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Private-credit borrower · Hotels, Restaurants & Leisure

KBP BRANDS, LLC

2 BDCs lend $32M to KBP BRANDS, LLC at spreads of 525 to 526 bps over SOFR, maturing May 2027; marks agree within 0.6 points.

How each BDC lender prices its exposure to this borrower, from the latest SEC Schedule-of-Investments filings.

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2
BDC lenders
4
Debt positions
$32M
Total par
$32M
Fair value
98.0
Average mark

Figures as of each lender’s latest reported period, 2026-06-30 to 2026-09-30; filed 2026-08-11 to 2026-11-04.

Lenders

KBP BRANDS, LLC is held by 2 BDC lenders in our parsed SEC filings: GSEC, OBDC.

Cross-lender loan pricing

Each row is one debt tranche at the BDC’s most recent filing that holds this borrower, widest spread first. Mark is the position’s fair value per 100 of par (100 = par). Spread is shown in basis points over the benchmark in the Rate column, normalized from each filing’s as-reported units — rows quoting different benchmarks are still not directly comparable. Compare like-for-like: a second-lien tranche, a different vintage, or an older filing should price wider even when the credit view is identical — check the Seniority and As of columns before reading a gap as disagreement. Source: SEC EDGAR (public).

Mixed reporting periods: these rows are as of 2026-06-30 and 2026-09-30. Each lender reports on its own schedule, so a mark from a later quarter can differ for reasons other than a different view of the credit — compare rows with the same As-of date first.

Cross-lender loan pricing, one row per current debt tranche
BDCSeniorityRateCash spread (bps)MarkFair valueMaturityAs of
OBDCFirst lienSOFR52698.5$269KMay 20272026-09-30filed 2026-11-04
GSECFirst lienSOFR52598.0$21MMay 20272026-06-30filed 2026-08-11
GSECFirst lienSOFR52598.0$10MMay 20272026-06-30filed 2026-08-11
OBDCFirst lienSOFR52598.6$764KMay 20272026-09-30filed 2026-11-04

Marks reflect each BDC’s own fair-value estimates as reported to the SEC, not traded prices. Private-credit loans are predominantly Level 3 under ASC 820 — valued from unobservable inputs and determined in good faith under the oversight of each BDC’s board (often by the adviser as valuation designee), so figures are estimates as of the period end each filing reports, not its filing date, and are not directly comparable across managers. Informational only; not investment advice or a valuation.

Reading this table

When two business development companies lend to the same borrower, comparing how each marks the loan is a starting question, not a verdict. In plain English: a wider spread (e.g. SOFR + 575 vs SOFR + 525 bps) or a lower mark (e.g. 96 vs 100 cents on the dollar) can mean that lender is pricing in more risk — but marks can also differ for reasons other than a credit view: a different tranche (second lien should price wider than first lien on the same company), a different vintage or entry point, an older filing date, or each manager’s own fair-value methodology. Compare like-for-like — check the Seniority and As of columns before reading a gap as disagreement. Each row is one debt position at one BDC’s most recent filing. Source: SEC EDGAR Schedule of Investments (public).

Terms in this table: SOFR (the floating benchmark most of these loans pay over); spread in basis points (bps; 100 bps is one percentage point); first lien and second lien; PIK (interest paid in more debt instead of cash); non-accrual; par (the face amount owed); and Level 3 fair value (a manager’s own estimate, not a market price). Also: mark (fair value per 100 of par, the lender's own estimate); seniority (where a position ranks for repayment); unfunded commitment (money promised but not yet drawn); basis point (one hundredth of a percentage point).

Want to read these numbers like an analyst? Free Oxford Ledge lessons: reading a BDC’s Schedule of Investments, key credit metrics, and the Five Cs of credit analysis.

Compare more borrowers: every borrower held by two or more BDCs, or start from a BDC’s full portfolio.

Other borrowers

Same industry: Hotels, Restaurants & Leisure

Borrowers held by two or more BDCs under the same industry label, most holders first.

Holder counts here are the borrower index’s. Or see the borrowers held most widely across BDCs.

Ownership & deal activity

No acquisition, ownership-change, or refinancing headlines for KBP BRANDS, LLC are in our verified news index yet. Most BDC borrowers are private companies, so ownership events are not always public; absence reflects our indexing coverage, not the borrower’s deal activity.

Headlines mentioning this borrower

Public headlines that name Taco Bell, matched by company name and shown most-recent first. A mention is not an endorsement, a rating, or investment advice — verify anything material against the original source. Source: Google News.