# EDGAR Filing Document

**Accession Number:** 0001763409
**File Stem:** 0001763409-26-000001
**Filing Date:** 2026-5
**Character Count:** 34099
**Document Hash:** d4ae9ad111252f30c832a903e804e051
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001763409-26-000001.hdr.sgml**: 20260521

**ACCESSION NUMBER**: 0001763409-26-000001

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20260521

**DATE AS OF CHANGE**: 20260521

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Black Rock Coffee Bar, Inc.
- **CENTRAL INDEX KEY:** 0002068577
- **STANDARD INDUSTRIAL CLASSIFICATION:** RETAIL-EATING & DRINKING PLACES [5810]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-95250
- **FILM NUMBER:** 261010571

**BUSINESS ADDRESS:**
- **STREET 1:** 9170 E. BAHIA DRIVE, SUITE 101
- **CITY:** SCOTTSDALE
- **STATE:** AZ
- **BUSINESS PHONE:** (458) 256-9668

**MAIL ADDRESS:**
- **STREET 1:** 9170 E. BAHIA DRIVE, SUITE 101
- **CITY:** SCOTTSDALE
- **STATE:** AZ
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Cynosure Group, LLC
- **CENTRAL INDEX KEY:** 0001763409

**ORGANIZATION NAME:**
- **EIN:** 472392807
- **STATE OF INCORPORATION:** UT
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D

**BUSINESS ADDRESS:**
- **STREET 1:** 111 S. MAIN STREET, SUITE 2350
- **CITY:** SALT LAKE CITY
- **STATE:** UT
- **ZIP:** 84111
- **BUSINESS PHONE:** 8015213500

**MAIL ADDRESS:**
- **STREET 1:** 111 S. MAIN STREET, SUITE 2350
- **CITY:** SALT LAKE CITY
- **STATE:** UT
- **ZIP:** 84111

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Cynosure Management, LLC
- **DATE OF NAME CHANGE:** 20221114

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CYNOSURE MANAGEMENT, LLC
- **DATE OF NAME CHANGE:** 20190103

## Ex-99.A

**EXHIBIT A**

**Joint Filing Agreement**

In accordance with Rule 13d-1(k) under the Securities Exchange Act of 1934, as amended, the undersigned hereby agree to the joint filing with each other of the attached statement on Schedule 13D and to all amendments to such statement and that such statement and all amendments to such statement are made on behalf of each of them.

IN WITNESS WHEREOF, the undersigned have executed this agreement on May 21, 2026

---

| | |
|:---|:---|
| **The Cynosure Group, LLC** | **The Cynosure Group, LLC** |
| By: |  |
| Name: | Andrew Braithwaite |
| Title: | Authorized Signatory |

---

---

| | |
|:---|:---|
| **Cynosure Partners 2020, LP** | **Cynosure Partners 2020, LP** |
| By: |  |
| Name: | Andrew Braithwaite |
| Title: | Authorized Signatory |

---

---

| | |
|:---|:---|
| **Cynosure Partners 2020 PV, LP** | **Cynosure Partners 2020 PV, LP** |
| By: |  |
| Name: | Andrew Braithwaite |
| Title: | Authorized Signatory |

---

---

| | |
|:---|:---|
| **Cynosure Partners 2020 Co-Investment, LLC** | **Cynosure Partners 2020 Co-Investment, LLC** |
| By: |  |
| Name: | Andrew Braithwaite |
| Title: | Authorized Signatory |

---

---

| | |
|:---|:---|
| **Cynosure Partners III, LP** | **Cynosure Partners III, LP** |
| By: |  |
| Name: | Andrew Braithwaite |
| Title: | Authorized Signatory |

---

---

| | |
|:---|:---|
| **Cynosure Partners III Offshore, LP** | **Cynosure Partners III Offshore, LP** |
| By: |  |
| Name: | Andrew Braithwaite |
| Title: | Authorized Signatory |

---

Page **16** of **16**

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**Black Rock Coffee Bar, Inc.**

*(Name of Issuer)*

**Class A Common Stock, par value $0.00001 per share**

*(Title of Class of Securities)*

**—**

*(CUSIP Number)*

**Emily M. Teran**<br>c/o Cynosure Group, LLC<br>111 S. Main Street, Suite 2350<br>Salt Lake City UT 84111<br>801-521-3100

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

**05/15/2026**

*(Date of Event Which Requires Filing of this Statement)*

| **CUSIP No.** | **—** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Cynosure Group, LLC** | Name of reporting person<br>**Cynosure Group, LLC** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**UTAH** | Citizenship or place of organization<br>**UTAH** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**21831316.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**21831316.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**21831316.00** | Aggregate amount beneficially owned by each reporting person<br>**21831316.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**52.6%** | Percent of class represented by amount in Row (11)<br>**52.6%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IA** | Type of Reporting Person (See Instructions)<br>**IA** | |

---

**Comment for Reporting Person:** The number in Rows (8), (10) and (11) consists of (a) 2,035,904 shares of Class A Common Stock, comprised of (i) 1,916,012 shares of Class A Common Stock held by Cynosure Partners III Offshore, LP and (ii) 119,892 shares of Class A Common Stock held by Cynosure Partners III, LP and (b) 19,795,412 shares of Class A Common Stock issuable upon the conversion of an equal number of limited liability company units ("LLC Units") of Black Rock Coffee Holdings, LLC, a Delaware limited liability company and subsidiary of the Issuer, on a one-for-one basis, and forfeiture of a corresponding number of shares of Class B Common Stock, comprised of (i) 3,514,041 shares of Class B Common Stock held by Cynosure Partners 2020, LP, (ii) 260,660 shares of Class B Common Stock held by Cynosure Partners 2020 PV, LP, (iii) 660,106 shares of Class B Common Stock held by Cynosure Partners 2020 Co-Investment, LLC (for and on behalf of Series A members), (iv) 1,247,093 shares of Class B Common Stock held by Cynosure Partners 2020 Co-Investment, LLC (for and on behalf of Series B members), and (v) 14,113,512 shares of Class B Common Stock held by Cynosure Partners III, LP. The Cynosure Group, LLC, is the manager for, and has sole voting and investment power with respect to, the shares of Class A and Class B Common Stock held by the Reporting Persons.
The percentage in Row (13) is calculated assuming 21,692,785 shares of Class A common stock outstanding plus 19,795,412 shares of Class A common stock issuable in respect of an equivalent number of LLC Units and shares of Class B Common Stock held by the Reporting Persons.

| **CUSIP No.** | **—** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Cynosure Partners 2020, LP** | Name of reporting person<br>**Cynosure Partners 2020, LP** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**3514041.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**3514041.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**3514041.00** | Aggregate amount beneficially owned by each reporting person<br>**3514041.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**13.9%** | Percent of class represented by amount in Row (11)<br>**13.9%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**PN** | Type of Reporting Person (See Instructions)<br>**PN** | |

---

**Comment for Reporting Person:** The percentage in Row (13) is calculated assuming 21,692,785 shares of Class A Common Stock outstanding plus 3,514,041 shares of Class A common stock issuable in respect of an equivalent number of LLC Units and shares of Class B Common Stock held by Cynosure Partners 2020, LP.

| **CUSIP No.** | **—** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Cynosure Partners 2020 PV, LP** | Name of reporting person<br>**Cynosure Partners 2020 PV, LP** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**260660.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**260660.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**260660.00** | Aggregate amount beneficially owned by each reporting person<br>**260660.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**1.2%** | Percent of class represented by amount in Row (11)<br>**1.2%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**PN** | Type of Reporting Person (See Instructions)<br>**PN** | |

---

**Comment for Reporting Person:** The percentage in Row (13) is calculated assuming 21,692,785 shares of Class A Common Stock outstanding plus 260,660 shares of Class A common stock issuable in respect of an equivalent number of LLC Units and shares of Class B Common Stock held by Cynosure Partners 2020 PV, LP.

| **CUSIP No.** | **—** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Cynosure Partners 2020 Co-investment, LLC (for and on behalf of Series A members)** | Name of reporting person<br>**Cynosure Partners 2020 Co-investment, LLC (for and on behalf of Series A members)** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**660106.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**660106.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**660106.00** | Aggregate amount beneficially owned by each reporting person<br>**660106.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**3.0%** | Percent of class represented by amount in Row (11)<br>**3.0%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

**Comment for Reporting Person:** The percentage in Row (13) is calculated assuming 21,692,785 shares of Class A Common Stock outstanding plus 660,106 shares of Class A common stock issuable in respect of an equivalent number of LLC Units and shares of Class B Common Stock held by Cynosure Partners 2020 Co-Investment, LLC for and on behalf of Series A members.

| **CUSIP No.** | **—** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Cynosure Partners 2020 Co-Investment, LLC (for and on behalf of Series B members)** | Name of reporting person<br>**Cynosure Partners 2020 Co-Investment, LLC (for and on behalf of Series B members)** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**1247093.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**1247093.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**1247093.00** | Aggregate amount beneficially owned by each reporting person<br>**1247093.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**5.4%** | Percent of class represented by amount in Row (11)<br>**5.4%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

**Comment for Reporting Person:** The percentage in Row (13) is calculated assuming 21,692,785 shares of Class A Common Stock outstanding plus 1,247,093 shares of Class A common stock issuable in respect of an equivalent number of LLC Units and shares of Class B Common Stock held by Cynosure Partners 2020 Co-Investment, LLC for and on behalf of Series B members.

| **CUSIP No.** | **—** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Cynosure Partners III, LP** | Name of reporting person<br>**Cynosure Partners III, LP** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**14233404.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**14233404.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**14233404.00** | Aggregate amount beneficially owned by each reporting person<br>**14233404.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**39.6%** | Percent of class represented by amount in Row (11)<br>**39.6%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**PN** | Type of Reporting Person (See Instructions)<br>**PN** | |

---

**Comment for Reporting Person:** The percentage in Row (13) is calculated assuming 21,692,785 shares of Class A Common Stock outstanding plus 14,113,512 shares of Class A Common Stock issuable in respect of an equivalent number of LLC Units and shares of Class B Common Stock held by Cynosure Partners III, LP.

| **CUSIP No.** | **—** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Cynosure Partners III Offshore, LP** | Name of reporting person<br>**Cynosure Partners III Offshore, LP** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**CAYMAN ISLANDS** | Citizenship or place of organization<br>**CAYMAN ISLANDS** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**1916012.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**1916012.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**1916012.00** | Aggregate amount beneficially owned by each reporting person<br>**1916012.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**8.8%** | Percent of class represented by amount in Row (11)<br>**8.8%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**PN** | Type of Reporting Person (See Instructions)<br>**PN** | |

---

**Comment for Reporting Person:** The percentage in Row (13) is calculated assuming 21,692,785 shares of Class A Common Stock outstanding.

**Item 1. Security and Issuer**

**(a) Title of Class of Securities:**
Class A Common Stock, par value $0.00001 per share

**(b) Name of Issuer:**
Black Rock Coffee Bar, Inc.

**(c) Address of Issuer's Principal Executive Offices:**
9170 E. BAHIA DRIVE, SUITE 101, SCOTTSDALE, AZ, 85260

This Schedule 13D (the "Statement") relates to the beneficial ownership of the Reporting Persons (defined below) of the Class A common stock, par value $0.00001 per share (the "Class A Common Stock") of Black Rock Coffee Bar, Inc., a company incorporated in Delaware (the "Company"), whose principal executive offices are located at 9170 E. Bahia Drive, Suite 101, Scottsdale, Arizona 85260.
The Reporting Persons were initially eligible to file a Schedule 13G under Rule 13d-1(d) of the Exchange Act. On May 15, 2026, the Reporting Persons acquired shares of the Company's Class A Common Stock representing more than two percent of the outstanding shares of Class A Common Stock during the prior twelve-month period. Therefore, the Reporting Persons are no longer eligible to file a Schedule 13G under Rule 13d-1(d) and are now filing this Statement.

**Item 4. Purpose of Transaction**

The Reporting Persons acquired the securities reported herein for investment purposes.
The Reporting Persons may have influence over the corporate activities of the Issuer, including activities that may relate to items described in subparagraphs (a) through (j) of Item 4 of Schedule 13D.  The Reporting Persons have certain rights under the Issuer's Amended and Restated Certificate of Formation, which are described in Item 6 and incorporated by reference herein. The Reporting Persons have designated Andrew Braithwaite, a Managing Director of The Cynosure Group, LLC, as the Cynosure Nominee, and in such capacity, he may have influence over the corporate activities of the Issuer.
Representatives of the Reporting Persons expect to conduct discussions from time to time with management of the Issuer, other stockholders of the Issuer or other relevant parties that may include matters relating to the financial condition, strategy, business, assets, operations, capital structure and strategic plans of the Issuer. In addition to the foregoing, the Reporting Persons may engage the Issuer, other stockholders of the Issuer or other relevant parties in discussions that may include one or more of the other actions described in subsections (a) through (j) of Item 4 of Schedule 13D.
The Reporting Persons expect that they will continuously review their investment position in the common stock or the Company and may, depending on the Company's performance and other market conditions, increase or decrease their investment position in the common stock. The Reporting Persons may, from time to time, make additional purchases of common stock either in the open market or in privately-negotiated transactions, depending upon the Reporting Persons' evaluation of the Company's business, prospects and financial condition, the market for the common stock, other opportunities available to the Reporting Persons, general economic conditions, stock market conditions and other factors. Depending upon the factors noted above, the Reporting Persons may also decide to hold or dispose of all or part of their investments in the common stock and/or enter into derivative transactions with institutional counterparties with respect to the Company's securities, including the common stock.
Except as set forth in this Item 4 or Item 6 below, the Reporting Persons have no present plans or proposals that relate to, or that would result in, any of the actions specified in clauses (a) through (j) of Item 4 of Schedule 13D of the Exchange Act.

**Item 5. Interest in Securities of the Issuer**

**(a)**
The information set forth in rows 8, 10, 11, and 13 of the cover pages to this Schedule 13D is incorporated herein by reference. The percentages used herein are based on 21,572,893 shares of Class A Common Stock outstanding as of May 11, 2026, as reported by the Issuer in its Form 10-Q filed with the Securities and Exchange Commission on May 13, 2026, plus 119,892 shares of Class A Common Stock issued in connection with the notice of conversion described in Item 3 above, plus, as applicable, the number of shares of Class A Common Stock issuable in respect of an equivalent number of LLC Units and Class B Common Stock held by each Reporting Person.

**(b)**
The information set forth in rows 8 and 10 of the cover pages to this Schedule 13D is incorporated herein by reference.

**(c)**
Except as described herein, none of the Reporting Persons has effected any transaction in Common Stock in the past 60 days.

**Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.**

The Issuer's Amended and Restated Certificate of Formation requires the Issuer to take all necessary action to cause the slate of nominees recommended by the Board for election as directors to include one director designated by the Reporting Persons (the "Cynosure Nominee") at each applicable annual or special meeting of shareholders for so long as the Reporting Persons beneficially own, on a collective basis, at least 7.5% of the Issuer's outstanding common Stock. Subject to certain limitations, the Reporting Persons will have the exclusive right to replace the Cynosure Nominee and fill any vacancy created by reason of death, removal, or resignation of the Cynosure Nominee. The Reporting Persons will have the right, but not the obligation to designate the Cynosure Nominee to each committee of the Board, provided the Cynosure Nominee remains eligible to serve on the applicable committee under applicable laws, stock exchange listing standards and the rules and regulations of the SEC, including any requisite independence requirements applicable at such time to any committee of the Board. For so long as the Reporting Persons have the right to nominate the Cynosure Nominee, the reporting Persons will also have the right to appoint, remove and replace from time to time one person to act as a nonvoting observer to the Board and each committee thereof, subject to such observer entering into a confidentiality agreement with the Issuer.
The Issuer's Amended and Restated Certificate of Formation and bylaws also require that, for so long as the Sponsor beneficially owns, on a collective basis, at least 7.5% of the Issuer's outstanding common stock, subject to certain limitations: (a) the Cynosure Nominee is provided reasonable prior notice of material actions to be taken by the Board by written consent; (b) any proposed transaction outside of the ordinary course of business that would be required to be disclosed by the Issuer pursuant to Item 404 of Regulation S-K of the Securities Act be approved by a majority of the members of the Audit Committee; (c) the size of the Board may not be increased to be greater than nine (9) directors without the approval of the Cynosure Nominee; and (d) approval of at least 66 2/3% of the Board is required for (i) the incurrence, assumption or guarantee of any indebtedness outside of the ordinary course of business resulting in a net debt leverage ratio exceeding 2.0; (ii) the termination of the Company's Chief Executive Officer; or (iii) material changes to the compensation of any Director.
In addition, in connection with the Issuer's initial public offering, the Reporting Persons entered into the following agreements:
(1) the Seventh Amended and Restated Limited Liability Company Agreement of Black Rock OpCo, which, among other things, effected a recapitalization in which all existing ownership interests in Black Rock OpCo were converted into one class of LLC Units;
(2) a tax receivable agreement (the "Tax Receivable Agreement"), pursuant to which the Issuer is required to make cash payments to the TRA Parties (as defined therein) equal to 85% of the tax benefits, if any, that the Issuer actually realizes, or in certain circumstances are deemed to realize, as a result of (a) Basis Adjustments (as defined therein) and (b) certain tax benefits arising from payments under the Tax Receivable Agreement;
(3) a registration rights agreement (the "Registration Rights Agreement"), which provides the Reporting Persons with certain demand registration rights, including shelf registration rights, in respect of any shares of the Issuer's common stock held by them, subject to certain conditions, In addition, in the event that the Issuer registers additional shares of Common Stock for sale to the public following the completion of the IPO, the Issuer will be required to give notice of such registration to the Reporting Persons and, subject to certain limitations, include shares of Common Stock held by them in such registration; and
(4) a voting agreement (the "Sponsor Voting Agreement"), pursuant to which and subject to the exceptions set forth therein, the Reporting Persons, for so long as it has the right to nominate the Cynosure Nominee, agrees to vote its shares of Common Stock in favor of the election of the co-founders that are nominated for election to the Board
On May 15, 2026, in connection with the acquisition of securities reported herein, the Reporting Persons entered into the Purchase Agreement, which is described in Item 3 of this Schedule 13D and incorporated by reference to this Item 6.
In addition, on May 15, 2026, the Sponsor Voting Agreement was terminated and the Reporting Persons entered into an amendment to the Registration Rights Agreement, pursuant to which the number of Demand Registration Requests (as defined therein) that the Cynosure Investors (as defined therein) may request was increased from three to four.
The summaries of the foregoing agreements in Item 6 of this Schedule 13D are qualified in their entirety by reference to the full text of such agreements, which are incorporated herein by reference.
Except as set forth herein, the Reporting Persons have no contracts, arrangements, understandings or relationships (legal or otherwise) with any person with respect to any securities of the Issuer, including but not limited to any contracts, arrangements, understandings or relationships concerning the transfer or voting of such securities, finder's fees, joint ventures, loan or option arrangements, puts or calls, guarantees of profits, division of profits or losses, or the giving or withholding of proxies.

### 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.

**Reporting Person:** Cynosure Group, LLC

**Signature:** Andrew Braithwaite

**Name/Title:** Authorized Signatory

**Date:** 05/21/2026

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.

**Reporting Person:** Cynosure Partners 2020, LP

**Signature:** Andrew Braithwaite

**Name/Title:** Authorized Signatory

**Date:** 05/21/2026

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.

**Reporting Person:** Cynosure Partners 2020 PV, LP

**Signature:** Andrew Braithwaite

**Name/Title:** Authorized Signatory

**Date:** 05/21/2026

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.

**Reporting Person:** Cynosure Partners 2020 Co-investment, LLC (for and on behalf of Series A members)

**Signature:** Andrew Braithwaite

**Name/Title:** Authorized Signatory

**Date:** 05/21/2026

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.

**Reporting Person:** Cynosure Partners 2020 Co-Investment, LLC (for and on behalf of Series B members)

**Signature:** Andrew Braithwaite

**Name/Title:** Authorized Signatory

**Date:** 05/21/2026

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.

**Reporting Person:** Cynosure Partners III, LP

**Signature:** Andrew Braithwaite

**Name/Title:** Authorized Signatory

**Date:** 05/21/2026

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.

**Reporting Person:** Cynosure Partners III Offshore, LP

**Signature:** Andrew Braithwaite

**Name/Title:** Authorized Signatory

**Date:** 05/21/2026