DFX Intelligence
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Borrower
S•••• B••••
group grade Bon a schedule nowsponsor unattributed
Also written as: S•••• Finco; S•••• Finco SAS; S•••• Midco SAS
What matters now
- 101¢ → 98¢consensus mark
Consensus mark 98¢ on cost, down from 101¢ in Q4 2025.
Q1 2026 · The lenders' own valuations, the most direct read of what they expect to recover.
Derived1 of 1 lender' own marks, weighted by principal
Mark path, consensus per quarter end
101¢ · 98¢Q4 2025 to Q1 2026
Principal held
at least $43.1M
sum of BDC pieces, a lower bound
Fair value
$35.1M
97c on cost, debt pieces
Unfunded
$13.3M
commitments not yet drawn
BDC lenders
1
1 on the latest quarter
Facilities
2
0 equity pieces beside them
Next maturity
Oct 7, 2032
no dated debt inside 24 months
On the tape since
Dec 31, 2025
latest Mar 31, 2026
Events
3
dated, non-routine
Lender marks
each lender's own fair value over cost at Mar 31, 2026, folded to one row per lender
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| H•• C•••••••• L•••••• F••• | $43.1M | 98¢ | -3 pts |
Every BDC piece · 4 positions across 1 lenderlargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| H•• C•••••••• L•••••• F••• | delayed draw term loan first lien N••••••••• I••••• | $23.7M | $26.6M 98c | S+475 bp |
| H•• C•••••••• L•••••• F••• | delayed draw term loan first lien N••••••••• I••••• | $11.5M | -$361,000 186c | |
| H•• C•••••••• L•••••• F••• | delayed draw term loan first lien N••••••••• I••••• | $7.9M | $8.9M 98c | 9.85% PIK 7.75% |
| 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 Mar 31, 2026
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| other lien unstated exited Dec 31, 2025 | at least $43.1M | 101c | S+500 bp PIK 7.75% | Oct 7, 2033 | 1 |
| first lien delayed draw term loan first lien exited Mar 31, 2026 | at least $43.1M | 97c | S+475 bp PIK 7.75% | Oct 7, 2033 | 1 |
Through time
the borrower's pieces summed across BDCs, every quarter end
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Mar 31, 2026 | 1 | $43.1M | $35.1M | 97c | 1 |
| Dec 31, 2025 | 1 | $43.1M | $36.3M | 101c | 2 |
What changed
- Facility left every BDC scheduleMar 31, 2026
- Facility left every BDC scheduleDec 31, 2025
- New borrower on a BDC scheduleDec 31, 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
- SOLISderivedthe codename stem after legal suffixes and deal words
- Spellings
- 2 across 1 BDCderived