Major Dutch Bros (NYSE: BROS) holder sells 488,945 shares in Rule 10b5-1 trades

Filing Impact

(Very High)

Filing Sentiment

(Very Negative)

Form Type

Rhea-AI Filing Summary

DM Trust Aggregator, LLC, a 10% owner of Dutch Bros Inc., reported open-market sales of Class A Common Stock under a pre-arranged Rule 10b5-1 trading plan. It sold 197,338 shares at a weighted average price of $58.2716 on May 29 and 291,607 shares at $58.2596 on June 1, for a total of 488,945 shares sold. After these transactions, DM Trust Aggregator, LLC directly holds 5,492,520 Class A shares, indicating it retains a substantial position despite the recent sales.

Insider Trade Summary 10b5-1

Net Seller: 488,945 shares ($28,488,108)

Net Sell 2 txns

Insider DM Trust Aggregator, LLC

Role null

Sold 488,945 shs ($28.49M)

Type	Security	Shares	Price	Value
Sale	Class A Common Stock	291,607	$58.2596	$16.99M
Sale	Class A Common Stock	197,338	$58.2716	$11.50M

Holdings After Transaction: Class A Common Stock — 5,492,520 shares (Direct, null)

Footnotes (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. Represents the weighted average sale price. These shares were sold in multiple transactions at prices ranging from $58.0000 to $58.7700 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. Represents the weighted average sale price. These shares were sold in multiple transactions at prices ranging from $58.0000 to $58.6500 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 May 29: 197,338 shares Shares sold June 1: 291,607 shares Total shares sold: 488,945 shares +3 more

6 metrics

Shares sold May 29 197,338 shares Open-market sale of Class A Common Stock at $58.2716

Shares sold June 1 291,607 shares Open-market sale of Class A Common Stock at $58.2596

Total shares sold 488,945 shares Aggregate of two open-market sales

Shares held after trades 5,492,520 shares Direct Class A holdings following June 1 sale

Weighted average price May 29 $58.2716 per share Multiple trades between $58.0000 and $58.6500

Weighted average price June 1 $58.2596 per share Multiple trades between $58.0000 and $58.7700

Key Terms

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

4 terms

Rule 10b5-1 trading plan regulatory

"this transaction was effected automatically 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. These shares were sold in multiple transactions"

Class A Common Stock financial

"security_title: 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.

open-market sale financial

"transaction_action: open-market sale"

An open-market sale is when a shareholder sells existing shares directly on a public exchange to any willing buyer, rather than through a private deal. Think of it like putting goods on a busy market stall where price is set by supply and demand; for investors it matters because such sales increase available supply, can put short-term downward pressure on the stock price, and signal changes in liquidity or investor confidence.

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Form 4 Insider Transactions: What Each Field Means →

06/02/2026 - 04:30 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).

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)
05/29/2026

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)
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)
Class A Common Stock	05/29/2026		S⁽¹⁾		197,338	D	$58.2716⁽²⁾	5,784,127	D
Class A Common Stock	06/01/2026		S⁽¹⁾		291,607	D	$58.2596⁽³⁾	5,492,520	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. 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 $58.0000 to $58.7700 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 $58.0000 to $58.6500 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	06/02/2026
	** 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)

Source: View Original Filing on SEC EDGAR

FAQ

What insider activity did DM Trust Aggregator report for Dutch Bros (BROS)?

DM Trust Aggregator, LLC reported selling 488,945 Dutch Bros Class A shares in open-market transactions. These trades occurred on May 29 and June 1 under a Rule 10b5-1 trading plan and reduced, but did not eliminate, its sizable ownership stake.

How many Dutch Bros (BROS) shares did DM Trust Aggregator sell on each date?

DM Trust Aggregator, LLC sold 197,338 Dutch Bros Class A shares on May 29 and 291,607 shares on June 1. Both were open-market sales at weighted average prices slightly above $58 per share, according to the Form 4 disclosure.

What prices did Dutch Bros (BROS) shares sell for in these insider trades?

The reported weighted average sale prices were $58.2716 per share on May 29 and $58.2596 per share on June 1. Actual trades occurred in ranges between $58.00 and approximately $58.77, based on multiple individual transactions within each day’s sale.

How many Dutch Bros (BROS) shares does DM Trust Aggregator still own after these sales?

After the reported transactions, DM Trust Aggregator, LLC directly holds 5,492,520 Dutch Bros Class A shares. This remaining stake indicates it continues to own a large position in the company even after selling 488,945 shares in late May and early June.

Were the Dutch Bros (BROS) insider sales discretionary or pre-planned?

The sales were executed automatically under a Rule 10b5-1 trading plan adopted by DM Trust Aggregator, LLC. Such plans pre-schedule trades, meaning the timing of these sales was set in advance rather than decided opportunistically at the time of execution.