What range of interest rates do the notes receivable from unaffiliated companies held by Jersey Mikes have?

According to Jersey Mike's 2025 Franchise Disclosure Document, the notes receivable balance relates to notes from unaffiliated companies. These notes have interest rates ranging from 3% to 10% per annum. The notes mature through October 2037 and are secured by the assets of the individual franchisee.

For a prospective Jersey Mike's franchisee, this indicates that Jersey Mike's holds notes receivable from companies not directly affiliated with the franchise itself, with interest rates between 3% and 10%. These notes are secured by the assets of the individual franchisee, meaning that in the event of default, Jersey Mike's has a claim on the franchisee's assets.

The notes mature at various dates through October 2037, suggesting a long-term financial relationship. This arrangement could provide Jersey Mike's with a steady stream of income from interest payments, while also potentially creating financial obligations for franchisees who may have issued these notes.