(https://www.sec.gov/Archives/edgar/data/1611647/000092963826001989/xslF345X06/form4.xml) across five tranches on May 22 — not tax-calendar diversification, but *aggressive* de-risking ahead of the consumer margin squeeze everyone's flagging in pet staples. FRPT has posted consistent 18-22% net margins on $400M+ annual revenue, but that pricing power evaporates the moment premium pet food demand softens.

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