I said I don't know the exact relationship between RH and DTCC because it isn't public. Why would they be asking the DTCC for credit? That is absurd on the face of what collateral is there for.

They can borrow money and use that for collateral which is exactly what they did. And there is a massive world of difference rolling up to a bank/investors saying "Hey I have settled funds, I need to borrow money to post as collateral" vs "Hey I lent people a bunch of money, I need to borrow a money to post collateral".