Live Data

Updated Q4 2025 · 1317 Positions · +464 new loans this quarter · 10 BDCs reporting non-accrual

Software Private Credit Tracker

Name: Software Private Credit Loan Dataset
Creator: Founderpath
License: https://creativecommons.org/licenses/by/4.0/

The definitive database of private credit positions in software companies, sourced from SEC 10-Q filings across 15 publicly traded Business Development Companies.

Period

Borrowers

704

Capital Deployed

$26.6B

Fair Value

$26.7B

Avg Rate

9.1%

BDCs

What's happening in software private credit right now

Computed from Q4 2025 SEC filings vs Q3 2025

Total software private credit capital shrank by $2.0B this quarter to $26.6B across all 15 BDCs.

Weighted average interest rates moved down 0.5 basis points to 9.2%. Spread compression is real and it means lenders are competing harder for fewer quality deals.

114 loans are now marked below 90% of par, up from 52 last quarter. That is $1.9B in principal sitting underwater. The marks are starting to tell the real story.

10 BDCs are reporting non-accrual software loans with an average rate of 1.5% at fair value. These are loans where the borrower has stopped making payments.

Most Underwater Software Loans

51 borrowers with $5M+ principal marked below 90% of par, representing $2.6B total

#	Borrower	Lenders	Total Principal	Total Fair Value	FV %	QoQ Change
1	Inovalon	MFIC	$6.4M	$-0.0M	-0.7%	New
2	Calero Holdings, Inc.	MFIC	$21.8M	$0.3M	1.5%	New
3	OnAsset Intelligence, Inc.	MAIN	$6.5M	$1.0M	14.6%	New
4	Cubic Corp	FSK	$106.7M	$23.9M	22.4%	-64.2pp
5	Redstone Holdco 2 LP	PSEC	$50.0M	$20.5M	41.0%	New
6	Naviga	MFIC	$15.7M	$7.9M	50.0%	New
7	Dropoff, Inc.	HRZN	$7.8M	$4.4M	56.4%	New
8	Datacom, LLC	MAIN	$8.5M	$4.8M	57.1%	-13.9pp
9	Annex Cloud	HTGC	$10.7M	$6.3M	58.7%	-16.3pp
10	North Star Acquisitionco, LLC	ARCC, GSBD	$151.2M	$90.4M	59.8%	+4.4pp
11	Zorro Bidco, Ltd.	BXSL	$75.5M	$47.4M	62.8%	-38.4pp
12	Astra Acquisition Corp.	OCSL	$22.3M	$14.4M	64.4%	New
13	Nomad Health, Inc.	TRIN	$11.9M	$7.8M	65.2%	-11.0pp
14	Ark Data Centers, LLC	GSBD	$15.0M	$9.9M	66.0%	-31.8pp
15	AGS Health BCP Holdings, Inc.	GSBD	$48.9M	$33.4M	68.4%	New
16	Lobos Parent, Inc.	GSBD	$37.0M	$25.8M	69.8%	-29.5pp
17	NC Topco, LLC	GSBD	$35.4M	$25.1M	71.0%	-28.0pp
18	Edblox, Inc.	TRIN	$15.0M	$10.8M	71.8%	-17.3pp
19	EP Purchaser, LLC	ARCC	$50.0M	$36.5M	73.0%	-22.1pp
20	AGS Health BCP LLC	GSBD	$23.9M	$17.6M	73.6%	-26.7pp

Aggregated by borrower across all BDCs. Only showing borrowers with $5M+ in total principal. Data sourced from Q4 2025 SEC 10-Q filings.

Schedule of Investments

Individual positions from SEC filings

827 borrowers

Lender	Borrower	Type	Wtd Rate	Total Principal	Total Fair Value	FV Ratio	Maturity	Source
ARCC	Ivy Hill Ivy Hill Asset Management, L.P.	Senior Subordinated	10.3%	$530.5M	$530.5M	100.0%	Jan 2030	p.125
BXSL	MedalliaPublic2 Medallia, Inc.	1st Lien	6.0%	$396.0M	$307.9M	77.7%	Oct 2028	p.156
BXSL	Auctane (ShipStation)2 Auctane, Inc.	1st Lien	5.8%	$281.6M	$277.3M	98.5%	Oct 2028	p.156
FSK	Solera Solera LLC	2nd Lien	13.3%	$280.2M	$260.8M	93.1%	Jun 2029	p.204
ARCC	Anaqua2 Adonis Bidco Inc.	1st Lien Senior Secured	9.4%	$246.5M	$246.5M	100.0%	Feb 2032	p.125
FSK	MedalliaPublic Medallia Inc	1st Lien	10.8%	$234.6M	$184.7M	78.7%	Oct 2028	p.204
ARCC	eCapital8 eCapital Finance Corp.	Senior Subordinated	11.2%	$223.6M	$223.6M	100.0%	Sep 2029	p.125
OBDC	InovalonExt2 Inovalon Holdings, Inc.	1st Lien + 2nd Lien	8.7%	$216.7M	$208.5M	96.2%	Nov 2033	p.141
OBDC	PartsSource3 BCPE Osprey Buyer, Inc.	1st Lien	10.1%	$211.6M	$209.4M	99.0%	Aug 2028	p.141
ARCC	Insurity4 Huskies Parent, Inc., GI Insurity Parent LLC	Revolver + 1st Lien + Sub	9.9%	$201.6M	$188.8M	93.7%	Nov 2031	p.125
BXSL	Circana IRI Group Holdings, Inc.	1st Lien	8.0%	$197.5M	$197.5M	100.0%	Dec 2029	p.156
FSK	Tangoe2 Tangoe LLC	1st Lien	11.0%	$191.6M	$160.3M	83.7%	Jun 2026	p.204
FSK	Cubic5 Cubic Corp	2nd Lien + Equity/Other + Preferred Equity	11.9%	$182.7M	$45.1M	24.7%	May 2029	p.204
ARCC	ERT2 eResearch Technology, Inc.	1st Lien + Equity	8.5%	$181.9M	$192.0M	105.6%	Jan 2032	p.125
OBDC	Intelerad Medical Systems Incorporated (fka 11849573 Canada) Intelerad Medical Systems Incorporated (fka 11849573 Canada Inc.)	1st Lien	10.8%	$168.7M	$168.7M	100.0%	Aug 2026	p.141
ARCC	Banyan Software3 Banyan Software Holdings, LLC	1st Lien Senior Secured	9.2%	$163.8M	$163.8M	100.0%	Jan 2031	p.125
ARCC	CornerstonePublic4 Cornerstone OnDemand, Inc.	Revolver + 1st Lien + 2nd Lien + Equity	9.9%	$162.3M	$167.6M	103.3%	Oct 2029	p.125
ARCC	CoreLogicPublic3 CoreLogic, Inc.	Revolver + 2nd Lien + Equity	10.2%	$162.1M	$216.9M	133.8%	Jun 2029	p.125
ARCC	RLDatix2 Datix Bidco Limited	1st Lien Senior Secured	8.8%	$161.7M	$161.7M	100.0%	Apr 2031	p.125
OBDC	Litera Litera Bidco LLC	1st Lien	9.3%	$161.3M	$161.3M	100.0%	May 2028	p.141
ARCC	CSIExt Computer Services, Inc.	1st Lien Senior Secured	8.2%	$160.4M	$160.4M	100.0%	Nov 2031	p.125
HTGC	Armis2 Armis, Inc.	Senior Secured	8.3%	$153.0M	$155.8M	101.9%	Mar 2028	p.85
FSK	Bonterra3 Bonterra LLC	1st Lien	9.1%	$151.2M	$151.2M	100.0%	Mar 2032	p.204
FSK	Med-Metrix4 Med-Metrix	1st Lien + Equity/Other	9.1%	$149.1M	$154.6M	103.7%	Jul 2032	p.204
OBDC	New Relic Crewline Buyer, Inc.	1st Lien	11.1%	$148.2M	$147.1M	99.3%	Nov 2030	p.141
ARCC	DigiCertPublic2 Digicert, Inc., Dcert Buyer, Inc., DCert Preferred Holdings, Inc.	1st Lien + 2nd Lien	9.6%	$145.0M	$141.0M	97.2%	Jul 2030	p.125
ARCC	CentralSquare2 Centralsquare Technologies, LLC	Revolver + 1st Lien	9.5%	$144.7M	$144.7M	100.0%	Apr 2030	p.125
ARCC	WorkWave2 WorkWave Intermediate II, LLC	Revolver + 1st Lien	9.9%	$144.7M	$143.2M	99.0%	Sep 2032	p.125
ARCC	Auctane Auctane, Inc.	1st Lien Senior Secured	9.6%	$143.4M	$143.4M	100.0%	Oct 2028	p.125
ARCC	PowerSchool Severin Acquisition, LLC	1st Lien Senior Secured	8.5%	$142.8M	$141.4M	99.0%	Oct 2031	p.125
ARCC	FlexeraPublic3 Flexera Software LLC	1st Lien Senior Secured	8.5%	$139.0M	$138.6M	99.7%	Aug 2032	p.125
FSK	3Pillar GlobalExt3 3Pillar Global Inc	1st Lien	10.3%	$131.4M	$126.4M	96.2%	Nov 2027	p.204
GSBD	Everway9 North Star Acquisitionco, LLC	1st Lien	8.3%	$128.1M	$66.7M	52.1%	May 2029	p.162
ARCC	ID.meExt2 ID.me, LLC	1st Lien + Equity	10.3%	$126.4M	$130.3M	103.1%	Jan 2035	p.125
GBDC	Boomi Bayshore Intermediate #2, L.P.	First Lien Senior Secured Loan	8.7%	$125.3M	$125.3M	100.0%	Oct 2027	p.144
ARCC	Nexus Nexus Buyer LLC	2nd Lien Senior Secured	9.5%	$124.9M	$123.4M	98.8%	Feb 2032	p.125
GBDC	Insightsoftware GS Acquisitionco, Inc.	First Lien Senior Secured Loan	8.9%	$121.5M	$120.2M	99.0%	May 2028	p.144
ARCC	Cloud Software GroupPublic2 Cloud Software Group, Inc., Picard Parent, Inc., Cloud Software Group Holdings, Inc., Picard HoldCo, LLC	2nd Lien + Equity	9.0%	$121.0M	$161.1M	133.1%	Sep 2029	p.125
HTGC	Tipalti2 Tipalti Solutions Ltd.	Senior Secured	6.5%	$115.2M	$113.1M	98.2%	Apr 2029	p.85
FSK	GigamonExt3 Gigamon Inc	1st Lien	10.1%	$113.2M	$111.1M	98.1%	Mar 2029	p.204
ARCC	The Access Group Aston Bidco (Holding) Limited	1st Lien Senior Secured	10.0%	$110.2M	$110.2M	100.0%	Jul 2032	p.125
FSK	General Datatech General Datatech LP	1st Lien	10.3%	$109.6M	$109.6M	100.0%	Jun 2027	p.204
OBDC	ZendeskPublic Zendesk, Inc.	1st Lien	9.3%	$109.3M	$109.3M	100.0%	Nov 2028	p.141
OBDC	Vector Solutions Thunder Purchaser, Inc.	1st Lien	9.6%	$105.1M	$105.1M	100.0%	Jun 2028	p.141
OBDC	Datavant2 CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.)	1st Lien	9.3%	$101.9M	$101.8M	99.9%	Aug 2031	p.141
BXSL	Forcepoint2 Bayshore Intermediate #2, LP	1st Lien	5.6%	$100.0M	$100.0M	100.0%	Oct 2028	p.156
BXSL	MRI SoftwareExt4 MRI Software, LLC	1st Lien	8.4%	$98.6M	$98.4M	99.8%	Feb 2028	p.156
ARCC	Command Alkon7 Project Potter Buyer, LLC	Revolver + 1st Lien + Equity	8.9%	$97.3M	$100.6M	103.4%	Apr 2027	p.125
ARCC	Everyware / Eclipse3 Eclipse Topco, Inc., Eclipse Investor Parent, L.P.	1st Lien + Equity	8.3%	$96.1M	$104.4M	108.6%	Sep 2031	p.125
ARCC	HylandPublic Hyland Software, Inc.	1st Lien Senior Secured	8.7%	$95.6M	$95.6M	100.0%	Sep 2030	p.125

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Market Analytics

Aggregate portfolio analysis

Quarter-over-Quarter Trends

Aggregate stats by reporting quarter

How the software private credit market is evolving across BDC portfolios each quarter

Total Capital Deployed to Software Companies

Aggregate software exposure across 15 BDC portfolios by quarter

Q1 2023–Q2 2025: estimated from total portfolio × software allocation %. Q3 2025+: computed from loan-level data.

The jump from Q2 to Q3 2025 reflects a methodology change — historical estimates used each BDC's self-reported “software” allocation, which undercounts positions classified under broader categories like “Technology,” “Internet Services,” or “IT Services.”

From Q3 2025 onward, we manually classify every position from each BDC's schedule of investments, capturing software companies the BDC may categorize differently.

Weighted Average Interest Rate

Across all outstanding software loans, weighted by principal

Q1 2023–Q2 2025: estimated from SOFR + typical BDC software spreads. Q3 2025+: computed from loan-level data.

Quarter	Software Exposure	Borrowers	Wtd Avg Rate	Lenders
Q1 2023	$10.7B	237	10.9%	5
Q2 2023	$10.9B	244	11.1%	5
Q3 2023	$11.4B	253	11.4%	5
Q4 2023	$10.3B	246	11.2%	5
Q1 2024	$11.8B	287	11.2%	5
Q2 2024	$13.0B	305	11.2%	5
Q3 2024	$14.0B	330	10.5%	5
Q4 2024	$13.3B	297	9.9%	5
Q1 2025	$15.6B	368	10.0%	5
Q2 2025	$15.7B	386	9.9%	5
Q3 2025	$28.6B	883	9.8%	14
Q4 2025	$26.6B	827	9.2%	15

Vintage Analysis — Fair Value / Par by Origination Year

Below 100% = marked down from cost basis · 446 of 1160 loans have origination dates (38%)

Loans originated at peak multiples (2021–2022) show higher markdown rates as enterprise valuations compressed

Why this matters: At the 2021 peak, public SaaS medians hit 18–19x forward revenue with top-quartile names trading above 25x — Asana briefly reached 89x revenue in November 2021. Private equity sponsors used those multiples to underwrite massive take-privates: Zendesk was acquired for $10.2B with $5B of private credit from Blackstone (~3.1x its ~$1.6B ARR in debt alone), Avalara for $8.4B with $2.5B of direct lending (~3.2x its ~$780M revenue), and Cornerstone OnDemand for $5.2B with $2.9B of first- and second-lien debt (~3.4x its ~$850M revenue) — all three appear in this dataset. Citrix's $16.5B take-private carried ~$15B of buyout debt against $3.2B of revenue (~4.7x); the banks that syndicated it took a $700M loss selling loans at 91 cents on the dollar. Approximately 40% of private credit borrowers now carry negative free cash flow, up from 25% in 2021. Founderpath calculates fair market value and leverage based on 1x ARR — a deliberately conservative approach that avoids multiple-compression risk.

Capital Deployed by Lender — Q4 2025

Interest Rate Distribution — Q4 2025

Structure Breakdown — Q4 2025

1st Lien1008

Equity/Warrants114

Senior Secured81

Secured52

2nd Lien26

Subordinated21

Other15

Leverage Comparison — Debt / ARR Multiple

Lower = more conservative underwriting

BDC take-privates routinely lever software companies at 3–5x annual revenue. Founderpath caps at 0.7x.

SailPoint

Capital Stack at Acquisition (2022)

Equity

Debt

Enterprise Value$6.9B

Equity (67%)

$4.65B

Debt (33%)

$2.25B

SponsorThoma Bravo

Debt / ARR5x

Debt ProvidersBank syndicate

Revenue based on LTM at announcement. Debt includes first-lien, unitranche, and delayed draw facilities. Debt/ARR shown for comparability across low-EBITDA software companies. Many of these companies had minimal EBITDA at entry yet still supported 3–5x ARR leverage — effectively ARR loans in disguise.

Founderpath's approach: We value software companies at 1x ARR — the most conservative baseline in private credit — and never exceed 70% leverage against that figure. A company with $10M ARR qualifies for a maximum of $7M in non-dilutive capital.

Non-Accrual Rates by BDC

Non-accrual investments as a percentage of total portfolio at fair value

Non-accrual status means a BDC has stopped recognizing interest income on the investment, typically because principal or interest payments are 30+ days past due or collection is doubtful. Lower is better. Some BDCs report only at fair value or only at cost — toggle above to see available data for each basis. Click a BDC in the legend to isolate its trend.

Source Data — At Fair Value (%)

Q1 2020	Q2 2020	Q3 2020	Q4 2020	Q1 2021	Q2 2021	Q3 2021	Q4 2021	Q1 2022	Q2 2022	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q2 2025	Q3 2025	Q4 2025
1.7%	2.6%	3.2%	2.0%	2.2%	1.9%	1.0%	0.5%	—	0.9%	0.9%	1.1%	1.3%	1.1%	0.6%	0.6%	0.7%	0.7%	0.6%	1.0%	1.2%	1.0%	1.2%
—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	0.0%	0.2%	0.1%	0.2%	0.1%	0.1%	0.5%
3.9%	3.8%	2.8%	2.5%	3.6%	—	3.7%	1.9%	1.5%	2.9%	2.5%	2.4%	2.7%	2.5%	2.4%	5.5%	4.2%	1.8%	1.7%	2.2%	3.0%	4.0%	3.4%
1.6%	2.0%	1.7%	1.2%	1.0%	1.0%	1.0%	0.9%	1.1%	1.1%	1.3%	1.8%	1.7%	1.5%	1.2%	1.1%	0.9%	1.0%	1.2%	—	0.6%	0.3%	0.8%
1.3%	1.9%	2.6%	1.3%	0.8%	1.2%	0.9%	0.7%	0.6%	0.7%	0.8%	0.6%	0.6%	0.3%	1.0%	0.6%	0.5%	1.2%	1.4%	0.9%	2.1%	1.2%	1.0%
—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	2.0%	3.1%	2.6%
—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	1.3%	1.1%
1.4%	—	1.0%	—	—	—	—	—	—	—	—	—	2.4%	3.1%	1.8%	4.2%	2.4%	3.7%	4.0%	3.9%	3.2%	3.0%	3.1%
1.6%	0.9%	0.7%	0.7%	0.7%	0.6%	0.5%	0.4%	0.4%	0.4%	0.3%	0.5%	0.2%	1.1%	0.2%	0.2%	0.4%	0.3%	0.5%	0.4%	0.3%	0.7%	0.7%
0.8%	0.7%	1.0%	0.5%	0.3%	0.2%	1.1%	0.7%	0.5%	0.6%	1.4%	1.7%	2.3%	2.0%	2.6%	3.5%	2.4%	1.8%	1.4%	0.8%	0.9%	1.0%	0.7%
0.1%	0.4%	0.9%	0.9%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.7%	0.6%	0.7%	0.6%	1.1%	1.1%	1.9%	—	—	—	—

How Each BDC Defines Non-Accrual

ARCC (Ares Capital) — Reports non-accrual as a percentage of total investments at both amortized cost and fair value. Loans are placed on non-accrual when there is reasonable doubt that principal or interest will be collected in full. Accrued interest is reversed when a loan is placed on non-accrual.
BXSL (Blackstone Secured Lending) — Reports non-accrual as a percentage of total investments at both amortized cost and fair value. Loans are placed on non-accrual when there is reasonable doubt whether principal or interest will be collected in full. Accrued interest is generally reversed. PIK investments are placed on non-accrual when PIK is not expected to be realized.
GSBD (Goldman Sachs BDC) — Reports non-accrual as a percentage of total investments at fair value. Excludes non-accrual investments from weighted-average yield calculations. Does not consistently disclose non-accrual at amortized cost in its summary tables.
FSK (FS KKR Capital Corp) — Reports non-accrual as a percentage of total investments at fair value only. Distinguishes between "non-income producing" investments and those on non-accrual status. Has one of the larger non-accrual portfolios among the group, partly reflecting its large legacy asset book.
OBDC (Blue Owl Capital Corp) — Reports non-accrual as a percentage of total investments at fair value. Loans are placed on non-accrual when there is reasonable doubt that principal or interest will be collected in full. Management may make exceptions if the loan has sufficient collateral value and is in the process of collection.
GBDC (Golub Capital BDC) — Reports non-accrual at both amortized cost and fair value. Investments on non-accrual mean the company has ceased recognizing interest or non-cash dividend income. Reverses capitalized PIK for non-accrual positions. Fiscal year ends September 30 (not December 31).
HTGC (Hercules Capital) — Reports non-accrual primarily at amortized cost. Loans are placed on non-accrual when it is probable that principal, interest, or fees will not be collected according to contractual terms. Interest collected on non-accrual investments is generally applied to principal. May keep a loan on accrual if it has sufficient collateral value.
MAIN (Main Street Capital) — Reports non-accrual at both fair value and cost. Loans are placed on non-accrual when the borrower is unable to service its debt obligation. Ceases recognizing interest income until the borrower demonstrates the ability and intent to pay contractual amounts due.
MFIC (MidCap Financial Investment Corp) — Reports non-accrual at both amortized cost and fair value. Formerly known as Apollo Investment Corp (AINV) and then New Mountain Finance Corp (NMFC). Uses standard BDC non-accrual policy — places loans on non-accrual when principal or interest collection is doubtful.
MSDL (Morgan Stanley Direct Lending) — Reports non-accrual at both amortized cost and fair value. Loans are placed on non-accrual when there is reasonable doubt that principal or interest will be collected in full. Accrued interest is reversed. PIK investments are placed on non-accrual when PIK is not expected to be realized. Newer BDC (IPO January 2024).
HRZN (Horizon Technology Finance) — Reports non-accrual at amortized cost. Focuses on venture lending to technology and life science companies. Loans rated "1" (lowest internal rating) are generally put on non-accrual. When the company does not expect to receive interest and principal, the investment is placed on non-accrual and interest recognition is discontinued.
OCSL (Oaktree Specialty Lending) — Reports non-accrual at both cost and fair value, broken out by "PIK non-accrual" and "cash non-accrual" sub-categories in earlier filings. Loans are placed on non-accrual when there is reasonable doubt that principal or interest cash payments will be collected. Fiscal year ends September 30 (not December 31).
PSEC (Prospect Capital) — Reports non-accrual at both amortized cost and fair value. Loans are placed on non-accrual when there is reasonable doubt that principal or interest will be collected. Unpaid accrued interest is generally reversed. Interest received on non-accrual loans is recognized on a cash basis when collections are probable. Fiscal year ends June 30.
TSLX (Sixth Street Specialty Lending) — Reports non-accrual at both fair value and amortized cost. Loans are placed on non-accrual when principal or interest payments are past due 30 days or more, or when management has reasonable doubt the borrower will pay in full. Uses a 1–5 internal rating system where a rating of 5 typically indicates non-accrual status.
TRIN (Trinity Capital) — Reports non-accrual at both cost and fair value. Loans are placed on non-accrual when 90 days or more past due, or when management does not expect principal, interest, and other obligations to be collected in full. Focuses on growth-stage technology lending including equipment financings.

BDC Profiles

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Frequently Asked Questions

A Business Development Company (BDC) is a publicly traded company that invests in small and mid-sized businesses, including software companies. BDCs provide private credit — primarily senior secured loans — to companies that may not have access to traditional bank financing. Because BDCs are publicly traded, their portfolios are disclosed in SEC filings (10-K and 10-Q reports), making it possible to track individual loans.

Software companies typically approach BDCs for growth capital, acquisition financing, or refinancing existing debt. BDCs evaluate the company's recurring revenue, retention metrics, and growth trajectory. Most software loans are structured as senior secured first-lien term loans with floating interest rates tied to SOFR. Loan sizes range from a few million dollars to over $100M for larger SaaS companies.

Based on our tracking of 903 software loans across 15 BDCs, the average all-in interest rate is approximately 9.7%, with a median of 9.5%. Rates typically range from 7% to 14%, depending on the borrower's size, credit quality, and loan structure. First-lien senior secured loans generally carry lower rates than subordinated or unitranche facilities.

First Lien loans have the highest priority claim on a borrower's assets in the event of default, making them the lowest risk. Senior Secured loans are backed by collateral but may not always be first in priority. Unitranche (or "One Stop") loans combine senior and subordinated debt into a single facility, simplifying the capital structure. Most BDC software loans (over 60%) are structured as first-lien senior secured.

Principal (or par value) is the face amount of the loan — what the borrower owes. Fair value is the BDC's estimate of what the loan is worth today, based on market conditions and the borrower's creditworthiness. When fair value is below principal, it suggests the BDC has marked down the loan due to increased credit risk. When fair value is above principal, it typically reflects an original issue discount (OID) that has been amortized.

All loan-level data is sourced from publicly available SEC filings — specifically the Schedule of Investments in each BDC's 10-K (annual) and 10-Q (quarterly) reports. We manually review and curate the data each quarter, filtering to software and technology-related investments only. The data is updated quarterly, typically within 4-6 weeks of the filing deadline.

Ares Capital (ARCC) leads with over $6.6B in software exposure across 135+ companies. Blackstone Secured Lending (BXSL) follows with approximately $2.8B, and FS KKR (FSK) at $2.8B. Golub Capital BDC (GBDC) and Morgan Stanley Direct Lending (MSDL) are also significant lenders in the space. Together, these 15 BDCs have deployed over $28B in private credit to software companies.

This dashboard helps software founders understand the private credit landscape — who is lending, at what rates, and what deal structures are common. If you're considering debt financing, you can see which BDCs are active in your space, what rates comparable companies are paying, and what loan sizes are typical. It's also useful for benchmarking existing term sheets against market data.

Software companies increasingly rely on private credit instead of venture capital to fund growth, acquisitions, and recapitalizations. Business Development Companies (BDCs) — publicly traded funds like Ares Capital, Blue Owl, Blackstone, Golub Capital, and Hercules — collectively deploy billions of dollars into software and SaaS loans each year.

This page tracks over 903 individual loan positions totaling more than $28 billion in capital deployed, sourced directly from the Schedule of Investments in SEC 10-K and 10-Q filings of 30 publicly traded BDCs. Every loan includes the borrower name, lender, interest rate, principal balance, fair value, investment type, and vintage date.

Why BDCs Dominate SaaS Lending

Unlike traditional banks, BDCs specialize in middle-market lending and can underwrite recurring-revenue businesses that lack hard assets. Most software loans are structured as senior secured first-lien term loans with floating rates tied to SOFR, typically pricing between 9% and 12% all-in. Loan sizes range from under $10 million for early growth-stage companies to over $100 million for large-scale take-privates and leveraged buyouts.

How Founders and Investors Use This Data

For SaaS founders considering debt financing, the tracker lets you benchmark term sheets against real market data — see what rates comparable companies are paying, which lenders are most active in your segment, and how deal structures vary across first-lien, unitranche, and subordinated facilities.

For private credit investors and LPs, it provides portfolio-level transparency into the software lending market: concentration risk, interest rate distributions, vintage analysis, and fair-value markdowns from public SEC filings updated quarterly.