[{"id":"3069a40ab55514ad9532db19","investor":"Starbucks","subject":"Starbucks Reserve","relation":"brand_parent","action":"observed","stake":"unknown","effective_on":null,"observed_on":"2026-09-23","recorded_at":"2026-09-23T12:42:19.997678+00:00","source_url":"https://www.sec.gov/Archives/edgar/data/829224/000082922425000114/sbux-20250928.htm","source_title":"STARBUCKS CORP Form 10-K, filed 2025-11-14 (SEC EDGAR)","note":"Starbucks' annual report describes Starbucks Reserve as one of its store formats.","supersedes":null},{"id":"0c024bf7da91e57fb9f7a011","investor":"Dine Brands","subject":"Applebee's","relation":"brand_parent","action":"observed","stake":"unknown","effective_on":null,"observed_on":"2026-09-23","recorded_at":"2026-09-23T12:42:19.997390+00:00","source_url":"https://www.sec.gov/Archives/edgar/data/49754/000162828026011393/din-20251228.htm","source_title":"Dine Brands Global, Inc. Form 10-K, filed 2026-02-25 (SEC EDGAR)","note":"Dine Brands's annual report names Applebee's among its brands. Brand hierarchy only; individual franchise operators are not classified by this relationship.","supersedes":null},{"id":"4a078670375a3197c864fadc","investor":"Dine Brands","subject":"IHOP","relation":"brand_parent","action":"observed","stake":"unknown","effective_on":null,"observed_on":"2026-09-23","recorded_at":"2026-09-23T12:42:19.997134+00:00","source_url":"https://www.sec.gov/Archives/edgar/data/49754/000162828026011393/din-20251228.htm","source_title":"Dine Brands Global, Inc. Form 10-K, filed 2026-02-25 (SEC EDGAR)","note":"Dine Brands's annual report names IHOP among its brands. Brand hierarchy only; individual franchise operators are not classified by this relationship.","supersedes":null},{"id":"004c54e7213aa957a7311a5d","investor":"Public shareholders (NYSE: DIN)","subject":"Dine Brands","relation":"public_company","action":"observed","stake":"unknown","effective_on":null,"observed_on":"2026-09-23","recorded_at":"2026-09-23T12:42:19.996875+00:00","source_url":"https://www.sec.gov/Archives/edgar/data/49754/000162828026011393/din-20251228.htm","source_title":"Dine Brands Global, Inc. Form 10-K, filed 2026-02-25 (SEC EDGAR)","note":"Dine Brands Global, Inc. files annual reports with the SEC as a company listed under NYSE: DIN.","supersedes":null},{"id":"3a43eb24cb6a5cc3235ccdba","investor":"Brinker International","subject":"Maggiano's Little Italy","relation":"brand_parent","action":"observed","stake":"unknown","effective_on":null,"observed_on":"2026-09-23","recorded_at":"2026-09-23T12:42:19.996610+00:00","source_url":"https://www.sec.gov/Archives/edgar/data/703351/000070335126000029/eat-20260624.htm","source_title":"BRINKER INTERNATIONAL, INC Form 10-K, filed 2026-08-19 (SEC EDGAR)","note":"Brinker International's annual report names Maggiano's Little Italy among its brands. Brand hierarchy only; individual franchise operators are not classified by this relationship.","supersedes":null},{"id":"6d5f7860ea7f6eb1b3bb8fa1","investor":"Brinker International","subject":"Chili's","relation":"brand_parent","action":"observed","stake":"unknown","effective_on":null,"observed_on":"2026-09-23","recorded_at":"2026-09-23T12:42:19.996302+00:00","source_url":"https://www.sec.gov/Archives/edgar/data/703351/000070335126000029/eat-20260624.htm","source_title":"BRINKER INTERNATIONAL, INC Form 10-K, filed 2026-08-19 (SEC EDGAR)","note":"Brinker International's annual report names Chili's among its brands. Brand hierarchy only; individual franchise operators are not classified by this relationship.","supersedes":null},{"id":"f36acb78476e0478dbeb42e4","investor":"Public shareholders (NYSE: EAT)","subject":"Brinker International","relation":"public_company","action":"observed","stake":"unknown","effective_on":null,"observed_on":"2026-09-23","recorded_at":"2026-09-23T12:42:19.995992+00:00","source_url":"https://www.sec.gov/Archives/edgar/data/703351/000070335126000029/eat-20260624.htm","source_title":"BRINKER INTERNATIONAL, INC Form 10-K, filed 2026-08-19 (SEC EDGAR)","note":"BRINKER INTERNATIONAL, INC files annual reports with the SEC as a company listed under NYSE: EAT.","supersedes":null},{"id":"11e7db24f14f4f0c01518c0a","investor":"Restaurant Brands International","subject":"Firehouse Subs","relation":"brand_parent","action":"observed","stake":"unknown","effective_on":null,"observed_on":"2026-09-23","recorded_at":"2026-09-23T12:42:19.995622+00:00","source_url":"https://www.sec.gov/Archives/edgar/data/1618756/000161875626000017/qsr-20251231.htm","source_title":"Restaurant Brands International Inc. Form 10-K, filed 2026-02-20 (SEC EDGAR)","note":"Restaurant Brands International's annual report names Firehouse Subs among its brands. Brand hierarchy only; individual franchise operators are not classified by this relationship.","supersedes":null},{"id":"bc30f8d59d87b1bf3b0b726c","investor":"Restaurant Brands International","subject":"Popeyes","relation":"brand_parent","action":"observed","stake":"unknown","effective_on":null,"observed_on":"2026-09-23","recorded_at":"2026-09-23T12:42:19.995263+00:00","source_url":"https://www.sec.gov/Archives/edgar/data/1618756/000161875626000017/qsr-20251231.htm","source_title":"Restaurant Brands International Inc. Form 10-K, filed 2026-02-20 (SEC EDGAR)","note":"Restaurant Brands International's annual report names Popeyes among its brands. Brand hierarchy only; individual franchise operators are not classified by this relationship.","supersedes":null},{"id":"dc5de612267fbcfb7fc616a5","investor":"Restaurant Brands International","subject":"Burger King","relation":"brand_parent","action":"observed","stake":"unknown","effective_on":null,"observed_on":"2026-09-23","recorded_at":"2026-09-23T12:42:19.994967+00:00","source_url":"https://www.sec.gov/Archives/edgar/data/1618756/000161875626000017/qsr-20251231.htm","source_title":"Restaurant Brands International Inc. Form 10-K, filed 2026-02-20 (SEC EDGAR)","note":"Restaurant Brands International's annual report names Burger King among its brands. Brand hierarchy only; individual franchise operators are not classified by this relationship.","supersedes":null},{"id":"65f61f56a01576b543121281","investor":"Public shareholders (NYSE: QSR)","subject":"Restaurant Brands International","relation":"public_company","action":"observed","stake":"unknown","effective_on":null,"observed_on":"2026-09-23","recorded_at":"2026-09-23T12:42:19.994670+00:00","source_url":"https://www.sec.gov/Archives/edgar/data/1618756/000161875626000017/qsr-20251231.htm","source_title":"Restaurant Brands International Inc. Form 10-K, filed 2026-02-20 (SEC EDGAR)","note":"Restaurant Brands International Inc. files annual reports with the SEC as a company listed under NYSE: QSR.","supersedes":null},{"id":"1364b93e1c338f8fd51107a9","investor":"Yum! Brands","subject":"Habit Burger & Grill","relation":"brand_parent","action":"observed","stake":"unknown","effective_on":null,"observed_on":"2026-09-23","recorded_at":"2026-09-23T12:42:19.994364+00:00","source_url":"https://www.sec.gov/Archives/edgar/data/1041061/000104106126000084/yum-20251231.htm","source_title":"YUM BRANDS INC Form 10-K, filed 2026-02-20 (SEC EDGAR)","note":"Yum! Brands's annual report names Habit Burger & Grill among its brands. Brand hierarchy only; individual franchise operators are not classified by this relationship.","supersedes":null},{"id":"8fc91673af9a857781d8049d","investor":"Yum! Brands","subject":"Pizza Hut Express","relation":"brand_parent","action":"observed","stake":"unknown","effective_on":null,"observed_on":"2026-09-23","recorded_at":"2026-09-23T12:42:19.994017+00:00","source_url":"https://www.sec.gov/Archives/edgar/data/1041061/000104106126000084/yum-20251231.htm","source_title":"YUM BRANDS INC Form 10-K, filed 2026-02-20 (SEC EDGAR)","note":"Yum! Brands's annual report names Pizza Hut among its brands. Brand hierarchy only; individual franchise operators are not classified by this relationship.","supersedes":null},{"id":"c876b5873862afef4814bf96","investor":"Yum! Brands","subject":"Pizza Hut","relation":"brand_parent","action":"observed","stake":"unknown","effective_on":null,"observed_on":"2026-09-23","recorded_at":"2026-09-23T12:42:19.993631+00:00","source_url":"https://www.sec.gov/Archives/edgar/data/1041061/000104106126000084/yum-20251231.htm","source_title":"YUM BRANDS INC Form 10-K, filed 2026-02-20 (SEC EDGAR)","note":"Yum! Brands's annual report names Pizza Hut among its brands. Brand hierarchy only; individual franchise operators are not classified by this relationship.","supersedes":null},{"id":"1244aca4943699d9dfba12ca","investor":"Yum! Brands","subject":"Taco Bell","relation":"brand_parent","action":"observed","stake":"unknown","effective_on":null,"observed_on":"2026-09-23","recorded_at":"2026-09-23T12:42:19.993352+00:00","source_url":"https://www.sec.gov/Archives/edgar/data/1041061/000104106126000084/yum-20251231.htm","source_title":"YUM BRANDS INC Form 10-K, filed 2026-02-20 (SEC EDGAR)","note":"Yum! Brands's annual report names Taco Bell among its brands. Brand hierarchy only; individual franchise operators are not classified by this relationship.","supersedes":null},{"id":"88ccaa77544bab422d403432","investor":"Yum! Brands","subject":"KFC","relation":"brand_parent","action":"observed","stake":"unknown","effective_on":null,"observed_on":"2026-09-23","recorded_at":"2026-09-23T12:42:19.993107+00:00","source_url":"https://www.sec.gov/Archives/edgar/data/1041061/000104106126000084/yum-20251231.htm","source_title":"YUM BRANDS INC Form 10-K, filed 2026-02-20 (SEC EDGAR)","note":"Yum! Brands's annual report names KFC among its brands. Brand hierarchy only; individual franchise operators are not classified by this relationship.","supersedes":null},{"id":"2771549635587d457ea1a349","investor":"Public shareholders (NYSE: YUM)","subject":"Yum! Brands","relation":"public_company","action":"observed","stake":"unknown","effective_on":null,"observed_on":"2026-09-23","recorded_at":"2026-09-23T12:42:19.992865+00:00","source_url":"https://www.sec.gov/Archives/edgar/data/1041061/000104106126000084/yum-20251231.htm","source_title":"YUM BRANDS INC Form 10-K, filed 2026-02-20 (SEC EDGAR)","note":"YUM BRANDS INC files annual reports with the SEC as a company listed under NYSE: YUM.","supersedes":null},{"id":"93fad068d47a643ca639f7d7","investor":"Public shareholders (NASDAQ: PTLO)","subject":"Portillo's","relation":"public_company","action":"observed","stake":"unknown","effective_on":null,"observed_on":"2026-09-23","recorded_at":"2026-09-23T12:42:19.992594+00:00","source_url":"https://www.sec.gov/Archives/edgar/data/1871509/000187150926000012/ptlo-20251228.htm","source_title":"Portillo's Inc. Form 10-K, filed 2026-02-24 (SEC EDGAR)","note":"Portillo's Inc. files annual reports with the SEC as a company listed under NASDAQ: PTLO. This concerns the brand's company, not individual franchise operators.","supersedes":null},{"id":"7cd06d4ad03c1b66a7b90dc0","investor":"Public shareholders (NASDAQ: JACK)","subject":"Jack in the Box","relation":"public_company","action":"observed","stake":"unknown","effective_on":null,"observed_on":"2026-09-23","recorded_at":"2026-09-23T12:42:19.992318+00:00","source_url":"https://www.sec.gov/Archives/edgar/data/807882/000080788225000072/jack-20250928.htm","source_title":"JACK IN THE BOX INC Form 10-K, filed 2025-11-19 (SEC EDGAR)","note":"JACK IN THE BOX INC files annual reports with the SEC as a company listed under NASDAQ: JACK. This concerns the brand's company, not individual franchise operators.","supersedes":null},{"id":"5351be5e511714918914c515","investor":"Public shareholders (NASDAQ: KRUS)","subject":"Kura Sushi","relation":"public_company","action":"observed","stake":"unknown","effective_on":null,"observed_on":"2026-09-23","recorded_at":"2026-09-23T12:42:19.992040+00:00","source_url":"https://www.sec.gov/Archives/edgar/data/1772177/000119312525269773/krus-20250831.htm","source_title":"KURA SUSHI USA, INC. Form 10-K, filed 2025-11-06 (SEC EDGAR)","note":"KURA SUSHI USA, INC. files annual reports with the SEC as a company listed under NASDAQ: KRUS. This concerns the brand's company, not individual franchise operators.","supersedes":null},{"id":"b942deb9f9a747262494ae55","investor":"Public shareholders (NASDAQ: LOCO)","subject":"El Pollo Loco","relation":"public_company","action":"observed","stake":"unknown","effective_on":null,"observed_on":"2026-09-23","recorded_at":"2026-09-23T12:42:19.991797+00:00","source_url":"https://www.sec.gov/Archives/edgar/data/1606366/000160636626000017/loco-20251231x10k.htm","source_title":"El Pollo Loco Holdings, Inc. Form 10-K, filed 2026-03-13 (SEC EDGAR)","note":"El Pollo Loco Holdings, Inc. files annual reports with the SEC as a company listed under NASDAQ: LOCO. This concerns the brand's company, not individual franchise operators.","supersedes":null},{"id":"01c7b6d438a19ae157960d38","investor":"Public shareholders (NASDAQ: DNUT)","subject":"Krispy Kreme","relation":"public_company","action":"observed","stake":"unknown","effective_on":null,"observed_on":"2026-09-23","recorded_at":"2026-09-23T12:42:19.991531+00:00","source_url":"https://www.sec.gov/Archives/edgar/data/1857154/000185715426000015/dnut-20251228.htm","source_title":"Krispy Kreme, Inc. Form 10-K, filed 2026-03-06 (SEC EDGAR)","note":"Krispy Kreme, Inc. files annual reports with the SEC as a company listed under NASDAQ: DNUT. This concerns the brand's company, not individual franchise operators.","supersedes":null},{"id":"a249823feb05135e02154136","investor":"Public shareholders (NASDAQ: PZZA)","subject":"Papa John's","relation":"public_company","action":"observed","stake":"unknown","effective_on":null,"observed_on":"2026-09-23","recorded_at":"2026-09-23T12:42:19.991231+00:00","source_url":"https://www.sec.gov/Archives/edgar/data/901491/000162828026011965/pzza-20251228.htm","source_title":"PAPA JOHNS INTERNATIONAL INC Form 10-K, filed 2026-02-26 (SEC EDGAR)","note":"PAPA JOHNS INTERNATIONAL INC files annual reports with the SEC as a company listed under NASDAQ: PZZA. This concerns the brand's company, not individual franchise operators.","supersedes":null},{"id":"5f126b2505aaee8ba849397d","investor":"Public shareholders (NYSE: SG)","subject":"Sweetgreen","relation":"public_company","action":"observed","stake":"unknown","effective_on":null,"observed_on":"2026-09-23","recorded_at":"2026-09-23T12:42:19.990953+00:00","source_url":"https://www.sec.gov/Archives/edgar/data/1477815/000162828026012520/sg-20251228.htm","source_title":"Sweetgreen, Inc. Form 10-K, filed 2026-02-27 (SEC EDGAR)","note":"Sweetgreen, Inc. files annual reports with the SEC as a company listed under NYSE: SG. This concerns the brand's company, not individual franchise operators.","supersedes":null},{"id":"df69e69b3bfa64ad89a3c05d","investor":"Public shareholders (NASDAQ: WEN)","subject":"Wendy's","relation":"public_company","action":"observed","stake":"unknown","effective_on":null,"observed_on":"2026-09-23","recorded_at":"2026-09-23T12:42:19.990695+00:00","source_url":"https://www.sec.gov/Archives/edgar/data/30697/000003069726000009/wen-20251228.htm","source_title":"Wendy's Co Form 10-K, filed 2026-02-23 (SEC EDGAR)","note":"Wendy's Co files annual reports with the SEC as a company listed under NASDAQ: WEN. This concerns the brand's company, not individual franchise operators.","supersedes":null},{"id":"860412abd51cf69bad9aab7f","investor":"Public shareholders (NYSE: SHAK)","subject":"Shake Shack","relation":"public_company","action":"observed","stake":"unknown","effective_on":null,"observed_on":"2026-09-23","recorded_at":"2026-09-23T12:42:19.990450+00:00","source_url":"https://www.sec.gov/Archives/edgar/data/1620533/000162053326000018/shak-20251231.htm","source_title":"Shake Shack Inc. Form 10-K, filed 2026-02-26 (SEC EDGAR)","note":"Shake Shack Inc. files annual reports with the SEC as a company listed under NYSE: SHAK. This concerns the brand's company, not individual franchise operators.","supersedes":null},{"id":"c80cd904f6243cfe51294d9d","investor":"Public shareholders (NASDAQ: WING)","subject":"Wingstop","relation":"public_company","action":"observed","stake":"unknown","effective_on":null,"observed_on":"2026-09-23","recorded_at":"2026-09-23T12:42:19.990192+00:00","source_url":"https://www.sec.gov/Archives/edgar/data/1636222/000163622226000008/wing-20251227.htm","source_title":"Wingstop Inc. Form 10-K, filed 2026-02-18 (SEC EDGAR)","note":"Wingstop Inc. files annual reports with the SEC as a company listed under NASDAQ: WING. This concerns the brand's company, not individual franchise operators.","supersedes":null},{"id":"65df17e7045f7f97dff475b1","investor":"Public shareholders (NASDAQ: CAKE)","subject":"The Cheesecake Factory","relation":"public_company","action":"observed","stake":"unknown","effective_on":null,"observed_on":"2026-09-23","recorded_at":"2026-09-23T12:42:19.989944+00:00","source_url":"https://www.sec.gov/Archives/edgar/data/887596/000110465926018643/cake-20251230x10k.htm","source_title":"CHEESECAKE FACTORY INC Form 10-K, filed 2026-02-23 (SEC EDGAR)","note":"CHEESECAKE FACTORY INC files annual reports with the SEC as a company listed under NASDAQ: CAKE. This concerns the brand's company, not individual franchise operators.","supersedes":null},{"id":"a5973a0fdf9bc57f38630a7c","investor":"Public shareholders (NYSE: CAVA)","subject":"CAVA","relation":"public_company","action":"observed","stake":"unknown","effective_on":null,"observed_on":"2026-09-23","recorded_at":"2026-09-23T12:42:19.989684+00:00","source_url":"https://www.sec.gov/Archives/edgar/data/1639438/000162828026011296/cava-20251228.htm","source_title":"CAVA GROUP, INC. Form 10-K, filed 2026-02-25 (SEC EDGAR)","note":"CAVA GROUP, INC. files annual reports with the SEC as a company listed under NYSE: CAVA. This concerns the brand's company, not individual franchise operators.","supersedes":null},{"id":"241ffc9e5d286b1631444106","investor":"Public shareholders (NYSE: BROS)","subject":"Dutch Bros. Coffee","relation":"public_company","action":"observed","stake":"unknown","effective_on":null,"observed_on":"2026-09-23","recorded_at":"2026-09-23T12:42:19.989420+00:00","source_url":"https://www.sec.gov/Archives/edgar/data/1866581/000186658126000006/bros-20251231.htm","source_title":"Dutch Bros Inc. Form 10-K, filed 2026-02-13 (SEC EDGAR)","note":"Dutch Bros Inc. files annual reports with the SEC as a company listed under NYSE: BROS. This concerns the brand's company, not individual franchise operators.","supersedes":null},{"id":"2f1ac858a6abf20ed5b7779e","investor":"Public shareholders (NASDAQ: DPZ)","subject":"Domino's","relation":"public_company","action":"observed","stake":"unknown","effective_on":null,"observed_on":"2026-09-23","recorded_at":"2026-09-23T12:42:19.989008+00:00","source_url":"https://www.sec.gov/Archives/edgar/data/1286681/000119312526062321/dpz-20251228.htm","source_title":"DOMINOS PIZZA INC Form 10-K, filed 2026-02-23 (SEC EDGAR)","note":"DOMINOS PIZZA INC files annual reports with the SEC as a company listed under NASDAQ: DPZ. This concerns the brand's company, not individual franchise operators.","supersedes":null},{"id":"1a669096ed629663de3a5279","investor":"Public shareholders (NYSE: CMG)","subject":"Chipotle","relation":"public_company","action":"observed","stake":"unknown","effective_on":null,"observed_on":"2026-09-23","recorded_at":"2026-09-23T12:42:19.988753+00:00","source_url":"https://www.sec.gov/Archives/edgar/data/1058090/000105809026000009/cmg-20251231.htm","source_title":"CHIPOTLE MEXICAN GRILL INC Form 10-K, filed 2026-02-04 (SEC EDGAR)","note":"CHIPOTLE MEXICAN GRILL INC files annual reports with the SEC as a company listed under NYSE: CMG. This concerns the brand's company, not individual franchise operators.","supersedes":null},{"id":"9fb9bed6ea2c4b9e912140fa","investor":"Public shareholders (NASDAQ: SBUX)","subject":"Starbucks","relation":"public_company","action":"observed","stake":"unknown","effective_on":null,"observed_on":"2026-09-23","recorded_at":"2026-09-23T12:42:19.988470+00:00","source_url":"https://www.sec.gov/Archives/edgar/data/829224/000082922425000114/sbux-20250928.htm","source_title":"STARBUCKS CORP Form 10-K, filed 2025-11-14 (SEC EDGAR)","note":"STARBUCKS CORP files annual reports with the SEC as a company listed under NASDAQ: SBUX. This concerns the brand's company, not individual franchise operators.","supersedes":null},{"id":"7ccc35fab63509ddab098d19","investor":"Public shareholders (NYSE: MCD)","subject":"McDonald's","relation":"public_company","action":"observed","stake":"unknown","effective_on":null,"observed_on":"2026-09-23","recorded_at":"2026-09-23T12:42:19.987864+00:00","source_url":"https://www.sec.gov/Archives/edgar/data/63908/000006390826000035/mcd-20251231.htm","source_title":"MCDONALDS CORP Form 10-K, filed 2026-02-24 (SEC EDGAR)","note":"MCDONALDS CORP files annual reports with the SEC as a company listed under NYSE: MCD. This concerns the brand's company, not individual franchise operators.","supersedes":null},{"id":"e9b3b0eb2ed6aff24c545cbd","investor":"Blackstone","subject":"Jersey Mike's Subs","relation":"pe_investment","action":"observed","stake":"unknown","effective_on":null,"observed_on":"2026-09-21","recorded_at":"2026-09-21T16:03:54.532825+00:00","source_url":"https://www.blackstone.com/our-businesses/private-equity/","source_title":"Blackstone Private Equity portfolio","note":"Blackstone's current private-equity portfolio page features Jersey Mike's. The page does not establish the transaction closing date or a current stake percentage; its featured figures are dated June 30, 2026.","supersedes":null},{"id":"627fd95ef6252ef230c28f23","investor":"Inspire Brands","subject":"Jimmy John's","relation":"brand_parent","action":"observed","stake":"unknown","effective_on":null,"observed_on":"2026-09-21","recorded_at":"2026-09-21T11:54:04.849612+00:00","source_url":"https://inspirebrands.com/about-us/","source_title":"Inspire Brands — about us","note":"Inspire identifies this brand in its restaurant portfolio. Brand hierarchy only; individual franchise operators are not classified by this relationship.","supersedes":null},{"id":"74a21329f73db76012e5f81f","investor":"Inspire Brands","subject":"Buffalo Wild Wings","relation":"brand_parent","action":"observed","stake":"unknown","effective_on":null,"observed_on":"2026-09-21","recorded_at":"2026-09-21T11:54:04.849270+00:00","source_url":"https://inspirebrands.com/about-us/","source_title":"Inspire Brands — about us","note":"Inspire identifies this brand in its restaurant portfolio. Brand hierarchy only; individual franchise operators are not classified by this relationship.","supersedes":null},{"id":"ff2760fd4d521d2c546929f1","investor":"Inspire Brands","subject":"Sonic","relation":"brand_parent","action":"observed","stake":"unknown","effective_on":null,"observed_on":"2026-09-21","recorded_at":"2026-09-21T11:54:04.848962+00:00","source_url":"https://inspirebrands.com/about-us/","source_title":"Inspire Brands — about us","note":"Inspire identifies this brand in its restaurant portfolio. Brand hierarchy only; individual franchise operators are not classified by this relationship.","supersedes":null},{"id":"7a9f94bbbbebe48f6a5a5917","investor":"Inspire Brands","subject":"Dunkin'","relation":"brand_parent","action":"observed","stake":"unknown","effective_on":null,"observed_on":"2026-09-21","recorded_at":"2026-09-21T11:54:04.848642+00:00","source_url":"https://inspirebrands.com/about-us/","source_title":"Inspire Brands — about us","note":"Inspire identifies this brand in its restaurant portfolio. Brand hierarchy only; individual franchise operators are not classified by this relationship.","supersedes":null},{"id":"654127ad408e2f1ad949a42b","investor":"Inspire Brands","subject":"Baskin-Robbins","relation":"brand_parent","action":"observed","stake":"unknown","effective_on":null,"observed_on":"2026-09-21","recorded_at":"2026-09-21T11:54:04.848290+00:00","source_url":"https://inspirebrands.com/about-us/","source_title":"Inspire Brands — about us","note":"Inspire identifies this brand in its restaurant portfolio. Brand hierarchy only; individual franchise operators are not classified by this relationship.","supersedes":null},{"id":"b4edff44441fa35cf3fd6864","investor":"Inspire Brands","subject":"Arby's","relation":"brand_parent","action":"observed","stake":"unknown","effective_on":null,"observed_on":"2026-09-21","recorded_at":"2026-09-21T11:54:04.847916+00:00","source_url":"https://inspirebrands.com/about-us/","source_title":"Inspire Brands — about us","note":"Inspire identifies this brand in its restaurant portfolio. Brand hierarchy only; individual franchise operators are not classified by this relationship.","supersedes":null},{"id":"4baeec8de97d63ca9d5a74e8","investor":"Roark Capital","subject":"Subway","relation":"pe_investment","action":"observed","stake":"unknown","effective_on":null,"observed_on":"2026-09-21","recorded_at":"2026-09-21T11:54:04.847565+00:00","source_url":"https://www.roarkcapital.com/portfolio","source_title":"Roark current portfolio","note":"Listed in Roark’s current portfolio when reviewed. The listing does not disclose an ownership percentage or new transaction date.","supersedes":null},{"id":"d925d7ac0f680187ec1b7f0e","investor":"Roark Capital","subject":"Inspire Brands","relation":"pe_investment","action":"observed","stake":"unknown","effective_on":null,"observed_on":"2026-09-21","recorded_at":"2026-09-21T11:54:04.847243+00:00","source_url":"https://www.roarkcapital.com/portfolio","source_title":"Roark current portfolio","note":"Listed in Roark’s current portfolio when reviewed. The listing does not disclose an ownership percentage or new transaction date.","supersedes":null},{"id":"3ff2fcd6883cc44e51d7e381","investor":"LongRange Capital","subject":"Pizza Hut Express","relation":"pe_investment","action":"acquired","stake":"control","effective_on":"2026-09-01","observed_on":"2026-09-25","recorded_at":"2026-09-25T19:33:28.852550+00:00","source_url":"https://www.longrangecapital.com/news-article/longrange-capital-completes-acquisition-of-pizza-hut-from-yum-brands","source_title":"LongRange Capital Completes Acquisition of Pizza Hut from Yum! Brands (LongRange Capital, 2026-09-01)","note":"LongRange Capital completed its acquisition of Pizza Hut, excluding mainland China, from Yum! Brands. Pizza Hut's franchise site (franchise.pizzahut.com/restaurants/non-traditional/) presents Pizza Hut Express as a format of its Pizza Hut licensing program.","supersedes":null},{"id":"dd5021f49f7f72fbd66943ee","investor":"Yum! Brands","subject":"Pizza Hut Express","relation":"brand_parent","action":"exited","stake":"unknown","effective_on":"2026-09-01","observed_on":"2026-09-25","recorded_at":"2026-09-25T19:33:28.852247+00:00","source_url":"https://investors.yum.com/news-events/financial-releases/news-details/2026/Yum-Brands-Completes-Sale-of-Pizza-Hut-to-LongRange-Capital/default.aspx","source_title":"Yum! Brands Completes Sale of Pizza Hut to LongRange Capital (Yum! Brands, 2026-09-01)","note":"Yum! Brands completed the sale of Pizza Hut outside mainland China to LongRange Capital on 2026-09-01. Pizza Hut's franchise site (franchise.pizzahut.com/restaurants/non-traditional/) presents Pizza Hut Express as a format of its Pizza Hut licensing program.","supersedes":null},{"id":"02a2de871519e48dacbf3fc9","investor":"LongRange Capital","subject":"Pizza Hut","relation":"pe_investment","action":"acquired","stake":"control","effective_on":"2026-09-01","observed_on":"2026-09-25","recorded_at":"2026-09-25T19:33:28.851952+00:00","source_url":"https://www.longrangecapital.com/news-article/longrange-capital-completes-acquisition-of-pizza-hut-from-yum-brands","source_title":"LongRange Capital Completes Acquisition of Pizza Hut from Yum! Brands (LongRange Capital, 2026-09-01)","note":"LongRange Capital completed its acquisition of Pizza Hut, excluding mainland China, from Yum! Brands, and Pizza Hut now runs as a standalone business. This concerns the brand, not individual franchisees.","supersedes":null},{"id":"324045f23ec67784a87a3221","investor":"Yum! Brands","subject":"Pizza Hut","relation":"brand_parent","action":"exited","stake":"unknown","effective_on":"2026-09-01","observed_on":"2026-09-25","recorded_at":"2026-09-25T19:33:28.851646+00:00","source_url":"https://investors.yum.com/news-events/financial-releases/news-details/2026/Yum-Brands-Completes-Sale-of-Pizza-Hut-to-LongRange-Capital/default.aspx","source_title":"Yum! Brands Completes Sale of Pizza Hut to LongRange Capital (Yum! Brands, 2026-09-01)","note":"Yum! Brands completed the sale of Pizza Hut outside mainland China to LongRange Capital on 2026-09-01. Pizza Hut in mainland China went to Yum China in a separate sale that closed 2026-08-07.","supersedes":null},{"id":"eef36ae416ac65cbd765210a","investor":"Yum! Brands","subject":"Pizza Hut Express","relation":"brand_parent","action":"observed","stake":"unknown","effective_on":null,"observed_on":"2026-06-16","recorded_at":"2026-09-25T19:33:28.850070+00:00","source_url":"https://investors.yum.com/news-events/financial-releases/news-details/2026/Yum-Brands-Inc--Enters-into-Agreements-to-Sell-Pizza-Hut-for-2-7-Billion/default.aspx","source_title":"Yum! Brands, Inc. Enters into Agreements to Sell Pizza Hut for $2.7 Billion (Yum! Brands, 2026-06-16)","note":"Source and date replaced: the old entry cited an SEC filing with an observation date of 2026-09-23, after Yum! sold Pizza Hut on 2026-09-01. Yum!'s own release shows it still owned Pizza Hut on 2026-06-16, when it agreed to sell it.","supersedes":"8fc91673af9a857781d8049d"},{"id":"b16d0a505949c182b3fcd558","investor":"Yum! Brands","subject":"Pizza Hut","relation":"brand_parent","action":"observed","stake":"unknown","effective_on":null,"observed_on":"2026-06-16","recorded_at":"2026-09-25T19:33:28.849255+00:00","source_url":"https://investors.yum.com/news-events/financial-releases/news-details/2026/Yum-Brands-Inc--Enters-into-Agreements-to-Sell-Pizza-Hut-for-2-7-Billion/default.aspx","source_title":"Yum! Brands, Inc. Enters into Agreements to Sell Pizza Hut for $2.7 Billion (Yum! Brands, 2026-06-16)","note":"Source and date replaced: the old entry cited an SEC filing with an observation date of 2026-09-23, after Yum! sold Pizza Hut on 2026-09-01. Yum!'s own release shows it still owned Pizza Hut on 2026-06-16, when it agreed to sell it.","supersedes":"c876b5873862afef4814bf96"},{"id":"480e77b840cf2a09229d9c07","investor":"Blackstone","subject":"Jersey Mike's Subs","relation":"pe_investment","action":"announced","stake":"control","effective_on":null,"observed_on":"2024-11-19","recorded_at":"2026-09-21T16:03:54.531551+00:00","source_url":"https://www.blackstone.com/news/press/jersey-mikes-to-partner-with-blackstone-to-accelerate-leading-franchisors-continued-growth/","source_title":"Jersey Mike's to Partner with Blackstone","note":"Blackstone announced an agreement for a majority position, subject to closing conditions. Announcement alone does not establish completed ownership.","supersedes":null},{"id":"bf52893ff12ce7fc80008e04","investor":"Blackstone","subject":"Tropical Smoothie Cafe","relation":"pe_investment","action":"acquired","stake":"unknown","effective_on":"2024-06-10","observed_on":"2024-06-10","recorded_at":"2026-09-21T11:54:04.852098+00:00","source_url":"https://www.blackstone.com/news/press/blackstone-completes-acquisition-of-tropical-smoothie-cafe/","source_title":"Blackstone completes Tropical Smoothie Cafe acquisition","note":"Blackstone-managed private equity funds completed the purchase of the franchisor. Terms were not disclosed. No claim is made about individual franchisee equity.","supersedes":null},{"id":"d5861aa28f082c77890f6074","investor":"Levine Leichtman Capital Partners","subject":"Tropical Smoothie Cafe","relation":"pe_investment","action":"exited","stake":"unknown","effective_on":"2024-06-10","observed_on":"2024-06-10","recorded_at":"2026-09-21T11:54:04.851796+00:00","source_url":"https://www.blackstone.com/news/press/blackstone-completes-acquisition-of-tropical-smoothie-cafe/","source_title":"Blackstone completes Tropical Smoothie Cafe acquisition","note":"Blackstone reports completion of the purchase from LLCP. This records the seller’s exit on the completed transaction date.","supersedes":null},{"id":"da9ccc7d632bd7955b1a2aed","investor":"Roark Capital","subject":"Subway","relation":"pe_investment","action":"acquired","stake":"unknown","effective_on":"2024-04-30","observed_on":"2024-04-30","recorded_at":"2026-09-25T19:33:28.850987+00:00","source_url":"https://www.restaurantbusinessonline.com/financing/subway-completes-its-sale-roark-capital","source_title":"Subway completes its sale to Roark Capital (Restaurant Business, 2024-04-30)","note":"Source replaced: the Subway newsroom is a cut site, so this cites Restaurant Business reporting the sale to Roark completed on 2024-04-30. This event concerns the brand, not individual franchisees.","supersedes":"3a562c167ed8d196f6278950"},{"id":"3a562c167ed8d196f6278950","investor":"Roark Capital","subject":"Subway","relation":"pe_investment","action":"acquired","stake":"unknown","effective_on":"2024-04-30","observed_on":"2024-04-30","recorded_at":"2026-09-21T11:54:04.846604+00:00","source_url":null,"source_title":"Subway sale to Roark is complete","note":"Subway reports its sale to Roark affiliates completed. The source describes restaurants as franchisee-owned and operated; this event concerns the brand.","supersedes":null},{"id":"5d6213318070462454b92dfa","investor":"Roark Capital","subject":"Subway","relation":"pe_investment","action":"announced","stake":"unknown","effective_on":null,"observed_on":"2023-08-24","recorded_at":"2026-09-25T19:33:28.850389+00:00","source_url":"https://www.restaurantbusinessonline.com/financing/roark-capital-has-deal-buy-subway","source_title":"Roark Capital has a deal to buy Subway (Restaurant Business, 2023-08-24)","note":"Source replaced: the Subway newsroom is a cut site, so this cites Restaurant Business reporting the same agreement for Roark to acquire Subway. An announcement alone does not establish a completed transfer.","supersedes":"cd284d75c893326050ceba85"},{"id":"cd284d75c893326050ceba85","investor":"Roark Capital","subject":"Subway","relation":"pe_investment","action":"announced","stake":"unknown","effective_on":null,"observed_on":"2023-08-24","recorded_at":"2026-09-21T11:54:04.845979+00:00","source_url":null,"source_title":"Subway announces sale to Roark","note":"Subway announced an agreement to sell to Roark affiliates. An announcement alone does not establish a completed transfer.","supersedes":null},{"id":"07a33238f5599d2790c7d930","investor":"Levine Leichtman Capital Partners","subject":"Tropical Smoothie Cafe","relation":"pe_investment","action":"observed","stake":"unknown","effective_on":null,"observed_on":"2020-09-08","recorded_at":"2026-09-25T19:33:28.851359+00:00","source_url":"https://www.llcp.com/levine-leichtman-capital-partners-and-management-acquire-tropical-smoothie-cafe/","source_title":"Levine Leichtman Capital Partners and Management Acquire Tropical Smoothie Cafe (LLCP, 2020-09-08)","note":"Source replaced: PR Newswire is a cut site, so this cites LLCP's own release announcing it partnered with management to acquire Tropical Smoothie Cafe. Exact closing date and percentage are not asserted.","supersedes":"5fc3562292995644714c5f6e"},{"id":"5fc3562292995644714c5f6e","investor":"Levine Leichtman Capital Partners","subject":"Tropical Smoothie Cafe","relation":"pe_investment","action":"observed","stake":"unknown","effective_on":null,"observed_on":"2020-09-08","recorded_at":"2026-09-21T11:54:04.849909+00:00","source_url":null,"source_title":"LLCP and management acquire Tropical Smoothie Cafe","note":"LLCP announced its acquisition alongside management. Ownership is observed at publication; exact closing date and percentage are not asserted.","supersedes":null},{"id":"ca989edb3a2faba6e620363f","investor":"Roark Capital","subject":"Inspire Brands","relation":"pe_investment","action":"observed","stake":"control","effective_on":null,"observed_on":"2018-02-05","recorded_at":"2026-09-21T11:54:04.846929+00:00","source_url":"https://inspirebrands.com/inspire-brands-launches-today-with-arbys-buffalo-wild-wings-as-foundation/","source_title":"Inspire Brands launches","note":"Inspire identifies Roark as its majority owner at launch. This observation establishes control at publication, not a separate purchase date.","supersedes":null}]