SEC filingsQuarter ended December 31, 2025 · 1,317 positions · 11 BDCs with a reported non-accrual rate (whole portfolio)

Software Private Credit Tracker

A database of private credit positions in software companies, from the SEC 10-K and 10-Q filings of 15 publicly traded Business Development Companies.

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What is software private credit?

Many software companies use private credit instead of venture capital to fund growth, acquisitions and recapitalizations. Business Development Companies (BDCs), publicly traded funds such as Ares Capital, Blue Owl, Blackstone, Golub Capital and Hercules, are among the largest lenders, and they disclose every position in their SEC filings.

Unlike traditional banks, BDCs specialize in middle-market lending and can underwrite recurring-revenue businesses that lack hard assets. In the quarter ended December 31, 2025, 77% of the software positions tracked here are labelled first lien, a figure that includes Golub Capital's one stop (unitranche) loans, and the middle 80% of disclosed rates run from 7.1% to 11.2%. The median position is $10.8M of principal, so treat these rates as a reference point, not as what a bootstrapped founder will be offered.

Sources and method
Latest period: the quarter ended December 31, 2025

How this dataset is built

Each row is one position: a loan, revolver or equity stake that a BDC lists in the Schedule of Investments of its SEC filing, filtered to software and technology borrowers. The headline figures use the quarter ended December 31, 2025: 1,317 positions held by 15 BDCs across 704 borrowers. One borrower can appear several times, with several tranches or several lenders.

Capital deployed is the sum of disclosed principal, $26.6B. 130 positions have no principal in the filing and add nothing to that total. Average and median rates use the 1,141 positions with a disclosed interest rate. The BDC profile cards show a separate portfolio-level summary for each BDC, so their exposure figures can differ from the principal summed here.

The period selector covers 5,173 position rows across 12 quarters, starting Q1 2023. Q1 2023 covers 5 BDCs (ARCC, BXSL, FSK, GSBD, OBDC); all 15 are covered from Q4 2025. The number of positions extracted for a BDC can also change from one quarter to the next, so read quarter-over-quarter changes as indicative, not as new lending. Non-accrual rates cover each BDC's whole portfolio, not only software. Later filings have not been added yet.

Latest SEC filing used for each BDC
BDCFormPeriodSource
Ares Capital Corporation (ARCC)10-KQ4 2025SEC filing for ARCC
Blackstone Secured Lending (BXSL)10-KQ4 2025SEC filing for BXSL
FS KKR Capital Corp (FSK)10-KQ4 2025SEC filing for FSK
Golub Capital BDC (GBDC)10-QQ4 2025SEC filing for GBDC
Goldman Sachs BDC (GSBD)10-KQ4 2025SEC filing for GSBD
Horizon Technology Finance (HRZN)10-KQ4 2025SEC filing for HRZN
Hercules Capital (HTGC)10-KQ4 2025SEC filing for HTGC
Main Street Capital (MAIN)10-KQ4 2025SEC filing for MAIN
MidCap Financial Investment Corp (MFIC)10-KQ4 2025SEC filing for MFIC
Morgan Stanley Direct Lending (MSDL)10-KQ4 2025SEC filing for MSDL
Blue Owl Capital Corp (OBDC)10-KQ4 2025SEC filing for OBDC
Oaktree Specialty Lending (OCSL)10-QQ4 2025SEC filing for OCSL
Prospect Capital (PSEC)10-QQ4 2025SEC filing for PSEC
Trinity Capital (TRIN)10-KQ4 2025SEC filing for TRIN
Sixth Street Specialty Lending (TSLX)10-KQ4 2025SEC filing for TSLX

Frequently Asked Questions

A Business Development Company (BDC) is an investment fund regulated under the Investment Company Act of 1940 that lends to and invests in small and mid-sized US businesses, including software companies. BDCs provide private credit, primarily senior secured loans, to companies that may not have access to traditional bank financing. Every BDC files 10-K and 10-Q reports with the SEC that list each investment, which makes it possible to track individual loans. The BDCs in this tracker are publicly traded.
Software companies typically approach BDCs for growth capital, acquisition financing or refinancing existing debt. BDCs evaluate the company's recurring revenue, retention and growth. Most software loans are senior secured first-lien term loans with floating interest rates. Loan sizes range from a few million dollars to over $100M for larger software companies.
Across the 1,141 software positions with a disclosed rate in the quarter ended December 31, 2025, the average interest rate is 9.1% and the median is 9.0%. The middle 80% of rates run from 7.1% to 11.2%. First-lien positions average 8.8%, against 10.5% for second-lien and subordinated positions. These are rates on loans held by large public BDCs, not a quote for a bootstrapped founder.
First-lien loans have the highest priority claim on a borrower's assets in a default, which makes them the lowest-risk position. Senior secured loans are backed by collateral but are not always first in priority. Unitranche ("one stop") loans combine senior and subordinated debt in a single facility. 77% of the positions in the quarter ended December 31, 2025 are labelled first lien, a figure that includes Golub Capital's one stop (unitranche) loans.
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, the BDC has marked the loan down for increased credit risk. When fair value is above principal, it usually reflects an original issue discount (OID) being amortized.
Every position comes from the Schedule of Investments in each BDC's SEC 10-K (annual) or 10-Q (quarterly) filing, filtered to software and technology borrowers. The latest period included is the quarter ended December 31, 2025, for 15 BDCs. Later filings have not been added yet. The methodology section on this page links each filing.
By disclosed principal in the quarter ended December 31, 2025, Ares Capital Corporation (ARCC) leads with $7.5B across 164 software borrowers, followed by Blackstone Secured Lending (BXSL) at $3.0B and Golub Capital BDC (GBDC) at $2.7B. Together, the 15 BDCs report $26.6B of principal across 1,317 software positions.
It shows who lends to software companies in private credit, at what rates and in what structures. If you're considering debt, you can see which BDCs are active in your segment and how deals are structured. Treat the rates as a reference point: the median position here is $10.8M of principal, so a bootstrapped founder's offer can look very different.

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