EARNEST Partners holds 8.8% stake in Papa Johns

EARNEST Partners, LLC reported beneficial ownership of 2,890,502 shares of Papa Johns International, Inc. common stock, representing 8.8% of the outstanding class.

Rhea-AI Filing Summary

EARNEST Partners, LLC reported beneficial ownership of 2,890,502 shares of Papa Johns International, Inc. common stock, representing 8.8% of the outstanding class. The firm has sole voting power over 2,118,623 shares and shared voting power over 577,300 shares. It holds sole dispositive power over all 2,890,502 shares and no shared dispositive power. EARNEST Partners is filing as an investment adviser, and no individual client’s interest relates to more than five percent of the class.

Key Figures

Beneficially owned shares: 2,890,502 shares Percent of class: 8.8% Sole voting power: 2,118,623 shares +3 more

6 metrics

Beneficially owned shares 2,890,502 shares Common stock of Papa Johns International, Inc. beneficially owned by EARNEST Partners, LLC

Percent of class 8.8% Portion of Papa Johns common stock class beneficially owned by EARNEST Partners, LLC

Sole voting power 2,118,623 shares Shares for which EARNEST Partners, LLC has sole power to vote or direct the vote

Shared voting power 577,300 shares Shares for which EARNEST Partners, LLC has shared power to vote or direct the vote

Sole dispositive power 2,890,502 shares Shares for which EARNEST Partners, LLC has sole power to dispose or direct disposition

Shared dispositive power 0 shares Shares for which EARNEST Partners, LLC has shared power to dispose or direct disposition

Key Terms

beneficially owned, sole voting power, shared voting power, dispositive power, +1 more

5 terms

beneficially owned financial

"Amount beneficially owned: 2,890,502"

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

sole voting power financial

"Sole power to vote or to direct the vote: 2,118,623"

Sole voting power is the exclusive right to cast votes attached to a shareholder’s stock without needing approval from anyone else. Like holding the only remote control for a TV, it lets that holder decide corporate matters such as board members, mergers, and policy changes, making it important to investors because it concentrates control and can strongly influence a company’s strategy and the value of its shares.

shared voting power financial

"Shared power to vote or to direct the vote: 577,300"

Shared voting power occurs when two or more parties jointly have the right to vote or decide how a block of company shares is cast, like co-owners who must agree before moving a piece of furniture. Investors care because who controls voting rights affects board elections, major corporate decisions and takeover outcomes, and shared control can alter regulatory disclosures and the practical influence any holder has over a company’s direction and value.

dispositive power financial

"Sole power to dispose or to direct the disposition of: 2,890,502"

Dispositive power is the authority to decide the final outcome of an asset, legal claim, contract, or corporate action — in effect the power to dispose of or resolve something. For investors it matters because whoever holds that authority can determine who gets paid, who controls an asset or vote, and how risks and returns are allocated; think of it like holding the key that lets you lock in the winner or loser in a deal.

investment adviser financial

"EARNEST Partners, LLC is filing as an investment adviser in accordance with 240.13d-1(b)(1)(ii)(E)"

An investment adviser is a person or firm that professionally manages money and gives recommendations about buying, selling, or holding investments. Like a financial coach or guide, they have a legal duty to act in a client's best financial interest, so their advice, fees and potential conflicts can directly affect returns and risk — making their role important for investors who want informed, accountable help with portfolios.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What percentage of Papa Johns (PZZA) shares does EARNEST Partners, LLC report owning?

EARNEST Partners, LLC reports beneficial ownership of 8.8% of Papa Johns International, Inc. common stock, representing 2,890,502 shares according to the Schedule 13G/A filing.

How many Papa Johns (PZZA) shares does EARNEST Partners have voting power over?

EARNEST Partners has sole voting power over 2,118,623 shares and shared voting power over 577,300 shares of Papa Johns International, Inc. common stock, as disclosed in the ownership breakdown.

What is the total number of Papa Johns (PZZA) shares beneficially owned by EARNEST Partners?

EARNEST Partners, LLC beneficially owns 2,890,502 shares of Papa Johns International, Inc. common stock, as stated in the Schedule 13G/A ownership section.

Does any single EARNEST Partners client own more than 5% of Papa Johns (PZZA)?

No. The filing states that no client interest relates to more than five percent of the Papa Johns International, Inc. common stock class managed by EARNEST Partners.

In what capacity is EARNEST Partners filing regarding Papa Johns (PZZA)?

EARNEST Partners, LLC is filing as an investment adviser under Rule 13d-1(b)(1)(ii)(E), reporting discretionary authority over shares of Papa Johns International, Inc. common stock held for its clients.

Who signed the Schedule 13G/A for EARNEST Partners related to Papa Johns (PZZA)?

The Schedule 13G/A was signed by James M. Wilson, Chief Compliance Officer of EARNEST Partners, LLC, dated 08/13/2026.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 08/14/2026 - 12:02 PM Accepted by SEC EDGAR 08/14/2026 - 12:02 PM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 3)

PAPA JOHNS INTERNATIONAL INC

(Name of Issuer)

Common Stock

(Title of Class of Securities)

698813102

(CUSIP Number)

06/30/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 698813102

1

Names of Reporting Persons

EARNEST PARTNERS LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 2,118,623.00
6	Shared Voting Power 577,300.00
7	Sole Dispositive Power 2,890,502.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,890,502.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

8.8 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: PAPA JOHNS INTERNATIONAL INC
(b)	Address of issuer's principal executive offices: 2002 PAPA JOHNS BOULEVARD, LOUISVILLE, KENTUCKY, 40299-2334.
Item 2.
(a)	Name of person filing: EARNEST Partners, LLC
(b)	Address or principal business office or, if none, residence: 1180 Peachtree Street NE Suite 2300 Atlanta, GA 30309
(c)	Citizenship: Delaware
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 698813102
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 2,890,502
(b)	Percent of class: 8.8%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 2,118,623
	(ii) Shared power to vote or to direct the vote: 577,300
	(iii) Sole power to dispose or to direct the disposition of: 2,890,502
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. EARNEST Partners, LLC is filing as an investment adviser in accordance with 240.13d-1(b)(1)(ii)(E). No client interest relates to more than five percent of the class.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

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.

EARNEST PARTNERS LLC

Signature:	James M. Wilson
Name/Title:	Chief Compliance Officer
Date:	08/13/2026