We maintain our $17 price target and update our model following GLDD's reported 4Q:25 results. GLDD has a definitive agreement in place (announced February 11) to be acquired by privately held Saltchuk Resources, Inc., for $17.00 per share; the sale is expected to close in 2Q:26. GLDD reported 4Q:25 EPS of $0.19, coming in a penny below our estimate and consensus of $0.20. Sales of $257 million were 21% above our forecast of $212 million, and 20% above consensus of $214 million. GLDD posted free cash flow of $50 million ($47 million excluding stock compensation) in 4Q:25, driven by the company harvesting accounts receivable by $39 million in the quarter. GLDD's 2026 capex guidance of $65-$75 million in 2026 suggests that the company is indeed on track to wind down its new vessel spending program once the Acadia is delivered (expected in 1H:26). We adjust our estimates for 4Q:25 results and GLDD's 10-K filing. (GLDD did not hold a conference call due to the pending acquisition agreement.) We now model 2026 EPS of $1.12 (from $1.03) and 2027 EPS of $1.27 (from $1.20). GLDD held net debt of $365 million ($5.46 per share, 2.1x leverage) at year-end 2025. With lower capex expected in 2026-2027, we think the company would be on track to pay down debt using improved cash flows. Our unchanged $17 price target reflects the proposed acquisition price, and equates to about 15.2x (from 16.5x) our revised 2026 EPS estimate of $1.12 (from $1.03).