{"url_path":"/sec/cik-0002044820/10-q/2026/cover-page","section_key":"cover-page","section_title":"Cover Page","topic":"sec","document":{"doc_type":"10-Q","doc_date":"2026-05-13","source_url":"https://www.sec.gov/Archives/edgar/data/2044820/0002044820-26-000020-index.html","accession_number":"0002044820-26-000020","cik":"0002044820","ticker":null,"issuer_name":"VistaOne, L.P.","edgar_url":"https://www.sec.gov/Archives/edgar/data/2044820/0002044820-26-000020-index.html","primary_entity_key":"0002044820","primary_entity_name":"VistaOne, L.P."},"word_count":1093,"has_tables":true,"body_markdown":"10-Q\n\nfalse--12-310002044820Q10002044820us-gaap:FairValueInputsLevel3Membersrt:MinimumMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:FairValueMeasurementsRecurringMemberck0002044820:MarketApproachMemberck0002044820:PortfolioCompaniesMember2026-03-310002044820us-gaap:EquitySecuritiesMemberus-gaap:InsuranceSectorMember2025-12-310002044820ck0002044820:CommonClassAsAndSMember2026-03-310002044820srt:EuropeMember2025-12-310002044820us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueMeasurementsRecurringMembersrt:MaximumMemberck0002044820:MeasurementInputTerminalRevenueMultipleMemberck0002044820:PortfolioCompaniesMember2025-12-310002044820ck0002044820:ManagementFeeRateMemberck0002044820:InvestmentManagerMember2026-01-012026-03-310002044820ck0002044820:ClassABLimitedPartnershipUnitsMember2025-12-310002044820ck0002044820:ClassVLimitedPartnershipUnitsMember2024-12-310002044820ck0002044820:ClassRUnitsMember2026-04-300002044820us-gaap:HealthcareSectorMemberus-gaap:EquitySecuritiesMember2026-03-310002044820us-gaap:EnergySectorMemberus-gaap:EquitySecuritiesMember2025-12-310002044820ck0002044820:ClassVLimitedPartnershipUnitsMember2025-03-310002044820Investment Investments in Portfolio Companies Enterprise Software Portfolio Companies IT Operations Nexthink SA Asset Equity interest held through Matterhorn Aggregator L.P. Geography Americas2026-03-310002044820us-gaap:FairValueInputsLevel2Memberck0002044820:PortfolioCompaniesMember2025-12-310002044820us-gaap:FairValueInputsLevel3Memberck0002044820:TransactionalValuationMemberus-gaap:FairValueMeasurementsRecurringMemberck0002044820:PortfolioCompaniesMember2025-12-310002044820Investment Investments in Portfolio Companies Enterprise Software Portfolio Companies Enterprise Resource Planning Jaggaer, LLC Asset Equity interest held through Javelin Aggregator, L.P. Geography Americas2026-03-310002044820ck0002044820:ClassADLimitedPartnershipUnitsMember2025-01-012025-03-310002044820Investment Investments in Portfolio Companies Enterprise Software Portfolio Companies Government Other investment(s) in Equity Geography Americas2025-12-310002044820ck0002044820:ClassAILimitedPartnershipUnitsMember2024-12-310002044820ck0002044820:ClassADLimitedPartnershipUnitsMember2025-03-310002044820us-gaap:GeneralPartnerMember2026-01-012026-03-310002044820us-gaap:RelatedPartyMember2025-12-310002044820us-gaap:GovernmentSectorMemberus-gaap:EquitySecuritiesMember2026-03-310002044820srt:MaximumMemberck0002044820:VistaOneDESPVLPMember2026-01-012026-03-310002044820us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMembersrt:MaximumMemberck0002044820:MeasurementInputEbitdaMarginMemberck0002044820:PortfolioCompaniesMember2025-12-310002044820us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:FairValueMeasurementsRecurringMemberck0002044820:MarketApproachMemberck0002044820:PortfolioCompaniesMember2025-12-310002044820ck0002044820:ClassADUnitsMember2026-04-300002044820ck0002044820:PortfolioCompaniesMember2026-03-310002044820ck0002044820:ClassELimitedPartnershipUnitsMember2026-03-310002044820ck0002044820:InformationTechnologyOperationsMemberus-gaap:EquitySecuritiesMember2026-03-310002044820Investment Investments in Portfolio Companies Enterprise Software Portfolio Companies Legal, Risk & Compliance Other investment(s) in Equity Geography Americas2026-03-310002044820Investment Investments in Portfolio Companies Enterprise Software Portfolio Companies Collaboration Smartsheet, Inc. Asset Equity interest held through VEPF Einstein Aggregator, L.P. Geography Americas2025-12-310002044820us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueMeasurementsRecurringMembersrt:MaximumMemberck0002044820:MeasurementInputTerminalRevenueMultipleMemberck0002044820:PortfolioCompaniesMember2026-03-310002044820Investment Investments in Portfolio Companies Enterprise Software Portfolio Companies Government Other investment(s) in Equity Geography Americas2026-03-310002044820ck0002044820:ClassABLimitedPartnershipUnitsMember2024-12-310002044820us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberck0002044820:MeasurementInputTerminalEbitdaMultipleMemberus-gaap:FairValueMeasurementsRecurringMembersrt:MaximumMemberck0002044820:PortfolioCompaniesMember2026-03-310002044820ck0002044820:CollaborationMemberus-gaap:EquitySecuritiesMember2025-12-310002044820us-gaap:FinancialServicesSectorMemberus-gaap:EquitySecuritiesMember2025-12-310002044820ck0002044820:ClassABLimitedPartnershipUnitsMember2025-01-012025-03-310002044820us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:FairValueMeasurementsRecurringMembersrt:MaximumMemberck0002044820:MarketApproachMemberck0002044820:PortfolioCompaniesMember2025-12-310002044820us-gaap:FairValueInputsLevel2Member2026-03-310002044820ck0002044820:GPRedeemableMember2026-01-012026-03-310002044820Investment Investments in Portfolio Companies Enterprise Software Portfolio Companies IT Operations Other investment(s) in Equity Geography Americas2025-12-310002044820ck0002044820:ClassASLimitedPartnershipUnitsMember2025-03-310002044820ck0002044820:ClassIUnitsMember2026-04-300002044820ck0002044820:ManagerMember2025-01-012025-09-300002044820Investment Investments in Portfolio Companies Enterprise Software Portfolio Companies Enterprise Resource Planning Jaggaer, LLC Asset Equity interest held through Javelin Aggregator, L.P. Geography Americas2025-12-310002044820us-gaap:FairValueInputsLevel3Memberck0002044820:PortfolioCompaniesMember2025-12-310002044820us-gaap:FairValueInputsLevel3Memberck0002044820:MeasurementInputWeightedAverageCostOfCapitalMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueMeasurementsRecurringMembersrt:MaximumMemberck0002044820:PortfolioCompaniesMember2025-12-310002044820ck0002044820:LegalRiskandComplianceMemberus-gaap:EquitySecuritiesMember2025-12-310002044820us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:FairValueMeasurementsRecurringMemberck0002044820:MarketApproachMemberck0002044820:PortfolioCompaniesMember2026-03-310002044820us-gaap:TransportationSectorMemberus-gaap:EquitySecuritiesMember2026-03-310002044820Investment Investments in Portfolio Companies Enterprise Software Portfolio Companies IT Operations Picard Holdco, Inc. (dba Cloud Software Group) Asset Equity interest held through VEPF VIII Hubble Aggregator, L.P. Geography Americas2025-12-310002044820ck0002044820:GPRedeemableMember2025-03-310002044820ck0002044820:ClassASLimitedPartnershipUnitsMember2026-01-012026-03-310002044820us-gaap:FairValueInputsLevel1Member2025-12-310002044820us-gaap:FairValueInputsLevel2Memberus-gaap:MoneyMarketFundsMember2025-12-310002044820us-gaap:FinancialServicesSectorMemberus-gaap:EquitySecuritiesMember2026-03-310002044820ck0002044820:RelatedPartyInvestmentManagerMemberck0002044820:ManagementFeeRateForMemberClassRMember2026-01-012026-03-310002044820Investment Investments in Portfolio Companies Enterprise Software Portfolio Companies Industrials Other investment(s) in Equity Geography Europe2026-03-310002044820us-gaap:FairValueInputsLevel3Membersrt:MinimumMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:FairValueMeasurementsRecurringMemberck0002044820:MarketApproachMemberck0002044820:PortfolioCompaniesMember2025-12-310002044820us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MeasurementInputLongTermRevenueGrowthRateMemberck0002044820:PortfolioCompaniesMember2025-12-310002044820us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MeasurementInputLongTermRevenueGrowthRateMembersrt:MaximumMemberck0002044820:PortfolioCompaniesMember2026-03-310002044820us-gaap:FairValueInputsLevel2Memberus-gaap:MoneyMarketFundsMember2026-03-310002044820Investment Investments in Portfolio Companies Enterprise Software Portfolio Companies Industrials Acumatica, Inc. Asset Equity interest held through Axle Aggregator, L.P. Geography Americas2025-12-310002044820us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:FairValueMeasurementsRecurringMembersrt:MaximumMemberck0002044820:MarketApproachMemberck0002044820:PortfolioCompaniesMember2026-03-310002044820ck0002044820:GPRedeemableMember2025-12-310002044820us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MinimumMemberus-gaap:FairValueMeasurementsRecurringMemberck0002044820:MeasurementInputTerminalRevenueMultipleMemberck0002044820:PortfolioCompaniesMember2026-03-310002044820us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberck0002044820:MeasurementInputTerminalEbitdaMultipleMemberus-gaap:FairValueMeasurementsRecurringMemberck0002044820:PortfolioCompaniesMember2025-12-310002044820us-gaap:FairValueInputsLevel1Memberus-gaap:MoneyMarketFundsMember2025-12-310002044820us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:FairValueMeasurementsRecurringMemberck0002044820:MeasurementInputTerminalEbitdaMultipleMemberck0002044820:PortfolioCompaniesMember2026-03-310002044820us-gaap:FairValueInputsLevel1Memberck0002044820:PortfolioCompaniesMember2025-12-3100020448202025-12-310002044820us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:FairValueMeasurementsRecurringMembersrt:MaximumMemberck0002044820:MarketApproachMemberck0002044820:PortfolioCompaniesMember2025-12-310002044820us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MeasurementInputLongTermRevenueGrowthRateMemberck0002044820:PortfolioCompaniesMember2026-03-3100020448202025-04-0100020448202024-12-310002044820us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMemberus-gaap:FairValueMeasurementsRecurringMemberck0002044820:MeasurementInputTerminalRevenueMultipleMemberck0002044820:PortfolioCompaniesMember2026-03-310002044820ck0002044820:SecuritySectorMemberus-gaap:EquitySecuritiesMember2026-03-310002044820us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberck0002044820:MeasurementInputWeightedAverageCostOfCapitalMemberus-gaap:FairValueMeasurementsRecurringMembersrt:MaximumMemberck0002044820:PortfolioCompaniesMember2026-03-310002044820ck0002044820:TrancheBMemberck0002044820:VistaOneDESPVLPMember2026-03-310002044820ck0002044820:ClassADLimitedPartnershipUnitsMember2025-12-310002044820ck0002044820:Debt-To-ValueRatio10To15PercentMembersrt:MinimumMember2026-01-012026-03-310002044820ck0002044820:ClassAILimitedPartnershipUnitsMember2026-01-012026-03-310002044820us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Memberck0002044820:MeasurementInputWeightedAverageCostOfCapitalMembersrt:MinimumMemberus-gaap:FairValueMeasurementsRecurringMemberck0002044820:PortfolioCompaniesMember2026-03-310002044820Investment Investments in Portfolio Companies Enterprise Software Portfolio Companies Insurance Other investment(s) in Equity Geography Americas2026-03-310002044820us-gaap:FairValueInputsLevel3Memberck0002044820:PortfolioCompaniesMember2026-03-310002044820us-gaap:FairValueInputsLevel3Memberus-gaap:MoneyMarketFundsMember2026-03-3100020448202025-03-310002044820us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:FairValueMeasurementsRecurringMemberck0002044820:MarketApproachMemberck0002044820:PortfolioCompaniesMember2025-12-310002044820ck0002044820:EnterpriseResourcePlanningMemberus-gaap:EquitySecuritiesMember2026-03-310002044820us-gaap:CommercialAndIndustrialSectorMemberus-gaap:EquitySecuritiesMember2025-12-310002044820ck0002044820:ClassVLimitedPartnershipUnitsMember2026-01-012026-03-310002044820ck0002044820:Debt-To-ValueRatio20To25PercentMembersrt:MinimumMember2026-01-012026-03-3100020448202025-01-012025-12-310002044820ck0002044820:InvestmentManagerMember2026-01-012026-03-310002044820ck0002044820:LegalRiskandComplianceMemberus-gaap:EquitySecuritiesMember2026-03-3100020448202026-01-012026-03-310002044820us-gaap:FairValueInputsLevel2Member2025-12-310002044820ck0002044820:VistaOneDESPVLPMember2026-03-310002044820us-gaap:GeneralPartnerMember2026-01-010002044820ck0002044820:ClassELimitedPartnershipUnitsMember2025-01-012025-03-310002044820us-gaap:FairValueInputsLevel2Memberck0002044820:PortfolioCompaniesMember2026-03-310002044820ck0002044820:ClassELimitedPartnershipUnitsMember2025-03-310002044820ck0002044820:ClassASLimitedPartnershipUnitsMember2025-01-012025-03-310002044820Investment Investments in Portfolio Companies Enterprise Software Portfolio Companies IT Operations Other investment(s) in Equity Geography Americas2026-03-310002044820ck0002044820:JPMorganHundredPercentageUSTreasurySecuritiesMoneyMarketFundMember2026-03-310002044820ck0002044820:ClassEUnitsMember2026-04-3000020448202025-01-012025-03-310002044820us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Membersrt:MinimumMemberck0002044820:MeasurementInputTerminalEbitdaMultipleMemberus-gaap:FairValueMeasurementsRecurringMemberck0002044820:PortfolioCompaniesMember2025-12-310002044820ck0002044820:ClassAIUnitsMember2026-04-300002044820ck0002044820:ClassELimitedPartnershipUnitsMember2025-12-310002044820ck0002044820:CreditAgreementMember2026-03-310002044820ck0002044820:ClassASUnitsMember2026-04-300002044820Investment Investments in Portfolio Companies Enterprise Software Portfolio Companies Industrials Other investment(s) in Equity Geography Europe2025-12-310002044820Investment Investments in Portfolio Companies Enterprise Software Portfolio Companies Healthcare Other investment(s) in Equity Geography Americas2026-03-310002044820us-gaap:RelatedPartyMember2026-01-012026-03-310002044820ck0002044820:ClassELimitedPartnershipUnitsMember2024-12-310002044820ck0002044820:GPRedeemableMember2025-01-012025-03-310002044820Investment Investments in Portfolio Companies Enterprise Software Portfolio Companies Energy Other investment(s) in Equity Geography APAC2025-12-310002044820ck0002044820:GPRedeemableMember2026-03-310002044820ck0002044820:JPMorganHundredPercentageUSTreasurySecuritiesMoneyMarketFundMember2025-12-310002044820ck0002044820:TrancheAMemberck0002044820:VistaOneDESPVLPMember2026-03-310002044820ck0002044820:ManagerMember2026-01-012026-03-310002044820us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMemberus-gaap:FairValueMeasurementsRecurringMemberck0002044820:MeasurementInputEbitdaMarginMemberck0002044820:PortfolioCompaniesMember2026-03-310002044820Investment Investments in Portfolio Companies Enterprise Software Portfolio Companies Legal, Risk & Compliance Other investment(s) in Equity Geography Americas2025-12-310002044820Investment Investments in Portfolio Companies Enterprise Software Portfolio Companies Transportation Other investment(s) in Equity Geography Americas2025-12-310002044820ck0002044820:ClassASLimitedPartnershipUnitsMember2025-12-310002044820us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MinimumMemberck0002044820:MeasurementInputTerminalEbitdaMultipleMemberus-gaap:FairValueMeasurementsRecurringMemberck0002044820:PortfolioCompaniesMember2026-03-310002044820ck0002044820:SecuritySectorMemberus-gaap:EquitySecuritiesMember2025-12-310002044820us-gaap:FairValueInputsLevel3Member2025-12-310002044820us-gaap:MoneyMarketFundsMember2025-12-310002044820us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMemberus-gaap:FairValueMeasurementsRecurringMemberck0002044820:MeasurementInputEbitdaMarginMemberck0002044820:PortfolioCompaniesMember2025-12-310002044820us-gaap:FairValueInputsLevel3Memberus-gaap:MoneyMarketFundsMember2025-12-310002044820us-gaap:FairValueInputsLevel1Member2026-03-310002044820srt:AmericasMember2026-03-310002044820us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:FairValueMeasurementsRecurringMemberck0002044820:MeasurementInputTerminalRevenueMultipleMemberck0002044820:PortfolioCompaniesMember2025-12-310002044820us-gaap:MoneyMarketFundsMember2026-03-310002044820ck0002044820:ClassADLimitedPartnershipUnitsMember2026-01-012026-03-310002044820ck0002044820:ClassAILimitedPartnershipUnitsMember2025-03-310002044820us-gaap:EquitySecuritiesMemberck0002044820:SportsEntertainmentAndRecreationMember2026-03-310002044820ck0002044820:CommonClassVistaMember2026-03-310002044820us-gaap:EquitySecuritiesMemberus-gaap:InsuranceSectorMember2026-03-310002044820Investment Investments in Portfolio Companies Enterprise Software Portfolio Companies Enterprise Resource Planning Other investment(s) in Equity Geography Americas2026-03-310002044820us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Membersrt:MinimumMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MeasurementInputLongTermRevenueGrowthRateMemberck0002044820:PortfolioCompaniesMember2026-03-310002044820Investment Investments in Portfolio Companies Enterprise Software Portfolio Companies Sports, Entertainment & Recreation Playlist Technologies, Inc. Asset Equity interest held through Saturn Newco Inc. Geography Americas2026-03-310002044820ck0002044820:ClassABLimitedPartnershipUnitsMember2026-01-012026-03-310002044820Investment Investments in Portfolio Companies Enterprise Software Portfolio Companies Industrials Other investment(s) in Equity Geography Americas2026-03-310002044820ck0002044820:ClassVLimitedPartnershipUnitsMember2025-01-012025-03-310002044820srt:EuropeMember2026-03-310002044820ck0002044820:InformationTechnologyOperationsMemberus-gaap:EquitySecuritiesMember2025-12-310002044820us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Membersrt:MinimumMemberus-gaap:FairValueMeasurementsRecurringMemberck0002044820:MeasurementInputEbitdaMarginMemberck0002044820:PortfolioCompaniesMember2026-03-310002044820ck0002044820:ClassBUnitsMember2026-04-300002044820ck0002044820:ManagerMember2025-04-012026-03-310002044820ck0002044820:GPRedeemableMember2024-12-310002044820us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:FairValueMeasurementsRecurringMembersrt:MaximumMemberck0002044820:MarketApproachMemberck0002044820:PortfolioCompaniesMember2026-03-310002044820srt:MaximumMember2026-03-3100020448202026-03-310002044820ck0002044820:IndustrialsMemberus-gaap:EquitySecuritiesMember2026-03-310002044820us-gaap:EnergySectorMemberus-gaap:EquitySecuritiesMember2026-03-310002044820ck0002044820:ClassASLimitedPartnershipUnitsMember2026-03-310002044820us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel1Member2026-03-310002044820ck0002044820:TransactionalValuationMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberck0002044820:PortfolioCompaniesMember2026-03-310002044820Investment Investments in Portfolio Companies Enterprise Software Portfolio Companies Industrials Other investment(s) in Equity Geography Americas2025-12-310002044820us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Memberck0002044820:MeasurementInputTerminalEbitdaMultipleMemberus-gaap:FairValueMeasurementsRecurringMembersrt:MaximumMemberck0002044820:PortfolioCompaniesMember2025-12-310002044820ck0002044820:ClassADLimitedPartnershipUnitsMember2024-12-310002044820us-gaap:FairValueInputsLevel3Memberck0002044820:MeasurementInputWeightedAverageCostOfCapitalMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMemberus-gaap:FairValueMeasurementsRecurringMemberck0002044820:PortfolioCompaniesMember2025-12-310002044820us-gaap:FairValueInputsLevel3Member2026-03-310002044820ck0002044820:ClassAILimitedPartnershipUnitsMember2025-12-310002044820ck0002044820:ClassAILimitedPartnershipUnitsMember2026-03-310002044820Investment Investments in Portfolio Companies Enterprise Software Portfolio Companies Energy Other investment(s) in Equity Geography APAC2026-03-310002044820Investment Investments in Portfolio Companies Enterprise Software Portfolio Companies IT Operations Picard Holdco, Inc. (dba Cloud Software Group) Asset Equity interest held through VEPF VIII Hubble Aggregator, L.P. Geography Americas2026-03-310002044820ck0002044820:Debt-To-ValueRatio20To25PercentMembersrt:MaximumMember2026-01-012026-03-310002044820Investment Investments in Portfolio Companies Enterprise Software Portfolio Companies Security Other investment(s) in Equity Geography Americas2026-03-310002044820Investment Investments in Portfolio Companies Enterprise Software Portfolio Companies Enterprise Resource Planning Other investment(s) in Equity Geography Americas2025-12-310002044820ck0002044820:ClassABLimitedPartnershipUnitsMember2025-03-310002044820ck0002044820:Debt-To-ValueRatio10To15PercentMembersrt:MaximumMember2026-01-012026-03-310002044820us-gaap:FairValueInputsLevel3Membersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:FairValueMeasurementsRecurringMemberck0002044820:MarketApproachMemberck0002044820:PortfolioCompaniesMember2026-03-310002044820us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MeasurementInputLongTermRevenueGrowthRateMemberck0002044820:PortfolioCompaniesMember2025-12-310002044820us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMembersrt:MaximumMemberck0002044820:MeasurementInputEbitdaMarginMemberck0002044820:PortfolioCompaniesMember2026-03-310002044820us-gaap:HealthcareSectorMemberus-gaap:EquitySecuritiesMember2025-12-310002044820us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MeasurementInputLongTermRevenueGrowthRateMemberck0002044820:PortfolioCompaniesMember2026-03-310002044820us-gaap:RelatedPartyMember2026-03-310002044820ck0002044820:APACMember2026-03-310002044820us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MeasurementInputLongTermRevenueGrowthRateMembersrt:MaximumMemberck0002044820:PortfolioCompaniesMember2025-12-310002044820us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Membersrt:MinimumMemberus-gaap:FairValueMeasurementsRecurringMemberck0002044820:MeasurementInputTerminalRevenueMultipleMemberck0002044820:PortfolioCompaniesMember2025-12-310002044820ck0002044820:ClassAILimitedPartnershipUnitsMember2025-01-012025-03-310002044820us-gaap:FairValueInputsLevel3Membersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:FairValueMeasurementsRecurringMemberck0002044820:MarketApproachMemberck0002044820:PortfolioCompaniesMember2025-12-310002044820us-gaap:FairValueInputsLevel1Memberck0002044820:PortfolioCompaniesMember2026-03-310002044820ck0002044820:PortfolioCompaniesMember2025-12-310002044820ck0002044820:CommonClassAdAndDMember2026-03-310002044820ck0002044820:AnchorUnitManagementFeeRateMember2026-01-012026-03-310002044820us-gaap:TransportationSectorMemberus-gaap:EquitySecuritiesMember2025-12-310002044820ck0002044820:CommonClassAbAndBMember2026-03-310002044820ck0002044820:ClassASLimitedPartnershipUnitsMember2024-12-310002044820ck0002044820:APACMember2025-12-310002044820Investment Investments in Portfolio Companies Enterprise Software Portfolio Companies Collaboration Smartsheet, Inc. Asset Equity interest held through VEPF Einstein Aggregator, L.P. Geography Americas2026-03-310002044820srt:AmericasMember2025-12-310002044820ck0002044820:ClassADLimitedPartnershipUnitsMember2026-03-310002044820Investment Investments in Portfolio Companies Enterprise Software Portfolio Companies Financial Services Other investment(s) in Equity Geography Americas2025-12-310002044820Investment Investments in Portfolio Companies Enterprise Software Portfolio Companies Industrials Acumatica, Inc. Asset Equity interest held through Axle Aggregator, L.P. Geography Americas2026-03-310002044820us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Membersrt:MinimumMemberus-gaap:FairValueMeasurementsRecurringMemberck0002044820:MeasurementInputEbitdaMarginMemberck0002044820:PortfolioCompaniesMember2025-12-310002044820Investment Investments in Portfolio Companies Enterprise Software Portfolio Companies Insurance Other investment(s) in Equity Geography Americas2025-12-310002044820ck0002044820:ClassVLimitedPartnershipUnitsMember2026-03-310002044820ck0002044820:ManagerMember2026-03-310002044820Investment Investments in Portfolio Companies Enterprise Software Portfolio Companies Healthcare Other investment(s) in Equity Geography Americas2025-12-310002044820Investment Investments in Portfolio Companies Enterprise Software Portfolio Companies Financial Services Other investment(s) in Equity Geography Americas2026-03-310002044820us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:FairValueMeasurementsRecurringMemberck0002044820:MarketApproachMemberck0002044820:PortfolioCompaniesMember2026-03-310002044820ck0002044820:ClassABUnitsMember2026-04-300002044820ck0002044820:CollaborationMemberus-gaap:EquitySecuritiesMember2026-03-310002044820ck0002044820:CreditAgreementMember2026-01-012026-03-310002044820ck0002044820:ClassSUnitsMember2026-04-300002044820ck0002044820:MeasurementInputWeightedAverageCostOfCapitalMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MinimumMemberus-gaap:FairValueMeasurementsRecurringMemberck0002044820:PortfolioCompaniesMember2025-12-310002044820Investment Investments in Portfolio Companies Enterprise Software Portfolio Companies Security Other investment(s) in Equity Geography Americas2025-12-310002044820ck0002044820:ClassELimitedPartnershipUnitsMember2026-01-012026-03-310002044820us-gaap:GovernmentSectorMemberus-gaap:EquitySecuritiesMember2025-12-310002044820us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MinimumMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MeasurementInputLongTermRevenueGrowthRateMemberck0002044820:PortfolioCompaniesMember2025-12-310002044820ck0002044820:ClassVLimitedPartnershipUnitsMember2025-12-310002044820Investment Investments in Portfolio Companies Enterprise Software Portfolio Companies Transportation Other investment(s) in Equity Geography Americas2026-03-310002044820us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Memberck0002044820:MeasurementInputWeightedAverageCostOfCapitalMembersrt:WeightedAverageMemberus-gaap:FairValueMeasurementsRecurringMemberck0002044820:PortfolioCompaniesMember2026-03-310002044820ck0002044820:ClassA-IUnitsMember2026-01-012026-03-310002044820ck0002044820:EnterpriseResourcePlanningMemberus-gaap:EquitySecuritiesMember2025-12-310002044820ck0002044820:ClassABLimitedPartnershipUnitsMember2026-03-31ck0002044820:Investmentsxbrli:purexbrli:sharesck0002044820:Classesiso4217:USDxbrli:sharesiso4217:USD\n\n \n\n \n\nUNITED STATES\n\nSECURITIES AND EXCHANGE COMMISSION\n\nWASHINGTON, DC 20549\n\n \n\n \n\nFORM 10-Q\n\n \n\n \n\n(Mark One)\n\n \n\n☒\n\nQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\n \n\nFor the quarterly period ended March 31, 2026\n\nOR\n\n \n\n☐\n\nTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\n \n\nFor the transition period from       to      \n\nCommission File Number: 000-56714\n\n \n\n \n\nVistaOne, L.P.\n\n(Exact Name of Registrant as Specified in its Charter)\n\n \n\n \n\n \n\nDelaware\n\n33-1386882\n\n(State or other jurisdiction of\n\nincorporation or organization)\n\n(I.R.S. Employer\n\nIdentification No.)\n\nFour Embarcadero Center, 20th Floor\n\nSan Francisco, California\n\n94111\n\n(Address of principal executive offices)\n\n(Zip Code)\n\n(415) 765-6500\n\n(Registrant’s telephone number, including area code)\n\nNot Applicable\n\n(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)\n\n \n\n \n\nSecurities registered pursuant to Section 12(b) of the Act:\n\n \n\nTitle of each class\n\nTrading\n\nSymbol(s)\n\nName of each exchange\n\non which registered\n\nNone.\n\nNone.\n\nNone.\n\n \n\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes☒ No☐\n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes☒ No☐\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.\n\n \n\nLarge accelerated filer\n\n☐\n\nAccelerated filer\n\n☐\n\nNon-accelerated filer\n\n☒\n\nSmaller reporting company\n\n☐\n\nEmerging growth company\n\n☒\n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐\n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes☐ No☒\n\nAs of April 30, 2026, the registrant had the following limited partnership units outstanding: 9,241,068 Class A-B units, 50,411 Class B units, 785,642 Class A-D units, 27,172,129 Class A-I units, 2,641,368 Class I units, 9,415,845 Class A-S units, 2,887,321 Class S units, 400,624 Class E units and 4,110 Class R units. The number of units outstanding excludes March 31, 2026 repurchases since the repurchase window remains open as of the date of this filing.\n\n \n\n \n\nTable of Contents\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nPage\n\n \n\n \n\n \n\nPART I.\n\n \n\n[FINANCIAL INFORMATION](#part_i)\n\n \n\n2"}