The problem we set out to solve

Credit analysis has not changed much in twenty years. Analysts still read credit agreements manually, track covenants in spreadsheets, and learn about material filings hours or days after they hit EDGAR. For a market that moves on information, this lag is costly.

We started DealLens because we believed the technology existed to do better — and that the teams doing the best credit work deserved tools that matched their rigor.

Credit analysis hasn’t kept pace with the speed of leveraged markets. Analysts still burn hours reading 300-page credit agreements, rebuilding EBITDA in spreadsheets, and refreshing EDGAR for filings that matter. Across a 30–50 name portfolio, that drag compounds.

DealLens closes that gap.

The problem

Three workflows consume a disproportionate share of analyst time — and all three are automatable:

1. Reading credit agreements

Leveraged loan agreements run 200–400 pages. Extracting the covenant package — financial maintenance tests, incurrence covenants, springing triggers, EBITDA add-back definitions, basket capacities, permitted transfers — means:

  • Tracing dozens of defined terms across the document
  • Reconciling cross-references and exceptions
  • Manually structuring the results in spreadsheets

Multiply that by every new deal, every amendment, and every portfolio name.

2. Calculating real leverage

“Consolidated EBITDA” is a negotiated legal construct, not an accounting metric. Add-backs for restructuring charges, integration costs, run-rate savings, and sponsor fees can push covenant EBITDA far above economic reality.

Most teams:

  • Accept management’s add-back bridge at face value, or
  • Rebuild EBITDA manually on a one-off basis

The result: inconsistent leverage views and hidden risk where add-backs create artificial covenant headroom.

3. Monitoring filings

EDGAR sees 200,000+ filings a year. PACER sees millions of docket entries. Even for a focused leveraged portfolio, the relevant subset is still in the tens of thousands.

Teams usually catch the obvious events — but often miss:

  • Subsidiary-level filings
  • Early litigation signals
  • Procedural moves that foreshadow distress
  • Items that show up in PACER but not EDGAR (or vice versa)

In a market that trades on information, hours or days of lag is expensive.

What DealLens does

DealLens is a credit intelligence platform that automates these three workflows for credit funds, restructuring advisors, and investment banks.

Covenant extraction

DealLens reads credit agreements and converts the covenant package into a structured, queryable dataset:

  • Financial maintenance tests with levels, cushions, and step-downs
  • Springing covenant triggers and utilization thresholds
  • EBITDA and “Consolidated Net Income” definitions with all add-backs
  • Key baskets, grower mechanics, and portability / transfer provisions

Analysts get the full covenant picture without reading 300 pages every time.

EBITDA add-back analysis

DealLens:

  • Identifies and quantifies EBITDA add-backs from credit agreements and disclosures
  • Rebuilds economic EBITDA by stripping non-recurring and aggressive items
  • Calculates the gap between covenant EBITDA and economic EBITDA
  • Flags credits where add-backs are inflating covenant headroom

You see real leverage — not just the negotiated version.

Real-time filing surveillance

DealLens monitors EDGAR and PACER in parallel and maps filings to portfolio names and their subsidiaries using legal-entity matching. It:

  • Filters out procedural noise
  • Surfaces material credit events in real time: bankruptcies, going-concern language, enforcement actions, significant litigation, and more
  • Connects parent and sub-level activity so you don’t miss early warning signs

The result is a single, actionable feed of credit-relevant events.

Who it’s for

DealLens is built for teams that live in leveraged credit:

  • Credit funds running long/short, loan-to-own, or special situations strategies
  • Restructuring advisors tracking the distressed pipeline and monitoring client / target credits
  • Investment banks with leveraged finance, sponsor coverage, or special situations practices

The workflows mirror how analysts actually work — covenant modeling, leverage analysis, and event monitoring — not generic document management.

Where we are

The product is live.

Today, DealLens includes:

  • Pre-seeded covenant structures and financial data for a core universe of leveraged credits
  • Continuous, real-time monitoring of EDGAR and PACER
  • Production workflows for covenant extraction, EBITDA add-back analysis, and filing surveillance

Early customer onboarding is open now.

If you’re spending analyst hours on work that should be automated — and competing in markets that move on minutes, not days — it’s worth a conversation.

Request a demo or start a trial at deallens.ai.

In a market that trades on information, hours or days of lag is expensive — and it compounds across a portfolio. DealLens

Credit analysis in leveraged markets still runs on manual workflows that don’t match the speed or complexity of today’s deals. Analysts burn hours parsing 300-page credit agreements, rebuilding EBITDA from scratch, and refreshing EDGAR and PACER to catch filings that matter. Across a 30–50 name portfolio, that drag compounds into slower reactions, inconsistent leverage views, and missed risk.

DealLens is a credit intelligence platform built to automate the three workflows that consume a disproportionate share of analyst time:

  1. Covenant extraction

DealLens reads leveraged loan and bond documents and turns the covenant package into a structured, queryable dataset. It captures:

  • Financial maintenance tests with levels, cushions, and step-downs
  • Springing covenant triggers and utilization thresholds
  • EBITDA and "Consolidated Net Income" definitions with all add-backs
  • Key baskets, grower mechanics, portability, and transfer provisions

Instead of tracing dozens of cross-references and reconciling exceptions by hand, analysts can pull the full covenant picture in seconds and compare terms across names, vintages, and sponsors.

  1. EBITDA add-back analysis

Covenant EBITDA is a negotiated legal construct, not an accounting metric. DealLens:

  • Identifies and quantifies add-backs from credit agreements and disclosures
  • Rebuilds economic EBITDA by stripping non-recurring and aggressive items
  • Measures the gap between covenant and economic EBITDA
  • Flags credits where adjustments are inflating covenant headroom and masking real leverage

The result is a consistent, portfolio-wide view of leverage that reflects what the business actually earns, not just the sponsor’s bridge.

  1. Real-time filing surveillance

DealLens monitors EDGAR and PACER in parallel, maps filings to portfolio companies and their subsidiaries using legal-entity matching, filters procedural noise, and surfaces material credit events in real time, including:

  • Bankruptcies and restructuring milestones
  • Going-concern language and covenant risk signals
  • Enforcement actions and regulatory events
  • Significant litigation and early docket activity

Teams get a single actionable feed instead of two siloed systems and manual refreshes.

Who uses DealLens

DealLens is built for teams that live in leveraged credit and special situations:

  • Credit funds running long/short, loan-to-own, or special situations strategies
  • Restructuring advisors tracking the distressed pipeline and monitoring client or target credits
  • Investment banks with leveraged finance, sponsor coverage, or special situations practices

The workflows mirror how analysts actually work — covenant modeling, leverage analysis, and event monitoring — not generic document management.