Hernandez Jeffrey Robert 4

What Happened

• Jeffrey Robert Hernandez, a director of Black Rock Coffee Bar, Inc. (BRCB), disposed of 5,809,391 derivative securities (LLC Units and corresponding Class C common shares) on May 15, 2026. The filing lists the transaction as a sale (S) of derivative securities; no per-share sale price is reported. Footnote disclosure states the LLC Units and Class C shares were sold for an aggregate amount of $41,698,806.43 in connection with satisfying a margin loan with JPMorgan Chase Bank, N.A.

Key Details

• Transaction date: 2026-05-15; Form 4 filed: 2026-05-19 (timely within required period).
• Transaction type: Sale of derivative securities (LLC Units and Class C common stock); reported as open market or private sale.
• Shares sold: 5,809,391 (reported twice in the filing reflecting the LLC Units and related Class C shares); per-share price: N/A; aggregate proceeds per footnote: $41,698,806.43.
• Shares owned after transaction: Not specified in the provided filing summary.
• Notable footnotes:
  • F1–F3: LLC Units represent membership units of the OpCo and an equal number of Class C shares; Class C shares can convert to Class A (holder election) or may be converted/cancelled under issuer election; automatic conversion to Class B occurs on certain conditions/dates.
  • F4: Sale proceeds represent the notional amount, accrued interest and a make-whole amount under a Margin Loan Agreement with JPMorgan.
  • F5: Securities were held by Viking Cake BR, LLC and its subsidiary (entities for which Hernandez has voting/investment power); Hernandez disclaims beneficial ownership except to the extent of pecuniary interest.

Context

• These were derivative/security-unit dispositions tied to LLC Units and Class C common stock and were disclosed as part of satisfying a margin loan — a financing-related sale rather than a simple open‑market personal sell for liquidity. Derivative/LLC Unit mechanics mean the sold interests had special conversion/repurchase features (see footnotes), which can make these transactions different from ordinary common‑stock trades. Sales do not necessarily indicate a change in the insider’s view of the company’s prospects.