diff --git a/CHANGELOG.md b/CHANGELOG.md
index a490db1..87723d5 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -5,6 +5,7 @@ All notable changes to SwiftAgentKit will be documented in this file.
 ## Unreleased
 
 ### Fixed
+- **ContextSift ledger receipts now preserve the tool's CONCLUSION.** A receipt's one-line summary was the first N characters of the output — so for a failure it captured `"Traceback (most recent call last): File …"` and **threw away the actual error at the end** (`UnicodeEncodeError: …`). Once a tool exchange was compacted into the ledger, the agent could no longer tell whether the tool succeeded or why it failed (observed: an agent that had run a script and gotten a traceback later saying "I don't see evidence it was executed" and re-running from scratch). The summary now keeps a **head AND a tail** (default length raised 200 → 320), so the conclusion — a shell exit line, a written path, or the exception at the bottom of a traceback — survives compaction. Regression coverage added (a failure's exception text appears in the ledger receipt).
 - **ContextSift is now budget-aware and recency-preserving.** `ContextManager` keeps the whole conversation inline while under `inlineBudgetChars` (default 16000); above it, it externalizes whole tool exchanges **oldest-first, keeping the most recent tool results inline**. Previously it externalized *all* completed tool exchanges unconditionally — so on a multi-step task the model lost the results it had just produced (e.g. a traceback it needed to fix), breaking the run → read-error → fix → rerun loop (observed: an agent diagnosing a script error, then greeting instead of fixing it). Whole exchanges are evicted together so tool_call/result pairing stays valid; a single huge result still trips the budget and offloads. Regression coverage added (small stays inline; oldest evicted while recent kept; large externalizes).
 - **Streaming tool calls no longer double-generate.** When a streaming turn already delivers complete tool calls (name present), `executeTurn` now uses them directly instead of re-issuing a non-streaming `complete()` for the arguments. The re-issue still happens for providers that only *signal* tool use without streaming usable args (e.g. some HTTP providers). This fixes in-process providers such as **MLX**, where the re-issue ran a *second* full on-device generation that — at a non-zero temperature — could diverge and return empty/different tool calls, leaving the turn stuck with no output. Also halves the compute per tool turn for local models. The stream's `.toolCall` payloads (previously discarded) are now collected and used. Regression coverage added (an in-process provider that streams a complete tool call drives the loop with zero `complete()` calls).
 - Bumped the `LLMProviderKit` floor to `0.1.0-alpha.7` (in-process-provider support: overridable `complete`/`stream` + default HTTP hooks).
diff --git a/Sources/SwiftAgentKit/Context/ContextManager.swift b/Sources/SwiftAgentKit/Context/ContextManager.swift
index e7de399..20c8044 100644
--- a/Sources/SwiftAgentKit/Context/ContextManager.swift
+++ b/Sources/SwiftAgentKit/Context/ContextManager.swift
@@ -53,7 +53,7 @@ public final class ContextManager: @unchecked Sendable {
         store: any ArtifactStore = InMemoryArtifactStore(),
         maxActiveResultChars: Int = 8_000,
         ledgerEntries: Int = 20,
-        summaryLength: Int = 200,
+        summaryLength: Int = 320,
         inlineBudgetChars: Int = 16_000
     ) {
         self.store = store
@@ -205,7 +205,7 @@ public final class ContextManager: @unchecked Sendable {
         if let cached = cachedReceipt(result.toolCallId) { return cached }
 
         let name = result.toolName ?? "tool"
-        let summary = singleLine(String(result.result.prefix(summaryLength)))
+        let summary = conclusionSummary(result.result)
         var artifactIDs: [String] = []
         // Don't spill retrieval-tool output to a new artifact — that would nest
         // artifacts of artifacts and never surface the real content.
@@ -275,4 +275,20 @@ public final class ContextManager: @unchecked Sendable {
     private func singleLine(_ text: String) -> String {
         text.replacingOccurrences(of: "\n", with: " ").trimmingCharacters(in: .whitespaces)
     }
+
+    /// A one-line receipt summary that preserves the tool's CONCLUSION. For long
+    /// output the meaningful result is often at the END (a shell exit line, a
+    /// written path, or — for a failure — the exception at the bottom of a
+    /// traceback), so we keep a head AND a tail rather than only the first N
+    /// characters. This is what lets the agent still know the outcome of a tool
+    /// call after its raw output has been compacted out of context.
+    private func conclusionSummary(_ text: String) -> String {
+        let flat = singleLine(text)
+        guard flat.count > summaryLength else { return flat }
+        let headLen = summaryLength / 2
+        let tailLen = summaryLength - headLen
+        let head = String(flat.prefix(headLen)).trimmingCharacters(in: .whitespaces)
+        let tail = String(flat.suffix(tailLen)).trimmingCharacters(in: .whitespaces)
+        return "\(head) … \(tail)"
+    }
 }
diff --git a/Tests/SwiftAgentKitTests/SwiftAgentKitTests.swift b/Tests/SwiftAgentKitTests/SwiftAgentKitTests.swift
index d32798d..23fd635 100644
--- a/Tests/SwiftAgentKitTests/SwiftAgentKitTests.swift
+++ b/Tests/SwiftAgentKitTests/SwiftAgentKitTests.swift
@@ -1725,9 +1725,10 @@ private func firstArtifactID(in text: String) -> String? {
 
     let out = await manager.modelMessages(messages) { $0 }
 
-    // The full tool output must NOT be resent in any model message…
-    #expect(out.allSatisfy { !$0.content.contains("DEEP_NEEDLE_END") })
-    // …but a ledger + artifact reference must appear in the (single) system block.
+    // The raw tool output must NOT be resent as an inline tool message (a short
+    // conclusion snippet in the ledger is fine — and desired).
+    #expect(!out.contains { $0.role == .tool && $0.content.contains("DEEP_NEEDLE_END") })
+    // …and a ledger + artifact reference must appear in the (single) system block.
     let system = out.first { $0.role == .system }
     #expect(system != nil)
     #expect(system?.content.contains("tool ledger") == true)
@@ -1793,6 +1794,30 @@ private func firstArtifactID(in text: String) -> String? {
     #expect(out.allSatisfy { !$0.content.contains("tool ledger") })
 }
 
+@Test func testReceiptSummaryCapturesConclusionAtTail() async {
+    // A failed tool exchange, externalized to the ledger. The ledger receipt must
+    // preserve the CONCLUSION (the exception at the END of a traceback), not just
+    // the first N chars — otherwise the agent can't tell what happened.
+    let manager = ContextManager(inlineBudgetChars: 0)   // force externalization
+    let traceback = "Traceback (most recent call last):\n"
+        + String(repeating: "  File \"build.py\", line 12, in <module>\n", count: 30)
+        + "UnicodeEncodeError: 'latin-1' codec can't encode character BULLET_CONCLUSION"
+    let messages: [AgentMessage] = [
+        .user("run the build"),
+        .assistant(content: "", toolCalls: [AgentToolCall(id: "c1", name: "run_shell")]),
+        .tool(results: [.error(toolCallId: "c1", toolName: "run_shell", message: traceback)]),
+        .assistant("that failed"),   // exchange is completed (not active)
+        .user("why did it fail?"),
+    ]
+
+    let out = await manager.modelMessages(messages) { $0 }
+    let system = out.first { $0.role == .system }?.content ?? ""
+
+    #expect(system.contains("BULLET_CONCLUSION"))   // the tail (real error) survived
+    #expect(system.contains("Traceback"))           // the head too
+    #expect(system.contains("ERROR"))               // marked as a failure
+}
+
 @Test func testContextManagerEvictsOldestKeepsRecent() async {
     // Over budget with two completed tool exchanges: the OLD one is externalized
     // to the ledger, the RECENT tool result stays inline (so an iterative
@@ -1812,7 +1837,9 @@ private func firstArtifactID(in text: String) -> String? {
     let out = await manager.modelMessages(messages) { $0 }
 
     #expect(out.contains { $0.role == .tool && $0.content.contains("RECENT_MARKER_kept") })
-    #expect(out.allSatisfy { !$0.content.contains("OLDTAIL") })
+    // The old exchange is externalized — not kept as an inline tool message
+    // (a conclusion snippet in the ledger is fine).
+    #expect(!out.contains { $0.role == .tool && $0.content.contains("OLDTAIL") })
     #expect(out.contains { $0.role == .system && $0.content.contains("ledger") })
 }