diff --git a/BUG-lazy-mode-overrides-load-mode.md b/BUG-lazy-mode-overrides-load-mode.md
new file mode 100644
index 000000000000..298f32a99a85
--- /dev/null
+++ b/BUG-lazy-mode-overrides-load-mode.md
@@ -0,0 +1,81 @@
+# `--load-mode none`/`mlock` silently ignored for large "lazy" tensors — undocumented `--lazy-mode` override
+
+## Note on reproducing this
+
+This repo's `mix` tags appear to move (branch is rebased frequently — see e.g. the
+"repin #144 ... fixing a brace I dropped in the rebase" commit). `git checkout
+b10715-mix-86bd2d3` today does **not** reproduce this — the tag currently resolves to a
+commit that predates the `--lazy-mode` code entirely.
+
+The actual evidence is the **release asset**, which is immutable and does contain it:
+
+https://github.com/unslothai/llama.cpp/releases/download/b10715-mix-86bd2d3/llama.cpp-source-commit-92cedc8679d145902ead3f006258e8672eac11e6.tar.gz
+
+(`--lazy-mode` is present in `common/arg.cpp`, `common/common.h`, `include/llama.h`,
+`src/llama-model-loader.cpp`/`.h`, `src/llama-model.cpp` inside that tarball.)
+
+## Problem
+
+`--lazy-mode` (default: `auto`) forces mmap-backed, on-demand row-by-row disk reads for
+any architecture-marked tensor larger than 4 GiB (e.g. `per_layer_token_embd.weight` in
+PLE-style architectures such as `qwen4exp`/gemma3n), regardless of `--load-mode`. In
+particular `--load-mode none` — documented as "no special loading mode" — does not
+actually prevent this: the tensor is still memory-mapped and read lazily from disk.
+
+This isn't just a documentation gap (the flag also isn't mentioned in this release's
+notes at all): users who already relied on `--load-mode none` / `--no-mmap` to get the
+whole model fully resident in RAM get a silent behavior change. When the model file is
+on rotating storage, the result is a severe, sustained slowdown, because previously
+unseen rows are faulted in from disk during generation itself, not only at load time.
+
+## Repro (against the release tarball above)
+
+- `qwen4exp` model (Qwen3.8 Flash Next, `UD-IQ3_XXS`) with `per_layer_token_embd.weight`
+  = 27465 MiB, file on HDD
+- launch with `--load-mode none`, no `--lazy-mode` passed (defaults to `auto`)
+- load log shows:
+  ```
+  tensor per_layer_token_embd.weight (size = 27465 MiB) lazy read enabled
+  ...
+  load_tensors:   CPU_Mapped model buffer size = 27465.95 MiB
+  ```
+  (`CPU_Mapped`, not `CPU` — memory-mapped despite `--load-mode none`)
+- generation throughput collapses (observed ~22 t/s -> ~5 t/s on identical
+  hardware/model, the only difference being this lazy path engaging) and disk activity
+  on the model's drive continues for the entire session, not just at load
+- same model/config on SSD: effect is present but minor (SSD random-read latency is
+  ~100-200x lower than HDD, so it's much less noticeable — still an unnecessary
+  overhead relative to full RAM residency)
+
+## Expected behavior
+
+`--load-mode none` should mean the model — including tensors an architecture marks as
+lazy-eligible — is loaded fully into RAM up front. If `--lazy-mode` is meant to be an
+independent, higher-priority axis, that should be:
+- mentioned in the release notes when introduced, and
+- cross-referenced in the `--load-mode`/`--no-mmap` help text, since those flags
+  currently imply behavior that `--lazy-mode auto` silently overrides.
+
+## Suggested fix (illustrative — not attached as a diff, see note above on why this
+repo's refs aren't stable enough to base a clean PR diff on)
+
+In `src/llama.cpp`, where `ml.lazy.mode` is set from `params.lazy_mode`:
+
+```cpp
+ml.lazy.mode    = params.lazy_mode;
+ml.model_shared = params.model_shared;
+
+if (ml.lazy.mode != LLAMA_LAZY_MODE_OFF &&
+    (params.load_mode == LLAMA_LOAD_MODE_NONE ||
+     params.load_mode == LLAMA_LOAD_MODE_MLOCK ||
+     params.load_mode == LLAMA_LOAD_MODE_DIRECT_IO)) {
+    LLAMA_LOG_WARN("%s: --lazy-mode is '%s' but --load-mode does not request mmap; "
+                    "tensors the architecture marks for lazy reading will still be "
+                    "memory-mapped and read on demand from disk during inference "
+                    "(pass --lazy-mode off to keep them fully resident in RAM)\n",
+                    __func__, ml.lazy.mode == LLAMA_LAZY_MODE_ON ? "on" : "auto");
+}
+```
+
+Either a warning like this, or making `--load-mode none`/`mlock`/`dio` force
+`lazy_mode = off` outright, would close the gap.