# EDGAR Filing Document

**Accession Number:** 0001763409
**File Stem:** 0001763409-25-000003
**Filing Date:** 2025-11
**Character Count:** 24409
**Document Hash:** 6a7e26a1b6c4487ecbf2342d5726c98b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001763409-25-000003.hdr.sgml**: 20251107

**ACCESSION NUMBER**: 0001763409-25-000003

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13G

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20251107

**DATE AS OF CHANGE**: 20251107

**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 13G
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-95250
- **FILM NUMBER:** 251463317

**BUSINESS ADDRESS:**
- **STREET 1:** 9170 E. BAHLA DRIVE, SUITE 101
- **CITY:** SCOTTSDALE
- **STATE:** AZ
- **ZIP:** 85260
- **BUSINESS PHONE:** (458) 256-9668

**MAIL ADDRESS:**
- **STREET 1:** 9170 E. BAHLA DRIVE, SUITE 101
- **CITY:** SCOTTSDALE
- **STATE:** AZ
- **ZIP:** 85260
**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 13G

**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

## Exhibit 99.1

**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 13G 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 November 7, 2025.

**The Cynosure Group, LLC**

---

| | |
|:---|:---|
| By: | /s/ Andrew Braithwaite |
| Name: | Andrew Braithwaite |
| Client | Authorized Signatory |

---

**Cynosure Partners 2020, LP**

---

| | |
|:---|:---|
| By: | /s/ Andrew Braithwaite |
| Name: | Andrew Braithwaite |
| Client | Authorized Signatory |

---

**Cynosure Partners 2020 PV, LP**

---

| | |
|:---|:---|
| By: | /s/ Andrew Braithwaite |
| Name: | Andrew Braithwaite |
| Client | Authorized Signatory |

---

**Cynosure Partners 2020 Co-Investment, LLC (for and on behalf of Series A members)**

---

| | |
|:---|:---|
| By: | /s/ Andrew Braithwaite |
| Name: | Andrew Braithwaite |
| Client | Authorized Signatory |

---

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

---

| | |
|:---|:---|
| By: | /s/ Andrew Braithwaite |
| Name: | Andrew Braithwaite |
| Client | Authorized Signatory |

---

**Cynosure Partners III, LP**

---

| | |
|:---|:---|
| By: | /s/ Andrew Braithwaite |
| Name: | Andrew Braithwaite |
| Client | Authorized Signatory |

---

**Cynosure Partners III Offshore, LP**

---

| | |
|:---|:---|
| By: | /s/ Andrew Braithwaite |
| Name: | Andrew Braithwaite |
| Client | Authorized Signatory |

---

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

## SCHEDULE 13G

### Under the Securities Exchange Act of 1934

**Issuer:** Black Rock Coffee Bar, Inc.

**Title of Class of Securities:** Class A common stock, par value $0.00001 per share

**CUSIP Number:** 092244102

**Date of Event Which Requires Filing of this Statement:** 09/30/2025

**Check the appropriate box to designate the rule pursuant to which this Schedule is filed:**

- [ ] Rule 13d-1(b)

- [ ] Rule 13d-1(c)

- [x] Rule 13d-1(d)

---

| 1. | Names of Reporting Persons<br>Cynosure Group, LLC | Names of Reporting Persons<br>Cynosure Group, LLC |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>UT | Citizenship or Place of Organization<br>UT |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>8188604.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>8188604.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>8188604.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>8188604.00 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>32.3% | Percent of Class Represented by Amount in Row (9)<br>32.3% |
| 12. | Type of Reporting Person (See Instructions)<br>IA | Type of Reporting Person (See Instructions)<br>IA |

**Comment for Type of Reporting Person:** The number in Rows (6), (8) and (9) consists of (a) 316,012 shares of Class A Common Stock held by Cynosure Partners III Offshore, LP and (b) 7,875,592 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) 2,190,692 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 (11) is calculated assuming 17,478,452 shares of Class A common stock outstanding plus 7,875,592 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.

---

| 1. | Names of Reporting Persons<br>Cynosure Partners 2020, LP | Names of Reporting Persons<br>Cynosure Partners 2020, LP |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>DE | Citizenship or Place of Organization<br>DE |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>3514041.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>3514041.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>3514041.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>3514041.00 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>16.7% | Percent of Class Represented by Amount in Row (9)<br>16.7% |
| 12. | Type of Reporting Person (See Instructions)<br>PN | Type of Reporting Person (See Instructions)<br>PN |

**Comment for Type of Reporting Person:** The percentage in Row (11) is calculated assuming 17,478,452 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.

---

| 1. | Names of Reporting Persons<br>Cynosure Partners 2020 PV, LP | Names of Reporting Persons<br>Cynosure Partners 2020 PV, LP |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>DE | Citizenship or Place of Organization<br>DE |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>260660.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>260660.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>260660.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>260660.00 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>1.5% | Percent of Class Represented by Amount in Row (9)<br>1.5% |
| 12. | Type of Reporting Person (See Instructions)<br>PN | Type of Reporting Person (See Instructions)<br>PN |

**Comment for Type of Reporting Person:** The percentage in Row (11) is calculated assuming 17,478,452 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.

---

| 1. | Names of Reporting Persons<br>Cynosure Partners 2020 Co-investment, LLC (for and on behalf of Series A members) | Names of Reporting Persons<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>(a) [ ] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>DE | Citizenship or Place of Organization<br>DE |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>660106.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>660106.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>660106.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>660106.00 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>3.6% | Percent of Class Represented by Amount in Row (9)<br>3.6% |
| 12. | Type of Reporting Person (See Instructions)<br>OO | Type of Reporting Person (See Instructions)<br>OO |

**Comment for Type of Reporting Person:** The percentage in Row (11) is calculated assuming 17,478,452 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.

---

| 1. | Names of Reporting Persons<br>Cynosure Partners 2020 Co-Investment, LLC (for and on behalf of Series B members) | Names of Reporting Persons<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>(a) [ ] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>DE | Citizenship or Place of Organization<br>DE |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>1247093.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>1247093.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>1247093.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>1247093.00 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>6.7% | Percent of Class Represented by Amount in Row (9)<br>6.7% |
| 12. | Type of Reporting Person (See Instructions)<br>OO | Type of Reporting Person (See Instructions)<br>OO |

**Comment for Type of Reporting Person:** The percentage in Row (11) is calculated assuming 17,478,452 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.

---

| 1. | Names of Reporting Persons<br>Cynosure Partners III, LP | Names of Reporting Persons<br>Cynosure Partners III, LP |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>DE | Citizenship or Place of Organization<br>DE |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>2190692.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>2190692.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>2190692.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>2190692.00 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>11.1% | Percent of Class Represented by Amount in Row (9)<br>11.1% |
| 12. | Type of Reporting Person (See Instructions)<br>PN | Type of Reporting Person (See Instructions)<br>PN |

**Comment for Type of Reporting Person:** The percentage in Row (11) is calculated assuming 17,478,452 shares of Class A common stock outstanding plus 2,190,692 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.

---

| 1. | Names of Reporting Persons<br>Cynosure Partners III Offshore, LP | Names of Reporting Persons<br>Cynosure Partners III Offshore, LP |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>UT | Citizenship or Place of Organization<br>UT |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>316012.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>316012.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>316012.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>316012.00 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>1.8% | Percent of Class Represented by Amount in Row (9)<br>1.8% |
| 12. | Type of Reporting Person (See Instructions)<br>PN | Type of Reporting Person (See Instructions)<br>PN |

**Comment for Type of Reporting Person:** The percentage in Row (11) is calculated assuming 17,478,452 shares of Class A common stock outstanding.

---

**Item 1(a). Name of Issuer:**
Black Rock Coffee Bar, Inc.

**Item 1(b). Address of Issuer's Principal Executive Offices:**
9170 E. BAHIA DRIVE, SUITE 101, SCOTTSDALE, ARIZONA, 85260.

**Item 2(a). Name of Person Filing:**
This Statement is filed on behalf of the following persons (each, a "Reporting Person" and collectively, the "Reporting Persons"):

(i)	The Cynosure Group, LLC
(ii)	Cynosure Partners 2020, LP
(iii)	Cynosure Partners 2020 PV, LP
(iv)	Cynosure Partners 2020 Co-Investment, LLC (for and on behalf of Series A members)
(v)	Cynosure Partners 2020 Co-Investment, LLC (for and on behalf of Series B members)
(vi)	Cynosure Partners III, LP
(vii)	Cynosure Partners III Offshore, LP

**Item 2(b). Address of Principal Business Office:**
The principal business office of each Reporting Person:

111 S. Main Street, Suite 2350, Salt Lake City, UT 84111

**Item 2(c). Citizenship:**
See responses to Item 4 on each of the cover pages.

**Item 2(d). Title of Class of Securities:**
Class A common stock, par value $0.00001 per share

**Item 2(e). CUSIP Number:**
092244102

**Item 3. If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:**

(a) [ ] Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o).

(b) [ ] Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c).

(c) [ ] Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c).

(d) [ ] Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8).

(e) [ ] An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);

(f) [ ] An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);

(g) [ ] A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);

(h) [ ] A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);

(i) [ ] A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);

(j) [ ] A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), if filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:

(k) [ ] Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).

**Item 4. Ownership:**

**(a) Amount beneficially owned:**

See responses to Item 9 on each of the cover pages.
The Class A and Class B shares reported herein are held by Cynosure Partners III Offshore, LP, Cynosure Partners 2020, LP, Cynosure Partners 2020 PV, LP, Cynosure Partners 2020 Co-Investment, LLC (for and on behalf of Series A members), Cynosure Partners 2020 Co-Investment, LLC (for and on behalf of Series B members),and 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.  Each of the Reporting Persons disclaims beneficial ownership of the securities of the Issuer held directly by any of the other Reporting Persons except to the extent of their pecuniary interest therein.

**(b) Percent of class:**

See responses to Item 11 on each of the cover pages.

**(c) Number of shares as to which the person has:**

**(i) Sole power to vote or to direct the vote:**

See responses to Item 5 on each of the cover pages.

**(ii) Shared power to vote or to direct the vote:**

See responses to Item 6 on each of the cover pages.

**(iii) Sole power to dispose or to direct the disposition of:**

See responses to Item 7 on each of the cover pages.

**(iv) Shared power to dispose or to direct the disposition of:**

See responses to Item 8 on each of the cover pages.

**Item 5. Ownership of Five Percent or Less of a Class.**

[x] If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following.

**Item 6. Ownership of More than 5 Percent on Behalf of Another Person.**

Not Applicable

**Item 7. Identification and Classification of the Subsidiary**

Not Applicable

**Item 8. Identification and Classification of Members of the Group**

Not Applicable

**Item 9. Notice of Dissolution of Group**

Not Applicable

**Item 10. Certification:**

—

### 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.

**Cynosure Group, LLC**

**Date:** 11/07/2025

**By:** Andrew Braithwaite

**Name & Title:** Authorized Signatory

**Cynosure Partners 2020, LP**

**Date:** 11/07/2025

**By:** Andrew Braithwaite

**Name & Title:** Authorized Signatory

**Cynosure Partners 2020 PV, LP**

**Date:** 11/07/2025

**By:** Andrew Braithwaite

**Name & Title:** Authorized Signatory

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

**Date:** 11/07/2025

**By:** Andrew Braithwaite

**Name & Title:** Authorized Signatory

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

**Date:** 11/07/2025

**By:** Andrew Braithwaite

**Name & Title:** Authorized Signatory

**Cynosure Partners III, LP**

**Date:** 11/07/2025

**By:** Andrew Braithwaite

**Name & Title:** Authorized Signatory

**Cynosure Partners III Offshore, LP**

**Date:** 11/07/2025

**By:** Andrew Braithwaite

**Name & Title:** Authorized Signatory