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Software exposure by BDC
$33.9bn of fair value, 23.2% of combined book, sits under software industry headings at six BDCs as of 2026-06-30, with 88 positions, 83 distinct companies below 90% of cost. Each holding carries the industry heading (or, for FSK, the Industry column) from its filer’s own 10-Q Schedule of Investments. Companion to PCT-030.
| BDC | Software cost | Software FV | Share of book (FV) | Software names | Names < 90% of cost | Broad-tech FV | Broad-tech share | Filing label(s) |
|---|---|---|---|---|---|---|---|---|
| ARCC | $6,793.0m | $6,448.0m | 22.0% | 125 | 16 | $6,448.0m | 22.0% | Software and Services |
| BCRED | $21,281.4m | $20,052.0m | 25.8% | 123 | 30 | $28,064.5m | 36.1% | Software · broad adds Health Care Technology, IT Services |
| FSK | $2,274.0m | $2,020.1m | 17.7% | 49 | 8 | $2,020.1m | 17.7% | Software & Services |
| GBDC | $2,184.3m | $2,136.7m | 26.1% | 97 | 10 | $2,790.6m | 34.1% | Software · broad adds Healthcare Technology, IT Services |
| HTGC | $1,530.4m | $1,502.3m | 32.8% | 83 | 20 | $1,502.3m | 32.8% | Application Software, System Software |
| OBDC | $1,743.7m | $1,732.6m | 11.6% | 56 | 4 | $2,604.6m | 17.4% | Internet software and services · broad adds Healthcare technology |
| Six combined | $35,806.8m | $33,891.8m | 23.2% | 88 | 88 positions, 83 distinct companies below 90% of cost | |||
| MAIN | not disclosed by holding; 5.1% from its composition table (7.5% adding IT Services). MAIN’s SOI has no industry heading or column, so no holding is tagged. | |||||||
- Headline = narrow software: Software, Software and Services / Software & Services, Application Software, System Software, Internet software and services. Broad tech adds IT Services and Health Care Technology.
- Labels differ by filer. ARCC says it uses the Global Industry Classification Standard (GICS) for its industry groupings, and its Software and Services is the GICS industry group, which includes IT services. FSK uses the same Software & Services label, but we found no GICS citation in its 10-Q. For both, narrow = broad, and neither is like-for-like with the narrower Software heading at BCRED and GBDC.
- Share of book = software FV ÷ the filer’s total investments at FV. Names use the graph’s entity matching (normalized issuer, so related legal entities like Connatix Buyer / Parent count as one). Names < 90% of cost = companies whose combined funded marks are under 90% of cost (unfunded commitments and zero-cost rows excluded). FSK’s unfunded (x) rows add only FV − cost, the way FSK’s totals net them.
Method. Industry comes from SOI industry headings (ARCC, BCRED, GBDC, HTGC, OBDC) or the Industry column (FSK) in each filer’s June 30, 2026 10-Q, not from words in company names. Each filer’s tagged software and broad-tech subtotals tie to its own industry composition table within 0.5%. Details: methodology. Industry tags built 2026-10-17.
Facility caps use each facility’s own definitions, not SOI headings. A 20% / 25% / 45% software cap is measured against the facility’s own definition and denominator. These figures can’t show whether a BDC is inside or outside any facility cap.
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Source and caveats. SEC BDC Data Sets, Schedule of Investments (soi.tsv), monthly sets 2026_07 and 2026_08, period ending 2026-06-30, built 2026-10-17. SEC BDC Data Sets. The SEC states it cannot guarantee the accuracy of these data sets and that they are not a substitute for the filings; it has also flagged inconsistent BDC SOI tagging. Figures here may contain extraction errors. Every row links to the filing: verify there before relying on anything. A low mark is what the filing reports; it says nothing about the cause. Not investment advice.