BROS: Rule 144 notices for two 10b5-1 sales

Morgan Stanley Smith Barney LLC submitted Rule 144 notices relating to proposed sales of Common shares of BROS under 10b5-1 plans.

Rhea-AI Filing Summary

Morgan Stanley Smith Barney LLC submitted Rule 144 notices relating to proposed sales of Common shares of BROS under 10b5-1 plans.

The filings list a proposed sale of 355,217 shares on 05/27/2026 with proceeds of $19,966,818.61, and a proposed sale of 189,655 shares on 05/27/2026 with proceeds of $10,660,545.48. Other numeric entries in the excerpt are contextual broker/issuer fields.

Insights

Compliance Counsel

Rule 144 notices report proposed 10b5-1 sales by affiliated aggregator entities.

These entries are procedural filings that notify the market of intended dispositions under Rule 144 and reference sales executed pursuant to 10b5-1 plans on 05/27/2026. The filings list per-transaction share counts and gross proceeds amounts.

Cash-flow treatment and any remaining holdings are not detailed in the excerpt; subsequent filings or broker confirmations would show settlement results.

Key Figures

Proposed sale 1: 355,217 shares Proceeds 1: $19,966,818.61 Proposed sale 2: 189,655 shares +2 more

5 metrics

Proposed sale 1 355,217 shares 10b5-1 sale on <date>05/27/2026</date>

Proceeds 1 $19,966,818.61 Gross proceeds listed for 355,217 shares

Proposed sale 2 189,655 shares 10b5-1 sale on <date>05/27/2026</date>

Proceeds 2 $10,660,545.48 Gross proceeds listed for 189,655 shares

Form reference date 05/28/2026 Date shown in issuer/broker header

Key Terms

Form 144, 10b5-1, Founders Shares

3 terms

Form 144 regulatory

"144: Filer Information"

Form 144 is a document that investors must file with the government when they plan to sell a large number of shares of a company's stock. It helps ensure transparency so everyone knows how many shares are being sold and when, which can impact the stock's price.

10b5-1 regulatory

"10b5-1 Sales for DM TRUST AGGREGATOR, LLC"

A 10b5-1 plan is a pre-set schedule that lets company insiders buy or sell shares according to written instructions made when they do not possess material, nonpublic information. Think of it as a timed automatic payment for stock trades: it helps insiders avoid accusations of trading on secret information and gives outside investors a clearer signal about whether sales are routine or potentially informative about the company’s prospects.

Founders Shares market

"Common | 09/27/2018 | Founders Shares"

Founders shares are a special block of a company’s stock originally given to the people who started the business; they often carry extra voting power or favorable terms compared with regular shares. For investors, these shares matter because they concentrate control and influence how future funding, ownership dilution, and decision-making will play out—think of founders shares as the steering wheel that can steer a company’s direction even as more passengers (investors) climb aboard.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What does the BROS Form 144 filing show?

It notifies proposed sales of Common shares under 10b5-1 plans. The excerpt lists two transactions on 05/27/2026 for 355,217 and 189,655 shares, with stated gross proceeds of $19,966,818.61 and $10,660,545.48 respectively.

Who is listed as the filer on the BROS Form 144?

Morgan Stanley Smith Barney LLC Executive Financial Services appears as the broker/agent in the excerpt. The sales are attributed to entities named DM TRUST AGGREGATOR, LLC and DM INDIVIDUAL AGGREGATOR, LLC under 10b5-1 plans.

When were the 10b5-1 sales reported for BROS?

The excerpt records the sales on 05/27/2026. The filing metadata also shows a related date of 05/28/2026, which may be the Form 144 filing date in this excerpt.

Do the Form 144 notices state who receives the sale proceeds?

The excerpt lists gross proceeds amounts, but does not specify who receives proceeds. It shows proceeds of $19,966,818.61 and $10,660,545.48, without an explicit payee attribution in the provided text.

Are the listed shares described as "Founders Shares" in the filing?

The excerpt includes the phrase "Founders Shares" in the securities section. That label appears next to a security entry dated 09/27/2018 but the filing excerpt does not link it explicitly to the two 10b5-1 transactions shown.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 05/28/2026 - 04:32 PM EDT Learn about SEC filing dates

Form 144 Filer Information	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 144 NOTICE OF PROPOSED SALE OF SECURITIES PURSUANT TO RULE 144 UNDER THE SECURITIES ACT OF 1933
FORM 144

144: Filer Information

Filer CIK	0001883105
Filer CCC	XXXXXXXX
Is this a LIVE or TEST Filing?	LIVE TEST
Submission Contact Information
Name
Phone
E-Mail Address

144: Issuer Information

Name of Issuer	DUTCH BROS INC.
SEC File Number	001-40798
Address of Issuer	1930 W. Rio Salado Pkwy Tempe ARIZONA 85281
Phone	8778992767
Name of Person for Whose Account the Securities are To Be Sold	DM TRUST AGGREGATOR, LLC
See the definition of "person" in paragraph (a) of Rule 144. Information is to be given not only as to the person for whose account the securities are to be sold but also as to all other persons included in that definition. In addition, information shall be given as to sales by all persons whose sales are required by paragraph (e) of Rule 144 to be aggregated with sales for the account of the person filing this notice.
Relationship to Issuer	10% Stockholder

144: Securities Information

Title of the Class of Securities To Be Sold	Name and Address of the Broker	Number of Shares or Other Units To Be Sold	Aggregate Market Value	Number of Shares or Other Units Outstanding	Approximate Date of Sale	Name the Securities Exchange
Common	Morgan Stanley Smith Barney LLC Executive Financial Services 1 New York Plaza 8th Floor New York NY 10004	133728	7476732.48	137192622	05/28/2026	NYSE

Furnish the following information with respect to the acquisition of the securities to be sold and with respect to the payment of all or any part of the purchase price or other consideration therefor:

144: Securities To Be Sold

Title of the Class	Date you Acquired	Nature of Acquisition Transaction	Name of Person from Whom Acquired	Is this a Gift?	Date Donor Acquired	Amount of Securities Acquired	Date of Payment	Nature of Payment *
Common	09/27/2018	Founders Shares	Issuer			133728	09/27/2018	N/A

* If the securities were purchased and full payment therefor was not made in cash at the time of purchase, explain in the table or in a note thereto the nature of the consideration given. If the consideration consisted of any note or other obligation, or if payment was made in installments describe the arrangement and state when the note or other obligation was discharged in full or the last installment paid.

Furnish the following information as to all securities of the issuer sold during the past 3 months by the person for whose account the securities are to be sold.

144: Securities Sold During The Past 3 Months

Name and Address of Seller	Title of Securities Sold	Date of Sale	Amount of Securities Sold	Gross Proceeds
10b5-1 Sales for DM TRUST AGGREGATOR, LLC 1930 W. Rio Salado Pkwy Tempe AZ 85281	Common	05/27/2026	355217	19966818.61
10b5-1 Sales for DM INDIVIDUAL AGGREGATOR, LLC 1930 W. Rio Salado Pkwy Tempe AZ 85281	Common	05/27/2026	189655	10660545.48

144: Remarks and Signature

Remarks
Date of Notice	05/28/2026
Date of Plan Adoption or Giving of Instruction, If Relying on Rule 10b5-1	02/19/2026
ATTENTION:
The person for whose account the securities to which this notice relates are to be sold hereby represents by signing this notice that he does not know any material adverse information in regard to the current and prospective operations of the Issuer of the securities to be sold which has not been publicly disclosed. If such person has adopted a written trading plan or given trading instructions to satisfy Rule 10b5-1 under the Exchange Act, by signing the form and indicating the date that the plan was adopted or the instruction given, that person makes such representation as of the plan adoption or instruction date.
Signature	/s/ Travis Mason Boersma
ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)