Regulators are stress-testing whether private credit will infect the banking system. SEC filings from the three largest non-traded BDCs show the opposite: banks are being repaid, not exposed. The $13.4 billion in new debt that funded $8.8 billion in redemptions sits with CLO investors, bondholders, and insurers, not on bank balance sheets. The risk did not disappear. It moved to where nobody is looking.