Is Recognition Beginning to Occur?
Mark to Market? Collateral Noise

Commentary from the Distilled Perspective of Patrick T Bulger Analytics

• Top 3 Risks This Week:

1. Another week with more reports of lenders having problems with collateral and leverage.
   Some stories are of collateral that seems to not be collateral at all. Yikes.
2. Jamie Dimon said, "When you see one cockroach, there are probably more",
   on his earnings call, regarding credit risks in the financial system. (10/14/2025)
3. Just for kicks, search: 650 Madison Avenue, special servicing
   These issues have been going on for over a year, nationally,
   Yet they’ve gone mostly unreported by mainstream media.

• The key takeaway for your portfolio:

These are times of risk,
Noise is overshadowing data and critical credit events.
Our concerned view is for the good of your invested capital.

• What should you do:

Reach out for a discussion today.
Simply click the “Ask” button to reach out.

Have a great weekend everyone!
PTB

...