updated_at_from, not merged_at_from. Merges can be reversed, and a reversal edits the existing record in place rather than adding a new one — it moves updated_at but never merged_at. A reversed_at on a record you already ingested means the merge no longer holds and shell_id is a live company again.merged_at then id, so paging is stable even when a bulk merge writes several records in the same instant. Records are never deleted from this feed.