X0202 SCHEDULE 13G/A 0000895421-25-000568 0000895421 XXXXXXXX LIVE 2 Class A Common Stock 06/30/2026 0002068577 Black Rock Coffee Bar, Inc. 092244102 9170 E. BAHLA DRIVE, SUITE 101 SCOTTSDALE AZ 85260 Rule 13d-1(b) Morgan Stanley DE 0.00 1820199.00 0.00 1821203.00 1822533.00 8.2 HC CO Regarding the percent of class, see Item 4(b). Morgan Stanley Investment Management Inc. DE 0.00 1783859.00 0.00 1783859.00 1783859.00 8.0 IA CO Black Rock Coffee Bar, Inc. 9170 E. BAHLA DRIVE, SUITE 101, SCOTTSDALE, AZ, 85260 1: Morgan Stanley 2: Morgan Stanley Investment Management Inc. 1: 1585 Broadway, New York, NY 10036 ;2: 1585 Broadway New York, NY 10036 1: Delaware 2: Delaware N IA HC See the response(s) to Item 9 on the attached cover page(s). See the response(s) to Item 11 on the attached cover page(s). Such reported percent of Class A Common Stock is calculated in accordance with the SEC's rules for calculating "beneficial ownership," which requires the Reporting Persons to disregard the conversion of membership units of Black Rock Coffee Holdings, LLC ("LLC Units") (and the equivalent number of shares of Class B Common Stock and Class C Common Stock) that are not held by the Reporting Persons. Notwithstanding the foregoing, because the Class B Common Stock and Class C Common Stock vote together with the Class A Common Stock, a more accurate determination of the Reporting Persons' economic interest and voting/dispositive control of shares of Class A Common Stock would be to calculate the percent of class on a fully diluted basis (i.e., assume conversion of all LLC Units and corresponding cancellation of shares of Class B Common Stock and Class C Common Stock). Pursuant to such calculation, the Reporting Persons' beneficial ownership percentage is 3.6%, and, accordingly, the filing of this Statement is made on a voluntary basis. In this regard, the percent of class is calculated based upon 22,207,657 shares of Class A Common Stock outstanding as of June 30, 2026, as reported in the Issuer's Quarterly Report on Form 10-Q filed with the SEC on August 12, 2026, as increased by 27,865,022 shares of Class A Common Stock issuable upon the conversion of an equivalent number of membership units of LLC Units (and the cancellation of all outstanding shares of Class B Common Stock and Class C Common Stock). See the response(s) to Item 5 on the attached cover page(s). See the response(s) to Item 6 on the attached cover page(s). See the response(s) to Item 7 on the attached cover page(s). See the response(s) to Item 8 on the attached cover page(s). Y Y N See Exhibit 99.2 Y Y N By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11. * In Accordance with the Securities and Exchange Commission Release No. 34-39538 (January 12, 1998) (the "Release"), this filing reflects the securities beneficially owned, or that may be deemed to be beneficially owned, by certain operating units (collectively, the "MS Reporting Units") of Morgan Stanley and its subsidiaries and affiliates (collectively, "MS"). This filing does not reflect securities, if any, beneficially owned by any operating units of MS whose ownership of securities is disaggregated from that of the MS Reporting Units in accordance with the Release. EXHIBIT NO. EXHIBITS ------------------ ------------------------------------ 99.1 Joint Filing Agreement 99.2 Item 7 Information * Attention. Intentional misstatements or omissions of fact constitute federal criminal violations (see 18 U.S.C. 1001). Morgan Stanley Claire Gordon 08/14/2026 Morgan Stanley Investment Management Inc. Deidre A. Downes 08/14/2026