Irenic Dumps Most Papa John's Shares

MrDecoder · 2026-02-22T18:07:27+00:00

Irenic Capital Management reduced its stake in Papa John's International by 748,592 shares, now holding 325,108 shares valued at $12.51 million. This significant reduction places its investment outside the top holdings, reflecting poor stock performance over the past year.

MrDecoder

2026-02-22 18:07:27

Abstract generation in progress

According to an SEC filing dated Feb. 17, Irenic Capital Management LP reduced its position in Papa John’s International (PZZA 3.05%)by 748,592 shares. The fund’s remaining stake, reported at quarter-end, was 325,108 shares worth $12.51 million.

Sold 748,592 shares of Papa John’s International
Post-trade holding: 325,108 shares valued at $12.5 million
The stake now represents 0.8% of fund AUM, which places it outside the fund’s top five holdings

What else to know

Top common stock holdings after the filing (percentage of AUM includes a put owned on the iShares Russell 2000 ETF):
- NYSE: ITGR: $99.1 million (6.7% of AUM)
- NASDAQ: SHC: $67.0 million (9.3% of AUM)
- NASDAQ: TBPH: $51.7 million (3.5% of AUM)
- NASDAQ: ALKT: $48.6 million (3.3% of AUM)

Company overview

Metric	Value
Revenue (TTM)	$2.1 billion
Net Income (TTM)	$37.7 million
Dividend Yield	5.8%
Price (as of market close 2/20/26)	$31.59

Company snapshot

Papa John’s International, Inc. is a global pizza delivery and carryout brand with a network spanning over 5,600 restaurants across 50 countries and territories. The company has company-owned and franchised locations, supported by a commissary system that supplies ingredients and products to franchisees.

Offers pizza delivery and carryout services, with revenue generated from company-owned restaurants, franchising, and commissary sales to franchisees.
Targets consumers seeking convenient, high-quality pizza and related menu items in the United States and international markets.

What this transaction means for investors

Irenic Capital Management sold the majority of its Papa John’s shares during the fourth quarter. The firm reduced its holdings by about 70%, from nearly 1.1 million shares to about 325,000.

At the end of the third quarter, its Papa John’s stake had a $51.7 million value. That made it the firm’s third-largest position, behind a put on the iShares Russel 200 ETF (NYSEMKT: IWM) and shares of **Sotera Health **(NASDAQ: SHC).

Irenic’s fourth-quarter share sales put Papa John’s well outside its top five holdings. The $12.5 million valuation accounted for just 0.8% of Irenic’s $1.5 million of assets under management (AUM).

Notably, Papa John’s shares have badly lagged the market. Over the last year, through Feb. 20, the stock has lost 30.7% including dividends. During this time, the **S&P 500 **index returned 16.4%

The company’s North American restaurants same-store sales have struggled, including a third-quarter decline of 2.7%. Papa John’s reports fourth-quarter results on Feb. 26.

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