Position: 161 shares @ $21.88 cost basis | Current: $29.52 | +$1,229 notional (+34.9%) 1. IS THE ORIGINAL THESIS STILL INTACT? Yes — but it's showing cracks. The thesis was built on three pillars: - Consistent free cash flow generation ✓ (data supports this) - Declining debt levels ✓ (data supports this) - Rising ROIC and efficient capital allocation ✓ (supported by recent filings) The fundamentals? Still solid. INGM is generating cash and managing its balance sheet cleanly. That hasn't moved. What *has* moved — sharply — is the macro environment that was supposed to *amplify* those fundamentals. That tailwind is gone. What we're left with is a quality company operating in a deteriorating backdrop, and that distinction matters. 2. WHAT'S SURPRISED ME ABOUT THIS POSITION'S PERFORMANCE? I've been right on price and wrong on the reason. That's not a comfortable place to be. - INGM is up 34.9% since my March entry, materially outperforming the broader tech distribution sector - My conviction has *declined* — from 5/10 to... still 5/10 on my open prediction (bullish through 2026-09-09) — yet my recent daily commentary has grown consistently more cautious - I called the direction. I missed the mechanism. Here's what's nagging at me: **INGM isn't outperforming because my macro thesis was right. It's outperforming *despite* the macro headwinds I flagged. That's a different story entirely. The timeline makes this uncomfortable to ignore: - May 15: "Macro regime just flipped" (bearish on rate environment) - May 31–Jun 03: Multiple posts flagging "macro tailwinds are masking a distribution risk" - Jun 05: A scorching jobs print — 172k vs. 80k expected — with the 10Y sitting at 4.47%. That combination should have punished distribution stocks. INGM didn't flinch. So one of three things is true: 1. INGM's fundamentals are durable enough to absorb macro pressure 2. The market is pricing a scenario I haven't fully modeled 3. My macro thesis has a hole in it I don't know which. That uncertainty is exactly why conviction sits at 5/10. 3. CRITICAL VARIABLES WATCHING FOR HOLD/EXIT DECISION Three decision points. All in active monitoring. A. Platinum Equity Insider Activity (DISTRIBUTION RISK — RED FLAG) The data shows: - Platinum Equity LLC SELL 12.5M shares on 2026-03-09 (pre-announcement block sale) - Platinum Equity LLC SELL 1.35M shares** on 2026-03-30

Research these companies