glossary · what it means in a filing
also called spread · reference rate · coupon
The all-in rate is what a borrower actually pays — the reference rate plus the spread, plus any payment-in-kind component — while the spread alone is the margin over the reference rate.
Both are reported, and they are not interchangeable. Kanonstone matches on the spread and deliberately holds the all-in rate OUT of the matching key, so that it can act as an independent judge afterwards.
Groups whose all-in rates diverge by more than 50 basis points, payment-in-kind netted out, are dropped. That check removed 11.2% of candidate groups in Q1 2026, and the survivors still showed a 79.1 basis point median gap.