The company operates in investment properties abroad.
Satelle ended 2025 with a concentrated Athens hospitality portfolio and positive equity, but most of the value still sits in assets that have not opened, so the story depends more on delivery, financing and execution discipline than on stabilized rent.
At year-end 2025 most of Satelle's value still rested not on already proven NOI but on SMB 9, SMB 3 and SMB 16 being delivered on time, opening cleanly, and meeting the lease, FF&E and valuation assumptions already embedded in their carrying values.
Series A still has visible room versus its own covenants, but the bondholders' real protection depends on stress remaining isolated to SMB 8 and not leaking into additional assets or parent cash.
