Viking Cake Fuel, LLC 4

What Happened
Viking Cake Fuel, LLC, disclosed as a 10% owner of Black Rock Coffee Bar, Inc. (BRCB), reported an other disposition (code J) on March 20, 2026 disposing of 5,809,390 derivative interests. The Form 4 shows a $0.00 price, indicating an internal transfer of Class C common stock and matching LLC units rather than an open-market sale. The transfer was reported on March 23, 2026.

Key Details

• Transaction date: March 20, 2026; Form 4 filed: March 23, 2026 (timely).
• Reported disposition: 5,809,390 shares (derivative / Class C Common Stock and equal LLC Units) at $0.00.
• Filing shows two identical J-code entries for 5,809,390 shares; footnotes indicate this reflects transfer of both Class C shares and an equal number of LLC Units to Viking Cake BR, LLC.
• Shares owned after transaction: not specified in the provided filing.
• Nature of transaction: derivative/internal transfer between related entities (per Footnote F4), not an open-market sale.
• Transaction code J = other acquisition or disposition; these were derivative securities (see F1–F4).

Context

• Footnotes summary: LLC Units represent membership units of Black Rock Coffee Holdings, LLC and an equal number of Class C common shares (F1). Class C shares can be converted one-for-one into Class A common stock at holder election (F2), and may automatically convert to Class B under specific founder-related conditions (F3). Footnote F4 states Viking Cake Fuel, LLC transferred the 5,809,390 Class C shares and corresponding LLC Units to Viking Cake BR, LLC on March 20, 2026.
• This appears to be an internal reorganization/transfer among affiliated entities (institutional/owner-level movement) rather than a sale for cash; such transfers do not necessarily indicate the trading sentiment of company executives.