For the past three months, the financial press has been writing about private credit as though the apocalypse is imminent. Redemption gates, illiquid assets, SaaS exposure, shadow banking lurking just outside the regulatory perimeter. If you’ve been following the coverage, you might think the entire $1.7 trillion industry is on the verge of collapse. It isn’t. But that doesn’t mean nothing is happening, and getting those two things straight is the whole point of this article.