[Form 4] BellRing Brands, Inc. Insider Trading Activity

Filing Impact

(Low)

Filing Sentiment

(Negative)

Form Type

Rhea-AI Filing Summary

Form 4 filing for Kellanova (K): On 07/21/2025 the W.K. Kellogg Foundation Trust, a 10 % beneficial owner, sold 114,583 common shares at $79.92. Post-sale holding is 45,670,369 shares, so the divestiture reduces its stake by roughly 0.25 %. The sales were executed under a pre-arranged Rule 10b5-1 plan adopted 05/07/2024. No derivative securities were involved and no other insiders transacted.

The filing provides no earnings data or strategic commentary; it simply discloses a routine, plan-based share sale by the Trust鈥檚 corporate trustees.

Insights

TL;DR: Small 10%-owner sale under 10b5-1; negligible dilution, slightly negative sentiment.

The Trust sold 114.6k shares鈥攐nly 0.25 % of its 45.7 m-share position鈥攊ndicating portfolio rebalancing rather than an adverse view on fundamentals. Use of a Rule 10b5-1 plan reduces information-risk, limiting market impact. Given Kellanova鈥檚 average daily volume (~2 m shares), the trade represents about 6 % of one day鈥檚 liquidity and should be easily absorbed. I view the disclosure as low impact and slightly negative from a sentiment perspective, but not thesis-changing.

TL;DR: Governance-compliant, pre-planned insider sale; minimal governance concern.

The Trust remains a >10 % holder after the transaction, preserving significant alignment with public shareholders. Execution through a 10b5-1 plan, in place since May 2024, signals adherence to best-practice insider trading controls. No new powers, pledges or derivative positions were disclosed. Consequently, I deem the event not materially impactful for governance risk assessments.

07/21/2025 - 05:23 PM

SEC Form 4

FORM 4

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

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

DAVENPORT DARCY HORN

(Last)

(First)

(Middle)

C/O BELLRING BRANDS, INC.

2503 S. HANLEY ROAD

(Street)

ST. LOUIS

63144

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
BELLRING BRANDS, INC. [ BRBR ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	PRES. AND CEO

3. Date of Earliest Transaction (Month/Day/Year)
07/18/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	07/18/2025		S⁽¹⁾		1,115	D	$57.53⁽²⁾	197,663	D
Common Stock	07/18/2025		S⁽¹⁾		485	D	$58.1⁽³⁾	197,178	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

Explanation of Responses:

1. The sale reported was effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on February 26, 2025.

2. The reported price in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $56.96 to $57.96 per share. The holder undertakes to provide to the issuer, any security holder of the issuer, or the staff of the Securities and Exchange Commission, upon written request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

3. The reported price in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $57.98 to $58.21 per share. The holder undertakes to provide to the issuer, any security holder of the issuer, or the staff of the Securities and Exchange Commission, upon written request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

Remarks:

	/s/ Craig L. Rosenthal, Attorney in Fact	07/21/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

Source:

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