Dutch Bros holder sells 1.56M shares in planned trades

The sales were effected automatically under a Rule 10b5-1 trading plan adopted by DM Trust Aggregator, LLC on February 19, 2026.

Available on EDGAR 11/04/2026 - 08:20 PM EST Accepted by SEC EDGAR 11/04/2026 - 08:19 PM EST Learn about SEC filing dates

Rhea-AI Filing Summary

Dutch Bros Inc. (BROS) reports that 10% owner DM Trust Aggregator, LLC sold 1,557,332 shares of Class A Common Stock in five transactions from November 2 through November 4, 2026. Each reported price was a weighted average sale price across multiple transactions.

Insider Trade Summary 10b5-1

Net Seller: 1,557,332 shares

Net Sell 5 txns

Insider DM Trust Aggregator, LLC

Role 10% Owner

Sold 1,557,332 shs ($69.38M)

Type	Security	Shares	Price	Value
Sale	Class A Common Stock F1, F5	499,041	$44.5891	$22.25M
Sale	Class A Common Stock F1, F6	173,891	$45.1427	$7.85M
Sale	Class A Common Stock F1, F4	256,708	$44.064	$11.31M
Sale	Class A Common Stock F1, F2	622,101	$44.5452	$27.71M
Sale	Class A Common Stock F1, F3	5,591	$45.0062	$252K

Holdings After Transaction: Class A Common Stock — 2,558,850 shares (Direct)

Footnotes (6)

1. F1. As indicated by the checkbox above, this transaction was effected automatically pursuant to a Rule 10b5-1 trading plan adopted by DM Trust Aggregator, LLC on February 19, 2026.
2. F2. Represents the weighted average sale price. These shares were sold in multiple transactions at prices ranging from $44.0000 to $44.9900 inclusive. The reporting person undertakes to provide the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth above.
3. F3. Represents the weighted average sale price. These shares were sold in multiple transactions at prices ranging from $45.0000 to $45.0300 inclusive. The reporting person undertakes to provide the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth above.
4. F4. Represents the weighted average sale price. These shares were sold in multiple transactions at prices ranging from $44.0000 to $44.5000 inclusive. The reporting person undertakes to provide the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth above.
5. F5. Represents the weighted average sale price. These shares were sold in multiple transactions at prices ranging from $44.0000 to $44.9950 inclusive. The reporting person undertakes to provide the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth above.
6. F6. Represents the weighted average sale price. These shares were sold in multiple transactions at prices ranging from $45.0000 to $45.4500 inclusive. The reporting person undertakes to provide the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth above.

Key Figures

Shares sold: 1,557,332 shares Shares sold and weighted average sale price: 622,101 shares at $44.5452 per share Shares sold and weighted average sale price: 5,591 shares at $45.0062 per share +3 more

6 metrics

Shares sold 1,557,332 shares Total across five transactions

Shares sold and weighted average sale price 622,101 shares at $44.5452 per share November 2, 2026

Shares sold and weighted average sale price 5,591 shares at $45.0062 per share November 2, 2026

Shares sold and weighted average sale price 256,708 shares at $44.0640 per share November 3, 2026

Shares sold and weighted average sale price 499,041 shares at $44.5891 per share November 4, 2026

Shares sold and weighted average sale price 173,891 shares at $45.1427 per share November 4, 2026

Key Terms

Rule 10b5-1 trading plan, weighted average sale price, Class A Common Stock

3 terms

Rule 10b5-1 trading plan regulatory

"pursuant to a Rule 10b5-1 trading plan"

A Rule 10b5-1 trading plan is a pre-arranged schedule that allows company insiders to buy or sell stock at specific times, even if they have inside information. It helps prevent accusations of unfair trading by making these transactions look planned and transparent, rather than sneaky or illegal.

weighted average sale price financial

"Represents the weighted average sale price."

Class A Common Stock financial

"Class A Common Stock"

Class A common stock is a category of a company’s shares that carries a specific set of ownership rights—most commonly defined voting power and claims on dividends—set out in the company’s charter. For investors it matters because the class determines how much influence you have over corporate decisions, the share’s likely dividend and trading behavior, and how it compares in value to other share classes, like choosing a particular seat with different privileges at the company’s decision-making table.

FAQ

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

How many BROS shares did DM Trust Aggregator, LLC sell, and at what prices?

DM Trust Aggregator, LLC sold 1,557,332 shares in five transactions: 622,101 shares at a weighted average $44.5452 per share and 5,591 at $45.0062 on November 2; 256,708 at $44.0640 on November 3; and 499,041 at $44.5891 and 173,891 at $45.1427 on November 4, 2026.

Were the BROS sales made under a Rule 10b5-1 plan?

Yes. All five sales were effected automatically under a Rule 10b5-1 trading plan adopted by DM Trust Aggregator, LLC on February 19, 2026.

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

Form 4 Insider Transactions: What Each Field Means →

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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).

X

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

DM Trust Aggregator, LLC

(Last) (First) (Middle)

PO BOX 398

(Street)

GRANTS PASS OREGON 97526

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
Dutch Bros Inc. [ BROS ]

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

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
11/02/2026

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

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

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

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)
			Code	V	Amount	(A) or (D)	Price
Class A Common Stock	11/02/2026		S(1)		622,101	D	$44.5452(2)	3,494,081	D
Class A Common Stock	11/02/2026		S(1)		5,591	D	$45.0062(3)	3,488,490	D
Class A Common Stock	11/03/2026		S(1)		256,708	D	$44.064(4)	3,231,782	D
Class A Common Stock	11/04/2026		S(1)		499,041	D	$44.5891(5)	2,732,741	D
Class A Common Stock	11/04/2026		S(1)		173,891	D	$45.1427(6)	2,558,850	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)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. As indicated by the checkbox above, this transaction was effected automatically pursuant to a Rule 10b5-1 trading plan adopted by DM Trust Aggregator, LLC on February 19, 2026.

2. Represents the weighted average sale price. These shares were sold in multiple transactions at prices ranging from $44.0000 to $44.9900 inclusive. The reporting person undertakes to provide the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth above.

3. Represents the weighted average sale price. These shares were sold in multiple transactions at prices ranging from $45.0000 to $45.0300 inclusive. The reporting person undertakes to provide the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth above.

4. Represents the weighted average sale price. These shares were sold in multiple transactions at prices ranging from $44.0000 to $44.5000 inclusive. The reporting person undertakes to provide the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth above.

5. Represents the weighted average sale price. These shares were sold in multiple transactions at prices ranging from $44.0000 to $44.9950 inclusive. The reporting person undertakes to provide the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth above.

6. Represents the weighted average sale price. These shares were sold in multiple transactions at prices ranging from $45.0000 to $45.4500 inclusive. The reporting person undertakes to provide the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth above.

Remarks:

	/s/ Thomas P. Conaghan, Attorney-in-Fact for Travis Boersma, Manager	11/04/2026
	** 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.
* Form 4: SEC 1474 (03-26)