RE: LeoThread 2025-10-11 17-07

Summary: Over ~20 minutes HLP backstop liquidated billions in positions, acting as liquidity of last resort rather than a profit-seeking liquidator. HLP's child vaults were isolated and became undercollateralized by design; they were treated like any other participant during ADL. Addresses providing against those child vaults realized substantial profits relative to pre- and post-dislocation prices.