DFX Intelligence
Private Credit Intelligence
The capital structure graph behind private markets. Who lent, to whom, under which sponsor, through which facility, how large the piece was, when it matures and what changed, with a filing behind every number. A BDC piece is that BDC's piece, a sum of pieces is a lower bound, and a sponsor is named with the evidence that names it.
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Borrower
E••••••• P•••••• I••
Also written as: Services; Smartsheet; Software
Principal held
at least $787M
sum of BDC pieces, a lower bound
Fair value
$739M
99c on cost, debt pieces
Unfunded
$59.1M
commitments not yet drawn
BDC lenders
25
25 on the latest quarter
Facilities
5
0 equity pieces beside them
Next maturity
Jan 1, 2031
no dated debt inside 24 months
On the tape since
Mar 31, 2025
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 |
|---|---|---|---|---|---|
| first lien term loan first lien | at least $651M | 99c | SOFR+525 bp | Jan 22, 2031 | 23 |
| first lien revolver first lien | at least $136M | 97c | SOFR+525 bp | Jan 22, 2031 | 11 |
| other lien unstated | unknown | n/a | unstated | 4 | |
| second lien revolver second lien | unknown | n/a | unstated | 2 | |
| revolver lien unstated exited Mar 31, 2025 | unknown | n/a | unstated | 1 |
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| A• P•••••• C••••• I•••••••• C••• | term loan first lien US C•••••••• Debt | 1st Lien/Senior S•••••• Debt | Term Loan | 8.91% (S + 5.25%; 0.75% Flo | $10.3M | $10.0M 99c | SOFR+525 bp |
| A• P•••••• C••••• I•••••••• C••• | revolver first lien US C•••••••• Debt | 1st Lien/Senior S•••••• Debt | Revolver | 1/22/2031 | $0 | $-29,320 180c | SOFR+525 bp |
| A• P•••••• L•••••• F••• | revolver first lien US C•••••••• Debt | 1st Lien/Senior S•••••• Debt | Revolver | 1/22/2031 | $0 | $-2,578 180c | SOFR+525 bp |
| A• P•••••• L•••••• F••• | term loan first lien US C•••••••• Debt | 1st Lien/Senior S•••••• Debt | Term Loan | 8.91% (S + 5.25%; 0.75% Flo | $906,250 | $881,328 99c | SOFR+525 bp |
| A••• C•••••• C••• | unstated lien unstated | n/a | n/a | |
| A••• C•••••• C••• | term loan first lien First lien senior secured loan | $45.9M | $45.9M 100c | S+525 bp |
| A••• S•••••••• I••••• F••• | term loan first lien First lien senior secured loan | $16.1M | $16.1M 102c | S+525 bp |
| A••• S•••••••• I••••• F••• | unstated lien unstated | n/a | n/a | |
| B••• O•• C•••••• C••• | term loan first lien First lien senior secured loan | Non-Affiliated | $43.4M | $42.6M 99c | S+525 bp |
| B••• O•• C•••••• C••• | revolver first lien First lien senior secured revolving loan | n/a | $-79,000 | |
| B••• O•• C•••••• C••• I• | term loan first lien First lien senior secured loan | Non Affiliated | $273,000 | $268,000 99c | S+525 bp |
| B••• O•• C•••••• C••• I• | revolver first lien First lien senior secured revolving loan | Non-Affiliated | n/a | n/a | |
| B••• O•• C••••• I••••• C•••• | revolver first lien First lien senior secured revolving loan | Non-controlled/non-affiliated | n/a | n/a | |
| B••• O•• C••••• I••••• C•••• | term loan first lien First lien senior secured loan | Non-Affiliated Issuer | $76.8M | $75.5M 99c | S+525 bp |
| B••• O•• T••••••••• F•••••• C•••• | revolver first lien First lien senior secured revolving loan | Non-Affiliated Issuer | n/a | $-190,000 | |
| B••• O•• T••••••••• F•••••• C•••• | term loan first lien First lien senior secured loan | Non-Affiliated Issuer | $105M | $103M 99c | S+525 bp |
| B••• O•• T••••••••• I••••• C•••• | term loan first lien First lien senior secured loan | $43.1M | $42.4M 99c | S+525 bp |
| B••• O•• T••••••••• I••••• C•••• | revolver first lien First lien senior secured revolving loan | n/a | $-78,000 | |
| C•••••• C••••• S••••••••• I••• | revolver second lien Investments | Non-Affiliated Issuer | First and Second Lien Debt | Revolver | n/a | n/a | |
| C•••••• C••••• S••••••••• I••• | term loan first lien Investment | Non-Affiliated Issuer | First Lien Debt | $30.4M | $29.0M 97c | S+525 bp |
| C•••••• S•••••• L••••••• I••• | term loan first lien Investment | Non-Affiliated Issuer | First Lien Debt | $30.4M | $29.0M 98c | S+525 bp |
| C•••••• S•••••• L••••••• I••• | revolver second lien Investments | Non-Affiliated | First and Second Lien Debt | Revolver | n/a | n/a | |
| F••••••• B•• C•••••• C••• | term loan first lien Senior S•••••• First Lien Debt | n/a | n/a | |
| F••••••• B•• C•••••• C••• | term loan first lien | $22.3M | $21.6M 99c | S+525 bp |
| F••••••• B•• C•••••• C••• | term loan first lien | $0 | $-69,000 197c | S+525 bp |
| G•••• C•••••• B•• 4• I••• | term loan first lien One stop 2 | $0 | $-19,000 100c | |
| G•••• C•••••• B•• 4• I••• | term loan first lien One stop 1 | $12.3M | $12.1M 100c | S+525 bp |
| G•••• C•••••• B••• I••• | term loan first lien One stop 1 | Non-Affiliated Issuer | $9.1M | $8.9M 100c | S+525 bp |
| G•••• C•••••• B••• I••• | term loan first lien One stop 2 | Non-Affiliated Issuer | $0 | $-14,000 100c | |
| G•••• C•••••• D••••• L•••••• C••• | term loan first lien One stop 2 | $0 | $-6,000 100c | |
| G•••• C•••••• D••••• L•••••• C••• | term loan first lien One stop 1 | $4.0M | $3.9M 100c | S+525 bp |
| G•••• C•••••• D••••• L•••••• U•••••••• C••• | term loan first lien One stop 2 | $0 | $-4,000 100c | |
| G•••• C•••••• D••••• L•••••• U•••••••• C••• | term loan first lien One stop 1 | $2.7M | $2.7M 100c | S+525 bp |
| G•••• C•••••• P•••••• C••••• F••• | term loan first lien One stop 2 | $0 | $-63,000 98c | |
| G•••• C•••••• P•••••• C••••• F••• | term loan first lien One stop 1 | $40.6M | $40.0M 100c | S+525 bp |
| H•• C•••••••• C•••••• S•••••••• F••• | revolver first lien | n/a | n/a | |
| H•• C•••••••• C•••••• S•••••••• F••• | revolver first lien Non-Affiliated Issuer | $26.1M | $25.2M 98c | S+525 bp |
| H•• C•••••••• C•••••• S•••••••• F••• | revolver first lien Non-Affiliated Issuer | $2.7M | $-99,000 241c | |
| H•• C•••••••• L•••••• F••• | revolver first lien 1st Lien Senior S•••••• Revolving Loan | n/a | n/a | |
| H•• C•••••••• L•••••• F••• | revolver first lien Non-Affiliated Issuer | $94.1M | $90.6M 98c | S+525 bp |
| H•• C•••••••• L•••••• F••• | revolver first lien Non-Affiliated Issuer | $9.7M | $-357,000 241c | |
| M••••• C•••••• I••••• P••• C••• | revolver first lien Revolver) | n/a | n/a | |
| M••••• C•••••• I••••• P••• C••• | term loan first lien Senior S•••••• Loans | $36.1M | $35.1M 99c | S+525 bp |
| M••••• C•••••• I••••• P••• C••• | revolver first lien Revolver) | Senior S•••••• Loans | $3.7M | $0 | S+525 bp |
| N•• M••••••• F•••••• C••• | term loan first lien First lien 2 | $20.0M | $19.5M 98c | S+525 bp |
| N•• M••••••• F•••••• C••• | term loan first lien First lien - Undrawn | $5.8M | $-138,000 242c | |
| N•• M••••••• F•••••• C••• | term loan first lien First lien 1 | $35.6M | $34.7M 98c | S+525 bp |
| N•• M••••••• G••••••• I• B••• L••••• | term loan first lien First Lien | $34.4M | $33.6M 98c | S+525 bp |
| N•• M••••••• G••••••• I• B••• L••••• | term loan first lien First Lien - Undrawn | $3.6M | $-85,000 315c | |
| N•• M••••••• G••••••• I• I••••• F•••• L••••• | term loan first lien First Lien | Non-Affiliated Issuer | $8.3M | $8.1M 98c | S+525 bp |
| N•• M••••••• G••••••• I• I••••• F•••• L••••• | term loan first lien First Lien - Undrawn | Non-Affiliated Issuer | $863,000 | $-21,000 300c | |
| N•• M••••••• P•••••• C••••• F••• | term loan first lien First Lien Undrawn | Non-Affiliated Issuer | $2.8M | $-67,000 319c | |
| S•••••••• P•••••• C••••• F••• L•• | revolver first lien Revolving Loan | NCNA Debt Inv. | First Lien Senior S•••••• Loan | 1/22/2031 | $0 | $-9,000 60c | SOFR+50 bp |
| S•••••••• P•••••• C••••• F••• L•• | term loan first lien Term Loan | NCNA Debt Inv. | First Lien Senior S•••••• Loan | 01/22/2031 | $9.7M | $9.4M 99c | SOFR+525 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 | 25 | $787M | $739M | 99c | 0 |
| Mar 31, 2026 | 25 | $665M | $626M | 98c | 0 |
| Dec 31, 2025 | 25 | $1.0B | $970M | 100c | 0 |
| Sep 30, 2025 | 25 | $884M | $846M | 100c | 0 |
| Jun 30, 2025 | 25 | $815M | $774M | 100c | 0 |
| Mar 31, 2025 | 25 | $815M | $773M | 100c | 1 |
What changed
- Spread changed (observed)Mar 31, 2026
- Spread changed (observed)Mar 31, 2026
- Lender left a facilityMar 31, 2026
- New borrower on a BDC scheduleMar 31, 2025
- Lender left a facilityMar 31, 2025
- Lender left a facilityMar 31, 2025
- Facility left every BDC scheduleMar 31, 2025
Sponsor
- V•••• E••••• P••••••• M••••••••• L••
- Form D signer consensus, grade Bestimated"Form D vehicle EINSTEIN MANAGEMENT AGGREGATOR, L.P. (2025-01-22), signers: MANEET S. SAROYA; JOHN STALDER"
- B•••••••••
- Form D signer consensus, grade Bestimated"Form D vehicle EINSTEIN MANAGEMENT AGGREGATOR, L.P. (2025-01-22), signers: MARTIN S. BRAND; SACHIN S. BAVISHI"
- B•••••••••
- the sponsor's own portfolio page lists a company of this nameestimatedvistaequitypartners.com"B••••••••• is the world’s largest alternative asset manager."
- V•••• E••••• P••••••• M••••••••• L••
- the sponsor's own portfolio page lists a company of this nameestimatedvistaequitypartners.com"portfolio card on https://www.vistaequitypartners.com/about/companies/: S•••••••••"
Identity
- Group key
- EINSTEINderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 25 BDCsderived
- Industry
- Softwarereportedas one filer wrote it