Morgan Stanley just restricted redemptions at one of its private credit funds after withdrawals surged. That's BlackRock, Blackstone, Blue Owl, and now Morgan Stanley. Four of the largest names in private credit have gated, capped, or permanently closed redemptions in the last 90 days. $2 trillion industry. Your money goes in. It doesn't come out when you want it to. This is what happens when illiquid assets get sold as liquid products.