Software exposure.
Two reads on how much software a BDC really holds. The left bar adds up every holding a filing tags as software-adjacent — SaaS, application software, systems software, software & services. The right bar will be our own re-classification of holdings the filing doesn't label as software but whose underlying business is.
Reported Software Exposure
74.2%
25.8%
Software exposure
BDCinfo's Estimated Software Exposure
Coming soon
Re-classify BCRED holdings by underlying business model.
Software exposure
Reported industries rolled up
1 industry line · $20.05B total- Software219 positions$20.05B25.82%100%
% of portfolio·% of reported software
Top reported software holdings
top 15 by FV| Issuer | Industry | Type | FV | % of sw |
|---|---|---|---|---|
| IRI Group Holdings, Inc. | Software | First Lien Debt - non-controlled/non-affiliated (continued) | $1.59B | 7.9% |
| Dropbox, Inc. | Software | First Lien Debt - non-controlled/non-affiliated (continued) | $1.15B | 5.7% |
| Zendesk, Inc. | Software | First Lien Debt - non-controlled/non-affiliated (continued) | $1.03B | 5.2% |
| Magnesium BorrowerCo, Inc. | Software | First Lien Debt - non-controlled/non-affiliated (continued) | $1.03B | 5.1% |
| Armstrong Bidco, Limited | Software | First Lien Debt - non-controlled/non-affiliated (continued) | $616.24M | 3.1% |
| Spaceship Purchaser, Inc. | Software | First Lien Debt - non-controlled/non-affiliated (continued) | $614.11M | 3.1% |
| Anaplan, Inc. | Software | First Lien Debt - non-controlled/non-affiliated (continued) | $613.58M | 3.1% |
| Nintex Topco, Limited | Software | First Lien Debt - non-controlled/non-affiliated (continued) | $532.00M | 2.7% |
| Brave Parent Holdings, Inc. | Software | First Lien Debt - non-controlled/non-affiliated (continued) | $481.60M | 2.4% |
| Discovery Education, Inc. | Software | First Lien Debt - non-controlled/non-affiliated (continued) | $474.53M | 2.4% |
| Databricks, Inc. | Software | First Lien Debt - non-controlled/non-affiliated (continued) | $460.00M | 2.3% |
| Dropbox, Inc. | Software | First Lien Debt - non-controlled/non-affiliated (continued) | $448.38M | 2.2% |
| Medallia, Inc. | Software | First Lien Debt - non-controlled/non-affiliated (continued) | $444.07M | 2.2% |
| Gigamon, Inc. | Software | First Lien Debt - non-controlled/non-affiliated (continued) | $405.78M | 2.0% |
| Severin Acquisition, LLC | Software | First Lien Debt - non-controlled/non-affiliated (continued) | $341.64M | 1.7% |
Method · reportedA holding counts toward the reported bar when the filing's industry string matches
Method · realNot yet wired. Plan: run each issuer through a classifier that reads company descriptions, product lines, and primary revenue, and flags businesses that are effectively software regardless of how the BDC tagged them (e.g. a "Health Care Technology" company whose product is a SaaS EHR platform).
/software/i or /saas/i — so Software, Software & Services, Application Software, Systems Software, and legacy Internet Software & Services all roll up.Method · realNot yet wired. Plan: run each issuer through a classifier that reads company descriptions, product lines, and primary revenue, and flags businesses that are effectively software regardless of how the BDC tagged them (e.g. a "Health Care Technology" company whose product is a SaaS EHR platform).