FAT Brands is a multi-brand restaurant franchisor that owns 18 concepts across Quick Service, Fast Casual, Casual Dining, and Polished Casual Dining. The company franchises these brands to over 730 franchise partners operating roughly 2,300 locations globally, and also directly operates a smaller number of corporate-owned restaurants under Twin Peaks, Smokey Bones, Fazoli's, and Hot Dog on a Stick. Key brands include Twin Peaks (a sports lodge-themed polished casual dining chain), Fatburger, Round Table Pizza, Great American Cookies, Marble Slab Creamery, Johnny Rockets, and Fazoli's. FAT Brands generates revenue from franchisee royalties, initial franchise fees, company-owned restaurant sales, and a cookie dough and pretzel manufacturing facility in Atlanta that supplies franchisees. The asset-light franchise model means royalty revenue scales with unit count and same-store sales, with minimal incremental capital required. FAT Brands uses co-branding — pairing complementary concepts in a single location — to improve franchisee unit economics and accelerate development. The company has a signed pipeline of roughly 1,000 new locations and is converting Smokey Bones locations into Twin Peaks to accelerate expansion of its highest-performing brand. FAT Brands financed its brand acquisitions through securitization facilities, carrying roughly $1.2B in debt, and is focused on deleveraging through organic EBITDA growth, refranchising company-owned units, and monetizing its majority stake in Twin Hospitality, the Twin Peaks/Smokey Bones holding company that began trading on NASDAQ in January 2025.