https://blogs.technet.microsoft.com/scvmm/2013/03/21/vmm-2012-sp1-hyper-v-over-smb-support-in-vmm-troubleshooting-101-whats-wrong-and-why/
So VMM definitely uses CredSSP. I thought CredSSP was always clear text / plain text / plaintext over the network...how the heck is that secured?
born to learn!