,000 0 0
Blackstone Mortgage Trust CONV 09257WAC4 2,135 2,092,000 PRN   DFND   2,092,000 0 0
FireEye Inc. CONV 31816QAD3 20,159 20,208,000 PRN   DFND   20,208,000 0 0
Golar LNG Ltd. CONV 38046YAB7 2,079 2,083,000 PRN   DFND   2,083,000 0 0
Hope Bancorp Inc CONV 43940TAB5 275 283,000 PRN   DFND   283,000 0 0
LendingTree, Inc. CONV 52603bad9 13,843 16,704,000 PRN   DFND   16,704,000 0 0
Ziff Davis CONV 48123VAD4 1,236 1,000,000 PRN   DFND   1,000,000 0 0
Oyster Ent Acq Corp Warrants WARR 69242m112 5 10,000 SH   DFND   10,000 0 0