As banks, private credit funds, insurers, specialty finance companies, and securitisation markets increasingly share responsibility for funding the economy, the traditional lending model is undergoing a profound transformation. Exploring the rise of non-bank financial institutions (NBFIs), the growing role of private capital, evolving bank balance sheet strategies, and how risk is being distributed through securitisation, fund finance, and credit risk transfer markets. Who is providing the capacity for future growth, where are the emerging vulnerabilities, and what does the next generation of credit intermediation look like?