Jersey Mike's: 32.4M shares contributed to Boardwalk
The reported positions reflect entity contributions; the notes state that no issuer securities were purchased or sold in those contributions.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Form Type
3
Rhea-AI Filing Summary
Jersey Mike's Subs Inc. (JMKE) had indirect holdings reported by three entities identified as 10% owners after contributions dated September 30, 2026. Submarine Buyer LLC contributed 22,372 Class A shares, 8,293,697 Class B shares and 8,293,697 common units to Boardwalk I UNLV Holdco LP. Boardwalk Aggregator II LP contributed 32,385,190 Class A shares to Boardwalk II UNLV Holdco LP and 27,241,928 to Boardwalk BXPE Holdco LP. The notes say no issuer securities were purchased or sold in these contributions.
Insights
Analyzing...
Insider Trade Summary
5 transactions reported
Mixed
5 txns
Insider
Boardwalk I UNLV Holdco LP, Boardwalk II UNLV Holdco LP, Boardwalk BXPE Holdco LP
Role
10% Owner | 10% Owner | 10% Owner
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| holding | Common Units of Jersey Mike's HoldCo, LLC F11, F1, F4, F7, F8, F9 | -- | -- | -- |
| holding | Class A Common Stock F1, F4, F7, F8, F9 | -- | -- | -- |
| holding | Class A Common Stock F2, F5, F7, F8, F9 | -- | -- | -- |
| holding | Class A Common Stock F3, F6, F7, F8, F9 | -- | -- | -- |
| holding | Class B Common Stock F10, F1, F4, F7, F8, F9 | -- | -- | -- |
Holdings After Transaction:
Common Units of Jersey Mike's HoldCo, LLC — 8,293,697 contracts (Indirect, See Footnotes);
Class A Common Stock — 59,649,490 shares (Indirect, See Footnotes);
Class B Common Stock — 8,293,697 shares (Indirect, See Footnotes)
Footnotes (11)
- F1. On September 30, 2026, Submarine Buyer LLC contributed 22,372 shares of Class A common stock (the "Class A Common Stock") and 8,293,697 shares of Class B common stock (the "Class B Common Stock") of Jersey Mike's Subs Inc. ("Issuer") and 8,293,697 common units of Jersey Mike's HoldCo, LLC ("Common Units") to Boardwalk I UNLV Holdco LP. No securities of the Issuer were purchased or sold in connection with the contributions described herein.
- F2. On September 30, 2026, Boardwalk Aggregator II LP contributed 32,385,190 shares of Class A Common Stock of the Issuer to Boardwalk II UNLV Holdco LP. No securities of the Issuer were purchased or sold in connection with the contribution described herein.
- F3. On September 30, 2026, Boardwalk Aggregator II LP contributed 27,241,928 shares of Class A Common Stock of the Issuer to Boardwalk BXPE Holdco LP. No securities of the Issuer were purchased or sold in connection with the contribution described herein.
- F4. Reflects securities of the Issuer held directly by Boardwalk I UNLV Holdco LP.
- F5. Reflects securities of the Issuer held directly by Boardwalk II UNLV Holdco LP.
- F6. Reflects securities of the Issuer held directly by Boardwalk BXPE Holdco LP.
- F7. BCP 9 Holdings Manager L.L.C. is the general partner of Boardwalk I UNLV Holdco LP, Boardwalk II UNLV Holdco LP and Boardwalk BXPE Holdco LP. Blackstone Management Associates IX L.P. is the managing member of BCP 9 Holdings Manager L.L.C. BMA IX L.L.C. is the general partner of Blackstone Management Associates IX L.P. Blackstone Holdings II L.P. is the managing member of BMA IX L.L.C. Blackstone Holdings I/II GP L.L.C. is the general partner of Blackstone Holdings II L.P. Blackstone Inc. is the sole member of Blackstone Holdings I/II GP L.L.C. The sole holder of the Series II preferred stock of Blackstone Inc. is Blackstone Group Management L.L.C. Blackstone Group Management L.L.C. is wholly-owned by Blackstone's senior managing directors and controlled by its founder, Stephen A. Schwarzman.
- F8. Information with respect to each of the Reporting Persons is given solely by such Reporting Person, and no Reporting Person has responsibility for the accuracy or completeness of information supplied by another Reporting Person.
- F9. Each of the Reporting Persons (other than to the extent it directly holds securities reported herein) disclaims beneficial ownership of the securities held by the other Reporting Persons, except to the extent of such Reporting Person's pecuniary interest therein, and, pursuant to Rule 16a-1(a)(4) under the Securities Exchange Act of 1934, each of the Reporting Persons (other than to the extent it directly holds securities reported herein) states that the inclusion of these securities in this report shall not be deemed an admission of beneficial ownership of all of the reported securities for purposes of Section 16 or for any other purpose.
- F10. Shares of the Issuer's Class B Common Stock have no economic value and have one vote per share. One share of Class B Common Stock is issued for each Common Unit held. Upon an exchange of Common Units for shares of Class A Common Stock, an equivalent number of shares of Class B Common Stock held by such holder are automatically cancelled.
- F11. Pursuant to the terms of an exchange agreement, dated as of July 29, 2026, holders have the right to exchange their Common Units for shares of Class A Common Stock of the Issuer on a one-for-one basis, subject to customary conversion rate adjustments for stock splits, stock dividends and reclassifications. These exchange rights do not expire.
Key Figures
Class A shares contributed to Boardwalk I UNLV Holdco LP: 22,372 shares
Class B shares contributed to Boardwalk I UNLV Holdco LP: 8,293,697 shares
Common Units contributed to Boardwalk I UNLV Holdco LP: 8,293,697 common units
+3 more
6 metrics
Class A shares contributed to Boardwalk I UNLV Holdco LP
22,372 shares
Contributed by Submarine Buyer LLC on September 30, 2026
Class B shares contributed to Boardwalk I UNLV Holdco LP
8,293,697 shares
Contributed by Submarine Buyer LLC on September 30, 2026
Common Units contributed to Boardwalk I UNLV Holdco LP
8,293,697 common units
Contributed by Submarine Buyer LLC on September 30, 2026
Class A shares contributed to Boardwalk II UNLV Holdco LP
32,385,190 shares
Contributed by Boardwalk Aggregator II LP on September 30, 2026
Class A shares contributed to Boardwalk BXPE Holdco LP
27,241,928 shares
Contributed by Boardwalk Aggregator II LP on September 30, 2026
Common Unit exchange ratio
One-for-one
Exchange for Class A Common Stock
Key Terms
Common Units, Class B Common Stock, exchange agreement, pecuniary interest
4 terms
Common Units financial
"exchange their Common Units for shares of Class A Common Stock"
Common units are the basic ownership stakes in a company, limited partnership, or trust that function like common stock: they give holders a claim on profits and often voting rights. Think of them as the ordinary seats at a table—the most directly affected by the business’s success or failure, so they typically offer higher upside but carry greater risk than preferred claims or creditors, which matters to investors evaluating potential return and safety.
Class B Common Stock technical
"Shares of the Issuer's Class B Common Stock have no economic value"
A class B common stock is one of multiple types of a company’s ordinary shares that carries specific rights—often different voting power or dividend priority—compared with other classes. For investors it matters because those differences affect how much influence you have over company decisions, the income you might receive, and how freely the shares trade; think of it like owning a car with different keys: some keys let you start the engine and open the trunk, others only unlock the door.
exchange agreement technical
"Pursuant to the terms of an exchange agreement"
A written deal in which two parties agree to swap assets, securities or obligations under set terms—think of it as a formal swap or trade contract. For investors it matters because such agreements can change who owns what, alter a company’s capital structure, affect future cash flows or dilute existing shares, and therefore influence value and risk in a straightforward, contract-driven way.
pecuniary interest financial
"except to the extent of such Reporting Person's pecuniary interest therein"
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