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   1,297,403 13,396 SH   DFND   13,396 0 0
Advanced Drainage Systems (WMS COM 00790r104   832,780 7,316 SH   DFND   7,316 0 0
Alight, Inc. (ALIT) COM 01626w101   3,692,593 520,817 SH   DFND   520,817 0 0
Alphabet, Inc. - Cl C (GOOG) COM 02079K107   7,679,340 58,243 SH   DFND   58,243 0 0
Amazon.com, Inc. (AMZN) COM 023135106   2,983,506 23,470 SH   DFND   23,470 0 0
Amdocs Ltd (DOX) COM G02602103   2,761,978 32,690 SH   DFND   32,690 0 0
American Homes 4 Rent (AMH) COM 02665t306   3,623,258 107,547 SH   DFND   107,547 0 0
Avid Technology (AVID) COM 05367p100   1,412,610 52,572 SH   DFND   52,572 0 0
Cannae Holdings Inc. (CNNE) COM 13765n107   537,242 28,822 SH   DFND   28,822 0 0
Chevron Corp. (CVX) COM 166764100   213,136 1,264 SH   DFND   1,264 0 0
Chubb Limited (CB) COM H1467J104   3,860,698 18,545 SH   DFND   18,545 0 0
Coca Cola Co. (KO) COM 191216100   204,607 3,655 SH   DFND   3,655 0 0
Darling Ingredients Inc. (DAR) COM 237266101   1,145,581 21,946 SH   DFND   21,946 0 0
DuPont de Nemours, Inc. (DD) COM 26614n102   6,752,150 90,524 SH   DFND   90,524 0 0
Dun & Bradstreet Holdings Inc. COM 26484t106   2,961,026 296,399 SH   DFND   296,399 0 0
EMCOR Group, Inc. (EME) COM 29084q100   10,987,618 52,225 SH   DFND   52,225 0 0
EOG Resources (EOG) COM 26875p101   5,398,708 42,590 SH   DFND   42,590 0 0
Emerson Electric (EMR) COM 291011104   2,761,419 28,595 SH   DFND   28,595 0 0
Envista Holdings Corp (NVST) COM 29415f104   2,047,424 73,437 SH   DFND   73,437 0 0
First Tr NASDAQ Cybersecurity COM 33734x846   220,472 4,853 SH   DFND   4,853 0 0
Invesco Solar ETF (TAN) COM 46138g706   3,461,385 66,835 SH   DFND   66,835 0 0
Johnson & Johnson (JNJ) COM 478160104   1,420,129 9,118 SH   DFND   9,118 0 0
Johnson Controls Int'l plc (JC COM g51502105   6,504,231 122,237 SH   DFND   122,237 0 0
KBR, Inc. (KBR) COM 48242w106   17,263,290 292,896 SH   DFND   292,896 0 0
Kenvue Inc (KVUE) COM 49177j102   2,999,647 149,385 SH   DFND   149,385 0 0
Leslie's Inc. (LESL) COM 527064109   3,024,800 534,417 SH   DFND   534,417 0 0
Levi Strauss & Co. Class A (LE COM 52736r102   5,342,929 393,441 SH   DFND   393,441 0 0
MYR Group, Inc. (MYRG) COM 55405w104   11,871,817 88,096 SH   DFND   88,096 0 0
Medtronic plc (MDT) COM G5960L103   4,890,761 62,414 SH   DFND   62,414 0 0
Minerals Technologies Inc. (M COM 603158106   1,505,736 27,497 SH   DFND   27,497 0 0
Nextera Energy Inc. (NEE) COM 65339f101   3,505,059 61,181 SH   DFND   61,181 0 0
OceanFirst Financial (OCFC) COM 675234108   434,274 30,012 SH   DFND   30,012 0 0
Phillips 66 (PSX) COM 718546104   422,447 3,516 SH   DFND   3,516 0 0
Physicians Realty Trust (DOC) COM 71943U104   202,756 16,633 SH   DFND   16,633 0 0
Primis Financial Corp. (FRST) COM 74167b109   3,302,258 405,185 SH   DFND   405,185 0 0
Primo Water Corp. (PRMW) COM 74167p108   5,177,898 375,210 SH   DFND   375,210 0 0
Republic Services, Inc. (RSG) COM 760759100   18,611,806 130,600 SH   DFND   130,600 0 0
Rush Enterprises Class A (RUSH COM 781846209   1,189,868 29,142 SH   DFND   29,142 0 0
Rush Enterprises Class B (RUSH COM 781846308   784,785 17,328 SH   DFND   17,328 0 0
Sherwin-Williams Co. (SHW) COM 824348106   1,766,221 6,925 SH   DFND   6,925 0 0
Shore Bancshares (SHBI) COM 825107105   1,829,859 173,941 SH   DFND   173,941 0 0
T-Mobile USA, Inc. (TMUS) COM 872590104   8,504,816 60,727 SH   DFND   60,727 0 0
US Foods Holding Corp. COM 912008109   972,094 24,486 SH   DFND   24,486 0 0
United Parcel Service, Inc. (U COM 911312106   2,175,478 13,957 SH   DFND   13,957 0 0
Vanguard Consumer Discretionar COM 92204a108   358,262 1,330 SH   DFND   1,330 0 0
Vanguard Financials ETF (VFH) COM 92204a405   207,948 2,589 SH   DFND   2,589 0 0
Vanguard Health Care ETF (VHT COM 92204a504   424,826 1,807 SH   DFND   1,807 0 0
Vanguard Information Technolog COM 92204a702   881,663 2,125 SH   DFND   2,125 0 0
Visa Inc. - Class A (V) COM 92826c839   3,975,263 17,283 SH   DFND   17,283 0 0
W. R. Berkley Corp. (WRB) COM 084423102   5,567,740 87,695 SH   DFND   87,695 0 0
WSFS Financial (WSFS) COM 929328102   1,300,313 35,625 SH   DFND   35,625 0 0
Wyndham Hotels & Resorts (WH) COM 98311a105   4,179,424 60,101 SH   DFND   60,101 0 0
Ziff Davis, Inc. (ZD) COM 48123v102   6,060,422 95,155 SH   DFND   95,155 0 0
iShares U.S. B-D & Sec Ex ETF COM 464288794   201,540 2,214 SH   DFND   2,214 0 0
nVent Electric plc (NVT) COM G6700G107   1,256,711 23,716 SH   DFND   23,716 0 0
Haemonetics Corp. CONV 405024AB6   444,975 510,000 PRN   DFND   510,000 0 0
Herbalife Ltd. CONV 42703MAD5   2,130,608 2,183,000 PRN   DFND   2,183,000 0 0