What was the total revenue from franchise fees for Jersey Mikes in 2023?

According to Jersey Mikes' 2025 Franchise Disclosure Document, amortization of services due from the manager—related party amounted to $799,161 for the year ended December 31, 2023. This amortization relates to deferred franchise fees contributed upon closing of a Securitization Transaction, where the Manager (Jersey Mike's Franchise Systems, LLC) provides services to the Company (A Sub Above, LLC) over the term of the Securitization Transactions.

In simpler terms, this means that Jersey Mikes recognized $799,161 as revenue in 2023 related to franchise fees that were initially deferred. These fees were collected as part of a financing arrangement (Securitization Transaction) and are recognized as revenue over time as Jersey Mikes provides ongoing services to the franchisees. The services include collecting franchisee payments, managing operations, and providing franchising, marketing, real estate, intellectual property, and operations and reporting services.

It is important to note that this figure ($799,161) represents only the amortization of deferred franchise fees recognized as revenue during 2023. It does not represent the total amount of franchise fees Jersey Mikes collected during that year. The total franchise fees collected would likely be a significantly larger number, as it would include both the upfront fees and other ongoing fees.