SCHEDULE: Gilder Gagnon Howe Discloses 9.2% Stake in Black Rock Coffee

Gilder Gagnon Howe & Co LLC has reported a 9.2% beneficial ownership stake in Black Rock Coffee Bar, Inc.'s Class A common stock.

Summary

• Gilder Gagnon Howe & Co LLC reported beneficial ownership of 1,411,127 shares of Black Rock Coffee Bar, Inc. Class A common stock.
• This ownership represents 9.2% of the total outstanding Class A common stock.
• The filing date for this disclosure was October 1, 2025, reflecting the ownership as of September 30, 2025.
• Gilder Gagnon Howe & Co LLC is classified as a broker or dealer.
• The reporting person holds shared dispositive power over all 1,411,127 shares, with no sole or shared voting power.
• The securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of the issuer.

Sentiment

Score: 5

Explanation: The filing is a factual disclosure of beneficial ownership and does not contain information that would inherently indicate a positive or negative sentiment regarding the issuer's performance or prospects.

Positives

• Disclosure of a significant institutional investor, Gilder Gagnon Howe & Co LLC, holding 9.2% of Class A common stock, which can be viewed as a vote of confidence.
• The investment is stated to be for ordinary course of business, indicating a passive, non-activist stance.

Negatives

• No sole voting or dispositive power is held by the reporting person, indicating a lack of direct control over the shares' voting or sale decisions.

Risks

• The reporting person explicitly states that the securities were not acquired or held for the purpose of changing or influencing the control of Black Rock Coffee Bar, Inc., meaning the investment is passive and will not drive strategic changes.
• While one or more persons have the right to receive dividends or proceeds, no single person's interest exceeds 5% of the Class A common stock, which could imply a dispersed beneficial ownership structure behind the reporting person.

Future Outlook

Not applicable as this filing is a disclosure of beneficial ownership and does not contain forward-looking statements or guidance from the issuer or the reporting person regarding future performance.

Industry Context

This filing represents a standard disclosure of significant institutional ownership, common for publicly traded companies. The reporting entity, Gilder Gagnon Howe & Co LLC, is a broker or dealer, indicating a professional investment firm's stake in Black Rock Coffee Bar, Inc. Such disclosures provide transparency on the institutional investor base, which is a routine aspect of market operations.

Stakeholder Impact

• Shareholders: Increased transparency regarding institutional holdings and the composition of the investor base.
• Market: Provides information on significant passive institutional investment, which can influence market perception and liquidity.

Key Dates

Keywords

Black Rock Coffee Bar, Gilder Gagnon Howe, Schedule 13G, Institutional Ownership, Class A Common Stock, Beneficial Ownership, SEC Filing, Broker Dealer