HF MultiStrat Long/Short Equity Leverage

Apologies in advance for a newbie question. Any thoughts would be highly appreciated please.

I was going through a recently-published Bloomberg article about Qube Research Technologies (“The Secretive Hedge Fund Rewriting the Rules of $4.5 Trillion Industry”) and was surprised by certain numbers. 

From the Bloomberg article: “Multistrats are notorious for leaning on vast amounts of borrowed money to juice their bets. QRT takes it to a whole new level. As a firm, Millennium’s total amount of regulatory assets, which includes leverage, was 7.5 times its investor cash at the end of 2023; Citadel’s was roughly 7.2 times. At QRT, it’s been at least twice that.”

Similarly: “Torus (a fund of QRT) had regulatory assets of $191 billion, according to a US filing in March. Qube (main fund of QRT) traded $121 billion.” Torus’ fund investor capital is 12 billion USD and Qube’s is 7 billion USD.

I’m scratching my head here as it seems that QRT’s L/S funds are massively leveraged. I mean Torus fund’s has regulatory filings of $191 billion against $12 billion of investor capital. This is massive leverage! Are these Bloomberg numbers wrong or am I missing something please?