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   1,403,869 13,864 SH   DFND   13,864 0 0
Advanced Drainage Systems (WMS COM 00790r104   695,238 8,256 SH   DFND   8,256 0 0
Alphabet, Inc. - Cl C (GOOG) COM 02079K107   8,221,512 79,053 SH   DFND   79,053 0 0
Amazon.com, Inc. (AMZN) COM 023135106   3,606,060 34,912 SH   DFND   34,912 0 0
Amdocs Ltd (DOX) COM G02602103   3,505,671 36,506 SH   DFND   36,506 0 0
American Homes 4 Rent (AMH) COM 02665t306   3,912,443 124,402 SH   DFND   124,402 0 0
American National Bankshares ( COM 027745108   1,252,816 39,521 SH   DFND   39,521 0 0
Avid Technology (AVID) COM 05367p100   740,497 23,155 SH   DFND   23,155 0 0
Cannae Holdings Inc. (CNNE) COM 13765n107   581,628 28,822 SH   DFND   28,822 0 0
Chevron Corp. (CVX) COM 166764100   209,824 1,286 SH   DFND   1,286 0 0
Chubb Limited (CB) COM H1467J104   4,730,031 24,359 SH   DFND   24,359 0 0
Cisco Systems, Inc. (CSCO) COM 17275r102   5,959,507 114,003 SH   DFND   114,003 0 0
Coca Cola Co. (KO) COM 191216100   696,039 11,221 SH   DFND   11,221 0 0
Du Pont de Nemours, Inc. (DD) COM 26614n102   6,898,840 96,124 SH   DFND   96,124 0 0
Dun & Bradstreet Holdings Inc. COM 26484t106   2,986,374 254,376 SH   DFND   254,376 0 0
EMCOR Group, Inc. (EME) COM 29084q100   9,638,335 59,280 SH   DFND   59,280 0 0
EOG Resources (EOG) COM 26875p101   5,159,496 45,010 SH   DFND   45,010 0 0
Emerson Electric (EMR) COM 291011104   2,676,767 30,718 SH   DFND   30,718 0 0
Envista Holdings Corp (NVST) COM 29415f104   1,221,740 29,886 SH   DFND   29,886 0 0
First Tr NASDAQ Cybersecurity COM 33734x846   211,741 4,953 SH   DFND   4,953 0 0
Intl. Flavors & Fragrances (IF COM 459506101   1,724,802 18,756 SH   DFND   18,756 0 0
Invesco Solar ETF (TAN) COM 46138g706   5,670,794 73,049 SH   DFND   73,049 0 0
Johnson & Johnson (JNJ) COM 478160104   2,802,710 18,082 SH   DFND   18,082 0 0
Johnson Controls Int'l plc (JC COM g51502105   7,768,440 129,001 SH   DFND   129,001 0 0
KBR, Inc. (KBR) COM 48242w106   17,960,283 326,254 SH   DFND   326,254 0 0
Leslie's Inc. (LESL) COM 527064109   1,395,275 126,728 SH   DFND   126,728 0 0
Levi Strauss & Co. Class A (LE COM 52736r102   6,114,615 335,415 SH   DFND   335,415 0 0
MYR Group, Inc. (MYRG) COM 55405w104   12,587,517 99,893 SH   DFND   99,893 0 0
Medtronic plc (MDT) COM G5960L103   5,795,288 71,884 SH   DFND   71,884 0 0
Nextera Energy Inc. (NEE) COM 65339f101   5,072,326 65,806 SH   DFND   65,806 0 0
OceanFirst Financial (OCFC) COM 675234108   554,622 30,012 SH   DFND   30,012 0 0
Owens Corning (OC) COM 690742101   259,714 2,711 SH   DFND   2,711 0 0
Phillips 66 (PSX) COM 718546104   356,452 3,516 SH   DFND   3,516 0 0
Physicians Realty Trust (DOC) COM 71943U104   263,619 17,657 SH   DFND   17,657 0 0
Primis Financial Corp. (FRST) COM 74167b109   4,313,383 447,911 SH   DFND   447,911 0 0
Primo Water Corp. (PRMW) COM 74167p108   2,997,456 195,274 SH   DFND   195,274 0 0
Republic Services, Inc. (RSG) COM 760759100   19,753,343 146,083 SH   DFND   146,083 0 0
Rush Enterprises Class A (RUSH COM 781846209   1,186,240 21,726 SH   DFND   21,726 0 0
Rush Enterprises Class B (RUSH COM 781846308   691,849 11,552 SH   DFND   11,552 0 0
Sherwin-Williams Co. (SHW) COM 824348106   2,208,365 9,825 SH   DFND   9,825 0 0
Shore Bancshares (SHBI) COM 825107105   2,441,009 170,939 SH   DFND   170,939 0 0
T-Mobile USA, Inc. (TMUS) COM 872590104   10,656,024 73,571 SH   DFND   73,571 0 0
US Foods Holding Corp. COM 912008109   904,513 24,486 SH   DFND   24,486 0 0
United Parcel Service, Inc. (U COM 911312106   4,591,355 23,668 SH   DFND   23,668 0 0
Vanguard Consumer Discretionar COM 92204a108   344,226 1,363 SH   DFND   1,363 0 0
Vanguard Consumer Staples ETF COM 92204a207   393,233 2,032 SH   DFND   2,032 0 0
Vanguard Financials ETF (VFH) COM 92204a405   205,941 2,644 SH   DFND   2,644 0 0
Vanguard Health Care ETF (VHT COM 92204a504   437,813 1,836 SH   DFND   1,836 0 0
Vanguard Information Technolog COM 92204a702   639,880 1,660 SH   DFND   1,660 0 0
Visa Inc. - Class A (V) COM 92826c839   5,648,900 25,055 SH   DFND   25,055 0 0
W. R. Berkley Corp. (WRB) COM 084423102   5,425,655 87,145 SH   DFND   87,145 0 0
WSFS Financial (WSFS) COM 929328102   1,342,113 35,685 SH   DFND   35,685 0 0
Wyndham Hotels & Resorts (WH) COM 98311a105   4,361,194 64,277 SH   DFND   64,277 0 0
Ziff Davis, Inc. (ZD) COM 48123v102   7,816,551 100,148 SH   DFND   100,148 0 0
iShares U.S. B-D & Sec Ex ETF COM 464288794   207,198 2,261 SH   DFND   2,261 0 0
nVent Electric plc (NVT) COM G6700G107   1,022,444 23,811 SH   DFND   23,811 0 0
Gaslog Partners LP (GLOP.PRA) PREF Y2687w116   2,534,073 110,225 SH   DFND   110,225 0 0
Gaslog Partners LP (GLOP.PRB) PREF Y2687w124   510,359 21,773 SH   DFND   21,773 0 0
Digitalbridge Group Inc. CONV 19624RAA4   18,744,075 18,744,000 PRN   DFND   18,744,000 0 0
Haemonetics Corp. CONV 405024AB6   856,968 1,010,000 PRN   DFND   1,010,000 0 0
Hope Bancorp Inc CONV 43940TAB5   4,938,120 5,104,000 PRN   DFND   5,104,000 0 0
LendingTree, Inc. CONV 52603bad9   10,267,429 13,767,000 PRN   DFND   13,767,000 0 0
Nextera Energy Partners CONV 65341BAE6   464,250 500,000 PRN   DFND   500,000 0 0
Ziff Davis 144A CONV 48123VAD4   977,500 1,000,000 PRN   DFND   1,000,000 0 0