Jersey Mike's Subs: Blackstone affiliates pledge 54.3% of Class A stock for $1.09B loans
Blackstone-affiliated funds, the current majority owners of Jersey Mike's Subs Inc., have entered into margin loan agreements providing approximately $1.09 billion in aggregate borrowings, secured by pledged company shares and units. If the Blackstone borrowers default, the lenders may foreclose on the pledged shares and units, which the filing says represent about 54.3% of Class A common stock on an as-exchanged basis. The company is not a party to the loans but has agreed not to take actions intended to materially hinder lender remedies.
Key points
- Loan agreements dated September 16, 2026 provide for approximately $1.09 billion in aggregate borrowings with Morgan Stanley Senior Funding, Inc. as administrative agent
- Pledged collateral includes 127,631,450 Class A shares, 44,990,370 Class B shares and 44,990,370 Jersey Mike's HoldCo common units
- Pledged collateral represents approximately 54.3% of Class A common stock, assuming exchange of all outstanding common units
- Company is not a party to the loan documents and says it did not independently verify the disclosure
The filing
Written by AI on Nov 9, 2026, 11:48 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on September 22, 2026.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.