The Chefs' Warehouse, Inc. bonds CHEF
Who owns The Chefs' Warehouse, Inc.'s debt and what their own filings say it is worth. Bond prices and yields are fund-reported marks (SEC Form N-PORT) as of Jul 2026; they lag the market by about two months. CHEF stock page.
Every bond funds hold
Each bond's latest fund-reported mark. Price per 100 of face value; yield to maturity from price, coupon and maturity; spread over the matched-maturity Treasury for US-dollar bonds.
| Bond | Coupon | Maturity | Ccy | Price | Yield | Spread | Funds | Held | As of |
|---|---|---|---|---|---|---|---|---|---|
| 163086AE1 convertible | 2.375% fixed | 2028-12-15 | USD | 266.42 | — | — | 16 | $125.4M | Jul 2026 |
Spread history
Median spread of the US-dollar bonds over Treasuries, month-ends with complete filings. Fund-reported.
Not enough US-dollar bonds with a yield.
Price history
Median fund-marked price across the bonds, per 100 of face value.
By month
Funds file on staggered quarter-ends, so each month-end is marked by the funds that reported for it; the amount held moves with which funds filed, not only with buying and selling.
| Month-end | Bonds | Held | Median price | USD yield | USD spread | Most funds on one bond |
|---|---|---|---|---|---|---|
| Jul 2026 | 1 | $125.4M | 266.42 | — | — | 16 |
| Jun 2026 | 1 | $45.1M | 223.59 | — | — | 20 |
| May 2026 | 1 | $4.0M | 180.95 | — | — | 4 |
| Apr 2026 | 1 | $86.3M | 184.32 | — | — | 11 |
| Mar 2026 | 1 | $18.4M | 147.88 | — | — | 16 |
| Feb 2026 | 1 | $4.1M | 171.69 | — | — | 3 |
| Jan 2026 | 1 | $62.2M | 154.03 | — | — | 10 |
| Dec 2025 | 1 | $26.5M | 152.11 | — | — | 17 |
| Nov 2025 | 1 | $2.3M | 150.99 | — | — | 2 |
| Oct 2025 | 1 | $57.9M | 147.72 | — | — | 10 |
| Sep 2025 | 1 | $29.9M | 144.78 | — | — | 17 |
| Aug 2025 | 1 | $2.4M | 154.81 | — | — | 2 |
| Jul 2025 | 1 | $71.0M | 163.61 | — | — | 12 |
Who holds the debt
Fund series in their latest quarterly N-PORT report, largest first, with the change in face value against each fund's own previous report. Names as reported in the filings. 2 added, 12 cut, 11 new holders and 1 exits in the latest quarter.
| Fund series | Report | Face value | Value | Change in face value |
|---|---|---|---|---|
| Franklin Convertible Securities Fund Franklin Investors Securities Trust | 2026-07-31 | $21.0M | $56.0M | $0 |
| NYLIM MacKay Convertible Fund NYLIM FUNDS | 2026-07-31 | $9.3M | $24.9M | $0 |
| NYLIM VP MacKay Convertible Portfolio NYLIM VP FUNDS TRUST | 2026-06-30 | $8.8M | $19.8M | $0 |
| iShares Convertible Bond ETF iShares Trust | 2026-07-31 | $6.0M | $16.1M | $1.2M |
| Virtus Income & Growth Fund Virtus Investment Trust | 2026-06-30 | $4.0M | $9.0M | new |
| Virtus Convertible Fund Virtus Strategy Trust | 2026-06-30 | $3.9M | $8.7M | new |
| Putnam Convertible Securities Fund | 2026-07-31 | $2.6M | $7.0M | -$935K |
| Lord Abbett Short Duration High Yield Fund LORD ABBETT TRUST I | 2026-07-31 | $2.3M | $6.3M | -$4.0M |
| Virtus Convertible & Income Fund | 2026-07-31 | $1.3M | $3.5M | new |
| Empower High Yield Bond Fund EMPOWER FUNDS, INC. | 2026-06-30 | $1.3M | $3.0M | -$63K |
| Virtus Convertible & Income Fund II | 2026-07-31 | $1.1M | $2.8M | new |
| Virtus Equity & Convertible Income Fund | 2026-07-31 | $1.1M | $2.8M | new |
| Virtus Dividend, Interest & Premium Strategy Fund | 2026-07-31 | $1.0M | $2.8M | new |
| Putnam High Yield Fund | 2026-05-31 | $1.3M | $2.3M | -$230K |
| Invesco Convertible Securities Fund AIM Growth Series (Invesco Growth Series) | 2026-06-30 | $1.0M | $2.2M | $0 |
| Virtus Diversified Income & Convertible Fund | 2026-07-31 | $790K | $2.1M | new |
| Voya Global Income & Growth Fund Voya Equity Trust | 2026-05-31 | $700K | $1.3M | $0 |
| Putnam VT High Yield Fund Putnam Variable Trust | 2026-06-30 | $200K | $448K | $0 |
| Putnam Multi-Asset Income Fund Putnam Asset Allocation Funds | 2026-05-31 | $214K | $387K | $0 |
| Putnam Dynamic Asset Allocation Growth Fund Putnam Asset Allocation Funds | 2026-06-30 | $155K | $347K | $0 |
| THRIVENT CONSERVATIVE ALLOCATION FUND Thrivent Mutual Funds | 2026-06-30 | $152K | $339K | -$67K |
| THRIVENT MULTISECTOR BOND FUND Thrivent Mutual Funds | 2026-07-31 | $120K | $319K | -$12K |
| Putnam Dynamic Asset Allocation Balanced Fund Putnam Asset Allocation Funds | 2026-06-30 | $125K | $280K | $0 |
| Harbor Ares Systematic Convertible Securities Fund HARBOR FUNDS | 2026-07-31 | $100K | $267K | new |
| Franklin Premier Income Trust | 2026-07-31 | $88K | $235K | $0 |
Largest exits in the latest quarter (fund held the bonds in its previous report, none now): WESTWOOD ALTERNATIVE INCOME FUND ($1.5M).
ETFs holding these bonds
From each ETF's own latest N-PORT report: the issuer's bonds as a share of the ETF's net assets. A holdings list, not a recommendation.
| ETF | Report | Bonds | Face value | Value | % of net assets |
|---|---|---|---|---|---|
| ICVT iShares Convertible Bond ETF | 2026-07-31 | 1 | $6.0M | $16.1M | 0.22% |
Default risk, three ways
Stock market: distance-to-default
Distance-to-default 7.30: safer than 68% of companies (58th percentile in Consumer Defensive). Market-implied, prices to 2026-10-16, balance sheet 2026-06-26.
| Equity value | $4.52B |
| Debt barrier (short-term + ½ long-term debt) | $377.8M |
| Equity volatility (1 year) | 37.6% |
| Asset value / asset volatility (solved) | $4.88B / 34.8% |
| Risk-free rate (1-year Treasury) | 4.28% |
Bond market: priced-in odds
No US-dollar bond with a yield to compute it from.
Accounts: Altman Z
Altman Z = 4.90 (latest balance sheet). A fundamentals cross-check; see methods for the variant used.
The stock side: 13F filings
What institutions report holding in CHEF's stock and options. Options are reported at the value of the underlying shares, not the premium paid; 13F lists long positions only, lags 45 days after quarter-end, and does not show whether puts hedge a stock position.
| Quarter-end | Stock holders | Stock value | Put managers | Puts (underlying value) | Call managers | Calls (underlying value) | Convertible holders |
|---|---|---|---|---|---|---|---|
| 2026-09-30 filings still arriving | 26 | $21.4M | 0 | — | 0 | — | 0 |
| 2026-06-30 | 276 | $3.72B | 6 | $1.6M | 5 | $3.6M | 30 |
| 2026-03-31 | 236 | $2.12B | 5 | $3.2M | 1 | $202K | 27 |
| 2025-12-31 | 236 | $2.39B | 1 | $349K | 3 | $817K | 28 |
| 2025-09-30 | 245 | $2.23B | 4 | $2.1M | 5 | $7.2M | 33 |
| 2025-06-30 | 223 | $2.45B | 6 | $7.8M | 8 | $10.9M | 33 |
Sources: fund holdings and fund-reported marks from SEC Form N-PORT (published about 60 days after each month-end); 13F filings; House and Senate periodic transaction reports and OGE Form 278-T; Treasury yields from FRED. Findings from filings, not advice. How each number is computed.