The media is having a field day with private credit redemptions, but is the panic justified? This week, Nelson and Prath break down the barrage of gating headlines from BlackRock and Morgan Stanley, JPMorgan’s software loan markdowns, and why bad fund wrappers are causing more pain than bad underwriting. Plus, they unpack New York’s new Buy Now, Pay Later rules, early traction from Percent’s secondary market, and why the ultimate founder strategy is just surviving long enough to get lucky.