I've been staring at it for about 10 minutes now. Obviously the first ring is easy and I'm thinking you probably didn't stuff that "small" ring through the brummel so I'll admit I'm stumped!
I recall looking up a rope manufacturer's directions for splicing a locking Brummel and the typical instructions are based on the assumption that you only have access to one end of the rope. Pulling the tail of the rope through the braid is just a shortcut. So I assume you just did the second splice using the 'long' method.