DFX Intelligence
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Borrower
W••••• R•••••••• I••
Energygroup grade Aoff every schedule since Mar 31, 2025sponsor unattributed
Also written as: Energy—Upstream; Upstream
Nothing material in the last 200 days. Last change: 31 Mar 2025, Consensus mark 90¢ on cost, down from 100¢ a year ago, 92¢ last quarter.
Mark path, consensus per quarter end
100¢ · 83¢ · 91¢ · 92¢ · 90¢Q1 2024 to Q1 2025
Principal held
at least $55.0M
sum of BDC pieces, a lower bound
Fair value
$47.2M
90c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
2
2 on the latest quarter
Facilities
2
1 equity pieces beside them
Next maturity
Nov 30, 2026
$55.0M inside 24 months
On the tape since
Dec 31, 2020
latest Mar 31, 2025
Events
4
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 |
|---|---|---|---|
| F• S•••••••• L•••••• F••• | $30.7M | 94¢ | -3 pts |
| F• K•• C•••••• C••• | $24.3M | 86¢ | 0 pts |
Every BDC piece · 2 positions across 2 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| F• S•••••••• L•••••• F••• | unstated lien unstated | $30.7M | $26.4M 94c | PIK 4.00% |
| F• K•• C•••••• C••• | term loan first lien | $24.3M | $20.8M 86c | S+400 bp |
Capital structure as the BDCs see it
latest quarter end Mar 31, 2025
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| other lien unstated exited Mar 31, 2025 | at least $30.7M | 94c | PIK 4.00% | Nov 30, 2026 | 1 |
| first lien term loan first lien exited Mar 31, 2025 | at least $24.3M | 86c | S+400 bp | Dec 1, 2026 | 1 |
Equity pieces beside the debt: equity ($0 fair value, 2 BDCs)
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 | $55.0M | $47.2M | 90c | 1 |
| Dec 31, 2024 | 2 | $110M | $95.5M | 92c | 0 |
| Sep 30, 2024 | 2 | $55.5M | $47.5M | 91c | 1 |
| Jun 30, 2024 | 2 | $55.0M | $45.8M | 83c | 0 |
All 13 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Mar 31, 2024 | 2 | $42.7M | $42.7M | 100c | 2 |
| Dec 31, 2023 | 2 | $61.4M | $61.4M | 101c | 3 |
| Sep 30, 2023 | 2 | $42.5M | $42.5M | 101c | 2 |
| Jun 30, 2023 | 2 | $42.4M | $42.4M | 101c | 2 |
| Mar 31, 2023 | 2 | $42.3M | $42.3M | 102c | 2 |
| Dec 31, 2022 | 2 | $60.8M | $60.8M | 103c | 3 |
| Sep 30, 2022 | 1 | $18.6M | $18.6M | 106c | 1 |
| Dec 31, 2021 | 2 | $18.7M | $18.7M | 107c | 1 |
| Dec 31, 2020 | 1 | $0 | $0 | n/a | 0 |
What changed
- Facility left every BDC scheduleMar 31, 2025
- Facility left every BDC scheduleMar 31, 2025
- PIK interest appearsMar 31, 2025
- PIK interest appearsSep 30, 2024
- Maturity extended (observed)Jun 30, 2024
Full timeline · 11 eventsShow fewer
- Marked down across lendersJun 30, 2024
- Marked down (one lender)Jun 30, 2024
- Marked down (one lender)Jun 30, 2024
- Maturity extended (observed)Jun 30, 2024
- Maturity extended (observed)Jun 30, 2024
- New lender joined a facilityDec 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
- W••••• R••••••••derivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 2 BDCsderived
- Industry
- Energyreportedas one filer wrote it