We almost got caught up in the First Brands mess years ago, but declined because it didn’t pass muster. Now it’s a $2.3B black hole. This week, Nelson and Prath unpack what went wrong, why redemptions are spiking, and the absurdity of private credit ETFs. Also: our secondary market is getting real traction, Brex just sold for $5B, and the administration wants a 10% credit card cap that could do more harm than good.