Dutch Bros holder proposes $11.3M share sale

The notice also lists October and November 2026 sales by DM Trust Aggregator, LLC and DM Individual Aggregator, LLC as 10b5-1 sales.

Available on EDGAR 11/03/2026 - 04:32 PM EST Accepted by SEC EDGAR 11/03/2026 - 04:32 PM EST Learn about SEC filing dates

Rhea-AI Filing Summary

Dutch Bros Inc. is the issuer for a proposed sale by DM Trust Aggregator, LLC, identified as a 10% stockholder, of 256,708 common shares; Morgan Stanley Smith Barney LLC is listed as broker, and the estimated aggregate market value is $11,261,779.96. The shares are identified as Founders Shares acquired from the issuer on September 27, 2018.

Key Figures

Proposed shares for sale: 256,708 shares Estimated aggregate market value: $11,261,779.96 Shares outstanding: 137,940,798 shares +2 more

5 metrics

Proposed shares for sale 256,708 shares Proposed sale by DM Trust Aggregator, LLC

Estimated aggregate market value $11,261,779.96 Proposed sale

Shares outstanding 137,940,798 shares Securities information

DM Trust Aggregator, LLC sale 627,692 shares November 2, 2026; listed as a 10b5-1 sale

DM Individual Aggregator, LLC sale 335,136 shares November 2, 2026; listed as a 10b5-1 sale

Key Terms

Rule 144, 10b5-1 Sales, Founders Shares, 10% Stockholder

4 terms

Rule 144 regulatory

"See the definition of "person" in paragraph (a) of Rule 144."

Rule 144 is a U.S. securities regulation that sets conditions under which restricted or insider-held shares can be legally resold to the public, such as required holding periods, availability of public information, limits on how much can be sold at once, and certain filing requirements. For investors it matters because it determines when previously locked-up shares can enter the market — like a release valve that can increase supply, affect share price, and signal insider intent.

10b5-1 Sales financial

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

10b5-1 sales are pre-arranged stock-trading plans that let company insiders automatically buy or sell shares according to a fixed schedule or formula, even if they later learn confidential information. Think of it as setting up an automatic thermostat for trades: it creates a clear, documented path that can protect insiders from insider-trading accusations and gives investors a signal about predictable insider activity—though it can also simply be a way for insiders to diversify or raise cash.

Founders Shares financial

"Founders Shares | Issuer"

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.

10% Stockholder financial

"10% Stockholder"

FAQ

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

How many BROS shares does DM Trust Aggregator, LLC propose to sell?

The proposed sale is 256,708 common shares, with an estimated aggregate market value of $11,261,779.96. Morgan Stanley Smith Barney LLC is listed as broker.

What recent BROS sales are listed for the aggregators?

Among the listed 10b5-1 sales, DM Trust Aggregator, LLC sold 627,692 shares on November 2, 2026, and DM Individual Aggregator, LLC sold 335,136 shares that day. Other listed sales are dated October 20, October 29, and October 30, 2026.

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

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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	256708	11261779.96	137940798	11/03/2026	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			256708	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	11/02/2026	627692	27963239.22
10b5-1 Sales for DM INDIVIDUAL AGGREGATOR, LLC 1930 W. Rio Salado Pkwy Tempe AZ 85281	Common	11/02/2026	335136	14930074.20
10b5-1 Sales for DM TRUST AGGREGATOR, LLC 1930 W. Rio Salado Pkwy Tempe AZ 85281	Common	10/30/2026	37470	1651992.35
10b5-1 Sales for DM INDIVIDUAL AGGREGATOR, LLC 1930 W. Rio Salado Pkwy Tempe AZ 85281	Common	10/30/2026	20008	882120.71
10b5-1 Sales for DM TRUST AGGREGATOR, LLC 1930 W. Rio Salado Pkwy Tempe AZ 85281	Common	10/29/2026	266000	11711075.60
10b5-1 Sales for DM INDIVIDUAL AGGREGATOR, LLC 1930 W. Rio Salado Pkwy Tempe AZ 85281	Common	10/29/2026	142023	6252789.81
10b5-1 Sales for DM TRUST AGGREGATOR, LLC 1930 W. Rio Salado Pkwy Tempe AZ 85281	Common	10/20/2026	94978	4179791.82
10b5-1 Sales for DM INDIVIDUAL AGGREGATOR, LLC 1930 W. Rio Salado Pkwy Tempe AZ 85281	Common	10/20/2026	50709	2231601.67

144: Remarks and Signature

Remarks
Date of Notice	11/03/2026
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)