Shift4 Payments, Inc. bonds FOUR
Who owns Shift4 Payments, 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. FOUR 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 |
|---|---|---|---|---|---|---|---|---|---|
| 82452JAD1 convertible | 0.5% fixed | 2027-08-01 | USD | 95.58 | — | — | 14 | $79.1M | Jul 2026 |
| 82453AAB3 | 6.75% fixed | 2032-08-15 | USD | 100.14 | 6.72% | 232 bp | 75 | $239.2M | Jul 2026 |
| YO1565960 | 5.5% fixed | 2033-05-15 | EUR | 97.99 | 5.86% | — | 9 | $6.8M | Jul 2026 |
| YO1565978 | 5.5% fixed | 2033-05-15 | EUR | 97.99 | 5.86% | — | 19 | $44.5M | Jul 2026 |
Spread history
Median spread of the US-dollar bonds over Treasuries, month-ends with complete filings. Fund-reported.
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 | 4 | $369.6M | 97.99 | 6.72% | 232 bp | 75 |
| Jun 2026 | 4 | $393.8M | 97.85 | 6.71% | 243 bp | 108 |
| May 2026 | 4 | $209.4M | 98.33 | 6.75% | 251 bp | 49 |
| Apr 2026 | 4 | $371.2M | 95.88 | 6.78% | 272 bp | 75 |
| Mar 2026 | 4 | $387.0M | 94.29 | 7.07% | 309 bp | 118 |
| Feb 2026 | 4 | $202.4M | 98.30 | 7.16% | 332 bp | 50 |
| Jan 2026 | 4 | $439.6M | 101.84 | 6.37% | 242 bp | 82 |
| Dec 2025 | 4 | $363.8M | 102.41 | 6.14% | 228 bp | 113 |
| Nov 2025 | 4 | $184.9M | 103.38 | 6.02% | 219 bp | 60 |
| Oct 2025 | 5 | $473.3M | 103.31 | 6.14% | 233 bp | 87 |
| Sep 2025 | 5 | $423.6M | 103.41 | 6.13% | 229 bp | 114 |
| Aug 2025 | 4 | $178.4M | 103.70 | 6.09% | 210 bp | 61 |
| Jul 2025 | 5 | $481.7M | 104.26 | 6.16% | 201 bp | 88 |
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. 88 added, 48 cut, 16 new holders and 30 exits in the latest quarter.
| Fund series | Report | Face value | Value | Change in face value |
|---|---|---|---|---|
| VANGUARD HIGH-YIELD CORPORATE FUND VANGUARD FIXED INCOME SECURITIES FUNDS | 2026-07-31 | $72.6M | $73.9M | -$12.9M |
| Artisan High Income Fund Artisan Partners Funds Inc. | 2026-06-30 | $69.3M | $69.5M | $8.1M |
| BlackRock High Yield Portfolio BlackRock Funds V | 2026-06-30 | $61.5M | $64.1M | $0 |
| PGIM High Yield Fund Prudential Investment Portfolios, Inc. 15 | 2026-05-29 | $36.4M | $36.4M | $9.7M |
| iShares Broad USD High Yield Corporate Bond ETF iShares Trust | 2026-07-31 | $35.9M | $35.9M | $5.0M |
| Virtus Income & Growth Fund Virtus Investment Trust | 2026-06-30 | $27.6M | $26.7M | $9.0M |
| Franklin Convertible Securities Fund Franklin Investors Securities Trust | 2026-07-31 | $27.2M | $26.0M | $0 |
| iShares iBoxx $ High Yield Corporate Bond ETF iShares Trust | 2026-05-31 | $22.1M | $22.1M | -$1.7M |
| BlackRock Strategic Income Opportunities Portfolio BlackRock Funds V | 2026-06-30 | $19.6M | $21.5M | $616K |
| T. Rowe Price High Yield Fund, Inc. T. ROWE PRICE HIGH YIELD FUND, INC. | 2026-05-31 | $18.6M | $20.3M | -$630K |
| iShares Flexible Income Active ETF BlackRock ETF Trust II | 2026-07-31 | $16.8M | $18.4M | $273K |
| High Yield Fund Principal Funds, Inc | 2026-07-31 | $17.8M | $17.9M | -$11.6M |
| NYLIM MacKay Convertible Fund NYLIM FUNDS | 2026-07-31 | $18.1M | $17.3M | $0 |
| Virtus Convertible Fund Virtus Strategy Trust | 2026-06-30 | $17.0M | $16.2M | $8.7M |
| First Trust Tactical High Yield ETF First Trust Exchange-Traded Fund IV | 2026-07-31 | $15.0M | $15.0M | $0 |
| First Trust Smith Unconstrained Bond ETF First Trust Exchange-Traded Fund VIII | 2026-05-31 | $14.1M | $14.2M | -$1.4M |
| Six Circles Credit Opportunities Fund SIX CIRCLES TRUST | 2026-06-30 | $11.3M | $12.4M | $1.7M |
| iShares Convertible Bond ETF iShares Trust | 2026-07-31 | $12.7M | $12.2M | $2.0M |
| Federated Hermes Institutional High Yield Bond Fund Federated Hermes Institutional Trust | 2026-07-31 | $12.1M | $12.1M | $3.8M |
| Allspring Core Plus Bond Fund ALLSPRING FUNDS TRUST | 2026-05-31 | $10.0M | $11.5M | $0 |
| Eaton Vance Total Return Bond ETF Morgan Stanley ETF Trust | 2026-06-30 | $11.3M | $11.3M | $1.5M |
| State Street(R) SPDR(R) Portfolio High Yield Bond ETF SPDR SERIES TRUST | 2026-06-30 | $9.0M | $9.1M | $100K |
| State Street(R) SPDR(R) Bloomberg Convertible Securities ETF SPDR SERIES TRUST | 2026-06-30 | $9.5M | $9.0M | $1.4M |
| JPMorgan Income Fund JPMorgan Trust I | 2026-05-31 | $8.5M | $8.5M | $355K |
| Eaton Vance Total Return Bond Fund Eaton Vance Mutual Funds Trust | 2026-06-30 | $8.5M | $8.4M | $0 |
Largest exits in the latest quarter (fund held the bonds in its previous report, none now): American High Income Trust ($16.5M), Lord Abbett Income Fund ($8.0M), American Funds Multi-Sector Income Fund ($6.5M), Miller Convertible Bond Fund ($5.0M), Income Fund of America ($5.0M), High Yield Bond Portfolio ($3.8M), BARINGS CORPORATE INVESTORS ($1.3M), Franklin BSP Private Credit Fund ($1.2M), LVIP Nomura High Yield Fund ($1.2M), FlexShares High Yield Value - Scored Bond Index Fund ($1.2M).
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 |
|---|---|---|---|---|---|
| USHY iShares Broad USD High Yield Corporate Bond ETF | 2026-07-31 | 1 | $35.9M | $35.9M | 0.13% |
| HYG iShares iBoxx $ High Yield Corporate Bond ETF | 2026-05-31 | 1 | $22.1M | $22.1M | 0.14% |
| HYLS First Trust Tactical High Yield ETF | 2026-07-31 | 1 | $15.0M | $15.0M | 0.93% |
| UCON First Trust Smith Unconstrained Bond ETF | 2026-05-31 | 1 | $14.1M | $14.2M | 0.43% |
| ICVT iShares Convertible Bond ETF | 2026-07-31 | 1 | $12.7M | $12.2M | 0.17% |
| EVTR Eaton Vance Total Return Bond ETF | 2026-06-30 | 1 | $11.3M | $11.3M | 0.20% |
| SPHY State Street(R) SPDR(R) Portfolio High Yield Bond ETF | 2026-06-30 | 1 | $9.0M | $9.1M | 0.08% |
| CWB State Street(R) SPDR(R) Bloomberg Convertible Securities ETF | 2026-06-30 | 1 | $9.5M | $9.0M | 0.15% |
| JNK State Street(R) SPDR(R) Bloomberg High Yield Bond ETF | 2026-06-30 | 1 | $8.0M | $8.0M | 0.11% |
| FIXD First Trust Smith Opportunistic Fixed Income ETF | 2026-05-31 | 1 | $7.7M | $7.7M | 0.23% |
| JPHY JPMorgan Active High Yield ETF | 2026-05-31 | 1 | $7.5M | $7.5M | 0.34% |
| JCPB JPMorgan Core Plus Bond ETF | 2026-05-31 | 1 | $5.4M | $5.3M | 0.04% |
| HYLB Xtrackers USD High Yield Corporate Bond ETF | 2026-05-29 | 1 | $4.9M | $4.9M | 0.14% |
| YLD Principal Active High Yield ETF | 2026-06-30 | 1 | $4.8M | $4.9M | 0.85% |
| JPIE JPMorgan Income ETF | 2026-05-31 | 1 | $3.1M | $3.1M | 0.03% |
Default risk, three ways
Stock market: distance-to-default
Distance-to-default 2.26: safer than 16% of companies (15th percentile in Technology). Market-implied, prices to 2026-10-16, balance sheet 2026-06-30.
| Equity value | $4.14B |
| Debt barrier (short-term + ½ long-term debt) | $2.26B |
| Equity volatility (1 year) | 65.4% |
| Asset value / asset volatility (solved) | $6.30B / 43.1% |
| Risk-free rate (1-year Treasury) | 4.28% |
Bond market: priced-in odds
A 232 bp spread prices in about 3.9% a year of default odds (spread ÷ (1 − 40% recovery)). Fund-reported marks as of Jul 2026; the spread also pays for liquidity and risk premium, so this overstates actual defaults.
Accounts: Altman Z
Altman Z'' = 0.57 (latest balance sheet). A fundamentals cross-check; see methods for the variant used.
The stock side: 13F filings
What institutions report holding in FOUR'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 | 24 | $3.7M | 0 | — | 0 | — | 1 |
| 2026-06-30 | 369 | $3.91B | 19 | $118.3M | 28 | $217.0M | 35 |
| 2026-03-31 | 360 | $3.30B | 24 | $107.0M | 31 | $224.5M | 46 |
| 2025-12-31 | 410 | $5.69B | 19 | $102.3M | 22 | $178.7M | 52 |
| 2025-09-30 | 457 | $7.28B | 19 | $89.0M | 21 | $177.8M | 72 |
| 2025-06-30 | 469 | $9.32B | 16 | $65.2M | 22 | $158.4M | 69 |
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.