Viking Cake Fuel, LLC 4
4 · Black Rock Coffee Bar, Inc. · Filed Mar 23, 2026
Research Summary
AI-generated summary of this filing
Black Rock Coffee (BRCB) 10% Owner Viking Cake Fuel Sells 5.81M Shares
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.
Insider Transaction Report
Form 4
Viking Cake Fuel, LLC
10% Owner
Transactions
- Other
LLC Units
[F1][F4]2026-03-20−5,809,390→ 5,809,391 total→ Class A Common Stock (5,809,390 underlying) - Other
Class C Common Stock
[F2][F3][F4]2026-03-20−5,809,390→ 5,809,391 total→ Class A Common Stock (5,809,390 underlying)
Footnotes (4)
- [F1]LLC units ("LLC Units") represent the membership units of Black Rock Coffee Holdings, LLC ("Black Rock OpCo") and an equal number of shares of Class C common stock ("Class C Common Stock") of the Issuer. Holders may elect to have Black Rock OpCo redeem their LLC Units at any time for either shares of Class A common stock ("Class A Common Stock") on a one-for-one basis or, at the Issuer's election (determined solely by the Issuer's independent directors who are disinterested), a corresponding amount of cash, in either case, contributed to Black Rock OpCo by the Issuer, unless the Issuer elects, in its sole discretion (determined solely by the Issuer's independent directors who are disinterested), to effect such transaction as a direct exchange with the relevant holder. Upon any such redemption or exchange of LLC Units, the corresponding shares of Class C Common Stock will be cancelled.
- [F2]The Class C Common Stock is convertible at any time, at the holder's election, into Class A Common Stock on a one-for-one basis; provided that, at the Issuer's election (determined solely by the Issuer's independent directors who are disinterested), the Issuer may effect such exchange for a cash payment equal to a volume weighted average market price of one share of Class A Common Stock for each LLC Unit so redeemed.
- [F3]Each outstanding share of Class C Common Stock will automatically convert into one share of the Issuer's Class B common stock upon the earlier of (i) September 15, 2035 and (ii) with respect to Daniel Brand, Jeff Hernandez, Jake Spellmeyer and Bryan Pereboom (collectively, the "Co-Founders"), the date on which the aggregate number of shares of Class C Common Stock held by such Co-Founder or certain of their affiliates is less than thirty-three percent (33%) of the shares of Class C Common Stock held by such Co-Founder and certain of their affiliates as of September 15, 2025.
- [F4]On March 20, 2026, Viking Cake Fuel, LLC, which is a wholly-owned subsidiary of Viking Cake BR, LLC, transferred a total of 5,809,390 shares of Class C Common Stock and an equal number of LLC Units to Viking Cake BR, LLC.
Signature
/s/ Daniel Brand, as manager of Viking Cake Fuel, LLC|2026-03-23