Global Banking & Markets Prime Insights & Analytics Prime Services Friday 9/12 – Thursday 9/181 Prime Services Weekly Report September 19, 2025 Prepared by Prime Brokerage. In evaluating this material, you should know that it could have been previously provided to other clients and/or internal Goldman Sachs personnel, who could have already acted on it. The views or ideas expressed here are those of the desk and/or author only and are not an official view of Goldman Sachs; others at Goldman Sachs may have o ...

Leverage results from using borrowed capital as a source of funding when investing to expand a firm's asset base and generate returns on risk capital. https://t.co/4WaQBZyUM5 ...

Market Trend - BlackRock's BUIDL is now tradable collateral on Deribit and other platforms [1] - $1.94 billion earning 4.5% treasury yield can now margin trade derivatives without selling [1] - Institutions can now leverage their assets without selling them [1] Risk Analysis - Only 1,000 holders control this entire market [1] - The concentration creates an opportunity [1]

Core Insights - A Reddit user with a net worth of $20 million critiques Dave Ramsey's financial advice, suggesting it may not lead to significant wealth accumulation in today's economy [1][3][4] - The commenter argues that Ramsey's strategies, while safe, are mathematically flawed and may hinder followers from achieving higher wealth targets, such as $5 million or more [2][3][5] - The discussion highlights a tension between risk-averse financial strategies and the need for leverage to build generational wealth [4][5][6] Group 1 - The commenter acknowledges Ramsey's approach is suitable for risk-averse individuals aiming for modest retirement savings [2][5] - The critique emphasizes that the financial landscape has changed, and $1 million may not provide the same security it once did [2][3] - The user attributes their own financial success to leveraging investments, which contrasts with Ramsey's advice against using leverage [3][4] Group 2 - Ramsey's Baby Steps focus on eliminating debt and building emergency savings, which the commenter believes is too conservative for wealth building [5] - The commenter suggests that following Ramsey's advice may have resulted in missed opportunities for significant growth over the past decade [6]

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Group 1 - Crowdfunding platforms like First National Realty Partners (FNRP) allow investors to pool money for real estate investments without taking on debt [1][6] - FNRP focuses on necessity-based real estate, such as grocery stores and healthcare facilities, which are essential to local communities and often leased by national brands [6] - The commercial property market has different lending arrangements compared to residential mortgages, often with less favorable terms and potential call options for lenders [7][9] Group 2 - Graham Stephan and Dave Ramsey have differing views on debt, with Stephan justifying borrowing for appreciating assets while Ramsey advocates for avoiding debt altogether [2][5] - Ramsey emphasizes the importance of understanding the risks associated with debt, stating that more debt increases risk exponentially [1][10] - The article discusses the potential for investors to use good debt strategically, while also highlighting the importance of avoiding bad debt that does not contribute to financial health [12][13]

Regulatory Policy - Bond traders are resisting a policy proposed by regulators, including the Bank of England, aimed at limiting excessive leverage [1] - The industry warns of potential unintended consequences from the proposed policy [1]

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Core Insights - Larry Ellison has maintained a significant stake in Oracle, owning 1.16 billion shares, which is 41% of the company's total outstanding shares, the largest among top tech billionaires [6][4] - Ellison's wealth management strategy involves leveraging his Oracle shares to fund personal investments and philanthropy while retaining control over his holdings [4][14] - Oracle's share repurchase program has contributed to increasing Ellison's ownership percentage from 23% to 41% over the past 15 years, despite his stable number of shares [9] Financial Strategy - Ellison has sold Oracle shares primarily to exercise options and pay taxes, netting $5.1 billion from sales, which is a small fraction of his stake valued over $350 billion [8] - He borrows heavily against his Oracle shares, pledging 277 million shares as collateral for personal loans, valued at over $82 billion [14][15] - Unlike many tech executives, Ellison's approach to borrowing against shares is seen as acceptable due to his wealth and influence, which provides lenders with confidence [16][15] Investments and Philanthropy - Ellison has invested in various sectors, including real estate, sports, and media, with notable purchases like the Eau Palm Beach Resort for $277 million and backing for Skydance Media's acquisition of Paramount for $8 billion [10][12] - He has committed hundreds of millions to philanthropy and is focusing resources on the Ellison Institute of Technology, partnering with the University of Oxford to address global challenges [13] - Ellison's investments also include funding for Elon Musk's Twitter acquisition and several tech startups, showcasing his active role in the tech industry [11] Comparison with Peers - Ellison's strategy contrasts with Oracle CEO Safra Catz, who has sold $2.5 billion in options this year, maintaining a smaller stake in the company [18] - The article highlights differing approaches among tech founders regarding stock management, with many preferring to hold onto their shares to maximize wealth [19] - Wealth advisors note that borrowing against shares can be a form of diversification if used for investments, although it carries risks of over-leverage [20]