Suburban Propane Partners, L.P. bonds SPH
Who owns Suburban Propane Partners, L.P.'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. SPH 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 |
|---|---|---|---|---|---|---|---|---|---|
| 864486AL9 | 5% fixed | 2031-06-01 | USD | 94.23 | 6.40% | 208 bp | 30 | $75.0M | Jul 2026 |
| 864486AM7 | 6.5% fixed | 2035-12-15 | USD | 96.30 | 7.04% | 247 bp | 15 | $21.9M | 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 | 2 | $96.9M | 95.26 | 6.72% | 228 bp | 30 |
| Jun 2026 | 2 | $116.7M | 95.75 | 6.61% | 229 bp | 57 |
| May 2026 | 2 | $44.9M | 97.56 | 6.29% | 198 bp | 21 |
| Apr 2026 | 2 | $98.1M | 97.63 | 6.26% | 214 bp | 30 |
| Mar 2026 | 2 | $120.0M | 95.68 | 6.62% | 258 bp | 59 |
| Feb 2026 | 2 | $51.9M | 97.65 | 6.23% | 232 bp | 21 |
| Jan 2026 | 2 | $96.8M | 97.80 | 6.22% | 221 bp | 30 |
| Dec 2025 | 3 | $152.5M | 100.04 | 5.86% | 228 bp | 60 |
| Nov 2025 | 2 | $95.6M | 98.09 | 5.78% | 211 bp | 23 |
| Oct 2025 | 2 | $105.1M | 97.44 | 5.98% | 234 bp | 29 |
| Sep 2025 | 2 | $102.6M | 97.49 | 6.01% | 234 bp | 65 |
| Aug 2025 | 2 | $94.1M | 97.24 | 6.06% | 223 bp | 23 |
| Jul 2025 | 2 | $115.6M | 96.87 | 6.13% | 214 bp | 31 |
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. 14 added, 31 cut, 12 new holders and 13 exits in the latest quarter.
| Fund series | Report | Face value | Value | Change in face value |
|---|---|---|---|---|
| Guggenheim Macro Opportunities Fund Guggenheim Funds Trust | 2026-06-30 | $24.5M | $23.4M | $0 |
| iShares Broad USD High Yield Corporate Bond ETF iShares Trust | 2026-07-31 | $19.6M | $18.6M | $2.3M |
| VANGUARD HIGH-YIELD CORPORATE FUND VANGUARD FIXED INCOME SECURITIES FUNDS | 2026-07-31 | $13.0M | $12.2M | $0 |
| PGIM High Yield Fund Prudential Investment Portfolios, Inc. 15 | 2026-05-29 | $12.5M | $12.0M | -$7.2M |
| Federated Hermes Institutional High Yield Bond Fund Federated Hermes Institutional Trust | 2026-07-31 | $12.2M | $11.7M | -$4.5M |
| Goldman Sachs High Yield Fund GOLDMAN SACHS TRUST | 2026-06-30 | $12.0M | $11.6M | $0 |
| Fidelity Capital and Income Fund Fidelity Summer Street Trust | 2026-07-31 | $12.1M | $11.4M | $0 |
| TCW METWEST TOTAL RETURN BOND FUND TCW Metropolitan West Funds | 2026-06-30 | $9.9M | $9.6M | $0 |
| iShares iBoxx $ High Yield Corporate Bond ETF iShares Trust | 2026-05-31 | $8.7M | $8.3M | -$553K |
| Multi-Manager High Yield Bond Fund Goldman Sachs Trust II | 2026-07-31 | $7.0M | $6.6M | -$1.1M |
| Guggenheim Strategic Opportunities Fund | 2026-05-29 | $6.6M | $6.4M | $0 |
| Income Fund of America | 2026-07-31 | $6.1M | $5.8M | $0 |
| Fidelity Advisor Strategic Income Fund Fidelity Advisor Series II | 2026-06-30 | $5.8M | $5.5M | $0 |
| TCW Flexible Income ETF TCW ETF Trust | 2026-07-31 | $5.0M | $4.9M | $690K |
| FlexShares High Yield Value - Scored Bond Index Fund FlexShares Trust | 2026-07-31 | $5.0M | $4.8M | -$310K |
| American Funds Multi-Sector Income Fund | 2026-06-30 | $4.8M | $4.6M | $0 |
| American High Income Trust | 2026-06-30 | $4.7M | $4.4M | $0 |
| Brookfield Real Assets Income Fund Inc. | 2026-06-30 | $4.4M | $4.2M | $0 |
| Bridge Builder Core Plus Bond Fund Bridge Builder Trust | 2026-06-30 | $4.2M | $4.1M | $0 |
| iShares 0-5 Year High Yield Corporate Bond ETF iShares Trust | 2026-07-31 | $4.3M | $4.0M | new |
| State Street(R) SPDR(R) Portfolio High Yield Bond ETF SPDR SERIES TRUST | 2026-06-30 | $4.1M | $3.9M | $1.0M |
| High Yield Bond Core Fund Federated Hermes Core Trust | 2026-06-30 | $4.0M | $3.9M | $0 |
| HIGH INCOME OPPORTUNITIES PORTFOLIO High Income Opportunities Portfolio | 2026-07-31 | $3.9M | $3.7M | $137K |
| MML Barings High Yield Fund MASSMUTUAL PREMIER FUNDS | 2026-06-30 | $3.3M | $3.1M | $0 |
| SIIT HIGH YIELD BOND FUND SEI INSTITUTIONAL INVESTMENTS TRUST | 2026-05-31 | $2.8M | $2.7M | -$30K |
Largest exits in the latest quarter (fund held the bonds in its previous report, none now): AST Balanced Asset Allocation Portfolio ($1.1M), Eaton Vance Ltd Duration Income Fund ($824K), State Street(R) SPDR Bloomberg Short Term High Yield Bond ETF ($800K), DoubleLine Core Fixed Income Fund ($685K), Oaktree Diversified Income Fund Inc. ($610K), State Street(R) DoubleLine(R) Total Return Tactical ETF ($300K), JNL/DoubleLine Core Fixed Income Fund ($290K), Nuveen ESG High Yield Corporate Bond ETF ($220K), DoubleLine Flexible Income Fund ($135K), BlackRock Ltd Duration Income Trust ($91K).
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 | 2 | $19.6M | $18.6M | 0.07% |
| HYG iShares iBoxx $ High Yield Corporate Bond ETF | 2026-05-31 | 1 | $8.7M | $8.3M | 0.05% |
| HYGV FlexShares High Yield Value - Scored Bond Index Fund | 2026-07-31 | 2 | $5.0M | $4.8M | 0.43% |
| SHYG iShares 0-5 Year High Yield Corporate Bond ETF | 2026-07-31 | 1 | $4.3M | $4.0M | 0.05% |
| SPHY State Street(R) SPDR(R) Portfolio High Yield Bond ETF | 2026-06-30 | 2 | $4.1M | $3.9M | 0.03% |
| SRLN State Street(R) Blackstone Senior Loan ETF | 2026-06-30 | 1 | $2.2M | $2.1M | 0.04% |
| HYBL State Street(R) Blackstone High Income ETF | 2026-06-30 | 2 | $2.1M | $2.0M | 0.36% |
| BHYB Xtrackers USD High Yield BB-B ex Financials ETF | 2026-05-31 | 2 | $2.1M | $2.0M | 0.08% |
| JNK State Street(R) SPDR(R) Bloomberg High Yield Bond ETF | 2026-06-30 | 1 | $2.1M | $2.0M | 0.03% |
| SCYB Schwab High Yield Bond ETF | 2026-05-31 | 2 | $2.0M | $1.9M | 0.08% |
| HYLB Xtrackers USD High Yield Corporate Bond ETF | 2026-05-29 | 1 | $2.0M | $1.9M | 0.05% |
| SIHY Harbor Ares Systematic High Yield ETF | 2026-07-31 | 1 | $1.4M | $1.3M | 0.89% |
| IUSB iShares Core Universal USD Bond ETF | 2026-07-31 | 2 | $1.1M | $1.1M | 0.00% |
| SYFI AB Short Duration High Yield ETF | 2026-05-31 | 1 | $942K | $903K | 0.10% |
| PHYL PGIM Active High Yield Bond ETF | 2026-05-29 | 1 | $692K | $664K | 0.05% |
Default risk, three ways
Stock market: distance-to-default
Distance-to-default 7.71: safer than 71% of companies (78th percentile in Energy). Market-implied, prices to 2026-10-16, balance sheet 2026-06-27.
| Equity value | $1.14B |
| Debt barrier (short-term + ½ long-term debt) | $612.0M |
| Equity volatility (1 year) | 21.0% |
| Asset value / asset volatility (solved) | $1.73B / 13.9% |
| Risk-free rate (1-year Treasury) | 4.28% |
Bond market: priced-in odds
A 228 bp spread prices in about 3.8% 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'' = 0.90 (latest balance sheet). A fundamentals cross-check; see methods for the variant used.
The stock side: 13F filings
What institutions report holding in SPH'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 | 14 | $1.5M | 0 | — | 0 | — | 0 |
| 2026-06-30 | 140 | $486.6M | 4 | $797K | 5 | $2.4M | 0 |
| 2026-03-31 | 143 | $557.7M | 4 | $675K | 5 | $3.2M | 0 |
| 2025-12-31 | 154 | $511.7M | 4 | $1.3M | 4 | $1.8M | 0 |
| 2025-09-30 | 137 | $496.9M | 3 | $1.3M | 4 | $2.3M | 0 |
| 2025-06-30 | 139 | $485.3M | 4 | $969K | 4 | $3.0M | 0 |
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.