Software Private Credit Tracker

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.