Viking Cake BR, LLC Increases Stake in Black Rock Coffee Bar, Inc. to 24.9%

Viking Cake BR, LLC and affiliated reporting persons, including Viking Cake Fuel, LLC, Daniel Brand, and Jeffrey Hernandez, filed an amendment to their Schedule 13D regarding Black Rock Coffee Bar, Inc. (BRCB). The filing reports a beneficial ownership of 5,809,391 shares of Class A Common Stock, representing a 24.9% stake in the company. This ownership is based on the potential conversion of membership units in Black Rock Coffee Holdings, LLC (Black Rock OpCo) and an equivalent number of Class C Common Stock shares held by Viking Cake Fuel, LLC. The amendment highlights a change in control for certain trusts; specifically, on March 6, 2026, Daniel Brand was removed as the investment advisor for the Jeffrey R. Hernandez 2021 Trust and the Tiffany S. Hernandez 2021 Trust. Consequently, Mr. Brand no longer holds voting or investment power over the shares held by those trusts. The reported ownership assumes the full conversion of all LLC Units into Class A Common Stock, which would result in 23,287,843 total shares outstanding.