PJMF collects a percentage of revenues from Company-owned and franchised restaurants in the United States for the purpose of designing and administering advertising and promotional programs for all participating Domestic restaurants. Contributions and expenditures are reported on a gross basis in the Condensed Consolidated Statements of Operations within Advertising funds revenue and Advertising funds expense, respectively. PJMF also has a wholly-owned subsidiary, Papa Card, Inc., which administers the Company’s gift card programs.

The assets and liabilities of PJMF, which are utilized solely for the Company’s advertising and promotional programs, were as follows in the Condensed Consolidated Balance Sheets:


(In thousands)	June 28, 2026		December 28, 2025
Assets
Current assets:
Cash and cash equivalents	$	3,751	$	7,759
Accounts receivable, net	14,198		15,077
Income tax receivable	310		275
Prepaid expenses and other current assets	15,399		3,278
Total current assets	33,658		26,389
Deferred income taxes	570		570
Other assets	80		106
Total assets	$	34,308	$	27,065

Liabilities
Current liabilities:


Accrued expenses and other current liabilities	$	33,290	$	31,082
Current portion of long-term debt	2,270		—
Current deferred revenue	4,261		5,000
Total current liabilities	39,821		36,082
Deferred revenue	2,186		2,742
Total liabilities	$	42,007	$	38,824