Jersey Mike's (JMKE) 10% Owner Blackstone Holdings II Sells Shares

What Happened
Blackstone Holdings II L.P. — reported as a 10% owner of Jersey Mike's Subs Inc. (JMKE) — converted common units into Class A shares and then sold a total of 2,572,560 Class A shares in open-market transactions at $21.85 per share. The two open-market sales (571,237 shares and 2,001,323 shares) generated proceeds of $12,481,528 and $43,728,908, respectively, for combined proceeds of $56,210,436. The filing also shows a conversion of 571,237 derivative/common-unit shares into Class A stock (one-for-one exchange rights) immediately prior to the sales.

Key Details

• Transaction dates: conversion reported 2026-08-24; open-market sales executed 2026-08-25; Form 4 filed 2026-08-26 (appears timely).
• Sale price: $21.85 per share for both open-market sales.
• Shares sold: 571,237 and 2,001,323 (total 2,572,560). Total proceeds ≈ $56,210,436.
• Conversion: 571,237 common units converted to Class A shares under an exchange agreement (one-for-one) (footnote F1).
• Other codes: a “J” disposition and a derivative disposal at $0 are reported in connection with the conversion/cancellation mechanics.
• Ownership after transaction: not specified in the provided summary.
• Footnotes highlight the complex ownership structure and that the reporting persons are affiliated entities of Blackstone (F3–F6, F5). Footnote F8 notes cancellation mechanics for Class B shares upon unit sales.

Context
This filing reflects activity by an institutional 10% holder (Blackstone affiliate), not an individual company executive. The conversion indicates common units were exchanged for Class A stock (per F1) and those shares were largely sold in the open market the next day. Institutional sales like this often relate to fund or shareholder liquidity and are not direct statements about company operations; the filing is factual and does not state motives.