The Kobeissi Letter X post directly states margin debt rose $112 billion in May to a record $1.42 trillion, a second consecutive monthly rise totaling $195 billion, with a 12-month gain of $495 billion (54%). The Advisor Perspectives/dshort analysis of underlying FINRA data independently confirms the $1.42 trillion record, the second straight monthly increase, and a 53.7% year-over-year rise (closely matching the claimed 54%/$495 billion). Multiple outlets corroborate the $1.42 trillion May record. All key figures align.