Black Rock Coffee Bar, Inc. Liquidation Value
Cash & Equivalents
Key Metrics
Cash Liquidation Value
- Finance Lease Liability: not reported
Liquid Liquidation Value
- Finance Lease Liability: not reported
Operating Liquidation Value
- Finance Lease Liability: not reported
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Liquidation Ladder
| Metric | Total | Per Share |
|---|---|---|
| Cash Liquidation Value | $-164.43M | $-9.66 |
| Liquid Liquidation Value | $-160.84M | $-9.45 |
| Operating Liquidation Value | $-157.94M | $-9.28 |
Key Components (as of 2025-12-31)
| Cash & Equivalents | $28.41M |
| Accounts Receivable | $3.59M |
| Inventory | $2.90M |
| Current Liabilities | $38.58M |
| Long-term Debt | $25.92M |
| Op. Lease Liability | $128.34M |
| Finance Lease | N/A |
| Shares Outstanding | 17.0M |
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Historical
| Period | Cash | AR | Inventory | AP | Curr Liab | LT Debt | Op Lease | Fin Lease |
|---|---|---|---|---|---|---|---|---|
| 2025-12-31 | $28.41M | $3.59M | $2.90M | $12.13M | $38.58M | $25.92M | $128.34M | N/A |
| 2025-09-30 | $32.65M | $4.94M | $2.79M | $10.66M | $32.09M | $17.61M | $132.50M | N/A |
| 2024-12-31 | $10.23M | $4.41M | $2.06M | $6.62M | $33.30M | $89.27M | $107.00M | N/A |
SEC Filings
AI Insights
Black Rock Coffee Bar, Inc. (BRCB) filed its inaugural 10-K for the fiscal year ended December 31, 2025, following a September 15, 2025 IPO at $20.00 per share. Under the liquidation lens, equity recovery to Class A shareholders is deeply negative. MFFAIS estimates cash liquidation value at approximately -$164M and operating liquidation value at approximately -$158M, consistent with the balance sheet mechanics described below. Total assets of $336M are dominated by non-recoverable or deeply haircut items: operating lease ROU assets of $127M (zero recovery under liquidation), goodwill of $9.4M (zero recovery), finite-lived intangibles net of $5.8M (zero recovery), and PP&E net of $101M (50-70% recovery at best, implying roughly $51-71M recoverable). Cash of $28M recovers at par. The $53M deferred tax asset (DTA) reflects a step-up in the investment in Black Rock OpCo arising from IPO-related transactions; under liquidation, DTAs are generally unrealizable and should be discounted to zero or near-zero. Liability-side obligations held at face value are the primary recovery constraint: total operating lease liabilities of $137M (undiscounted future payments of $195M, weighted average remaining term 11.3 years at 6.0%), long-term debt of $27.9M (JPMorgan credit facility closed September 2025), a Tax Receivable Agreement liability of approximately $38.9M classified as non-current, and standard current liabilities of $39M. The NCI balance of $59M represents the Continuing Equity Owners' 65% economic interest in Black Rock OpCo and does not accrue to Class A equity on wind-up. The structure is a standard Up-C with BRCB holding only 35% of OpCo LLC Units; in liquidation, BRCB's claim on OpCo assets is proportional to that 35% ownership, further compressing Class A recovery relative to consolidated balance sheet totals. The filing discloses that the $38.9M TRA liability is separately tagged as brcb:TaxReceivableAgreementLiability in XBRL, which appears in TAG_CONTEXT as a narrative disclosure dollar amount but is not listed as a standalone balance sheet XBRL tag in TAG_CONTEXT; accordingly it is noted here rather than in tag_insights. Previously disclosed material weaknesses in segregation of duties and lease accounting recognition were remediated as of December 31, 2025. Net loss for the full year was $16.5M on a consolidated basis. Operating lease cost grew from $13.3M in 2024 to $16.9M in 2025, consistent with continued store expansion to 181 locations.
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