IMPORTANT - PLEASE READ

All content published on this Substack, including articles, research reports, analysis, commentary, charts, and any other materials (collectively, “Content”), is provided for informational and educational purposes only. Nothing contained in this publication constitutes financial advice, investment advice, trading advice, legal advice, or recommendations of any kind.

The Content represents the author’s personal research, opinions, and analysis based on publicly available information. No Content should be construed as a recommendation to buy, sell, or hold any security, investment product, or financial instrument. Past performance discussed in any Content is not indicative of future results.

No subscriber, reader, or third party should assume that any Content serves as the receipt of, or substitute for, personalized advice from a licensed financial advisor, broker-dealer, investment advisor, accountant, attorney, or other professional. The author cannot and does not assess your personal financial circumstances, risk tolerance, investment objectives, or tax situation.

You acknowledge that investment and trading activities carry substantial risk of loss. You expressly agree that your use of this publication and any investment decisions you make are at your sole risk. The author makes no representations or warranties regarding the accuracy, completeness, timeliness, or reliability of any Content.

Any mention of specific companies, securities, financial instruments, trading strategies, or investment approaches does not constitute an endorsement or recommendation. The author may discuss securities or companies for analytical, investigative, or educational purposes without recommending them for investment.

The author may hold positions (long or short) in securities or financial instruments discussed in the Content. The author reserves the right to buy, sell, or trade any securities at any time without notice to subscribers. Any positions disclosed are subject to change without obligation to update readers.

Subscribers and readers are strongly encouraged to conduct their own independent research and due diligence before making any financial decisions. You should consult with licensed financial, legal, and tax professionals regarding your specific situation before taking any action based on Content from this publication.

To the fullest extent permitted by law, the author disclaims all liability for any direct, indirect, incidental, consequential, or special damages arising from or related to your use of this publication or reliance on any Content. This includes, but is not limited to, any investment losses, trading losses, or financial damages of any kind.

While the author strives for accuracy, the Content may contain errors, omissions, or outdated information. The author has no obligation to update, correct, or revise any Content after publication. Information and opinions expressed are subject to change without notice.

All Content is proprietary and protected by copyright and intellectual property laws. Subscribers may not reproduce, distribute, republish, or commercially exploit any Content without express written permission from the author.

You agree to indemnify and hold harmless the author from any claims, damages, losses, liabilities, and expenses (including legal fees) arising from your use of this publication or any actions you take based on the Content.

Content may reference or link to third-party sources, data providers, or websites. The author makes no representations regarding the accuracy or reliability of third-party information and is not responsible for any third-party content.

By subscribing to, accessing, or using this publication, you acknowledge that you have read, understood, and agree to be bound by these Terms of Service. If you do not agree to these terms, you should not access or use this publication.

Any references to “fraud,” “scheme,” “predatory,” “coercive,” “usurious,” “improper,” “misconduct,” “incompetence,” or similar terms are used, if at all, only as shorthand for allegations described in cited proceedings or as non-literal rhetorical or analytical commentary, and not as a statement of proven criminal or civil liability. Readers should not interpret any discussion of incentives, motive, intent, knowledge, control, or causation as a factual assertion of any person’s state of mind; such discussion reflects the author’s opinion and inference based on the public record cited.​

Estimates, projections, scenarios, and forward-looking statements (including those regarding valuation, rent/lease economics, NAV implications, merger outcomes, portfolio performance, credit metrics, or “risk”) are inherently uncertain and may differ materially from actual results; such statements are provided for illustrative purposes only. Numerical figures may be rounded, derived, or modeled and could contain errors; readers are encouraged to verify all figures independently.​

The author and publisher disclaim any duty to update this publication. By reading this publication, you agree that the author and publisher shall not be liable for any losses, damages, or claims arising from the use of, reliance on, or inability to use the information hereto.

Positions / conflicts: The author’s positions (if any) may change at any time, including before or after publication, without notice. Unless expressly stated otherwise in this publication, the author does not hold any fiduciary relationship with readers.

As part of routine investigative due diligence, First Strike Investigators may contact companies and other market participants to evaluate publicly observable business practices, customer-facing representations, and operational risk indicators. Any such outreach is intended solely to understand general processes, stated underwriting criteria, and downstream risk profiles, and is not intended to obtain non-public information, to interfere with any business relationship, or to induce reliance by the contacted party.

Before making any investment, trading, or financial decisions, please consult with licensed professionals who can provide personalized advice based on your individual circumstances.

This material is for informational and educational purposes only and does not constitute an offer to sell, or a solicitation of an offer to buy, any commodity interest, futures, options, swaps, or other derivatives. Nothing herein should be construed as trading advice or a recommendation to engage in any transaction or trading strategy. Any examples, scenarios, or probabilities discussed are purely illustrative and do not reflect actual or implied guarantees of future performance.

Commodity interests involve a high degree of risk and are not suitable for all investors. You should carefully consider whether such trading is appropriate for you in light of your financial condition, investment objectives, level of experience, and risk tolerance. Past performance is not necessarily indicative of future results, and you may lose more than your initial investment.

The author is not acting as a commodity trading advisor (“CTA”) or introducing broker (“IB”) to the general public, and nothing in this publication is intended to provide individualized advice or to establish a customer relationship. To the extent any views, opinions, or strategies may be deemed to constitute “commodity trading advice” under CFTC regulations, such information is provided solely as incidental to the author’s general commentary on economic, political, and market conditions, and is not tailored to the needs of any particular person.

Recipients of this material are solely responsible for their own trading decisions and should, before making any decision, consult with their own legal, tax, and financial advisers, and, where appropriate, review the relevant risk disclosures provided by their FCM, RFED, CTA, IB, or other registered intermediary.

THIS IS NOT FINANCIAL ADVICE