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    Mark Reichman

    Research Analyst at NOBLE Capital Markets

    Mark Reichman is Managing Director and Equity Research Analyst, Natural Resources at NOBLE Capital Markets, where he specializes in coverage of the basic materials, mining, and industrial sectors with a specific focus on companies such as Comstock (LODE), Coeur Mining (CDE), Alliance Resource Partners (ARLP), and Nicola Mining. Renowned for his strong performance, Reichman has achieved a 75% success rate on stock recommendations with an impressive average return of 129.38%, and was recognized by Forbes and the Wall Street Journal as one of the top brokerage analysts for earnings estimate accuracy and mining sector stock picking in 2009 and 2010. He began his equity research career in 1998 at A.G. Edwards & Sons, later serving at Simmons & Company International and Sanders Morris Harris Group before joining NOBLE; he holds a BA in Business Administration from Westminster College, an MBA in Finance from the University of Missouri – Columbia, and an MA in International Affairs from Washington University in St. Louis. Reichman’s professional credentials include multiple FINRA securities registrations and consistent industry recognition for excellence in natural resource equity research.

    Mark Reichman's questions to EHLB leadership

    Mark Reichman's questions to EHLB leadership • Q2 2025

    Question

    Mark Reichman of Noble Capital Markets inquired about Euroholdings' strategy for entering the tanker market, including vessel types and sizes. He also asked about potential acquisition opportunities from the Latsis family's related entities and the specifics of the company's non-dilutive financing plans for fleet expansion.

    Answer

    Chairman & CEO Aristides Pittas explained that while future acquisitions from the Latsis family are possible, the immediate strategy is to use the company's existing funds to acquire modern medium-range (MR) product tankers from the open market. He noted that the financing approach would be similar to sister companies Euroseas and EuroDry, with an ambition for further capital raising supported by major shareholders and a target 50/50 debt-to-equity split for acquisitions.

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    Mark Reichman's questions to Euroholdings (EHLD) leadership

    Mark Reichman's questions to Euroholdings (EHLD) leadership • Q2 2025

    Question

    Asked about the company's strategy for entering the tanker market, including vessel types and sizes. Also inquired about the new majority shareholder, the Latsis family, and potential vessel acquisition opportunities from their entities, as well as the company's plans for non-dilutive financing for fleet expansion.

    Answer

    The company plans to initially use its existing funds to acquire modern product carriers from the open market, with a 50/50 debt-to-equity split being a likely financing model. While acquiring vessels from the Latsis family's private fleet is a possibility in the future, it is not the immediate plan. The financing approach will be consistent with their other listed companies, Eurosea and EuroDry, with an ambition for further capital raising supported by major shareholders.

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    Mark Reichman's questions to EuroDry (EDRY) leadership

    Mark Reichman's questions to EuroDry (EDRY) leadership • Q2 2025

    Question

    Mark Reichman of Noble Capital Markets, Inc. inquired about the recent strength in the Baltic Dry Index, the company's strategy for locking in time charter rates relative to breakeven levels, and the reasons for the quarterly decline in voyage expenses.

    Answer

    Chairman & CEO Aristides Pittas attributed the recent rate spike to pre-tariff stockpiling and Red Sea disruptions, noting the company would consider locking in rates around $15,000/day. CFO Anastasios Aslidis explained that the fluctuation in voyage expenses is due to the mix of charter types, with some contracts causing these costs to be recorded on the financials.

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    Mark Reichman's questions to EuroDry (EDRY) leadership • Q1 2025

    Question

    Mark Reichman of Noble Capital Markets inquired about the outlook for vessel operating expenses, the forecast for off-hire days, and the company's fleet management strategy concerning acquisitions and sales.

    Answer

    CFO Anastasios Aslidis stated it was premature to project full-year operating expenses from one quarter's results but noted the budget is 2% higher than last year. Chairman & CEO Aristides Pittas added that only one drydocking is scheduled for the year and the company's strategy is to modernize the fleet by selling its four oldest vessels and replacing them with younger ones, potentially taking advantage of a low market.

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    Mark Reichman's questions to EuroDry (EDRY) leadership • Q4 2024

    Question

    Inquired about the company's chartering strategy, their outlook on spot rates, expectations for 2025 vessel expenses, and the financing plan for the 2027 newbuilds.

    Answer

    The company will continue to favor the spot market unless 1-year charter rates rise significantly to the $15k-$16k/day range. They are budgeting for a slight increase in 2025 vessel expenses. For the newbuilds, they plan to use 55-60% debt and hope to fund the equity portion through internal cash flow or other alternatives.

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    Mark Reichman's questions to FreightCar America (RAIL) leadership

    Mark Reichman's questions to FreightCar America (RAIL) leadership • Q2 2025

    Question

    Mark Reichman of Noble Capital Markets inquired about the drivers behind the Q2 railcar sales decline versus the aftermarket sales increase, and the outlook for Q3/Q4 deliveries. He also asked about the sustainability of current gross margins, the future margin impact from tank car retrofits, the full-year outlook for industry-wide orders, and the production capacity of the planned fifth line.

    Answer

    CEO Nicholas Randall explained that Q2 production outpaced deliveries, with cars shipping in H2, and that customer demand, not capacity, dictates sales. He expects current gross margins (~15%) to hold for 2025, driven by productivity and mix. Randall clarified the fifth line's lower initial capacity estimate (1,000 units) is due to a cautious ramp-up for the new tank car segment. CCO Matthew Tonn added that while industry orders are soft, FreightCar America expects to gain market share and sees an order increase in H2 2025.

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    Mark Reichman's questions to FreightCar America (RAIL) leadership • Q2 2025

    Question

    Mark Reichman of Noble Capital Markets inquired about the drivers behind the Q2 sales mix, particularly the decline in railcar sales versus the increase in aftermarket sales, and its implications for Q3 and Q4. He also asked about the sustainability of gross margins and the expected impact of tank car retrofits on future revenue. In a follow-up, he asked for an outlook on full-year industry orders and deliveries and questioned the production capacity difference for the planned fifth line.

    Answer

    CEO Nicholas Randall explained that Q2 production volume was higher than deliveries, with some units scheduled for shipment in later quarters to level out production, and that customer demand, not capacity, dictates sales. CFO Michael Riordan confirmed that Q3 and Q4 deliveries are expected to be higher. Regarding margins, Randall stated that the strong performance seen in H1, driven by product mix and operational productivity, should continue for the rest of the year. CCO Matthew Tonn projected that full-year industry orders would be below 30,000 units but that FreightCar America expects to gain market share. Finally, Randall clarified that the fifth line's lower initial capacity estimate (1,000 vs. 1,250 units) reflects a more cautious ramp-up for a new product segment.

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    Mark Reichman's questions to FreightCar America (RAIL) leadership • Q2 2025

    Question

    Mark Reichman of Noble Capital Markets inquired about the disparity between declining railcar sales and rising aftermarket sales, seeking clarity on whether it was due to capacity allocation or order timing. He also asked about gross margin sustainability, the future impact of tank car retrofits, and the production capacity of the planned fifth line.

    Answer

    President, CEO & Director Nicholas Randall and VP, CFO & Treasurer Michael Riordan explained that Q2 production outpaced deliveries, with some units scheduled for H2, which smooths out labor and production. They affirmed that customer demand, not capacity, dictates sales. Randall expects the strong gross margins from H1 to continue, driven by product mix and operational productivity. He clarified the fifth line's slightly lower initial capacity forecast is a cautious approach for a new product ramp-up. Chief Commercial Officer Matthew Tonn added that the company expects to gain market share and sees an order increase in H2 2025.

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    Mark Reichman's questions to ALLIANCE RESOURCE PARTNERS (ARLP) leadership

    Mark Reichman's questions to ALLIANCE RESOURCE PARTNERS (ARLP) leadership • Q2 2025

    Question

    Mark Reichman of Noble Capital Markets sought assurance on the sustainability of the new, lower distribution level and its adequacy for funding future growth. He also asked about the key factors that could drive sales tonnage growth in 2026 and whether ARLP might supply the Gavin power plant or similar future investments.

    Answer

    Chairman, CEO, and President Joseph Craft affirmed the board's belief that the new distribution is sustainable for several years, supported by a strong balance sheet, financing capacity, and self-funding growth in the minerals segment. He identified potential 2026 volume growth from recovering production at Tunnel Ridge (Appalachia), operational improvements at Henderson (Illinois Basin), and a potential rebound in the export market. Craft confirmed ARLP sees an opportunity to supply the Gavin plant if its burn rate increases and noted similar supply opportunities could arise from future acquisitions of plants ARLP already serves.

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    Mark Reichman's questions to ALLIANCE RESOURCE PARTNERS (ARLP) leadership • Q2 2025

    Question

    Asked about the sufficiency of the cash saved from the distribution cut for future growth, the key drivers for potential sales tonnage growth in 2026, and whether the Gavin power plant investment could lead to a supply contract.

    Answer

    The company believes the new distribution is sustainable and provides sufficient flexibility for accretive growth, supported by financing capacity and self-funding segments. Sales growth in 2026 is expected from Tunnel Ridge's recovery, increased Illinois Basin output, and a potential rebound in exports. The Gavin plant investment and similar future deals could create new coal supply opportunities.

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    Mark Reichman's questions to ALLIANCE RESOURCE PARTNERS (ARLP) leadership • Q1 2025

    Question

    Inquired about how current market uncertainty is shaping capital allocation for 2026, whether the focus of their strategic investments has shifted due to new grid reliability policies, and the possibility of the two-year regulatory relief for coal plants becoming permanent.

    Answer

    The executive stated that capital allocation is currently focused on maintenance capital, but they are evaluating opportunities in data center infrastructure, such as their recent investment in the Gavin power plant. Growth in the minerals segment is muted due to oil prices. The investment focus has narrowed, concentrating on a joint development with Infinitum and opportunities in data center components and real estate. He believes that the EPA is moving quickly to revise or replace restrictive rules, aiming to provide clarity by year-end, which will give utilities a clearer path to invest in and extend the lives of their coal fleets.

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    Mark Reichman's questions to ALLIANCE RESOURCE PARTNERS (ARLP) leadership • Q1 2025

    Question

    Mark Reichman asked how the current uncertain environment is influencing capital allocation, whether the company is taking a more defensive posture, how executive orders are shaping the scope of new investments, and if the two-year regulatory relief for coal plants could become permanent.

    Answer

    Chairman, President and CEO Joseph Craft explained that capital allocation is currently focused on maintenance for coal operations, though they are evaluating opportunities in data center infrastructure, such as their recent investment in the Gavin power plant. He noted that growth in the minerals segment is slow as seller price expectations haven't adjusted to lower oil prices. Craft confirmed they have narrowed their investment focus, with the Infinitum partnership progressing well. He believes the administration is actively working to revise all six relevant EPA rules, which should provide long-term clarity and relief for utilities beyond the initial two-year window.

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    Mark Reichman's questions to ALLIANCE RESOURCE PARTNERS (ARLP) leadership • Q1 2025

    Question

    Mark Reichman of NOBLE Capital Markets asked how the current uncertain environment is shaping capital allocation for 2026, whether executive orders have altered the scope of non-coal investments, and if the two-year regulatory relief for coal plants could become permanent.

    Answer

    Joseph Craft, Chairman, President and CEO, stated that capital allocation is currently focused on maintenance for coal operations, though they are evaluating opportunities in data center infrastructure, citing a recent investment in the Gavin power plant. He noted that growth in the oil and gas minerals segment is slow due to seller pricing expectations. Craft confirmed they have narrowed their focus on non-coal investments but are advancing their joint development with Infinitum. He believes the EPA is moving quickly to revise rules, which should provide utilities with more permanent clarity on coal fleet viability by the end of the year.

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    Mark Reichman's questions to AZZ (AZZ) leadership

    Mark Reichman's questions to AZZ (AZZ) leadership • Q1 2026

    Question

    Mark Reichman of Noble Capital Markets asked if the recently acquired Canton Galvanizing facility fits the company's typical bolt-on profile and if its economics could be improved. He also requested expectations for the Precoat Metals segment's sales and margins, given the ramp-up of the new Washington, Missouri facility.

    Answer

    President & CEO Thomas Ferguson confirmed the Canton acquisition is on the lower end of their typical revenue range for bolt-ons but was already nicely profitable. He expects to drive further margin improvement and growth via AZZ's systems and sales teams. For Precoat, Ferguson and CFO Jason Crawford reiterated that the segment is managing costs effectively, leading to higher margins despite lower volumes, and that the new facility is expected to ramp up and contribute more significantly in the second half of the year.

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    Mark Reichman's questions to AZZ (AZZ) leadership • Q1 2026

    Question

    Mark Reichman of Noble Capital Markets asked if the Canton Galvanizing acquisition fits AZZ's typical bolt-on profile and if there were opportunities to improve its economics. He also requested expectations for the Precoat Metals segment's sales and margin performance.

    Answer

    President & CEO Tom Ferguson stated the Canton acquisition was on the lower end of the typical revenue range but was already profitable, with AZZ expecting to drive further margin improvement. For Precoat Metals, Ferguson and CFO Jason Crawford explained that while Q1 volumes were impacted by tariff disruptions, margins improved due to the business's variable cost structure, with the new Washington facility expected to contribute more significantly in the second half of the year.

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    Mark Reichman's questions to AZZ (AZZ) leadership • Q1 2026

    Question

    Mark Reichman from Noble Capital Markets asked if the newly acquired Canton Galvanizing facility fits the company's typical bolt-on profile and if its economics could be improved. He also requested expectations for the Precoat Metals segment's sales and margins, given the ramp-up of the Washington, Missouri facility.

    Answer

    President & CEO Thomas Ferguson confirmed the Canton acquisition is on the lower end of their typical revenue range for bolt-ons but was already nicely profitable, with some margin improvement expected from AZZ's systems. For Precoat, he noted margins improved despite lower volumes due to a variable cost structure. He detailed the new facility's ramp-up, expecting significant contributions in the second half of the year. CFO Jason Crawford added that Q1 market disruptions are now normalizing.

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    Mark Reichman's questions to AZZ (AZZ) leadership • Q1 2026

    Question

    Mark Reichman from Noble Capital Markets asked if the recent Canton acquisition fits the company's typical bolt-on profile and if its economics could be improved. He also requested expectations for the Precoat Metals segment's sales and margins, given the new Washington facility ramp-up.

    Answer

    President & CEO Thomas Ferguson confirmed the Canton acquisition was on the lower end of the typical revenue range but was already highly profitable, with opportunities for further margin improvement via AZZ's systems. For Precoat, he noted that margins improved despite lower volumes due to a variable cost structure and outlined a gradual ramp-up for the Washington facility, expecting significant contributions in the second half of the year. CFO Jason Crawford added that Q1 import disruptions are now normalizing.

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    Mark Reichman's questions to AZZ (AZZ) leadership • Q1 2026

    Question

    Mark Reichman from Noble Capital Markets asked if the Canton Galvanizing acquisition fits the company's typical bolt-on profile and if its economics could be improved. He also requested expectations for the Precoat Metals segment's sales and margins.

    Answer

    President & CEO Thomas Ferguson confirmed the Canton acquisition fits the profile on the lower end of the typical revenue range and was already profitable, though he sees opportunities for margin improvement via AZZ's systems. For Precoat, he and CFO Jason Crawford noted that margins improved despite lower volumes, demonstrating cost flexibility, and that they expect the new Washington facility to contribute more significantly in the second half of the year as tariff-related disruptions normalize.

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    Mark Reichman's questions to AZZ (AZZ) leadership • Q1 2026

    Question

    Mark Reichman of Noble Capital Markets asked if the Canton acquisition aligns with the company's typical bolt-on profile and if there's room for economic improvement. He also requested the outlook for the Precoat Metals segment's sales and margins, considering the new Washington facility.

    Answer

    President & CEO Thomas Ferguson confirmed the Canton acquisition fits the lower end of their typical bolt-on profile and is already profitable, with further margin improvement expected via AZZ's systems. For Precoat Metals, Ferguson and CFO Jason Crawford explained that while Q1 volumes were impacted by tariff-related disruptions, margins improved due to a flexible cost structure. They anticipate the new Washington facility will ramp up through the year, positively contributing to results in the second half.

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    Mark Reichman's questions to AZZ (AZZ) leadership • Q3 2025

    Question

    Mark Reichman questioned the normalized growth rates for the Metal Coatings and Precoat Metals segments, excluding acquisitions, and asked for elaboration on how fiscal policies at federal, state, and local levels impact the business.

    Answer

    CEO Thomas Ferguson explained that while AZZ is typically a GDP-level growth business, he expects it to outperform GDP over the next few years due to secular tailwinds in infrastructure, reshoring, and green energy. He specified that Metal Coatings is more tied to infrastructure, while Precoat Metals follows broader construction activity. Ferguson and Executive David Nark added that public projects are often slowed by cross-jurisdictional reviews, and any streamlining of the permitting process would significantly accelerate projects funded by initiatives like the IIJA and CHIPS Act.

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    Mark Reichman's questions to AZZ (AZZ) leadership • Q2 2025

    Question

    Mark Reichman of Noble Capital Markets asked for details on the revenue ramp-up schedule for the new Washington, Missouri facility. He also inquired about the key wildcards that would determine whether the company lands at the high or low end of its annual sales and EBITDA guidance.

    Answer

    CFO Jason Crawford explained that the Missouri facility will begin ramping up at the start of fiscal 2026 (March) and is not expected to reach its full run-rate revenue of $50-$60 million until the second year of operation. Executive Thomas Ferguson stated that the low end of the sales guidance is now 'out of the question,' as recent positive trends, including hurricane-related demand and strong performance from the Avail JV, have mitigated earlier concerns and created upside potential.

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    Mark Reichman's questions to Seanergy Maritime Holdings (SHIP) leadership

    Mark Reichman's questions to Seanergy Maritime Holdings (SHIP) leadership • Q4 2024

    Question

    Mark Reichman sought clarification on the Q1 2025 operational day count including the new vessels, inquired about expected off-hire days for 2025 dry dockings, and asked for an outlook on rates considering potential US tariffs.

    Answer

    Executive Stamatios Tsantanis clarified that the two new ships were delivered early, suggesting an average of 19.75 vessels for Q1 calculations before using the full 21 in Q2. Executive Stavros Gyftakis estimated 20-25 off-hire days per dry docking. Stamatios Tsantanis added that while trade wars are a risk, Seanergy is insulated from potential US tariffs on Chinese ships as its fleet is almost entirely non-Chinese built, and strong raw material demand fundamentals remain.

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    Mark Reichman's questions to Seanergy Maritime Holdings (SHIP) leadership • Q4 2024

    Question

    Mark Reichman from NOBLE Capital Markets sought clarification on the vessel count included in the Q1 2025 operational day guidance, expectations for off-hire days due to dry dockings, and the outlook for Capesize rates amid potential trade tariff concerns.

    Answer

    Executive Stamatios Tsantanis confirmed that the two new vessels were delivered early and partially included in Q1 figures, with the full 21-vessel fleet operational from Q2. Executive Stavros Gyftakis estimated 20-25 off-hire days per dry docking but noted potential for delays. Stamatios Tsantanis added that strong demand fundamentals for raw materials should support the market, and Seanergy's non-Chinese-built fleet is well-positioned against potential U.S. port levies.

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    Mark Reichman's questions to EUROSEAS (ESEA) leadership

    Mark Reichman's questions to EUROSEAS (ESEA) leadership • Q4 2024

    Question

    The analyst asked for clarification on the accounting for the Euroholdings spin-off, future off-hire day expectations, potential charter rates for two vessels, and the timing of Euroholdings' first trading day.

    Answer

    The company confirmed the income statement basis for the spin-off, provided an estimate of 70-75 drydocking days for 2025, stated the current market rate for similar vessels is $35,500 for a 3-year term (not the older $42,000 rate), and expects Euroholdings to trade from March 17, with a formal press release to follow.

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    Mark Reichman's questions to EUROSEAS (ESEA) leadership • Q4 2024

    Question

    Mark Reichman of NOBLE Capital Markets asked for clarification on the accounting for the Euroholdings spin-off, specifically whether Q1 2025 income would be based on the January 8 drop-down or the March 17 distribution date. He also inquired about expected off-hire days for 2025 and whether the charter rate for the NB Oakland could be a benchmark for upcoming recharters.

    Answer

    CFO Anastasios Aslidis clarified that the spun-off vessels' earnings will be included in Euroseas' Q1 results until the March 17 distribution date, and the company will provide adjusted figures for the continuing fleet. Mr. Aslidis and CEO Aristides Pittas projected approximately 70-75 off-hire days for 2025, primarily for drydocking. Mr. Pittas noted that the current market rate for similar vessels is $35,500 per day for a 3-year charter, not the older, higher rate of the NB Oakland.

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    Mark Reichman's questions to EUROSEAS (ESEA) leadership • Q3 2024

    Question

    Asked about the breakeven rates and financing for the two new 2027 vessels, charter renewal expectations for two older vessels expiring soon, and the company's capital allocation priorities for 2025.

    Answer

    The new vessels would be profitable below $20,000/day and will be financed with about 60-65% debt. The two older vessels are expected to be re-chartered at rates between $13,000 and $20,000/day. Capital allocation priorities, including dividends, growth, and buybacks, are regularly reviewed by the board, with the next decision pending the year-end results.

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