Mark to Model, Daily

<p>Gates are back — and this time it&#39;s BCRED. Nelson and Prath dig into why fund managers are choosing to gate rather than sell into a buyer-scarce secondary market, what Apollo&#39;s daily pricing initiative actually means (spoiler: mark-to-model, just more frequently), and whether the SpaceX IPO pop is a sign of healthy markets or peak froth. They close on the AI IPO pipeline — Anthropic and OpenAI are on deck — and why Nelson likes Anthropic&#39;s chances more than Prath does.</p><p><br></p>