In this paper, we develop a structural-engineering analogy based on the cantilever-beam relation M = P × L into a closed-form framework for modelling leverage and concentration risk in hedge fund portfolios. We derive a critical-drawdown threshold for maintenance-margin breach, a correlation-based lever arm for thematic concentration, a dimensionless safety factor SF, and a characteristic time-to-threshold relation τ ≈ SF². We apply the framework to the reported late-July 2026 collapse of Situational Awareness LP. Under illustrative assumptions of approximately 4× leverage and substantial concentration in AI-infrastructure exposures, the model yields SF ≈ 0.70 and a characteristic threshold time of roughly two weeks. This suggests that the liquid leveraged book was unable, under the model assumptions, to withstand a one-standard-deviation monthly move. We also introduce a golden-ratio taper as a concentration benchmark and a square-root market-impact model for estimating forced-liquidation costs.