Private credit ·
BlackRock: software is about two-thirds of private credit's unrealised losses since Q4 2025
Weighted average first-lien software loan marks fell from near par at end-2025 to about 97% of cost in Q2 2026 (Cliffwater data). Citing Lincoln International, BlackRock says 68% of software borrowers grew LTM adjusted EBITDA year on year vs 64% of the wider pool.
Why it matters for deal teams: The debate is terminal value, not current EBITDA. Your software exposure view needs marks and retention by name, not a sector average.
Source: Alternative Credit Investor ↗