Viking Cake details 24.9% Black Rock Coffee stake (BRCB)

Rhea-AI Filing Summary

Viking Cake BR, LLC and related parties amend their ownership filing for Black Rock Coffee Bar, Inc., reporting beneficial ownership of 5,809,391 shares equivalent of Class A Common Stock, or 24.9% of the class assuming conversion of their LLC Units.

The units are held through Viking Cake Fuel, LLC and paired with an equal number of Class C Common shares that are cancelled upon conversion. The ownership calculations assume 23,287,843 Class A shares would be outstanding after converting these units, based on 17,478,452 Class A shares outstanding as of March 1, 2026.

Daniel Brand and Jeffrey Hernandez are listed as reporting persons through their roles with Viking Cake, while each disclaims beneficial ownership beyond their pecuniary interest. Brand was removed on March 6, 2026 as investment advisor to two Hernandez family trusts and no longer has voting or investment power over shares held by those trusts. The group reports no other transactions in the past 60 days aside from those described in Item 4.

Key Figures

Beneficial ownership: 5,809,391 shares Percent of class: 24.9% Shares outstanding: 17,478,452 shares +2 more

5 metrics

Beneficial ownership 5,809,391 shares Class A Common Stock equivalent held via LLC Units

Percent of class 24.9% Ownership of Class A Common Stock assuming unit conversion

Shares outstanding 17,478,452 shares Class A Common Stock outstanding as of March 1, 2026

Pro forma Class A shares 23,287,843 shares Assumes conversion of Viking Cake’s 5,809,391 LLC Units

Event date 03/06/2026 Date requiring the amended Schedule 13D filing

Key Terms

beneficial ownership, LLC Units, Class C Common Stock, dispositive power, +2 more

6 terms

beneficial ownership financial

"Mr. Brand disclaims beneficial ownership of the shares held by Viking Cake except to the extent of his pecuniary interest therein."

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

LLC Units financial

"Amount in rows 7 and 9 consists of LLC Units of Black Rock OpCo and an equal number of shares of Class C Common Stock of the Issuer held by Viking Cake."

LLC units are ownership stakes in a limited liability company, similar to shares in a corporation; each unit represents a portion of the company’s profits, losses and often voting power. For investors, LLC units matter because they determine how much money and control someone gets, how easily an interest can be sold, and how income is taxed and reported — think of owning slices of a pie that also decide how the pie is cut and shared.

Class C Common Stock financial

"Upon any such redemption or exchange of LLC Units, the corresponding shares of Class C Common Stock will be cancelled."

A class C common stock is a type of company share that usually represents ownership but often carries limited or no voting power compared with other share classes. For investors, that matters because it can affect influence over company decisions and sometimes the stock’s price or dividend priority — think of it as owning a ticket to the same event but in a section with less say in how the event is run.

dispositive power financial

"Number of Shares Beneficially Owned by Each Reporting Person With: 9 | Sole Dispositive Power 5,809,391.00"

Dispositive power is the authority to decide the final outcome of an asset, legal claim, contract, or corporate action — in effect the power to dispose of or resolve something. For investors it matters because whoever holds that authority can determine who gets paid, who controls an asset or vote, and how risks and returns are allocated; think of it like holding the key that lets you lock in the winner or loser in a deal.

pecuniary interest financial

"Mr. Brand disclaims beneficial ownership of the shares held by Viking Cake except to the extent of his pecuniary interest therein."

Schedule 13D regulatory

"This Amendment No. 3 to the statement on (this "Amendment") amends the originally filed with the Securities and Exchange Commission on December 22, 2025."

A Schedule 13D is a legal document that investors file with regulators when they buy a large enough stake in a company to potentially influence its management or decisions. It provides details about the investor’s intention, ownership stake, and plans, helping other investors understand who is gaining control and what their motives might be.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 3)

Black Rock Coffee Bar, Inc.

(Name of Issuer)

Class A Common Stock

(Title of Class of Securities)

092244102

(CUSIP Number)

c/o Viking Cake BR, LLC
18625 Macalpine Loop,
Bend, OR, 97702
503-970-3376

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

03/06/2026

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

schemaVersion:

SCHEDULE 13D

CUSIP Number(s): 092244102

1

Name of reporting person

Viking Cake BR, LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 5,809,391.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 5,809,391.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

5,809,391.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

24.9 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

Amount in rows 7 and 9 consists of membership units ("LLC Units") of Black Rock Coffee Holdings, LLC ("Black Rock OpCo") and an equal number of shares of Class C Common Stock of Black Rock Coffee Bar, Inc. (the "Issuer") held by Viking Cake Fuel, LLC, which is a wholly owned subsidiary of Viking Cake BR, LLC. Holders of LLC Units may elect to have Black Rock OpCo redeem their LLC Units for either shares of 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), 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. The total outstanding shares of Class A Common Stock used in calculating the percent of class assumes the conversion of all of the Reporting Person's LLC Units into Class A Common Stock, resulting in a total of 23,287,843 shares of Class A Common Stock outstanding (which reflects the sum of (i) 17,478,452 shares of Class A Common Stock outstanding as of March 1, 2026 and (ii) 5,809,391 shares of Class A Common Stock issuable upon conversion of the Reporting Person's LLC Units).

SCHEDULE 13D

CUSIP Number(s): 092244102

1

Name of reporting person

Viking Cake Fuel, LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 5,809,391.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 5,809,391.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

5,809,391.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

24.9 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

Amount in rows 7 and 9 consists of LLC Units of Black Rock OpCo and an equal number of shares of Class C Common Stock of the Issuer held by Viking Cake Fuel, LLC. Holders of LLC Units may elect to have Black Rock OpCo redeem their LLC Units for either shares of 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), 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. The total outstanding shares of Class A Common Stock used in calculating the percent of class assumes the conversion of all of the Reporting Person's LLC Units into Class A Common Stock, resulting in a total of 23,287,843 shares of Class A Common Stock outstanding (which reflects the sum of (i) 17,478,452 shares of Class A Common Stock outstanding as of March 1, 2026 and (ii) 5,809,391 shares of Class A Common Stock issuable upon conversion of the Reporting Person's LLC Units).

SCHEDULE 13D

CUSIP Number(s): 092244102

1

Name of reporting person

Daniel Brand

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 5,809,391.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 5,809,391.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

5,809,391.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

24.9 %

14

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person:

Amount in rows 7 and 9 consists of LLC Units held by Viking Cake Fuel, LLC, which is a wholly owned subsidiary of Viking Cake BR, LLC (collectively, "Viking Cake"). Mr. Brand disclaims beneficial ownership of the shares held by Viking Cake except to the extent of his pecuniary interest therein. On March 6, 2026, Mr. Brand was removed as the investment advisor for the Jeffrey R. Hernandez 2021 Trust and the Tiffany S. Hernandez 2021 Trust. As a result of the removal, Mr. Brand no longer holds voting or investment power with respect to the shares held by the Jeffrey R. Hernandez 2021 Trust or the Tiffany S. Hernandez 2021 Trust. Holders of LLC Units may elect to have Black Rock OpCo redeem their LLC Units for either shares of 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), 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. The total outstanding shares of Class A Common Stock used in calculating the percent of class assumes the conversion of all of the Reporting Person's LLC Units into Class A Common Stock, resulting in a total of 23,287,843 shares of Class A Common Stock outstanding (which reflects the sum of (i) 17,478,452 shares of Class A Common Stock outstanding as of March 1, 2026 and (ii) 5,809,391 shares of Class A Common Stock issuable upon conversion of the Reporting Person's LLC Units).

SCHEDULE 13D

CUSIP Number(s): 092244102

1

Name of reporting person

Jeffrey Hernandez

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 5,809,391.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 5,809,391.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

5,809,391.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

24.9 %

14

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person:

Amount in rows 7 and 9 consists of LLC Units of Black Rock OpCo and an equal number of shares of Class C Common Stock of the Issuer held by Viking Cake. Viking Cake BR, LLC's managers are Jeffrey Hernandez and Daniel Brand. As a result, Messrs. Hernandez and Brand may be deemed to hold voting and investment power with respect to the shares held by Viking Cake BR, LLC. Holders of LLC Units may elect to have Black Rock OpCo redeem their LLC Units for either shares of 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), 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. Mr. Hernandez disclaims beneficial ownership of the shares held by Viking Cake BR, LLC except to the extent of his pecuniary interest therein. The total outstanding shares of Class A Common Stock used in calculating the percent of class assumes the conversion of all of the Reporting Person's LLC Units into Class A Common Stock, resulting in a total of 23,287,843 shares of Class A Common Stock outstanding (which reflects the sum of (i) 17,478,452 shares of Class A Common Stock outstanding as of March 1, 2026 and (ii) 5,809,391 shares of Class A Common Stock issuable upon conversion of the Reporting Person's LLC Units.

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Class A Common Stock
(b)	Name of Issuer: Black Rock Coffee Bar, Inc.
(c)	Address of Issuer's Principal Executive Offices: 9170 E. Bahia Drive, Suite 101, Scottsdale, ARIZONA , 85260.
Item 1 Comment: This Amendment No. 3 to the statement on Schedule 13D (this "Amendment") amends the Schedule 13D originally filed with the Securities and Exchange Commission on December 22, 2025, as amended by Amendment No. 1 filed on December 30, 2025 and Amendment No. 2 filed on March 24, 2026 (as so amended prior to the date hereof, the "Original Schedule 13D" and, as amended by this Amendment, the "Schedule 13D"). Capitalized terms used in this Amendment and not otherwise defined herein shall have the same meanings ascribed to them in the Original Schedule 13D. Except as otherwise provided herein, each Item of the Original Schedule 13D remains unchanged.
Item 5.	Interest in Securities of the Issuer
(a)	See Items 11 and 13 of each cover page.
(b)	See Items 7, 8, 9 and 10 of each cover page.
(c)	Except as set forth in Item 4 of this Amendment, which information is incorporated by reference into this Item 5(c), the Reporting Persons have not effected any transactions of the Class A Common Stock during the 60 days preceding the date of this report.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Viking Cake BR, LLC

Signature:	/s/ Daniel Brand
Name/Title:	Daniel Brand, Manager
Date:	04/09/2026

Viking Cake Fuel, LLC

Signature:	/s/ Jeffrey Hernandez
Name/Title:	Jeffrey Hernandez, Manager of Viking Cake BR, LLC, its Member
Date:	04/09/2026

Daniel Brand

Signature:	/s/ Daniel Brand
Name/Title:	Daniel Brand
Date:	04/09/2026

Jeffrey Hernandez

Signature:	/s/ Jeffrey Hernandez
Name/Title:	Jeffrey Hernandez
Date:	04/09/2026

FAQ

What ownership stake in BRCB does Viking Cake report in this amendment?

Viking Cake reports beneficial ownership of 5,809,391 shares equivalent of Class A Common Stock, representing 24.9% of Black Rock Coffee Bar, Inc.’s class. This percentage assumes all of its LLC Units are converted into Class A shares.

How is Viking Cake’s 24.9% BRCB stake calculated?

The 24.9% figure is based on 23,287,843 Class A shares assumed outstanding. This reflects 17,478,452 Class A shares outstanding as of March 1, 2026 plus 5,809,391 Class A shares issuable upon conversion of Viking Cake’s LLC Units.

Who are the reporting persons in this Black Rock Coffee Bar (BRCB) Schedule 13D/A?

The reporting persons are Viking Cake BR, LLC, its wholly owned subsidiary Viking Cake Fuel, LLC, and individuals Daniel Brand and Jeffrey Hernandez. Hernandez and Brand are managers of Viking Cake BR, LLC and may be deemed to share voting and investment power.

What change did Daniel Brand report regarding Hernandez family trusts in this BRCB filing?

On March 6, 2026, Daniel Brand was removed as investment advisor for the Jeffrey R. Hernandez 2021 Trust and the Tiffany S. Hernandez 2021 Trust, so he no longer holds voting or investment power over shares held by those trusts.

How can Viking Cake’s LLC Units in Black Rock Coffee Holdings be converted?

Holders of LLC Units may have Black Rock Coffee Holdings redeem units for Class A Common Stock on a one-for-one basis, or, at the issuer’s election, complete a direct exchange. The corresponding Class C Common shares are cancelled upon redemption or exchange.

Did the BRCB reporting group trade Class A shares shortly before this Schedule 13D/A?

The reporting group states that, other than the activity described in Item 4, they did not effect any transactions in Black Rock Coffee Bar, Inc. Class A Common Stock during the 60 days before the report’s date.