Summary of Marcus & Millichap Update / Briefing (January 22, 2026) Company Overview - **Company**: Marcus & Millichap (NYSE: MMI) - **Established**: 1971 by George Marcus and Bill Millichap - **Focus**: Real estate investment brokerage and information delivery to the investment community [3][4] Economic Outlook for 2026 - **GDP Growth**: Expected to be between 2.5% and 3%, an improvement from 2025's growth of 2% to 2.5% [7][8] - **Unemployment Rate**: Currently at 4.4%, projected to rise to between 4.5% and 5% by next year [8] - **Key Growth Drivers**: - **Artificial Intelligence (AI)**: Significant investment in data centers and AI-related infrastructure, with the U.S. leading globally [10][11] - **Fiscal Stimulus**: Tax cuts and increased government spending expected to boost GDP by approximately $100 billion, contributing 2%-3% to GDP [13] - **Headwinds**: - **Deglobalization**: Ongoing tariffs and restrictive immigration policies impacting job growth [9][14] - **Labor Market**: Job growth has stagnated, with healthcare being the only sector adding jobs [15][16] Risks to Economic Growth - **K-shaped Economy**: Increasing income inequality affecting consumer spending, with the top 20% of earners driving a significant portion of economic activity [18][19] - **Equity Market Valuations**: High valuations in the stock market pose a risk if AI adoption does not lead to expected productivity gains [20][21] - **Bond Market Fragility**: Concerns about potential dislocation in the bond market, which could impact financial and real estate markets [22][23] Commercial Real Estate Insights - **Market Trends**: - **Apartments**: Stable vacancy rates below 5%, but a significant drop in multifamily starts (72% from peak) and units under construction [36][39] - **Office Market**: Gradual recovery with improved daily attendance, but significant variance in vacancy rates between older urban and newer suburban properties [48][50] - **Industrial Market**: High vacancy rates due to a surge in construction, but demand remains steady for smaller, private investor-owned facilities [51][58] - **Housing Affordability**: Only 28% of Americans can qualify for a typical first home purchase, leading to increased demand for rental housing [39][46] Federal Policy and Housing Market - **Proposed Limitations**: Recent federal proposals to limit acquisition of single-family homes driven by political pressures related to affordability concerns [42][43] - **Supply Focus**: Emphasis on increasing housing supply as a solution to affordability issues, with ongoing advocacy for policies that support this goal [44][46] Conclusion - **Overall Outlook**: 2026 is expected to be a better year for operations and rent growth due to supply pullback and strong demand, although challenges remain in the labor market and economic risks persist [47][48]

Summary of Cameco (NYSE:CCJ) FY Conference Call - January 22, 2026 Industry Overview - The nuclear industry fundamentals are reported to be stronger than ever, with increasing demand for uranium driven by the revival of nuclear reactors and new constructions globally [2][10] - There are over 60 gigawatt-scale reactors currently under construction worldwide, with significant potential for further developments in 2026 [3][4] Demand Insights - Nuclear demand is projected to rise due to the reactivation and extension of existing reactors, as well as the construction of new reactors [3][4] - The base case demand for uranium is believed to be understated, as it does not account for several significant projects, including a recent $80 billion initiative to build 10 reactors in the U.S. [4][5] - The demand for uranium is also expected to increase from naval propulsion and potential applications in AI and hyperscalers, which are not included in current demand forecasts [5] Supply Dynamics - The supply of uranium is considered overstated, with many projects not operating at full capacity due to insufficient uranium prices [6][9] - The secondary supply, historically significant, is now limited, particularly due to the absence of Russian supply in the Western market [7][8] - The planned production line is also overstated, as preliminary economic assessments are often not realized within the projected timelines [8] Contracting and Pricing Strategy - The uncovered requirements for utilities have never been larger, indicating a strong future demand for uranium [9][10] - The long-term price of uranium is currently at $86 per pound, which is seen as insufficient to convert more resources into reserves [12][19] - The market is shifting towards higher price expectations, with indications that the midpoint of market-related contracts is around $115 per pound [14][16] Strategic Positioning - Cameco is maintaining a disciplined production strategy, not running all assets at full capacity to capture demand at favorable terms [15][19] - The company is focusing on off-market contracts and has significant sovereign demand, indicating a robust pipeline of future contracts [17][19] - Cameco's vertical integration from reactor construction to fuel supply allows for early engagement in the supply chain, enhancing its strategic position [30] Enrichment Strategy - Cameco is exploring opportunities in the enrichment space, particularly with Global Laser Enrichment, while being cautious about trade policies and the potential return of Russian enrichment to the market [31][34] - The company is focused on a project to re-enrich depleted UF6 tails, which could yield significant uranium supply without competing directly in the enrichment market [33] Conclusion - The overall sentiment is optimistic regarding the nuclear industry's revival, with Cameco well-positioned to capitalize on the anticipated demand surge and favorable market conditions [20][31]

BioLargo Conference Summary Company Overview - **Company Name**: BioLargo (OTCPK:BLGO) - **Industry**: Environmental technology and medical devices - **Focus**: Innovation in sustainable technologies and health solutions Key Points and Arguments Company Vision and Strategy - BioLargo has been innovating for 18 years, aiming to create impactful technologies for a greater good, encapsulated in their slogan "We make life better" [2][3] - The company operates like an incubator, investing in technical assets and guiding them through adoption cycles, focusing on sustainability and health [3][4] - BioLargo emphasizes a deep dive into technology to find markets, de-risk innovations, and partner for commercialization [3][5] Current Projects and Innovations - **Battery Technology**: Positioned as a game changer for long-duration energy storage, targeting a multi-trillion-dollar market [6][10] - **Cleara Medical**: Focused on infection control and wound care, with a $25 million investment over 13 years, now entering the adoption phase [6][12] - **Odor and VOC Technology**: Historically the most profitable asset, currently facing a lawsuit but expected to reposition positively [6][16] - **PFAS Technology**: Aiming to eliminate "forever chemicals," with the first installation operational and in the adoption cycle [7][23] Financial Insights - Current market cap is approximately $50 million, with a potential valuation of $200 million based on the company's assets and market position [10][11] - The company has about $4 million in the bank, with no toxic debt, and operates with low corporate overhead [10][11] - BioLargo has a pipeline of over $200 million worth of projects, indicating strong future revenue potential [7][8] Market Position and Competitive Edge - BioLargo claims unmatched technology that could transform markets globally, focusing on being number one in their respective fields [8][9] - The company has a diverse portfolio that allows for multiple revenue streams, reducing risk by not relying on a single asset [37][38] - The strategy includes leveraging partnerships for scaled manufacturing and distribution, particularly in the battery and medical device sectors [12][19] Regulatory and Market Challenges - Cleara Medical is currently a physician preference item and not yet eligible for reimbursement; the company is working on regulatory enhancements to achieve this [30][31] - The PFAS technology is in the early adoption phase, with significant demand expected, necessitating partnerships for scaling [23][24] Future Outlook - BioLargo is optimistic about the upcoming milestones, particularly with Cleara Medical and battery technology, which are expected to significantly enhance the company's valuation [36][37] - The company is focused on maintaining a low-risk profile while pursuing high-value opportunities in transformative technologies [38] Additional Important Information - The company has a strong team of engineers and scientists, with a focus on impactful innovation [4][5] - BioLargo's business model emphasizes not just selling products but also creating factories and infrastructure to support their technologies [11][12] - The company is actively seeking partnerships to enhance their market presence and operational capabilities [19][34] This summary encapsulates the key insights from the BioLargo conference, highlighting the company's strategic direction, current projects, financial health, and future opportunities.

Summary of INVO Fertility 2026 Extraordinary General Meeting Company Overview - **Company**: INVO Fertility (NasdaqCM:INVO) - **Meeting Date**: January 22, 2026 - **Participants**: CEO Steve Shum, CFO Tara Kriegswald, Corporate Secretary Andrea Goren, legal counsel Mark Andalia, and Inspector of Election Jim Reid Key Proposals and Voting Outcomes 1. **Appointment of Independent Auditor** - Proposal to ratify the appointment of WithumSmith+Brown, PC as the independent registered public accounting firm for the fiscal year ending December 31, 2025 - **Votes in Favor**: 865,418, which exceeds the majority required [21] 2. **Issuance of Common Stock** - Proposal to approve the issuance of up to 4,733,728 shares of common stock upon exercising warrants from a private placement transaction that closed on December 4, 2025 - **Votes in Favor**: 118,385, which exceeds the votes against [22] 3. **Increase in Authorized Shares** - Proposal to amend the Articles of Incorporation to increase the number of authorized shares from 6,250,000 to 250,000,000 - **Votes in Favor**: 663,861, which exceeds the votes against [23] 4. **Amendment to Stock Incentive Plan** - Proposal to approve a Fourth Amendment and restatement of the 2019 Stock Incentive Plan to increase the number of shares available for issuance to 1,000,000 - **Votes in Favor**: 349,649, which exceeds the votes against [24] 5. **Adjournment for Additional Proxies** - Proposal to approve any adjournments of the meeting for soliciting additional proxies if necessary - **Votes in Favor**: 732,663, which exceeds the votes against [25] Quorum and Meeting Proceedings - **Total Outstanding Shares**: 2,386,826 - **Quorum Requirement**: At least 795,609 shares must be present - **Shares Represented**: 944,054 shares or 39.55% of total outstanding shares, confirming quorum [8] Additional Notes - The meeting was conducted virtually, and stockholders were provided with a link to inspect the list of stockholders entitled to vote [7] - The meeting concluded with a positive outlook for the company's strategic growth plan for the year ahead, expressing gratitude to stockholders for their support [28]

Summary of Thunderbird Entertainment Group Extraordinary General Meeting Company Overview - **Company**: Thunderbird Entertainment Group Incorporated - **Event**: 2026 Extraordinary General Meeting - **Date**: January 22, 2026 Key Points Meeting Structure and Participation - The meeting was held virtually to ensure full participation of registered shareholders and proxy holders [2][5] - Only registered shareholders as of the record date and their proxy holders were allowed to participate, ask questions, and vote [2][5] Arrangement with Blue Ant Media Corporation - The primary agenda was to consider a special resolution for an arrangement involving Blue Ant Media Corporation acquiring all issued and outstanding shares of Thunderbird [9] - Shareholders were entitled to receive either CAD 1.77 in cash for each share, 0.2165 subordinate voting shares in Blue Ant per Thunderbird share, or a combination of both [9][10] - The arrangement was subject to a cash maximum of CAD 40 million [10] Voting and Approval Process - The special resolution required at least two-thirds of the votes cast by shareholders present or represented by proxy to be approved [10] - The board of directors and the Strategic Review Committee unanimously recommended the arrangement as being in the best interests of Thunderbird [11] Outcome of the Meeting - The motion to approve the arrangement was carried based on the votes represented by proxy [14] - The meeting concluded with no further business, and the chair thanked participants for their involvement [15][16] Additional Important Information - The meeting materials were made available online, and the notice calling the meeting was sent to all shareholders in compliance with regulations [6] - Technical support was provided for participants experiencing issues with the virtual platform [8]

Upexi (NasdaqCM:UPXI) Conference January 22, 2026 11:30 AM ET Company ParticipantsBrian Rudick - Chief Strategy OfficerOperatorGood afternoon, everyone. Welcome to the day two of the Sidoti Micro-Cap Conference. My name is Aashi Shah, and I'm an Analyst here at Sidoti. With me today, I have Upexi, Inc. Joining me in welcoming Brian Rudick, Chief Strategy Officer. We have 30 minutes today, including the Q&A. I would like to request everyone in the audience to submit your questions at the Q&A section at the b ...

Summary of LGL Group Conference Call Company Overview - **Company Name**: LGL Group - **Stock Exchange**: New York Stock Exchange (Symbol: LGL) - **Founded**: 1917, listed in 1946 - **Market Capitalization**: Approximately $43 million with 6.39 million shares outstanding after warrant exercise [5][4][6] - **Principal Operating Facility**: Wakefield, Massachusetts, focusing on radio frequency technology [5][10] Core Business and Strategic Focus - **Defense Sector**: The company emphasizes growth in the defense sector, particularly in advanced precision navigation and timing, which is a significant area of investment for the Department of Defense [6][10] - **Growth Strategy**: Plans to grow both organically and inorganically, with a focus on new business initiatives and potential mergers and acquisitions (M&A) [3][8][12] - **Investment Vehicles**: Development of merchant investment vehicles, including special purpose vehicles (SPVs) and venture opportunities [8][15] Financial Highlights - **Book Value**: Estimated pro forma book value of about $7.25 per share [5] - **Recent Performance**: MtronPTI, a company spun off to shareholders in 2022 at $13 per share, is now trading in the 60s, showcasing successful value creation [12] Strategic Initiatives - **M&A Pipeline**: The company has a robust M&A pipeline but has put the acquisition of Morgan Group on hold for reevaluation due to ongoing diligence and strategic priorities [9][25] - **Cluster Development**: Plans to enhance presence in key areas such as Virginia, Baltimore, and Washington, D.C. to leverage engineering talent and deal flow [28] Shareholder Engagement - **Upcoming Shareholder Meeting**: Expected in the second quarter, aligned with the release of the 10-K results, to engage with shareholders and discuss future initiatives [33] Key Challenges and Considerations - **Market Positioning**: PTF division is perceived as dated compared to competitors like SiTime and Frequency Electronics, prompting discussions on innovation and product development [20] - **Agricultural Sector**: The company is still exploring opportunities in the agricultural sector, which may complement its defense activities [21][22] Conclusion - LGL Group is positioned for growth with a focus on the defense sector and strategic investments. The upcoming shareholder meeting will provide further insights into the company's direction and initiatives for value creation [14][33]

Tsakos Energy Navigation (NYSE:TEN) 2026 Conference Summary Company Overview - Tsakos Energy Navigation (TEN) is recognized as the longest-running publicly traded tanker company on the New York Stock Exchange, established in 1993 [2][3] - The company has been awarded "Energy Transporter of the Year" by TIME Magazine for three consecutive years, highlighting its strong environmental record [1][2] Industry Context - The shipping and tanker market has faced numerous crises over the years, including the COVID-19 pandemic and geopolitical tensions such as the war in Ukraine, which have significantly impacted energy transportation routes [4][5] - The current tanker market is characterized by a lack of overbuilding, with approximately 30% of the tonnage in gray or black zones, creating opportunities for reputable companies like TEN [5][6] Fleet and Operations - TEN has strategically reinvested in its fleet, selling 17 older vessels and acquiring 33 modern ships, effectively doubling its fleet size and tripling its deadweight capacity while reducing the average age of its fleet to 0.6 years [6][7] - The company has secured significant contracts, including a major deal for deep-sea oil excavation with Transpetrol and Petrobras, positioning it as one of the largest DP2 shuttle tanker owners [6][7] Financial Performance - TEN has maintained a debt level under 50%, with a focus on healthy cash reserves to support growth and dividend payments [7][19] - The company has consistently paid dividends since its inception, with a recent announcement of a $1 dividend for 2025, reflecting its commitment to shareholder returns [8][20] Market Outlook - The oil demand is projected to exceed 103 million barrels per day, with expectations for further increases in 2025 and 2026, despite geopolitical uncertainties [20][21] - The current fleet is limited, with only about 14% of the fleet in the order book, indicating potential for high asset prices and rates in the coming years [21][22] - The company anticipates a favorable market environment for at least the next two to three years, driven by scrapping of older vessels and insufficient new builds to meet rising demand [23][24] Strategic Insights - TEN employs a diversified fleet strategy, balancing fixed time charters, profit-sharing arrangements, and spot market exposure to mitigate risks associated with market volatility [12][15] - The company is cautious about over-leveraging and maintains a conservative approach to financing, ensuring it can capitalize on growth opportunities without compromising financial stability [16][17][47] Conclusion - TEN is well-positioned to navigate the complexities of the shipping industry, leveraging its modern fleet, strong client relationships with major oil companies, and a disciplined financial strategy to capitalize on emerging opportunities in the energy transport sector [12][19][49]

Summary of Star Equity Holdings Conference Call Company Overview - **Company Name**: Star Equity Holdings (NasdaqGS:HSON) - **Nature**: A diversified holding company comprising three operating divisions: Building Solutions, Business Services, and Energy Services, along with an Investments Division [2][4] Key Points and Arguments Business Segments - **Building Solutions**: Focuses on factory-based construction, emphasizing faster, cheaper, and greener building methods. This segment is expected to grow significantly, particularly in the Northeast and Upper Midwest [3][4] - **Business Services**: Provides talent management and procurement services through a subscription model, targeting Fortune 500 companies. This segment is anticipated to recover from a trough and grow due to recent management changes and investments [3][18] - **Energy Services**: The newest division, with plans to expand into alternative energy sectors. Current EBITDA is projected to grow from $1 million to $10 million [21] - **Investments Division**: Holds assets in private companies and real estate, with a focus on acquiring undervalued microcaps [4][12] Financial Projections - **2026 Projections**: Expected EBITDA of $13 million and revenues of approximately $240 million. The company anticipates organic growth leading to an EBITDA of $40 million by 2030 [12][34] - **Acquisition Strategy**: Plans to pursue bolt-on acquisitions to enhance existing business segments, with a preference for cash or preferred stock transactions [12][30] Market Position and Growth Strategy - **Microcap to Small-Cap Transition**: The company aims to transition from microcap to small-cap status through strategic acquisitions and organic growth [2][13] - **Acquisition Targets**: Focus on capital-light businesses with low maintenance CapEx, particularly in fragmented industries. The company is also looking for businesses owned by baby boomers lacking succession plans [15][14] - **AI Integration**: The company is developing AI services to enhance its staffing business, aiming to differentiate itself in the market [23][24] Management and Operational Efficiency - **Management Structure**: A small corporate team allows operating managers to focus on business growth without public company distractions. The company has built an internal M&A team similar to a private equity firm [5][6] - **Cost Management**: The company believes it can eliminate $2 million-$3 million in costs from any public company it acquires due to operational redundancies [28] Additional Important Insights - **Insider Ownership**: High insider ownership indicates confidence in the company's future performance, with recent insider buying activity [12] - **Market Conditions**: The staffing industry is expected to grow by 5%-10% in 2026, with Star Equity anticipating to outpace this growth [34] - **Real Estate Portfolio**: Valued at $10-$15 million, with potential for monetization through sale-leaseback transactions [22] This summary encapsulates the key insights from the conference call, highlighting the company's strategic direction, financial outlook, and operational focus.

Summary of Plymouth Industrial REIT Special Meeting Company Overview - **Company**: Plymouth Industrial REIT (NYSE: PLYM) - **Event**: 2026 Extraordinary General Meeting - **Date**: January 22, 2026 Key Proposals Discussed 1. **Merger Proposal** - Approval of the merger of Plymouth Industrial REIT with PIR Industrial REIT as per the agreement dated October 24, 2025 - Requires a majority vote from the outstanding shares of common stock entitled to vote [3][9] 2. **Merger Compensation Proposal** - Non-binding advisory vote on the compensation for named executive officers in connection with the merger - Requires a majority of the total votes cast at the meeting [3][9] 3. **Adjournment Proposal** - Approval of any necessary adjournments of the special meeting to solicit additional proxies if needed - Requires a majority of the total votes cast at the meeting [4][9] Voting and Results - A quorum was confirmed with 44,551,164 shares of common stock outstanding, each entitled to one vote [6] - The polls were opened for voting on all matters presented [7] - The merger proposal and adjournment proposal were approved based on preliminary voting results - The non-binding advisory merger compensation proposal was not approved [17] Additional Information - The merger transaction is set to close on January 27, 2026 [11] - The final voting results will be published in a current report on Form 8-K filed with the Securities and Exchange Commission [17] Important Notes - Stockholders were reminded that those who had already voted by proxy do not need to take further action unless they wish to change their vote [10][15] - The meeting was conducted virtually, and recording was prohibited [2]