DFX Intelligence
Private Credit Intelligence
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Borrower
S••••• L••
Software & Servicesgroup grade Aon a schedule nowsponsor unattributed
Also written as: Emerald JV LP; LLC Polaris Newco, LLC; S••••• Holdings Inc; Verdelite JV LP
Principal held
at least $296M
sum of BDC pieces, a lower bound
Fair value
$229M
80c on cost, debt pieces
Unfunded
n/a
commitments not yet drawn
BDC lenders
7
3 on the latest quarter
Facilities
3
0 equity pieces beside them
Next maturity
Jun 1, 2029
no dated debt inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2026
Events
4
dated, non-routine
Capital structure as the BDCs see it
latest quarter end Jun 30, 2026
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| second lien term loan second lien | at least $280M | 79c | S+900 bp | Jun 1, 2029 | 2 |
| other lien unstated | at least $15.5M | 90c | S+400 bp | unstated | 4 |
| first lien term loan first lien exited Dec 31, 2024 | at least $39.0M | 100c | SOFR+426 bp | Jun 2, 2028 | 2 |
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| F• K•• C•••••• C••• | term loan second lien | $280M | $216M 79c | S+900 bp |
| K•• F• I••••• T•••• | unstated lien unstated | $10.3M | $9.0M 90c | S+400 bp |
| K•• F• I••••• T•••• S••••• | unstated lien unstated | $5.2M | $4.5M 90c | S+400 bp |
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 | 3 | $296M | $229M | 80c | 0 |
| Mar 31, 2026 | 4 | $298M | $233M | 81c | 0 |
| Dec 31, 2025 | 4 | $347M | $325M | 97c | 0 |
| Sep 30, 2025 | 4 | $403M | $400M | 102c | 0 |
| Jun 30, 2025 | 5 | $407M | $405M | 103c | 0 |
| Mar 31, 2025 | 3 | $392M | $389M | 103c | 0 |
| Dec 31, 2024 | 4 | $819M | $820M | 103c | 0 |
| Sep 30, 2024 | 4 | $395M | $394M | 103c | 0 |
| Jun 30, 2024 | 3 | $390M | $390M | 104c | 0 |
| Mar 31, 2024 | 1 | $336M | $336M | 104c | 0 |
| Dec 31, 2023 | 1 | $672M | $672M | 104c | 0 |
| Sep 30, 2023 | 1 | $336M | $336M | 104c | 0 |
| Jun 30, 2023 | 1 | $324M | $303M | 98c | 0 |
| Mar 31, 2023 | 2 | $362M | $349M | 117c | 0 |
| Dec 31, 2022 | 2 | $725M | $707M | 102c | 0 |
| Sep 30, 2022 | 1 | $312M | $308M | 104c | 0 |
| Dec 31, 2021 | 1 | $312M | $318M | 107c | 0 |
What changed
- Marked down across lendersMar 31, 2026
- Lender left a facilityMar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Dec 31, 2025
- New lender joined a facilityJun 30, 2025
- New lender joined a facilityJun 30, 2025
- Lender left a facilityJun 30, 2025
- Lender left a facilityMar 31, 2025
- Facility left every BDC scheduleDec 31, 2024
- New lender joined a facilitySep 30, 2024
- New lender joined a facilitySep 30, 2024
- New lender joined a facilityJun 30, 2024
- Spread changed (observed)Jun 30, 2023
- Spread increasedJun 30, 2023
- New borrower on a BDC scheduleDec 31, 2021
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- SOLERAderivedthe codename stem after legal suffixes and deal words
- Spellings
- 2 across 7 BDCsderived
- Industry
- Software & Servicesreportedas one filer wrote it