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Private-Credit Borrower

KBP Brands, LLC

KBP Brands is one of the largest restaurant franchisees in the United States. It does not own the brands it operates: it owns and runs restaurants under franchise agreements with the brand owners, principally KFC, and also Taco Bell, Arby's and Sonic. It is KFC's largest US franchisee. The company is led by chief executive Mike Kulp and is headquartered in the Kansas City metropolitan area, having moved there from Grand Junction, Colorado, in the early 2000s after an acquisition in that market.

Company profile compiled from public sources (company filings, rating-agency reports, and press releases) — distinct from the SEC Schedule-of-Investments pricing data below. · AI-generated analysis. Not investment advice. May contain errors.

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1
BDC Lender
1
Debt Position

Lenders

KBP Brands, LLC is held by 1 BDC lender in our parsed SEC filings: 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 as a percent 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 Type and Filing columns before reading a gap as disagreement. Source: SEC EDGAR (public).

BDCTypeRateCash spread (bps)Mark (% of par)Fair ValueMaturityFiling
OBDC1L Sr SecuredSOFR52598.5$1M2027-052026-08-05

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 by each BDC’s board, so figures are estimates as of the filing date and are not directly comparable across managers. Informational only; not investment advice or a valuation.

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 KBP Brands, LLC

We haven’t indexed any headlines that name KBP Brands, LLC. That reflects our news-indexing coverage — not the borrower’s activity — so the absence is not a signal.

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. S+575 vs S+525) 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 Type and Filing 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).

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