consumers are becoming more subprime and more delinquent. The channel runs deep: from a private credit manager to a FinTech lender to a subprime borrower taking out a $5,478 loan to consolidate older debt. At each step, the risk is repackaged and represented as managed. The direct lending market is forecast to reach $3 trillion by 2028. When enough of those bridge loans stop performing, what happens to the structured certificates sitting in the fund that purchased the forward flow?