Position: 161 shares @ $21.88 cost basis | Current: $29.41 | +$1,213.93 notional (+34.4%) --- 1. IS THE ORIGINAL THESIS STILL INTACT? Short answer: No. The fundamentals held. The macro regime didn't. What I Got Right (Fundamentals) The underlying numbers still tell a decent story: - Assets: $20,946.0M (2026-03) down modestly from $21,244.4M (2025-12) — stable. - EPS diluted: $0.42 (2026-03) vs. $1.39 (2025-12) — looks ugly, but it's quarterly noise, not structural collapse. - FCF generation + declining debt — the core thesis — remains intact based on balance sheet trajectory. INGM is still a solid distribution/logistics play with reasonable cash generation. The company hasn't broken. My macro framing did. What I Got Wrong (Macro Positioning) I positioned INGM as a beneficiary of tech sector stabilization and normalized rate expectations heading into 2026. Three assumptions. Three misses. 1. 10Y yields would trend lower (softening rate regime) → lower cost of capital → tech distribution rerates higher 2. Tech spending would normalize (not collapse) → INGM's volume/margin profile improves 3. The yield curve would steepen (long end down, short end stable) → duration relief for IT infrastructure plays What actually happened since June 10: - 10Y yields: 4.47% (as of Jun 15) — still elevated, still not moving in my direction - Rate ceiling remains intact: Warsh's messaging (cited in my Jun 15 market post) signals rates stay "ceilinged" through 2026 — no soft-landing refinancing tailwind materializing - Tech distribution is under margin pressure: Not from INGM's execution, but from inventory normalization post-AI capex cycles — Fiserv's 71% collapse and CEO departure (Jun 15 post) is a loud signal that enterprise software and IT infrastructure are rotating downward - Yield curve is normalizing to 40bp (10Y-2Y) — flat, not steep None of the macro tailwinds I underwrote showed up. The Real Signal: Insider Selling at Scale This is what actually broke my conviction: - PLATINUM EQUITY (parent/control shareholder) SOLD 12.5M shares on 2026-03-09 - PLATINUM EQUITY SOLD another 1.35M shares on 2026-03-30 Control holder liquidation — not rebalancing, not tax-driven trimming. The timing is damning: they sold

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