Viking Cake BR, LLC 4

What Happened

• Viking Cake BR, LLC (a reported 10% owner of Black Rock Coffee Bar, Inc. — ticker BRCB) reported dispositions on March 20, 2026 consisting of 5,809,390 shares of Class C common stock (reported as derivative-linked shares) with a $0.00 per-share price. The filing shows two related entries reflecting a transfer and a distribution tied to Viking Cake BR and its subsidiary Viking Cake Fuel, LLC; no cash was received in these transactions.

Key Details

• Transaction date: March 20, 2026; Form 4 filed March 23, 2026 (timely within the two-business-day window).
• Transaction code: J (other acquisition or disposition) — reported as dispositions at $0.00 (i.e., transfers/distributions, not open-market sales).
• Shares involved: 5,809,390 Class C common shares (listed twice due to related transfers between Viking Cake Fuel, LLC and Viking Cake BR, LLC and subsequent distribution).
• Shares owned after transaction: Not specified in the information provided here.
• Related footnotes: The shares are tied to LLC Units of Black Rock Coffee Holdings, LLC; LLC Units correspond to equal numbers of Class C shares and can generally be redeemed or converted into Class A shares (or, at the issuer’s election in some cases, cash). Class C shares are convertible to Class A one-for-one, and may automatically convert to Class B under certain conditions for co‑founders.
• Insider status: Viking Cake BR, LLC is reported as a 10% owner (an entity), not an individual executive — this is institutional/ownership-level activity, not a routine officer buy/sell.

Context

• These filings reflect internal transfers and distributions of Class C shares tied to membership units rather than open-market sales; proceeds are $0, indicating a non‑cash reorganization/distribution.
• For retail investors, note this type of transaction is different from an insider buying or selling for cash — it often reflects ownership restructuring or distributions to members and does not necessarily signal management trading intent.