Investors
Wardmore Healthcare Equipment Receivables Trust 2025-1
WHERT 2025-1 issued $386,450,000 of notes in six classes, backed by leases, Critical Care Subscriptions and Utilization Pricing agreements with 412 hospitals and health systems. The offering was more than three times oversubscribed.
At a glance
- Closed
- June 18, 2025
- Notes issued
- $386,450,000
- Initial pool
- $412,384,617.22
- Contracts / obligors
- 3,914 / 412
- Pool factor
- 0.6589
- Servicer
- Wardmore Health Capital, LLC
- Indenture trustee
- Fenwright Trust Company, N.A.
- Payment dates
- 15th of each month, or the next business day
The notes
| Class | Original balance | Rate | Ratings1 | Legal final | Current balance |
|---|---|---|---|---|---|
| Class A-1 | $78,000,000 | 4.47% | AAA (sf) / AAA (sf) | $0.00 | |
| Class A-2 | $142,300,000 | 4.71% | AAA (sf) / AAA (sf) | $84,766,010.53 | |
| Class A-3 | $108,150,000 | 4.88% | AAA (sf) / AAA (sf) | $108,150,000.00 | |
| Class B | $24,600,000 | 5.21% | AA (sf) / AA (sf) | $24,600,000.00 | |
| Class C | $18,400,000 | 5.64% | A (sf) / A+ (sf) | $18,400,000.00 | |
| Class D | $15,000,000 | 6.37% | BBB (sf) / BBB (sf) | $15,000,000.00 | |
| Total | $386,450,000 | 4.85% | $250,916,010.53 |
The pool at the cutoff date
At the cutoff date of May 31, 2025 the pool held 3,914 contracts with 412 obligors, with a discounted balance of $412,384,617.22 at a discount rate of 7.25%.
| Equipment | Share of balance |
|---|---|
| Intensive-care beds | 38.2% |
| Ventilators | 21.7% |
| Patient monitoring | 29.4% |
| Other critical-care | 10.7% |
| Structure | Share of balance |
|---|---|
| Leases and loans | 61.3% |
| Critical Care Subscription | 14.2% |
| Utilization Pricing (minimum commitment) | 24.5% |
| Characteristic | At cutoff |
|---|---|
| Weighted average remaining term | 41.3 months |
| Largest obligor | 2.91% |
| Ten largest obligors | 17.6% |
| Rural and critical-access hospitals | 31.4% |
| Equipment enrolled in Continuity Assurance | 68.9% |
| Overcollateralization target | 7.65% of the current pool, with a floor of 1.50% of the initial pool |
| Reserve account | 1.00% of the initial pool, non-declining |
Balances since closing
Monthly distribution reports
The servicer’s report for each payment date is published here on that date. The next payment date is .
| Payment date | Collection period | Pool balance | Notes outstanding | Pool factor | 60+ days past due |
|---|---|---|---|---|---|
| October 15, 2026 | September 2026 | $271,701,148 | $250,916,011 | 0.6589 | 0.48% |
| September 15, 2026 | August 2026 | $279,127,490 | $257,774,237 | 0.6769 | 0.42% |
| August 17, 2026 | July 2026 | $286,325,533 | $264,421,630 | 0.6943 | 0.45% |
| July 15, 2026 | June 2026 | $293,267,880 | $270,832,887 | 0.7112 | 0.56% |
| June 15, 2026 | May 2026 | $301,496,336 | $278,431,866 | 0.7311 | 0.36% |
| May 15, 2026 | April 2026 | $309,851,009 | $286,147,407 | 0.7514 | 0.50% |
| April 15, 2026 | March 2026 | $318,371,755 | $294,016,315 | 0.7720 | 0.36% |
| March 16, 2026 | February 2026 | $327,197,092 | $302,166,514 | 0.7934 | 0.30% |
| February 17, 2026 | January 2026 | $335,136,469 | $309,498,529 | 0.8127 | 0.64% |
| January 15, 2026 | December 2025 | $342,991,063 | $316,752,247 | 0.8317 | 0.49% |
| December 15, 2025 | November 2025 | $352,387,459 | $325,429,818 | 0.8545 | 0.47% |
| November 17, 2025 | October 2025 | $362,164,325 | $334,458,754 | 0.8782 | 0.36% |
| October 15, 2025 | September 2025 | $371,589,088 | $343,162,523 | 0.9011 | 0.58% |
| September 15, 2025 | August 2025 | $380,997,355 | $352,471,861 | 0.9239 | 0.52% |
| August 15, 2025 | July 2025 | $392,318,543 | $364,626,278 | 0.9513 | 0.45% |
| July 15, 2025 | June 2025 | $402,045,593 | $375,206,627 | 0.9749 | 0.64% |
Priority of payments
On each payment date, available funds are applied in this order:
- Trustee and backup servicer fees and expenses, subject to an annual cap
- The servicing fee of 1.00% a year on the pool balance
- Interest on the Class A notes, pro rata
- Interest on the Class B, C and D notes, in that order, each after first allocations of principal to the classes above it
- Principal, sequentially, to reduce the notes to the pool balance less the overcollateralization target
- Deposits to restore the reserve account to its required amount
- Remaining amounts to the depositor
This summary omits the triggers and other provisions of the indenture. The indenture and the offering memorandum govern.
The notes were offered in a private placement to qualified institutional buyers under Rule 144A and to non-US persons under Regulation S, and have not been registered under the Securities Act of 1933 or any state securities law. Nothing on this site is an offer to sell, or a solicitation of an offer to buy, any security. Information about the notes, including the offering memorandum, is available only to holders and to prospective investors who have certified their eligibility, through the lender portal.