Viking Cake BR, LLC 4

What Happened

• Viking Cake BR, LLC (a reported 10% owner, including its subsidiary Viking Cake Fuel, LLC) reported sales on May 15, 2026 of two blocks of 5,809,391 LLC Units / Class C-linked shares (total 11,618,782). The filing lists the trades as sales of derivative-linked securities; the filing’s footnote states the LLC Units and Class C shares were sold for an aggregate amount of $41,698,806.43 (≈ $3.59 per unit when averaged). This was a sale (liquidity/repayment event), not a purchase.

Key Details

• Transaction date: 2026-05-15; Form 4 filed: 2026-05-19 (filed within the required two-business-day window).
• Reported sales: two entries of 5,809,391 units each; combined total = 11,618,782 units.
• Reported aggregate proceeds (footnote): $41,698,806.43 (filing shows per-entry price as N/A).
• Post-transaction shares owned: not stated in the supplied excerpt of the filing.
• Notable footnotes:
  • F1–F3: The sold LLC Units represent membership units of Black Rock Coffee Holdings, LLC and corresponding Class C common stock; Class C shares are convertible into Class A one-for-one and may auto-convert to Class B under specified conditions.
  • F4: The proceeds reflect payoff/repurchase tied to a Margin Loan Agreement with JPMorgan Chase (not a normal open-market trade of listed shares).
  • F5: Holdings are through Viking Cake BR, LLC and its wholly owned subsidiary.
• Transaction type: marked as derivative sale (S), not a simple open-market purchase by an individual insider.

Context

• This filing reflects an institutional/affiliate liquidity event (a 10% owner selling LLC Units/related Class C shares), apparently tied to satisfying margin loan obligations per the footnote—not a standard insider trading signal by an individual executive. Derivative/LLC-unit mechanics and conversion/cancellation rules (F1–F3) mean these units are not identical to straightforward Class A open-market shares; proceeds may reflect loan payoff terms rather than pure market sale price.