I can't get a simple alpha matte to work, I DON'T UNDERSTAND WHY!

1. I have a simple text layer.

2. I have a rectangle shape layer.

3. I alpha matte inverted the shape to the text so that the text is black on the white rectangle.

4. I have this red texture that I want to alpha matte to just the rectangle, while still keeping the text black.

5.  But when I do that, the rectangle is covered by the texture but the text is hidden.

I just want my black text to show on this new alpha matted rectangle with the red texture. I need to use alpha mattes to acheive this effect as I'm trying to do something else with this premise. Why doesn't it work, a tutorial I'm following shows these exact steps to get this result. What am I doing wrong???

This is the result I want to acheive.