DFX Intelligence
The names on this page are hidden. Create a free account to reveal 5 records a month, or get Private Credit Intelligence at $249 a month for every name. Every figure, date and source on this page is public either way.
Borrower
S• S••• U• B•••• L••
Softwaregroup grade Aon a schedule nowsponsor unattributed
Also written as: Sapiens International
Nothing material in the last 200 days. No dated change on record yet.
Mark path, consensus per quarter end
100¢ · 100¢ · 99¢Q4 2025 to Q2 2026
Where each lender marks it, 2 points apart
98¢100¢
Principal held
at least $229M
sum of BDC pieces, a lower bound
Fair value
$196M
99c on cost, debt pieces
Unfunded
$19.1M
commitments not yet drawn
BDC lenders
4
4 on the latest quarter
Facilities
5
0 equity pieces beside them
Next maturity
Dec 16, 2032
no dated debt inside 24 months
On the tape since
Sep 30, 2025
latest Jun 30, 2026
Events
3
dated, non-routine
Lender marks
each lender's own fair value over cost at Jun 30, 2026, folded to one row per lender
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| G•••••• S•••• P•••••• C••••• C•••• | $107M | 100¢ | 0 pts |
| H•• C•••••••• L•••••• F••• | $56.6M | 98¢ | 0 pts |
| B••••••••• S•••••• L•••••• F••• | $47.5M | 99¢ | -1 pts |
| G•••••• S•••• B••• I••• | $17.7M | 100¢ | 0 pts |
Every BDC piece · 9 positions across 4 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| G•••••• S•••• P•••••• C••••• C•••• | term loan first lien 1st L•••/S••••• S•••••• D••• I••••••• S••••••• I••••••• R••• 8.42% R•••••••• R••• and S••• | $91.3M | $90.6M 100c | SOFR+475 bp |
| B••••••••• S•••••• L•••••• F••• | delayed draw term loan lien unstated N••••••••• I••••• | $47.5M | $46.8M 99c | S+475 bp |
| H•• C•••••••• L•••••• F••• | unstated lien unstated N••••••••• I••••• | $45.7M | $44.4M 98c | S+475 bp |
| G•••••• S•••• P•••••• C••••• C•••• | term loan first lien 1st L•••/S••••• S•••••• D••• I••••••• S••••••• R•••••••• R••• and S••••• S + 4.75% M•••••• | $15.8M | $-119,000 331c | SOFR+475 bp |
| G•••••• S•••• B••• I••• | term loan first lien 1st L•••/S••••• S•••••• D••• I••••••• S••••••• I••••••• R••• 8.42% R•••••••• R••• and S••• | $15.1M | $15.0M 100c | SOFR+475 bp |
View all 9 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| H•• C•••••••• L•••••• F••• | unstated lien unstated N••••••••• I••••• | $10.8M | $-298,000 573c | |
| G•••••• S•••• B••• I••• | term loan first lien 1st L•••/S••••• S•••••• D••• I••••••• S••••••• R•••••••• R••• and S••••• S + 4.75% M•••••• | $2.6M | $-20,000 333c | SOFR+475 bp |
| B••••••••• S•••••• L•••••• F••• | delayed draw term loan lien unstated D•••••• D••• T••• L••• | Not disclosed | Not disclosed | S+475 bp |
| H•• C•••••••• L•••••• F••• | delayed draw term loan first lien 1st L••• S••••• S•••••• D•••••• D••• L••• | Not disclosed | Not disclosed |
Capital structure as the BDCs see it
latest quarter end Jun 30, 2026
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| first lien term loan first lien | at least $125M | 100c | SOFR+475 bp | Dec 17, 2032 | 2 |
| other lien unstated | at least $56.6M | 97c | S+475 bp | Dec 16, 2032 | 2 |
| delayed draw term loan lien unstated | at least $47.5M | 99c | S+475 bp | Dec 16, 2032 | 1 |
| first lien delayed draw term loan first lien | unknown | n/a | unstated | 1 | |
| first lien revolver first lien exited Mar 31, 2026 | unknown | n/a | unstated | 1 |
Through time
the borrower's pieces summed across BDCs, every quarter end
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2026 | 4 | $229M | $196M | 99c | 0 |
| Mar 31, 2026 | 4 | $188M | $153M | 100c | 0 |
| Dec 31, 2025 | 4 | $375M | $289M | 100c | 0 |
| Sep 30, 2025 | 2 | $148M | $0 | n/a | 0 |
What changed
- Facility left every BDC scheduleMar 31, 2026
- Maturity extended (observed)Dec 31, 2025
- Lender left a facilityDec 31, 2025
- Maturity extended (observed)Dec 31, 2025
- Maturity extended (observed)Dec 31, 2025
Full timeline · 6 eventsShow fewer
- New borrower on a BDC scheduleSep 30, 2025
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- SI SWANderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 4 BDCsderived
- Industry
- Softwarereportedas one filer wrote it