BROS insider plans sale of 1,030,527 shares on NYSE

A shareholder in BROS has filed a Form 144 indicating an intention to sell up to 1,030,527 common shares, with an aggregate market value of 54,988,920.72.

Rhea-AI Filing Summary

A shareholder in BROS has filed a Form 144 indicating an intention to sell up to 1,030,527 common shares, with an aggregate market value of 54,988,920.72. The filing notes that 127,031,344 shares were outstanding and lists an approximate sale date of 11/25/2025 on the NYSE through Morgan Stanley Smith Barney LLC.

The shares to be sold were acquired as founders shares from the issuer on 09/27/2018. Over the past three months, related 10b5-1 sales include 317,125 common shares for gross proceeds of 16,936,332.12 and 504,259 common shares for gross proceeds of 26,930,382.50, both on 11/24/2025.

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Accepted by SEC EDGAR 11/25/2025 - 04:30 PM EST 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	1030527	54988920.72	127031344	11/25/2025	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			1030527	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 INDIVIDUAL AGGREGATOR, LLC 1930 W. Rio Salado Pkwy Tempe AZ 85281	Common	11/24/2025	317125	16936332.12
10b5-1 Sales for DM TRUST AGGREGATOR, LLC 1930 W. Rio Salado Pkwy Tempe AZ 85281	Common	11/24/2025	504259	26930382.50

144: Remarks and Signature

Remarks
Date of Notice	11/25/2025
Date of Plan Adoption or Giving of Instruction, If Relying on Rule 10b5-1	11/22/2024
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)