Amid geopolitical uncertainty and uneven public market access, private credit has demonstrated its strength as a reliable, steady capital source. While overall issuance remains modest due to muted private equity activity, direct lenders have successfully financed new LBOs and refinancings, offering speed and certainty when banks and public lenders hesitate. This pattern has held true through multiple dislocations, from COVID-19 to the recent rate-hiking cycle. With tighter bank regulations on the horizon and private equity dry powder still abundant, private credit is well-positioned to play an even bigger role.