DFX Intelligence
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Borrower
W••••••• H•••••••• I••
group grade Aoff every schedule since Nov 30, 2025sponsor unattributed
Also written as: W•••••••
Nothing material in the last 200 days. Last change: 31 Mar 2025, Non-accrual at 2 of 2 lenders on the latest schedules, first placed in Q3 2024.
Mark path, consensus per quarter end
79¢ · 6¢Q4 2024 to Q1 2025
Principal held
unknown
sum of BDC pieces, a lower bound
Fair value
Not disclosed
n/a on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
6
0 on the latest quarter
Facilities
3
1 equity pieces beside them
Next maturity
unstated
no dated debt inside 24 months
On the tape since
Jul 25, 2019
latest Nov 30, 2025
Events
18
dated, non-routine
Lender marks
each lender's own fair value over cost at Mar 31, 2025, folded to one row per lender
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| P••••••• C•••••• C••• | $97.6M | 6¢ | no comparable mark |
| P••••••• F••••••• R••• • A••••••••• I••••• F•••• I••• | $906K | 56¢ | new this quarter |
Every BDC piece · 11 positions across 2 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| P••••••• C•••••• C••• | term loan second lien S••••• L••• T••• L••• | $64.9M | $2.0M 6c | S+1100 bp |
| P••••••• C•••••• C••• | term loan first lien F•••• L••• T••• L••• | $27.5M | $15.1M 120c | S+750 bp |
| P••••••• C•••••• C••• | revolver first lien F•••• L••• R•••••••• L••• of Credit | $5.2M | $2.9M 200c | S+550 bp |
| P••••••• F••••••• R••• • A••••••••• I••••• F•••• I••• | term loan first lien S••••• S•••••• L•••• F•••• L••• F•••• L••• T••• L••• | $905,662 | $498,114 56c | S+750 bp |
| P••••••• C•••••• C••• | term loan first lien F•••• L••• T••• L••• | Not disclosed | $15.1M | S+750 bp |
View all 11 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| P••••••• C•••••• C••• | term loan second lien S••••• L••• T••• L••• | Not disclosed | $2.0M | S+1100 bp |
| P••••••• C•••••• C••• | term loan first lien F•••• L••• T••• L•••• | Not disclosed | Not disclosed | S+750 bp |
| P••••••• F••••••• R••• • A••••••••• I••••• F•••• I••• | term loan first lien F•••• L••• | Not disclosed | Not disclosed | 11.81% |
| P••••••• F••••••• R••• • A••••••••• I••••• F•••• I••• | term loan first lien F•••• L•••, O••••• One | Not disclosed | Not disclosed | S+750 bp |
| P••••••• F••••••• R••• • A••••••••• I••••• F•••• I••• | term loan first lien F•••• L•••, O••••• Two | Not disclosed | Not disclosed | S+1400 bp |
| P••••••• F••••••• R••• • A••••••••• I••••• F•••• I••• | term loan first lien F•••• L••• T••• L••• | Not disclosed | $498M |
Capital structure as the BDCs see it
latest quarter end Mar 31, 2025
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| second lien term loan second lien exited Mar 31, 2025 | at least $64.9M | 6c | S+1100 bp | unstated | 1 |
| first lien term loan first lien exited Mar 31, 2025 | at least $28.4M | 116c | S+1400 bp | unstated | 2 |
| first lien revolver first lien exited Mar 31, 2025 | at least $5.2M | 200c | S+550 bp | Oct 1, 2025 | 1 |
Equity pieces beside the debt: other (Not disclosed fair value, 1 BDC)
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, 2025 | 2 | $98.5M | $536M | 1045c | 0 |
| Mar 26, 2025 | 1 | $0 | $0 | n/a | 0 |
| Mar 19, 2025 | 1 | $0 | $0 | n/a | 0 |
| Dec 31, 2024 | 3 | $155M | $469M | 518c | 10 |
All 20 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Dec 17, 2024 | 1 | $0 | $0 | n/a | 0 |
| Nov 7, 2024 | 1 | $0 | $0 | n/a | 0 |
| Nov 6, 2024 | 1 | $0 | $0 | n/a | 0 |
| Sep 30, 2024 | 3 | $76.7M | $43.8M | 57c | 0 |
| Jun 30, 2024 | 3 | $78.7M | $54.0M | 69c | 0 |
| Mar 31, 2024 | 3 | $71.5M | $60.3M | 85c | 0 |
| Dec 31, 2023 | 3 | $89.7M | $81.0M | 91c | 0 |
| Sep 30, 2023 | 3 | $41.5M | $33.8M | 82c | 0 |
| Jun 30, 2023 | 3 | $144M | $127M | 89c | 0 |
| Mar 31, 2023 | 2 | $53.3M | $49.0M | 93c | 0 |
| Dec 31, 2022 | 2 | $52.3M | $49.9M | 96c | 0 |
| Sep 30, 2022 | 1 | $51.4M | $48.5M | 95c | 0 |
| Jun 30, 2022 | 2 | $53.4M | $52.7M | 100c | 0 |
| Oct 8, 2021 | 1 | $0 | $0 | n/a | 0 |
| Aug 20, 2019 | 1 | $0 | $0 | n/a | 0 |
| Jul 25, 2019 | 1 | $0 | $0 | n/a | 0 |
What changed
- Facility left every BDC scheduleMar 31, 2025
- Facility left every BDC scheduleMar 31, 2025
- Facility left every BDC scheduleMar 31, 2025
- Marked down (one lender)Mar 31, 2025
- Marked down (one lender)Mar 31, 2025
Full timeline · 30 eventsShow fewer
- Spread increasedMar 31, 2025
- PIK interest appearsDec 31, 2024
- Maturity extended (observed)Dec 31, 2024
- Mark recoveredDec 31, 2024
- New lender joined a facilityDec 31, 2024
- New lender joined a facilityDec 31, 2024
- Spread increasedDec 31, 2024
- Spread increasedDec 31, 2024
- Spread increasedDec 31, 2024
- PIK interest appearsDec 31, 2024
- PIK interest appearsDec 31, 2024
- Marked down (one lender)Dec 31, 2024
- Marked down across lendersSep 30, 2024
- Marked down across lendersSep 30, 2024
- Placed on non-accrualSep 30, 2024
- Marked down (one lender)Sep 30, 2024
- Marked down (one lender)Sep 30, 2024
- Marked down across lendersJun 30, 2024
- Marked down across lendersJun 30, 2024
- Marked down across lendersJun 30, 2024
- Marked down (one lender)Jun 30, 2024
- Marked down (one lender)Jun 30, 2024
- Marked down (one lender)Jun 30, 2024
- Marked down (one lender)Jun 30, 2024
- Marked down across lendersMar 31, 2024
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- WELLPATHderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 6 BDCsderived