Jersey Mike's (JMKE) 10% Owner Boardwalk ML Holdco I Distributes Shares

What Happened

• Boardwalk ML Holdco I L.P., a reported 10% owner of Jersey Mike's Subs Inc. (JMKE), recorded distributions on September 15, 2026 as part of an internal reorganization. The filing shows disposals of 1,985 shares of Class A common stock, 735,910 shares of Class B common stock and 735,910 common units (and an additional reported 1,900,625 Class A share transfer referenced in related footnotes). Prices for the transfers are reported as N/A, and a derivative disposal of 735,910 Class B shares is reported at $0.00. According to the filing, these moves were transfers among affiliated entities and did not change the aggregate number of JMKE securities held by Blackstone-related funds nor the funds’ pecuniary interest.

Key Details

• Transaction date: September 15, 2026; Form 4 filed September 17, 2026 (appears timely).
• Reported disposals: 1,985 Class A shares; 735,910 Class B shares; 735,910 common units. A related transfer of 1,900,625 Class A shares is described in the footnotes as part of the same reorganization among affiliates.
• Prices: listed as N/A for most transfers; one derivative/Class B line reported at $0.00.
• Shares owned after transaction: not specified in the excerpt provided.
• Notable footnotes:
  • F1/F3: Transfers were internal reorganizations among Blackstone-affiliated entities and represented a change in form of ownership, not economic ownership.
  • F10: Common Units are exchangeable one-for-one for Class A shares (exchange rights do not expire).
  • F9: Class B shares have no economic value (one vote per share) and are cancelled upon exchange of Common Units for Class A shares.
• Reporting status: This was an institutional/internal reorganization by a 10% owner (not an executive sale or purchase).

Context

• This filing documents an internal reorganization among affiliated holders (Blackstone-related entities). For retail investors, note this is institution-level housekeeping of holdings and the filing states there was no change in aggregate economic interest in JMKE. The $0.00/derivative entry and the Class B specifics reflect corporate share-class mechanics (voting-class shares and unit-to-share exchange rights), not a market sale or new investment.