Location: Lutherville, MD
CIK: 0000919538 · Show all filings
Period: Q3 2025 (← Previous) (Next →)
Filing Date: Oct 22, 2025
Total Value: $341M (64.4% shares, 35.6% debt)
| Ticker | Issuer | Shares | Value | % | Share Price | Est. Cost/Share | Unrealized @ Report Date | Class | CUSIP |
|---|---|---|---|---|---|---|---|---|---|
| — | EMCOR Group, Inc. (EME) | 32,882 | $21.36M | 6.3% | $649.54 | $47.47 | — | COM | 29084q100 |
| RSG | Republic Services, Inc. (RSG) | 87,815 | $20.15M | 5.9% | $229.48 | $26.48 | +761.8% | COM | 760759100 |
| — | MYR Group, Inc. (MYRG) | 74,346 | $15.47M | 4.5% | $208.03 | $30.14 | — | COM | 55405w104 |
| — | Blackstone Mortgage Trust | 15,730,000 | $15.42M | 4.5% | $0.98 | $0.97 | — | CONV | 09257WAE0 |
| — | fuboTV, Inc. | 15,354,000 | $15.16M | 4.4% | $0.99 | $0.97 | — | CONV | 35953DAB0 |
| — | Pebblebrook Hotel Trust | 14,393,000 | $13.84M | 4.1% | $0.96 | $0.92 | — | CONV | 70509VAA8 |
| — | KBR, Inc. (KBR) | 283,369 | $13.4M | 3.9% | $47.29 | $23.75 | — | COM | 48242w106 |
| — | Pennymac Corp | 12,608,000 | $12.52M | 3.7% | $0.99 | $0.99 | — | CONV | 70932AAF0 |
| — | MGP Ingredients, Inc. | 12,486,000 | $11.9M | 3.5% | $0.95 | $0.95 | — | CONV | 55303JAB2 |
| — | Redfin Corp. | 11,938,000 | $11.02M | 3.2% | $0.92 | $0.90 | — | CONV | 75737FAE8 |
| GOOG | Alphabet, Inc. - Cl C (GOOG) | 44,626 | $10.87M | 3.2% | $243.55 | $108.11 | +125.1% | COM | 02079K107 |
| — | Summit Hotel Properties, Inc. | 10,731,000 | $10.51M | 3.1% | $0.98 | $0.98 | — | CONV | 866082aa8 |
| — | Johnson Controls Int'l plc (JC | 94,871 | $10.43M | 3.1% | $109.95 | $41.23 | — | COM | g51502105 |
| WRB | W. R. Berkley Corp. (WRB) | 128,223 | $9.824M | 2.9% | $76.62 | $35.30 | +113.6% | COM | 084423102 |
| — | Bandwidth Inc. | 11,511,000 | $9.773M | 2.9% | $0.85 | $0.85 | — | CONV | 05988JAD5 |
| PRMB | Primo Brands Corporation Class | 362,753 | $8.017M | 2.3% | $22.10 | $28.07 | -21.3% | COM | 741623102 |
| — | DuPont de Nemours, Inc. (DD) | 84,927 | $6.616M | 1.9% | $77.90 | $71.61 | — | COM | 26614n102 |
| — | Snap Inc. | 6,864,000 | $6.332M | 1.9% | $0.92 | $0.85 | — | CONV | 83304AAF3 |
| — | Nextracker Inc. Class A (NXT) | 82,948 | $6.137M | 1.8% | $73.99 | $44.73 | — | COM | 65290e101 |
| — | Marriott Vacation Worldwide | 4,964,000 | $4.881M | 1.4% | $0.98 | $0.98 | — | CONV | 57164YAD9 |
| TMUS | T-Mobile USA, Inc. (TMUS) | 19,761 | $4.73M | 1.4% | $239.38 | $102.81 | +131.7% | COM | 872590104 |
| — | EOG Resources (EOG) | 41,153 | $4.614M | 1.4% | $112.12 | $117.65 | — | COM | 26875p101 |
| — | Alight, Inc. (ALIT) | 1,414,825 | $4.612M | 1.4% | $3.26 | $5.76 | — | COM | 01626w101 |
| AMZN | Amazon.com, Inc. (AMZN) | 20,753 | $4.557M | 1.3% | $219.57 | $124.44 | +76.4% | COM | 023135106 |
| — | Nextera Energy Partners LP 144 | 4,500,000 | $4.466M | 1.3% | $0.99 | $0.99 | — | CONV | 65341BAD8 |
| — | Visa Inc. - Class A (V) | 12,847 | $4.386M | 1.3% | $341.38 | $200.29 | — | COM | 92826c839 |
| — | Flex Ltd. (FLEX) | 72,698 | $4.214M | 1.2% | $57.97 | $30.46 | — | COM | y2573f102 |
| — | Ziff Davis, Inc. (ZD) | 109,870 | $4.186M | 1.2% | $38.10 | $68.70 | — | COM | 48123v102 |
| — | Nextera Energy Inc. (NEE) | 51,101 | $3.858M | 1.1% | $75.49 | $95.31 | — | COM | 65339f101 |
| CB | Chubb Limited (CB) | 13,211 | $3.729M | 1.1% | $282.25 | $110.17 | +156.2% | COM | H1467J104 |
| MDT | Medtronic plc (MDT) | 38,146 | $3.633M | 1.1% | $95.24 | $76.65 | +24.3% | COM | G5960L103 |
| EMR | Emerson Electric (EMR) | 26,602 | $3.49M | 1.0% | $131.18 | $42.64 | +206.3% | COM | 291011104 |
| — | American Homes 4 Rent (AMH) | 98,399 | $3.272M | 1.0% | $33.25 | $29.02 | — | COM | 02665t306 |
| — | Kenvue Inc (KVUE) | 197,193 | $3.2M | 0.9% | $16.23 | $19.85 | — | COM | 49177j102 |
| — | Zimmer Biomet Holdings, Inc. ( | 32,420 | $3.193M | 0.9% | $98.50 | $108.11 | — | COM | 98956p102 |
| — | Levi Strauss & Co. Class A (LE | 134,551 | $3.135M | 0.9% | $23.30 | $18.76 | — | COM | 52736r102 |
| DOX | Amdocs Ltd (DOX) | 37,900 | $3.11M | 0.9% | $82.05 | $57.27 | +42.3% | COM | G02602103 |
| — | Blackbaud, Inc. (BLKB) | 48,167 | $3.098M | 0.9% | $64.31 | $71.28 | — | COM | 09227q100 |
| — | Primis Financial Corp. (FRST) | 276,001 | $2.901M | 0.8% | $10.51 | $14.22 | — | COM | 74167b109 |
| — | Lucid Group Inc. | 3,000,000 | $2.79M | 0.8% | $0.93 | $0.93 | — | CONV | 549498AA1 |
| SHBI | Shore Bancshares (SHBI) | 155,239 | $2.547M | 0.7% | $16.41 | $11.35 | +44.5% | COM | 825107105 |
| NVT | nVent Electric plc (NVT) | 22,747 | $2.244M | 0.7% | $98.64 | $22.01 | +346.4% | COM | G6700G107 |
| — | Advanced Drainage Systems (WMS | 15,500 | $2.15M | 0.6% | $138.70 | $100.25 | — | COM | 00790r104 |
| — | Wyndham Hotels & Resorts (WH) | 24,087 | $1.925M | 0.6% | $79.90 | $53.75 | — | COM | 98311a105 |
| MTX | Minerals Technologies Inc. (M | 30,438 | $1.891M | 0.6% | $62.12 | $58.06 | +6.6% | COM | 603158106 |
| USFD | US Foods Holding Corp. | 24,613 | $1.886M | 0.6% | $76.62 | $37.07 | +106.7% | COM | 912008109 |
| WSFS | WSFS Financial (WSFS) | 33,685 | $1.817M | 0.5% | $53.93 | $41.40 | +30.3% | COM | 929328102 |
| — | Cadre Holdings, Inc. (CDRE) | 49,001 | $1.789M | 0.5% | $36.51 | $32.31 | — | COM | 12763l105 |
| — | Pennymac Corp | 1,500,000 | $1.543M | 0.5% | $1.03 | $1.03 | — | CONV | 70932AAH6 |
| SHW | Sherwin-Williams Co. (SHW) | 4,273 | $1.48M | 0.4% | $346.26 | $205.65 | +68.0% | COM | 824348106 |
| RUSHA | Rush Enterprises Class A (RUSH | 27,050 | $1.446M | 0.4% | $53.47 | $34.76 | +53.8% | COM | 781846209 |
| ABT | Abbott Laboratories (ABT) | 10,324 | $1.383M | 0.4% | $133.94 | $49.80 | +167.7% | COM | 002824100 |
| ROP | Roper Technologies, Inc. (ROP) | 2,599 | $1.296M | 0.4% | $498.69 | $543.22 | -8.5% | COM | 776696106 |
| UPS | United Parcel Service, Inc. (U | 14,000 | $1.169M | 0.3% | $83.53 | $75.28 | +9.1% | COM | 911312106 |
| — | Pure Storage, Inc. | 13,289 | $1.114M | 0.3% | $83.81 | $41.18 | — | COM | 74624m102 |
| — | Akamai Technologies, Inc. (AK | 13,650 | $1.034M | 0.3% | $75.76 | $104.35 | — | COM | 00971t101 |
| — | Cannae Holdings Inc. (CNNE) | 54,598 | $1M | 0.3% | $18.31 | $18.89 | — | COM | 13765n107 |
| RUSHB | Rush Enterprises Class B (RUSH | 17,328 | $995K | 0.3% | $57.42 | $20.21 | +183.1% | COM | 781846308 |
| — | Haemonetics Corp. | 814,000 | $796K | 0.2% | $0.98 | $0.85 | — | CONV | 405024AB6 |
| OCFC | OceanFirst Financial (OCFC) | 30,012 | $527K | 0.2% | $17.57 * | $9.88 | +74.0% | COM | 675234108 |
| — | DigitalOcean Holdings, Inc. | 526,000 | $495K | 0.1% | $0.94 | $0.86 | — | CONV | 25402DAB8 |
| PSX | Phillips 66 (PSX) | 3,441 | $468K | 0.1% | $136.02 | $40.93 | +229.5% | COM | 718546104 |
| — | Broadcom Inc. (AVGO) | 1,348 | $445K | 0.1% | $329.91 | $266.88 | — | COM | 11135f101 |
| — | Vanguard Information Technolog | 547 | $408K | 0.1% | $746.63 | $397.65 | — | COM | 92204a702 |
| MSFT | Microsoft Corp. (MSFT) | 680 | $352K | 0.1% | $517.95 | $417.26 | +23.9% | COM | 594918104 |
| — | Shoals Technology Grp, Inc. Cl | 34,500 | $256K | 0.1% | $7.41 | $6.74 | — | COM | 82489w107 |
| — | JPMorgan Chase & Co. (JPM) | 655 | $207K | 0.1% | $315.43 | $315.43 | — | COM | 46625h100 |