Earnest Partners reports 5.9% stake in Papa Johns

Earnest Partners, LLC has reported a significant ownership stake in Papa Johns International Inc. The investment adviser beneficially owns 1,947,248 shares of Papa Johns common stock, representing 5.9% of the outstanding class as of the reporting date.

Accepted by SEC EDGAR 02/12/2026 - 04:26 PM EST Learn about SEC filing dates

Rhea-AI Filing Summary

Earnest Partners, LLC has reported a significant ownership stake in Papa Johns International Inc. The investment adviser beneficially owns 1,947,248 shares of Papa Johns common stock, representing 5.9% of the outstanding class as of the reporting date.

Earnest Partners has sole voting power over 1,435,474 shares and shared voting power over 370,329 shares. It holds sole dispositive power over all 1,947,248 shares and no shared dispositive power. The firm states the shares are held in the ordinary course of business, not to change or influence control of Papa Johns, and that no single client has an interest in more than five percent of the class.

FAQ

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

What stake in Papa Johns (PZZA) does Earnest Partners report?

Earnest Partners, LLC reports beneficial ownership of 1,947,248 Papa Johns common shares, representing 5.9% of the outstanding class. This makes the firm a significant institutional holder under Schedule 13G reporting rules, reflecting its aggregated discretionary client holdings in the stock.

How much voting power does Earnest Partners have over Papa Johns (PZZA) shares?

Earnest Partners has sole voting power over 1,435,474 Papa Johns shares and shared voting power over 370,329 shares. Combined, these positions reflect how the adviser can vote client-held stock, while ultimate economic interests remain with the underlying clients it manages.

Is Earnest Partners trying to influence control of Papa Johns (PZZA)?

Earnest Partners certifies the Papa Johns shares were acquired and are held in the ordinary course of business. It states they were not acquired and are not held to change or influence control of the company, consistent with a passive Schedule 13G filing status.

What type of reporting person is Earnest Partners in the Papa Johns (PZZA) filing?

Earnest Partners, LLC is filing as an investment adviser under Rule 13d-1(b)(1)(ii)(E). This means it reports holdings it manages for clients, even though those clients retain the underlying economic interest in the Papa Johns shares held in their accounts.

Do any Earnest Partners clients own over 5% of Papa Johns (PZZA) individually?

The filing states that no client interest relates to more than five percent of the Papa Johns common stock class. The reported 5.9% position reflects the aggregated shares managed by Earnest Partners, not a single client crossing the five percent threshold.

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

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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 2)

PAPA JOHNS INTERNATIONAL INC

(Name of Issuer)

Common Stock

(Title of Class of Securities)

698813102

(CUSIP Number)

12/31/2025

(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)

SCHEDULE 13G

CUSIP No. 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 1,435,474.00
6	Shared Voting Power 370,329.00
7	Sole Dispositive Power 1,947,248.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,947,248.00

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)

5.9 %

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: 1,947,248.00
(b)	Percent of class: 5.9%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 1,435,474.00
	(ii) Shared power to vote or to direct the vote: 370,329.00
	(iii) Sole power to dispose or to direct the disposition of: 1,947,248.00
	(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:	02/12/2026