A 100-year cyclical building materials franchise mid-pivot to specialty inputs. Eleven plants mapped on the ground; three open governance items; one active long thesis built on top of this file.

Linked thesis · T·184 → CEO dossier · R. Mendel Evidence · 142 rows

Overview Plants & assets 14 Governance flags 3 Filings 86 Linked theses 2 Evidence 142

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§ 01 / Plant network · ground-truthed

ID	Plant	Region	Status	Mix	Visited	Notes
P-01	Houston Bayport	US Gulf	▲ specialty	62%	11·2025	Conversion live
P-02	Galveston Tx-W	US Gulf	→ legacy	8%	11·2025	Run-off candidate
P-03	Mobile AL	US SE	▲ specialty	48%	02·2026	Q3 expansion booked
P-04	Charleston SC	US SE	→ legacy	4%	02·2026	Cyclical exposure
P-05	Tampa FL	US SE	→ legacy	11%	—	Photo-ledger only
P-06	Hampton Roads VA	US E	~ converting	22%	03·2026	Pad poured
P-07	Newark NJ	US E	~ converting	18%	03·2026	Capex line reclassed (EV-04421)
P-08	Long Beach CA	US W	▲ specialty	54%	09·2025	Largest specialty plant
P-09	Stockton CA	US W	→ legacy	6%	09·2025	—
P-10	Edmonton AB	CAN W	→ legacy	12%	—	Walk-by · Q4 photo
P-11	Veracruz MX	MX	~ converting	26%	03·2026	Customer letter on file

§ 02 / Governance items · open

FLAG · WATCH

Capex disclosure breadth

Segment-level capex narration is thin vs. peers. Opened 14 Mar 2026.

Owner: D. Halberd

FLAG · WATCH

Audit committee composition

2 of 3 seats independent; we want 3 of 3 given pivot.

Owner: S. Okafor

FLAG · MONITOR

Customer concentration disclosure

Top-3 buyer narrative shifted; numbers redacted in 10-K.

Owner: D. Halberd

§ 03 / Theses built on this file

T·184

Coalstone is being repriced as a specialty input.

Long, conviction high. 5,400 words · 34 evidence rows.

CLST initiation: legacy book under-earning, optionality unpriced.

Initial coverage memo. Superseded by T·184 but retained for the record.