Hernandez Jeffrey Robert 4

What Happened

• Jeffrey Robert Hernandez, a reported 10% owner of Black Rock Coffee Bar, Inc. (BRCB), reported two related "other disposition" transactions on March 20, 2026 totaling 5,809,390 shares of Class C common stock. Each line shows 5,809,390 shares at $0.00 (derivative), reflecting internal transfers among affiliated entities rather than an open-market sale. Footnotes explain a two-step corporate action: Viking Cake Fuel, LLC transferred 5,809,390 Class C shares and corresponding LLC units to Viking Cake BR, LLC, and Viking Cake then distributed those shares/units in exchange for membership interests of certain members.

Key Details

• Transaction date: March 20, 2026; Form 4 filed March 23, 2026 (timely).
• Reported price/value: $0.00 per share — no cash proceeds reported (internal transfer/distribution).
• Shares involved: 5,809,390 Class C common shares (reported twice to reflect transfer then distribution).
• Ownership after transaction: Shares are held by Viking Cake and its wholly-owned subsidiary Viking Cake Fuel; Hernandez reports voting and investment power over those entities but disclaims beneficial ownership except to the extent of his pecuniary interest (per footnote).
• Footnotes of note:
  • F1–F3: LLC units correspond to membership units of the OpCo and equivalent Class C shares; Class C shares convertible to Class A on a one-for-one basis and subject to auto-conversion rules.
  • F4 explains the two-step transfer/distribution that produced the duplicate entries.
  • F5 clarifies Hernandez’s control over Viking Cake/Viking Cake Fuel and his disclaimer of direct beneficial ownership.

Context

• This filing documents internal transfers among affiliated entities (derivative/LLC-unit restructuring) rather than a market sale or purchase. For retail investors, such transfers do not necessarily signal buying or selling intent by the individual — they reflect corporate/entity-level reorganizations. As a reported 10% owner, Hernandez’s filing indicates control via entities, not a routine executive open-market trade.