Gates are back — and this time it's BCRED. Nelson and Prath dig into why fund managers are choosing to gate rather than sell into a buyer-scarce secondary market, what Apollo's daily pricing initiative actually means (spoiler: mark-to-model, just more frequently), and whether the SpaceX IPO pop is a sign of healthy markets or peak froth. They close on the AI IPO pipeline — Anthropic and OpenAI are on deck — and why Nelson likes Anthropic's chances more than Prath does.