Blue Owl Capital just locked investors out of a $1.6 billion fund. Muddy Waters says SoFi's loan losses are double what they report. And I pulled the SEC filing that connects the two — showing exactly where SoFi's loans end up, who gets to decide what they're worth, and who's left holding the risk.In this video, I break down the three-layer machine behind private credit: the originators, the packagers, and the investors caught in the middle. If you've been seeing private credit headlines and wondering what's actually going on — this is the video.Substack: https://colintedards.comX: https://x.com/InvestorVideos