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KBRA Assigns Ratings to Jersey Mike’s Funding, LLC, Series 2026-1 Senior Secured Notes and Takes Other Rating Actions

9 Feb 2026   |   New York

Contacts

KBRA assigns ratings to Series 2026-1 Class A-2-I and Class A-2-II Notes (Jersey Mike’s 2026-1) from Jersey Mike’s Funding, LLC (the Issuer), a whole business securitization (WBS). In conjunction with the issuance of the Series 2026-1 Notes, KBRA is affirming the ratings on the outstanding Series 2021-1, Class A-2-II Notes, Series 2024-1, Class A-1 and Class A-2 Notes and Series 2025-1, Class A-2 Notes (the Existing Notes, and together with the Series 2026-1 Notes, the Notes). At that time, the Series 2019-1, Class A-2 Notes and Series 2021-1, Class A-2-I Notes are being repaid and KBRA is withdrawing the ratings. The ratings are consistent with the results of our cash flow analysis following the addition of the Series 2026-1 Notes.

Jersey Mike’s is a US-based national sandwich brand spread across 3,177 restaurants (including non-securitized assets) among 50 US states, Washington DC, and Canada as of September 30, 2025 (the Cut-off Date), of which 3,160 are included as collateral for the transaction and 17 locations in Canada not included in the securitization. The brand was established in 1956, and serves hot and cold submarine sandwiches. The brand positions itself within the competitive space as offering high quality, freshly sliced meats, cheese and produce through its “A Sub Above” branding. As of the last twelve-month period ended September 28, 2025, the system generated approximately $4.1 billion in systemwide sales (SWS). In addition to transaction fees and expenses, the proceeds from the Series 2026-1 Notes are being used to repay any outstanding amounts of Series 2019-1 Class A-2 Notes and Series 2021-1 Class A-2-I Notes in full, to pay certain transaction-related fees and expenses and for general corporate purposes.

To access ratings and relevant documents, click here.

Click here to view the report.

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Methodologies

Disclosures

Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a Designated Rating Organization (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan’s Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S.

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