SCHEDULE 13G

The principal business address of each of the Reporting Persons is c/o Blackstone Inc., 345 Park Avenue, New York, NY 10154.

See Item 4 of each cover page.

The information required by Items 4(a)-(c) with respect to each Reporting Person is set forth in Rows 5-11 of the applicable cover page hereto, and is incorporated herein by reference. As of September 30, 2026, the Reporting Persons may be deemed to beneficially own an aggregate of 240,551,721 shares of Class A common stock, par value $0.0001 per share (the "Class A Common Stock") of Jersey Mike's Subs Inc. (the "Issuer") as follows: Boardwalk ML Holdco I L.P. directly holds 32,808 shares of Class A Common Stock, 12,162,453 Common Units of Jersey Mike's HoldCo, LLC (the "Common Units") and an equal number of shares of Class B common stock, par value $0.0001 per share (the "Class B Common Stock"); Boardwalk ML Holdco II L.P. directly holds 42,725,975 shares of Class A Common Stock; Boardwalk ML Holdco III L.P. directly holds 88,519 shares of Class A Common Stock, 32,814,660 Common Units and an equal number of shares of Class B Common Stock; Boardwalk ML Holdco IV L.P. directly holds 84,784,113 shares of Class A Common Stock; Boardwalk II Aggregator L.P. directly holds 6 shares of Class A Common Stock; Boardwalk I UNLV Holdco LP directly holds 22,372 shares of Class A Common Stock, 8,293,697 Common Units and an equal number of shares of Class B Common Stock; Boardwalk II UNLV Holdco LP directly holds 32,385,190 shares of Class A Common Stock; and Boardwalk BXPE Holdco LP directly holds 27,241,928 shares of Class A Common Stock. Boardwalk ML Holdco I L.P., Boardwalk ML Holdco II L.P., Boardwalk ML Holdco III L.P., Boardwalk ML Holdco IV L.P., Boardwalk II Aggregator L.P., Boardwalk I UNLV Holdco LP, Boardwalk II UNLV Holdco LP and Boardwalk BXPE Holdco LP are together referred to herein as the "Blackstone Holders." Shares of the Class B Common Stock have no economic value and have one vote per share. One share of Class B Common Stock is issued for each Common Unit held. Pursuant to the terms of an exchange agreement, dated as of July 29, 2026, holders have the right to exchange their Common Units for shares of Class A Common Stock on a one-for-one basis, subject to customary conversion rate adjustments for stock splits, stock dividends and reclassifications. These exchange rights do not expire. Upon a sale or an exchange of Common Units for shares of Class A Common Stock, an equivalent number of shares of Class B Common Stock held by such holder will be automatically cancelled. Boardwalk ML Holdco I GP LLC is the general partner of Boardwalk ML Holdco I L.P. Submarine Buyer LLC is the sole member of Boardwalk ML Holdco I GP LLC. Submarine Buyer Holdco LLC is the sole member of Submarine Buyer LLC. Boardwalk I Aggregator L.P. is the managing member of Submarine Buyer Holdco LLC. Boardwalk ML Holdco II GP LLC is the general partner of Boardwalk ML Holdco II L.P. Boardwalk II Aggregator L.P. is the sole member of Boardwalk ML Holdco II GP LLC. Boardwalk ML Holdco III GP LLC is the general partner of Boardwalk ML Holdco III L.P. Submarine Buyer LLC is the sole member of Boardwalk ML Holdco III GP LLC. Submarine Buyer Holdco LLC is the sole member of Submarine Buyer LLC. Boardwalk I Aggregator L.P. is the managing member of Submarine Buyer Holdco LLC. Boardwalk ML Holdco IV GP LLC is the general partner of Boardwalk ML Holdco IV L.P. Boardwalk II Aggregator L.P. is the sole member of Boardwalk ML Holdco IV GP LLC. BCP 9 Holdings Manager L.L.C. is the general partner of Boardwalk I Aggregator L.P., Boardwalk II Aggregator L.P., Boardwalk I UNLV Holdco LP, Boardwalk II UNLV Holdco LP and Boardwalk BXPE Holdco LP. Blackstone Management Associates IX L.P. is the managing member of BCP 9 Holdings Manager L.L.C. BMA IX L.L.C. is the general partner of Blackstone Management Associates IX L.P. Blackstone Holdings II L.P. is the managing member of BMA IX L.L.C. Blackstone Holdings I/II GP L.L.C. is the general partner of Blackstone Holdings II L.P. Blackstone Inc. is the sole member of Blackstone Holdings I/II GP L.L.C. The sole holder of the Series II preferred stock of Blackstone Inc. is Blackstone Group Management L.L.C. Blackstone Group Management L.L.C. is wholly-owned by its senior managing directors and controlled by its founder, Stephen A. Schwarzman. Each such Reporting Person may be deemed to beneficially own the Class A Common Stock beneficially owned directly by the Blackstone Holders or indirectly controlled by it or them, but neither the filing of this Schedule 13G nor any of its contents shall be deemed to constitute an admission that any Reporting Person (other than the Blackstone Holders to the extent they directly hold Issuer securities reported herein) is the beneficial owner of the Class A Common Stock referred to herein for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended (the "Act"), or for any other purpose and each of the Reporting Persons expressly disclaims beneficial ownership of such shares of Class A Common Stock. The filing of this statement should not be construed to be an admission that any member of the Reporting Persons are members of a "group" for the purposes of Sections 13(d) and 13(g) of the Act.

Each of the Reporting Persons may be deemed to be the beneficial owner of the percentage of shares of Class A Common Stock listed on such Reporting Person's cover page, calculated pursuant to Rule 13d-3 of the Act. Calculations are based on 233,405,414 shares of Class A Common Stock outstanding as of September 4, 2026, as set forth in the Issuer's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on September 9, 2026, and assumes the conversion of all of the Common Units beneficially owned by each respective Reporting Person.

See the information set forth in Row 5 on each cover page.

See the information set forth in Row 6 on each cover page.

See the information set forth in Row 7 on each cover page.

See the information set forth in Row 8 on each cover page.