Behind every transaction sits a complex network of financing, liquidity, and risk-transfer mechanisms that determine how capital moves through the system. Exploring the critical infrastructure underpinning structured credit markets, from repo and warehouse financing to leverage providers, insurance capital, liquidity creation, and risk transfer. As credit intermediation becomes increasingly distributed across banks, private capital, and non-bank lenders; How resilient is the ecosystem? Where are the emerging pressure points? And what happens when the plumbing gets backed up?