[SCHEDULE 13D] DENNY'S Corp SEC Filing

Rhea-AI Filing Summary

Group investors JCP and Jumana disclosed a joint Schedule 13D for DENNY'S Corp (DENN), reporting combined beneficial ownership of 4,829,491 shares, or approximately 9.4% of the 51,498,994 shares outstanding. Jumana Capital holds 4,000,000 shares (including 785,000 shares underlying currently exercisable call options) representing about 7.8%, while JCP-related entities and accounts hold 829,491 shares (about 1.6%).

The filing states purchases were made with working capital and specifies aggregate purchase prices for JCP and Jumana holdings. The parties executed a Group Agreement on September 8, 2025 to coordinate activities, split group expenses (JCP 20%, Jumana 80%), and to file joint Schedule 13D amendments as required. The reporting persons state an intent to engage with DENN's management and board regarding opportunities to enhance shareholder value and reserve the right to buy, sell or otherwise change their positions.

Positive

• Combined 9.4% ownership reported, providing the group with a material and visible stake in DENN
• Group Agreement in place (dated September 8, 2025) to coordinate activities and file joint Schedule 13D amendments
• Transparent option and transaction disclosure including call options exercisable into 785,000 shares and specified purchases with aggregate purchase prices

Negative

• Potential activist engagement documented: the group intends to engage with management and the Board and may propose changes to capital allocation or structure
• Significant short put positions disclosed by Jumana Capital (including an aggregate 2,150,000 shares referenced by puts expiring May 15, 2026), which could affect future share obligations
• Group control of activities may create uncertainty for other shareholders due to possible strategic proposals or transactions listed in Item 4

Insights

Activist Investor / Securities Analyst

TL;DR: A coordinated investor group now holds 9.4% of DENN and intends to engage management, making this a potentially material ownership and governance development.

The Schedule 13D discloses a sizeable combined stake equal to 9.4% of DENN, driven primarily by Jumana Capital's 7.8% position. The filing documents explicit intent to engage with the board and to evaluate strategic options, and it formalizes a Group Agreement to coordinate actions and share expenses. For investors, a 9.4% grouped stake filed on Schedule 13D typically signals active engagement and the possibility of proposals impacting capital allocation or corporate structure. The disclosure of listed option positions and recent purchases provides transparency into how the group built its position.

Corporate Governance Expert

TL;DR: The Group Agreement and public 13D filing indicate structured coordination and a readiness to pursue governance or strategic initiatives at DENN.

The filing's Group Agreement (dated September 8, 2025) formalizes coordinated activity and cost-sharing, which is meaningful from a governance perspective because it establishes a unified negotiating posture. The reporting persons expressly reserve the right to engage management and the board and to propose changes to capital allocation, board composition, ownership structure, or even a sale. This disclosure increases transparency for other shareholders and the board and sets expectations for possible governance engagement.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

DENNY'S Corp

(Name of Issuer)

Common Stock, $0.01 par value

(Title of Class of Securities)

24869P104

(CUSIP Number)

JAMES C. PAPPAS
JCP INVESTMENT MANAGEMENT, LLC, 1177 West Loop South, Suite 1320
Houston, TX, 77027
713-333-5540

CHRISTOPHER MARTIN
JUMANA CAPITAL INVESTMENTS LLC, 1717 St. James Place, Suite 335
Houston, TX, 77056
281-915-2704

RYAN NEBEL
OLSHAN FROME WOLOSKY LLP, 1325 Avenue of the Americas
New York, NY, 10019
212-451-2300

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

09/08/2025

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

SCHEDULE 13D

CUSIP No. 24869P104

1

Name of reporting person

JCP Investment Partnership, LP

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

TEXAS

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 455,717.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 455,717.00

11

Aggregate amount beneficially owned by each reporting person

455,717.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0.9 %

14

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13D

CUSIP No. 24869P104

1

Name of reporting person

JCP Investment Partners, LP

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

TEXAS

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 455,717.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 455,717.00

11

Aggregate amount beneficially owned by each reporting person

455,717.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0.9 %

14

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13D

CUSIP No. 24869P104

1

Name of reporting person

JCP Investment Holdings, LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

TEXAS

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 455,717.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 455,717.00

11

Aggregate amount beneficially owned by each reporting person

455,717.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0.9 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

CUSIP No. 24869P104

1

Name of reporting person

JCP Investment Management, LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF, OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

TEXAS

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 829,491.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 829,491.00

11

Aggregate amount beneficially owned by each reporting person

829,491.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

1.6 %

14

Type of Reporting Person (See Instructions)

IA, OO

SCHEDULE 13D

CUSIP No. 24869P104

1

Name of reporting person

Pappas James C

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 829,491.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 829,491.00

11

Aggregate amount beneficially owned by each reporting person

829,491.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

1.6 %

14

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13D

CUSIP No. 24869P104

1

Name of reporting person

Jumana Capital Investments LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

TEXAS

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 4,000,000.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 4,000,000.00

11

Aggregate amount beneficially owned by each reporting person

4,000,000.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

7.8 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

CUSIP No. 24869P104

1

Name of reporting person

Martin Christopher Ross

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 4,000,000.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 4,000,000.00

11

Aggregate amount beneficially owned by each reporting person

4,000,000.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

7.8 %

14

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Stock, $0.01 par value
(b)	Name of Issuer: DENNY'S Corp
(c)	Address of Issuer's Principal Executive Offices: 203 EAST MAIN STREET, SPARTANBURG, SOUTH CAROLINA , 29319.
Item 2.	Identity and Background
(a)	This statement is filed by: (i) JCP Investment Partnership, LP, a Texas limited partnership ("JCP Partnership"); (ii) JCP Investment Partners, LP, a Texas limited partnership ("JCP Partners"), which serves as the general partner of JCP Partnership; (iii) JCP Investment Holdings, LLC, a Texas limited liability company ("JCP Holdings"), which serves as the general partner of JCP Partners; (iv) JCP Investment Management, LLC, a Texas limited liability company ("JCP Management"), which serves as the investment manager of JCP Partnership and certain managed accounts (the "JCP Accounts"); (v) James C. Pappas (together with JCP Partnership, JCP Partners, JCP Holdings and JCP Management, "JCP"), as the managing member of JCP Management and sole member of JCP Holdings; (vi) Jumana Capital Investments LLC, a Texas limited liability company ("Jumana Capital"); and (vii) Christopher R. Martin (together with Jumana Capital, "Jumana"), as the Manager of Jumana Capital. Each of the foregoing is referred to as a "Reporting Person" and collectively as the "Reporting Persons." Each of the Reporting Persons is party to that certain Group Agreement, as further described in Item 6. Accordingly, the Reporting Persons are hereby filing a joint Schedule 13D.
(b)	The principal business address of JCP is 1177 West Loop South, Suite 1320, Houston, Texas 77027. The principal business address of Jumana is 1717 St. James Place, Suite 335, Houston, Texas 77056.
(c)	The principal business of JCP Partnership is investing in securities. The principal business of JCP Partners is serving as the general partner of JCP Partnership. The principal business of JCP Holdings is serving as the general partner of JCP Partners. The principal business of JCP Management is serving as the investment manager of JCP Partnership and the JCP Accounts. The principal occupation of Mr. Pappas is serving as the managing member of JCP Management and sole member of JCP Holdings. The principal business of Jumana Capital is investing in securities. The principal occupation of Mr. Martin is serving as the Manager of Jumana Capital.
(d)	No Reporting Person has, during the last five years, been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors).
(e)	No Reporting Person has, during the last five years, been party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.
(f)	JCP Partnership, JCP Partners, JCP Holdings, JCP Management and Jumana Capital are organized under the laws of the State of Texas. Messrs. Pappas and Martin are citizens of the United States of America.
Item 3.	Source and Amount of Funds or Other Consideration
	The Shares purchased by JCP Partnership and held in the JCP Accounts were purchased with working capital (which may, at any given time, include margin loans made by brokerage firms in the ordinary course of business). The aggregate purchase price of the 455,717 Shares owned directly by JCP Partnership is approximately $2,151,992, including brokerage commissions. The aggregate purchase price of the 373,774 Shares held in the JCP Accounts is approximately $1,765,947, including brokerage commissions. The Shares purchased by Jumana Capital were purchased with working capital (which may, at any given time, include margin loans made by brokerage firms in the ordinary course of business). The aggregate purchase price of the 3,215,000 Shares directly owned by Jumana Capital is approximately $14,242,952, including brokerage commissions. The aggregate purchase price of the call options exercisable into 785,000 Shares owned directly by Jumana Capital is approximately $351,477, including brokerage commissions.
Item 4.	Purpose of Transaction
	The Reporting Persons purchased the Shares based on the Reporting Persons' belief that the Shares, when purchased, were undervalued and represented an attractive investment opportunity. Depending upon overall market conditions, other investment opportunities available to the Reporting Persons, and the availability of Shares at prices that would make the purchase or sale of Shares desirable, the Reporting Persons may endeavor to increase or decrease their position in the Issuer through, among other things, the purchase or sale of Shares on the open market or in private transactions or otherwise, on such terms and at such times as the Reporting Persons may deem advisable. The Reporting Persons intend to engage in discussions with management and the Board of Directors (the "Board") of the Issuer regarding opportunities to enhance stockholder value, and believe there is a significant opportunity for the Issuer to increase its earnings over the coming years. No Reporting Person has any present plan or proposal which would relate to or result in any of the matters set forth in subparagraphs (a) - (j) of Item 4 of Schedule 13D except as set forth herein or such as would occur upon or in connection with completion of, or following, any of the actions discussed herein. The Reporting Persons intend to review their investment in the Issuer on a continuing basis. Depending on various factors including, without limitation, the Issuer's financial position and investment strategy, the price levels of the Shares, conditions in the securities markets and general economic and industry conditions, the Reporting Persons may in the future take such actions with respect to their investment in the Issuer as they deem appropriate including, without limitation, engaging in additional communications with management and the Board of the Issuer, engaging in discussions with stockholders of the Issuer or third parties, including potential acquirers and service providers, about the Issuer and the Reporting Persons' investment, making proposals to the Issuer concerning changes to the capital allocation strategy, capitalization, ownership structure, including a sale of the Issuer as a whole or in parts, Board structure (including Board composition) or operations of the Issuer, purchasing additional Shares, selling some or all of their Shares, engaging in short selling of or any hedging or similar transaction with respect to the Shares, or changing their intention with respect to any and all matters referred to in Item 4.
Item 5.	Interest in Securities of the Issuer
(a)	The aggregate percentage of Shares reported owned by each person named herein is based upon 51,498,994 Shares outstanding as of July 30, 2025, which is the total number of Shares outstanding as reported in the Issuer's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on August 4, 2025. As of the date hereof, JCP Partnership beneficially owned 455,717 Shares, constituting approximately 0.9% of the Shares outstanding. JCP Partners, as the general partner of JCP Partnership, may be deemed the beneficial owner of the 455,717 Shares owned by JCP Partnership, constituting approximately 0.9% of the Shares outstanding. JCP Holdings, as the general partner of JCP Partners, may be deemed the beneficial owner of the 455,717 Shares owned by JCP Partnership, constituting approximately 0.9% of the Shares outstanding. As of the date hereof, 373,774 Shares were held in the JCP Accounts, constituting approximately 0.7% of the Shares outstanding. JCP Management, as the investment manager of JCP Partnership and the JCP Accounts, may be deemed the beneficial owner of the (i) 455,717 Shares owned by JCP Partnership and (ii) 373,774 Shares held in the JCP Accounts, constituting approximately 1.6% of the Shares outstanding. Mr. Pappas, as the managing member of JCP Management and sole member of JCP Holdings, may be deemed the beneficial owner of the (i) 455,717 Shares owned by JCP Partnership and (ii) 373,774 Shares held in the JCP Accounts, constituting approximately 1.6% of the Shares outstanding. As of the date hereof, Jumana Capital beneficially owned 4,000,000 Shares, including 785,000 Shares underlying certain call options that are currently exercisable, constituting approximately 7.8% of the Shares outstanding. Mr. Martin, as the Manager of Jumana Capital, may be deemed the beneficial owner of the 4,000,000 Shares owned by Jumana Capital, constituting approximately 7.8% of the Shares outstanding. Each Reporting Person may be deemed to be a member of a "group" with the other Reporting Persons for the purposes of Section 13(d)(3) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and such group may be deemed to beneficially own the 4,829,491 Shares owned in the aggregate by all of the Reporting Persons, constituting approximately 9.4% of the outstanding Shares. The filing of this Schedule 13D shall not be deemed an admission that the Reporting Persons are, for purposes of Section 13(d) of the Exchange Act, the beneficial owners of any securities of the Issuer he or it does not directly own. Each of the Reporting Persons specifically disclaims beneficial ownership of the securities reported herein that he or it does not directly own.
(b)	Each of JCP Partnership, JCP Partners, JCP Holdings, JCP Management and Mr. Pappas may be deemed to share the power to vote and dispose of the Shares owned by JCP Partnership. Each of JCP Management and Mr. Pappas may be deemed to share the power to vote and dispose of the Shares held in the JCP Accounts. Each of Jumana Capital and Mr. Martin may be deemed to share the power to vote and dispose of the Shares directly beneficially owned by Jumana Capital.
(c)	The transactions in the securities of the Issuer by the Reporting Persons during the past 60 days are set forth in Exhibit 1 and are incorporated herein by reference. All of such transactions were effected in the open market unless otherwise noted therein.
(d)	No person other than the Reporting Persons is known to have the right to receive, or the power to direct the receipt of dividends from, or proceeds from the sale of, the Shares.
(e)	Not applicable.
Item 6.	Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer
	Jumana Capital has sold short exchange-listed put options referencing an aggregate of 37,500 Shares, which have an exercise price of $5 per Share and an expiration date of September 19, 2025. Jumana Capital has purchased exchange-listed call options referencing an aggregate of 75,000 Shares, which have an exercise price of $5 per Share and an expiration date of September 19, 2025. Jumana Capital has purchased exchange-listed call options referencing an aggregate of 660,000 Shares, which have an exercise price of $5 per Share and an expiration date of November 21, 2025. Jumana Capital has sold short exchange-listed put options referencing an aggregate of 120,000 Shares, which have an exercise price of $5 per Share and an expiration date of February 20, 2026. Jumana Capital has purchased exchange-listed call options referencing an aggregate of 50,000 Shares, which have an exercise price of $5 per Share and an expiration date of February 20, 2026. Jumana Capital has sold short exchange-listed put options referencing an aggregate of 2,150,000 Shares, which have an exercise price of $5 per Share and an expiration date of May 15, 2026. On September 8, 2025, the Reporting Persons entered into a Group Agreement (the "Group Agreement") pursuant to which the parties agreed, among others things, (i) to form a group with respect to coordinating their activities with respect to the Issuer and its securities, (ii) to separately or jointly file Schedule(s) 13D and any amendments thereto with respect to the securities of the Issuer to the extent required by applicable law, and (iii) that expenses incurred in connection with the group's activities would be split among JCP and Jumana, with JCP paying 20% of the expenses and Jumana paying 80% of the expenses. The foregoing description of the Group Agreement is not complete and is qualified in its entirely by reference to the full text of the Group Agreement, which is attached hereto as Exhibit 99.1 and is incorporated by reference herein. Other than as described herein, there are no contracts, arrangements, understandings or relationships among the Reporting Persons, or between the Reporting Persons and any other person, with respect to the securities of the Issuer.
Item 7.	Material to be Filed as Exhibits.
	1 - Transactions in Securities. 99.1 - Group Agreement, dated September 8, 2025.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

JCP Investment Partnership, LP

Signature:	/s/ James C. Pappas
Name/Title:	James C. Pappas, Managing Member of JCP Investment Management, LLC, its Investment Manager
Date:	09/15/2025

JCP Investment Partners, LP

Signature:	/s/ James C. Pappas
Name/Title:	James C. Pappas, Sole Member of JCP Investment Holdings, LLC, its General Partner
Date:	09/15/2025

JCP Investment Holdings, LLC

Signature:	/s/ James C. Pappas
Name/Title:	James C. Pappas, Sole Member
Date:	09/15/2025

JCP Investment Management, LLC

Signature:	/s/ James C. Pappas
Name/Title:	James C. Pappas, Managing Member
Date:	09/15/2025

Pappas James C

Signature:	/s/ James C. Pappas
Name/Title:	James C. Pappas
Date:	09/15/2025

Jumana Capital Investments LLC

Signature:	/s/ Christopher R. Martin
Name/Title:	Christopher R. Martin, Manager
Date:	09/15/2025

Martin Christopher Ross

Signature:	/s/ Christopher R. Martin
Name/Title:	Christopher R. Martin
Date:	09/15/2025

FAQ

How many DENN shares do JCP and Jumana jointly report owning?

The Reporting Persons jointly report beneficial ownership of 4,829,491 shares, constituting approximately 9.4% of the 51,498,994 shares outstanding.

What stake does Jumana Capital hold in DENN according to the filing?

Jumana Capital beneficially owns 4,000,000 shares, including 785,000 shares underlying currently exercisable call options, or about 7.8% of outstanding shares.

What is the Group Agreement mentioned in the Schedule 13D?

The Group Agreement, dated September 8, 2025, coordinates the parties' activities with respect to DENN securities, requires joint Schedule 13D filings as needed, and allocates group expenses (JCP 20%, Jumana 80%).

Did the filing disclose option or derivative positions?

Yes. Jumana Capital disclosed multiple exchange-listed option transactions, including calls and short puts with exercise price $5 and expirations ranging from September 19, 2025 to May 15, 2026.

What reasons did the reporting persons give for their purchases?

They state the Shares were purchased because they believed the Shares were undervalued and represented an attractive investment opportunity.

Could the reporting persons change their position in the company?

Yes. The filing states they may increase or decrease their position through market or private transactions and reserve various rights to engage in further actions described in Item 4.