A beluga whale was found last week in the Arctic Ocean off the northern Norwegian coast. Otherwise not an unusual event, but this particular cetacean wore a harness. Its proximity to Russia sparked rumors the animal had been recruited as a spy.

Another theory, however, soon surfaced. Some surmised “Hvaldimir” was an escapee from a marine facility “for underprivileged children.” This notion gained credibility when the whale retrieved a tourist’s cell phone she had accidentally dropped in the water.

“We assumed it would be gone forever,” said Ina Mansika. “The whale is so kind.”

This story may resonate for those in private credit. Casual observers of the asset class find it irresistible to jump to the worst possible conclusions (“Risky loans!”), only to find, for a variety of reasons, it’s popular and can be helpful.