We own this with roughly a $12 cost basis. We have always liked smallcap aerospace and defense. They can have oddball, profitable niches in an industry with very long tailwinds once you finally land X business. And they tend to be run by “interesting” people who eventually get older and sell up the food-chain.

And then we have Park and Brian. Good margins, good FCF, good returns on capital, fat tailwind. But he re-defines “piece of work” with every earnings call. Read the attached tome. And then there is the perennial page 35. Put a probability, a time frame and a multiple on that. That’s why we own it. The only thing right so far is we have the “non-zero probability right.”

But this was a new thought this quarter delivered in classic Shore fashion:

Slide 29. Different topic, our buyback authorization we announced on May 23, ’22 that Park’s Board authorized purchase of 1.5 million shares. Under this authorization, we purchased a total of 551,729 shares at an average price of $12.94, total cost of $7.1 million. So we’re spending some real money on this. In highlights, though recent buyback activity under the authorization since July 26, ’24, the significance of July 26, that’s after the blackout — the Q1 blackout ended was lifted. We purchased [ 330,180 ] shares of common stock, average price of $12.88 total cost of $4.251 million, like I said, we’re spending some real money on this now. Why do we do that? Why do we do that? Because we thought the price was stupid, ridiculous. We — it’s not really our preference to buy stock. We’d rather use our cash to take advantage of all the opportunities we have. But when the stock price is — we feel stupid and ridiculous, we don’t think we have too much of a choice. Will we buy more? I don’t know, we’ll have to see maybe. So let’s keep going. That’s our buyback program.