SaaSpocalypse Hits Private Credit: $100B in BDC SaaS Exposure, PE Multiples Compressed 54% from 2021-22 Vintage

Long Angle·medium signal

Long Angle's Q1 2026 analysis reveals software comprises ~20% of BDC portfolios (~$100B total exposure). PE software deal multiples compressed from 6.7x EV/Revenue and 39.9x EV/EBITDA at 2021-22 vintage peaks to 3.1x and 26.1x by H2 2025 — a 54% revenue multiple compression. JPMorgan preemptively marked down software-collateralized loans without triggering defaults. SEG SaaS Index down 25.7% YTD. Over $10B in redemption requests from private credit funds, though default rates remain at 2.46%.