Location: Lutherville, MD
CIK: 0000919538 · Show all filings
Period: Q4 2025 (← Previous) (Next →)
Filing Date: Jan 13, 2026
Total Value: $342M (61.9% shares, 38.1% debt)
| Ticker | Issuer | Shares | Value | % | Share Price | Est. Cost/Share | Unrealized @ Report Date | Class | CUSIP |
|---|---|---|---|---|---|---|---|---|---|
| — | EMCOR Group, Inc. (EME) | 30,490 | $18.65M | 5.4% | $611.79 | $47.47 | — | COM | 29084q100 |
| RSG | Republic Services, Inc. (RSG) | 86,246 | $18.28M | 5.3% | $211.93 | $26.48 | +698.1% | COM | 760759100 |
| — | Bandwidth, Inc. | 17,791,000 | $15.45M | 4.5% | $0.87 | $0.86 | — | CONV | 05988JAD5 |
| — | Blackstone Mortgage Trust | 15,605,000 | $15.38M | 4.5% | $0.99 | $0.97 | — | CONV | 09257WAE0 |
| — | MYR Group, Inc. (MYRG) | 69,163 | $15.11M | 4.4% | $218.50 | $30.14 | — | COM | 55405w104 |
| — | fuboTV, Inc. | 14,855,000 | $14.84M | 4.3% | $1.00 | $0.97 | — | CONV | 35953DAB0 |
| — | MGP Ingredients, Inc. | 15,081,000 | $14.57M | 4.3% | $0.97 | $0.96 | — | CONV | 55303JAB2 |
| — | Pebblebrook Hotel Trust | 14,127,000 | $13.63M | 4.0% | $0.96 | $0.92 | — | CONV | 70509VAA8 |
| GOOG | Alphabet, Inc. - Cl C (GOOG) | 39,494 | $12.39M | 3.6% | $313.80 | $108.11 | +190.3% | COM | 02079K107 |
| — | Pennymac Corp | 12,189,000 | $12.15M | 3.5% | $1.00 | $0.99 | — | CONV | 70932AAF0 |
| — | Summit Hotel Properties, Inc. | 11,410,000 | $11.32M | 3.3% | $0.99 | $0.98 | — | CONV | 866082aa8 |
| — | KBR, Inc. (KBR) | 279,006 | $11.22M | 3.3% | $40.20 | $23.75 | — | COM | 48242w106 |
| — | Johnson Controls Int'l plc (JC | 93,060 | $11.14M | 3.3% | $119.75 | $41.23 | — | COM | g51502105 |
| — | Redfin Corp. | 11,802,000 | $11.05M | 3.2% | $0.94 | $0.90 | — | CONV | 75737FAE8 |
| WRB | W. R. Berkley Corp. (WRB) | 128,425 | $9.005M | 2.6% | $70.12 | $35.30 | +98.6% | COM | 084423102 |
| — | Nextpower Inc. Class A (NXT) | 81,638 | $7.111M | 2.1% | $87.11 | $44.73 | — | COM | 65290e101 |
| PRMB | Primo Brands Corporation Class | 391,646 | $6.403M | 1.9% | $16.35 | $27.37 | -40.3% | COM | 741623102 |
| — | Snap Inc. | 6,538,000 | $6.08M | 1.8% | $0.93 | $0.85 | — | CONV | 83304AAF3 |
| — | Marriott Vacation Worldwide | 5,117,000 | $5.098M | 1.5% | $1.00 | $0.98 | — | CONV | 57164YAD9 |
| — | Spectrum Brands | 5,124,000 | $4.84M | 1.4% | $0.94 | $0.94 | — | CONV | 84762LAZ8 |
| AMZN | Amazon.com, Inc. (AMZN) | 20,147 | $4.65M | 1.4% | $230.82 | $124.44 | +85.5% | COM | 023135106 |
| — | EOG Resources (EOG) | 41,401 | $4.348M | 1.3% | $105.01 | $117.65 | — | COM | 26875p101 |
| — | Visa Inc. - Class A (V) | 12,380 | $4.342M | 1.3% | $350.71 | $200.29 | — | COM | 92826c839 |
| TMUS | T-Mobile USA, Inc. (TMUS) | 20,982 | $4.26M | 1.2% | $203.04 | $109.13 | +86.1% | COM | 872590104 |
| — | Flex Ltd. (FLEX) | 70,281 | $4.246M | 1.2% | $60.42 | $30.46 | — | COM | y2573f102 |
| CB | Chubb Limited (CB) | 12,881 | $4.02M | 1.2% | $312.12 | $110.17 | +183.3% | COM | H1467J104 |
| — | Nextera Energy Inc. (NEE) | 49,909 | $4.007M | 1.2% | $80.28 | $95.31 | — | COM | 65339f101 |
| — | Primis Financial Corp. (FRST) | 275,154 | $3.827M | 1.1% | $13.91 | $14.22 | — | COM | 74167b109 |
| DOX | Amdocs Ltd (DOX) | 44,394 | $3.574M | 1.0% | $80.51 | $60.58 | +32.9% | COM | G02602103 |
| MDT | Medtronic plc (MDT) | 36,517 | $3.508M | 1.0% | $96.06 | $76.65 | +25.3% | COM | G5960L103 |
| EMR | Emerson Electric (EMR) | 26,137 | $3.469M | 1.0% | $132.72 | $42.64 | +211.3% | COM | 291011104 |
| — | Alight, Inc. (ALIT) | 1,767,663 | $3.447M | 1.0% | $1.95 | $5.00 | — | COM | 01626w101 |
| — | Qnity Electronics Inc. (Q) | 41,735 | $3.408M | 1.0% | $81.65 | $81.65 | — | COM | 74743l100 |
| — | DuPont de Nemours, Inc. (DD) | 83,497 | $3.357M | 1.0% | $40.20 | $71.61 | — | COM | 26614n102 |
| — | Ziff Davis, Inc. (ZD) | 93,252 | $3.278M | 1.0% | $35.15 | $68.70 | — | COM | 48123v102 |
| — | Kenvue Inc (KVUE) | 185,538 | $3.201M | 0.9% | $17.25 | $19.85 | — | COM | 49177j102 |
| — | American Homes 4 Rent (AMH) | 95,967 | $3.081M | 0.9% | $32.10 | $29.02 | — | COM | 02665t306 |
| — | Zimmer Biomet Holdings, Inc. ( | 33,867 | $3.045M | 0.9% | $89.92 | $107.34 | — | COM | 98956p102 |
| — | Blackbaud, Inc. (BLKB) | 47,074 | $2.981M | 0.9% | $63.32 | $71.28 | — | COM | 09227q100 |
| — | Lucid Group Inc. | 3,195,000 | $2.963M | 0.9% | $0.93 | $0.93 | — | CONV | 549498AA1 |
| — | Levi Strauss & Co. Class A (LE | 131,404 | $2.725M | 0.8% | $20.74 | $18.76 | — | COM | 52736r102 |
| SHBI | Shore Bancshares (SHBI) | 144,593 | $2.556M | 0.7% | $17.68 | $11.35 | +55.7% | COM | 825107105 |
| NVT | nVent Electric plc (NVT) | 22,747 | $2.32M | 0.7% | $101.97 | $22.01 | +362.4% | COM | G6700G107 |
| — | Advanced Drainage Systems (WMS | 15,420 | $2.233M | 0.7% | $144.83 | $100.25 | — | COM | 00790r104 |
| — | Cadre Holdings, Inc. (CDRE) | 49,001 | $2.001M | 0.6% | $40.84 | $32.31 | — | COM | 12763l105 |
| MTX | Minerals Technologies Inc. (M | 30,438 | $1.855M | 0.5% | $60.95 | $58.06 | +4.8% | COM | 603158106 |
| USFD | US Foods Holding Corp. | 24,613 | $1.854M | 0.5% | $75.32 | $37.07 | +103.2% | COM | 912008109 |
| WSFS | WSFS Financial (WSFS) | 32,585 | $1.8M | 0.5% | $55.24 | $41.40 | +33.4% | COM | 929328102 |
| — | Wyndham Hotels & Resorts (WH) | 23,532 | $1.778M | 0.5% | $75.56 | $53.75 | — | COM | 98311a105 |
| — | Pennymac Corp | 1,500,000 | $1.587M | 0.5% | $1.06 | $1.03 | — | CONV | 70932AAH6 |
| RUSHA | Rush Enterprises Class A (RUSH | 26,582 | $1.434M | 0.4% | $53.94 | $34.76 | +55.2% | COM | 781846209 |
| UPS | United Parcel Service, Inc. (U | 13,603 | $1.349M | 0.4% | $99.19 | $75.28 | +31.8% | COM | 911312106 |
| SHW | Sherwin-Williams Co. (SHW) | 4,130 | $1.338M | 0.4% | $324.03 | $205.65 | +57.6% | COM | 824348106 |
| ABT | Abbott Laboratories (ABT) | 10,316 | $1.292M | 0.4% | $125.29 | $49.80 | +151.6% | COM | 002824100 |
| — | Akamai Technologies, Inc. (AK | 13,554 | $1.183M | 0.3% | $87.25 | $104.35 | — | COM | 00971t101 |
| ROP | Roper Technologies, Inc. (ROP) | 2,599 | $1.157M | 0.3% | $445.13 | $543.22 | -18.2% | COM | 776696106 |
| — | Cannae Holdings Inc. (CNNE) | 69,182 | $1.088M | 0.3% | $15.73 | $18.22 | — | COM | 13765n107 |
| RUSHB | Rush Enterprises Class B (RUSH | 17,328 | $975K | 0.3% | $56.26 | $20.21 | +178.4% | COM | 781846308 |
| — | Pure Storage, Inc. | 13,289 | $890K | 0.3% | $67.01 | $41.18 | — | COM | 74624m102 |
| — | Haemonetics Corp. | 825,000 | $815K | 0.2% | $0.99 | $0.85 | — | CONV | 405024AB6 |
| OCFC | OceanFirst Financial (OCFC) | 30,012 | $539K | 0.2% | $17.95 | $9.88 | +79.8% | COM | 675234108 |
| — | DigitalOcean Holdings, Inc. | 526,000 | $506K | 0.1% | $0.96 | $0.86 | — | CONV | 25402DAB8 |
| PSX | Phillips 66 (PSX) | 3,387 | $437K | 0.1% | $129.04 | $40.93 | +215.3% | COM | 718546104 |
| — | Broadcom Inc. (AVGO) | 1,220 | $422K | 0.1% | $346.10 | $266.88 | — | COM | 11135f101 |
| MSFT | Microsoft Corp. (MSFT) | 861 | $416K | 0.1% | $483.62 | $434.78 | +11.2% | COM | 594918104 |
| — | Vanguard Information Technolog | 402 | $303K | 0.1% | $753.78 | $397.65 | — | COM | 92204a702 |
| — | Shoals Technology Grp, Inc. Cl | 34,500 | $293K | 0.1% | $8.50 | $6.74 | — | COM | 82489w107 |
| AAPL | Apple Inc. (AAPL) | 777 | $211K | 0.1% | $271.86 | $268.34 | +1.3% | COM | 037833100 |
| — | JPMorgan Chase & Co. (JPM) | 655 | $211K | 0.1% | $322.22 | $315.43 | — | COM | 46625h100 |