You may ask what are NDFIs ?

(NDFIs) such as broker-dealers, hedge funds, private equity and credit funds, securitization vehicles and subprime auto lenders. Such lending to the financial sector has helped fuel record-high leverage among hedge funds, decade-high leverage among primary dealers, record-high and rising margin debt, and record-high and rising repurchase agreement (repo) lending to hedge funds and others, which in turn has helped fuel record-high asset prices in many cases

source again https://adamjosephson.substack.com/p/ndfi-loans-are-far-larger-than-we