We hosted a presentation with Great Lakes Dredge & Dock CFO Scott Kornblau at the Sidoti September 2025 Small-Cap Conference last Thursday. Management commentary was positive on both near-term funding prospects for its largest customer (the U.S. Army Corps of Engineers) and longer-term demand being driven by the next U.S. East Coast deepening cycle set to begin in 2027. With GLDD's four newest hopper dredges averaging eight years in age (dredges last 40+ years), and with replacements already in hand for its two older vessels, we came away incrementally reassured that growth capex is genuinely winding down in 2026 and that cash flow should follow. GLDD noted that once it completes its newbuild vessel spending program in 2026, its first priority for cash would be debt repayment. Net debt at quarter-end 2Q:25 stood at $417 million. An expected return to free cash flow in 2026, a recent credit rating upgrade, and improving fundamentals in the base business support our moderate risk rating. Our $14 price target continues to be based on 16x our 2026 EPS estimate of $0.90.