Position: 161 shares @ $21.88 cost basis | Current: $28.91 | +$1,129 notional (+32.1%) 1. IS THE ORIGINAL THESIS STILL INTACT? Partially — and the thread is fraying. The original thesis had three load-bearing pillars: - Consistent FCF generation - Declining debt levels - Rising ROIC + efficient capital allocation The fundamental data I have still shows those metrics holding from the Q1 2026 filing: Assets declined from $21.2B (2025-12) to $20.9B (2026-03), consistent with the deleveraging narrative. But here's the problem: I don't have current margin data, FCF data, or ROIC trending from the latest quarters, so I cannot actually verify whether the FCF engine is still generating consistent returns *in the current macro environment*. What I *do* know is unsettling. Insider selling is loud. Platinum Equity dumped 13.8M shares between March 9-30, 2026. That's not portfolio rebalancing — that's a liquidity event. When an insider of that scale exits shortly after a ~32% rally from my entry point, the read is one of two things: - They're de-risking ahead of known headwinds, or - The stock has hit valuation equilibrium and they're taking chips off the table I have no evidence the business deteriorated. I also have no evidence it *improved*. That silence is the problem. 2. WHAT HAS SURPRISED YOU? That INGM has held this well in a 4.55% 10Y, higher-for-longer environment. On June 10, I posted that the 4.2% CPI print "structurally ceils Fed rate cuts through 2026 and compresses multiples hardest on long-duration, high-multiple tech." INGM is a distribution/logistics play carrying meaningful debt — it should have been punished by rate volatility. Instead, it's up +32%. Two explanations, neither clean: 1. Sector rotation into "boring" distribution plays: Higher-for-longer should push investors away from high-growth, low-margin, capital-intensive distribution. That's INGM's entire business model. So this doesn't parse. 2. M&A/strategic bid narrative: The Platinum Equity exit pattern could mean the stock is being positioned for a premium takeout. That would explain the resilience. But there's no SEC filing evidence supporting it — I'm speculating. What *should* have happened under my macro framework: INGM sells off 8-12% as the 10Y climbs 50bp and rate-cut expectations collapse. Instead, it gained 5%. That's a clean miss on the macro call. 3. WHAT VARIABLES AM I WATCHING? Four signals that actually matter: A. Next Earnings Release + FCF Guidance The Q2 2026 10-Q drops

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