Dutch Bros insider units cut in recapitalization
Dutch Bros Inc. disclosed that entities associated with Executive Chairman Travis Boersma underwent a recapitalization of Class A Common Units in Dutch Mafia, LLC, the operating company.
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Form Type
4
Rhea-AI Filing Summary
Dutch Bros Inc. disclosed that entities associated with Executive Chairman Travis Boersma underwent a recapitalization of Class A Common Units in Dutch Mafia, LLC, the operating company. On April 22, 2026, a reverse unit split canceled 33,022 shares of Class B Common Stock without consideration and reduced related Class A Common Units and paired Class B shares held by DM Trust Aggregator, LLC, DM Individual Aggregator, LLC and DMI Holdco LLC.
Insider Trade Summary
Other: 78,228 shares
Other
6 txns
Insider
Boersma Travis
Role
Executive Chairman of Board
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Other | Class A Common Units | 27,341 | $0.00 | $0.00 |
| Other | Class A Common Units | 17,195 | $0.00 | $0.00 |
| Other | Class A Common Units | 670 | $0.00 | $0.00 |
| Other | Class B Common Stock | 19,318 | $0.00 | $0.00 |
| Other | Class B Common Stock | 13,277 | $0.00 | $0.00 |
| Other | Class B Common Stock | 427 | $0.00 | $0.00 |
Holdings After Transaction:
Class A Common Units — 29,125,560 contracts (Indirect, By DM Trust Aggregator, LLC);
Class A Common Units — 18,316,816 contracts (Indirect, By DM Individual Aggregator, LLC);
Class A Common Units — 713,090 contracts (Indirect, By DMI Holdco LLC);
Class B Common Stock — 20,579,218 shares (Indirect, By DM Trust Aggregator, LLC);
Class B Common Stock — 14,143,857 shares (Indirect, By DM Individual Aggregator, LLC);
Class B Common Stock — 454,849 shares (Indirect, By DMI Holdco LLC)
Footnotes (4)
- F1. Represents Class A Common Units of Dutch Mafia, the operating company of the Issuer.
- F2. In accordance with the limited liability company agreement of Dutch Mafia, Class A Common Units of Dutch Mafia are exchangeable for shares of Class A Common Stock of the Issuer on a one-for-one basis at the discretion of the holder, subject to certain exceptions, conditions and adjustments. Certain Class A Common Units of Dutch Mafia are paired with an equal number of shares of Class B Common Stock of the Issuer ("Paired Units"). Upon the exchange of Paired Units for Class A Common Stock of the Issuer, the associated shares of Class B Common Stock are surrendered to and canceled by the Issuer. The Class A Common Units of Dutch Mafia and the Class B Common Stock of the Issuer do not have an expiration date, and the holders thereof are not required to pay an exercise price in connection with the exchanges.
- F3. On April 22, 2026, the Class A Common Units of Dutch Mafia, LLC ("Dutch Mafia") were recapitalized through a reverse unit split, which resulted in the cancellation without consideration of 33,022 shares of the Issuer's Class B Common Stock, in accordance with the limited liability company agreement of Dutch Mafia (the "Recapitalization"). As a result of the Recapitalization, the Class A Common Units of Dutch Mafia beneficially owned by DM Trust Aggregator, LLC, DM Individual Aggregator, LLC and DMI Holdco LLC were each reduced by 27,341 units, 17,195 units and 670 units, respectively, and the shares of Class B Common Stock of the Issuer beneficially owned by DM Trust Aggregator, LLC, DM Individual Aggregator, LLC and DMI Holdco LLC were each reduced by 19,318 shares, 13,277 shares and 427 shares, respectively.
- F4. The Reporting Person is the manager of DM Trust Aggregator, LLC, DM Individual Aggregator, LLC and DMI Holdco LLC (the "DM Trusts"). Multiple members hold ownership interests in the DM Trusts, including the Reporting Person. The Reporting Person disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interest therein, if any, and the inclusion of the reported securities in this report shall not be deemed an admission of beneficial ownership of all of the reported securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or any other purpose.
Key Figures
Total Class B shares canceled: 33,022 shares
Class A Units reduction DM Trust Aggregator: 27,341 units
Class A Units reduction DM Individual Aggregator: 17,195 units
+5 more
8 metrics
Total Class B shares canceled
33,022 shares
Cancellation without consideration in April 22, 2026 recapitalization
Class A Units reduction DM Trust Aggregator
27,341 units
Dutch Mafia Class A Common Units reduced in recapitalization
Class A Units reduction DM Individual Aggregator
17,195 units
Dutch Mafia Class A Common Units reduced in recapitalization
Class A Units reduction DMI Holdco
670 units
Dutch Mafia Class A Common Units reduced in recapitalization
Class B shares reduction DM Trust Aggregator
19,318 shares
Dutch Bros Class B Common Stock reduced in recapitalization
Class B shares reduction DM Individual Aggregator
13,277 shares
Dutch Bros Class B Common Stock reduced in recapitalization
Class B shares reduction DMI Holdco
427 shares
Dutch Bros Class B Common Stock reduced in recapitalization
Restructuring shares total
78,228 units/shares
Total restructuringShares across reported transactions
Key Terms
reverse unit split, Class A Common Units, Class B Common Stock, Paired Units, +2 more
6 terms
reverse unit split financial
"the Class A Common Units of Dutch Mafia, LLC were recapitalized through a reverse unit split"
Class A Common Units financial
"Represents Class A Common Units of Dutch Mafia, the operating company of the Issuer"
Class B Common Stock financial
"cancellation without consideration of 33,022 shares of the Issuer's Class B Common Stock"
A class B common stock is one of multiple types of a company’s ordinary shares that carries specific rights—often different voting power or dividend priority—compared with other classes. For investors it matters because those differences affect how much influence you have over company decisions, the income you might receive, and how freely the shares trade; think of it like owning a car with different keys: some keys let you start the engine and open the trunk, others only unlock the door.
Paired Units financial
"Certain Class A Common Units of Dutch Mafia are paired with an equal number of shares of Class B Common Stock"
beneficial ownership financial
"The Reporting Person disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interest"
Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.
pecuniary interest financial
"disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interest therein"
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What did Dutch Bros (BROS) report in Travis Boersma’s latest Form 4?
Dutch Bros reported a recapitalization of Dutch Mafia Class A Common Units held by DM Trust Aggregator, LLC, DM Individual Aggregator, LLC and DMI Holdco LLC. A reverse unit split canceled 33,022 Class B shares and reduced related unit and share holdings without consideration on April 22, 2026.
How were Dutch Mafia Class A Common Units adjusted for Dutch Bros (BROS)?
The reverse unit split reduced Class A Common Units of Dutch Mafia by 27,341 for DM Trust Aggregator, LLC, 17,195 for DM Individual Aggregator, LLC and 670 for DMI Holdco LLC. These changes reflect a recapitalization rather than a cash purchase or sale transaction.
What are Dutch Mafia Class A Common Units in relation to Dutch Bros (BROS)?
Dutch Mafia Class A Common Units represent interests in the operating company of Dutch Bros. Under its limited liability company agreement, these units are exchangeable one-for-one into Dutch Bros Class A Common Stock, subject to specified exceptions, conditions and adjustments described in the disclosure.
How do paired units of Dutch Bros Class A units and Class B stock work?
Certain Dutch Mafia Class A Common Units are paired with an equal number of Dutch Bros Class B shares, forming Paired Units. When Paired Units are exchanged for Class A Common Stock, the associated Class B shares are surrendered to Dutch Bros and canceled, with no exercise price required.
Does Travis Boersma claim full beneficial ownership of the reported Dutch Bros securities?
Travis Boersma is manager of DM Trust Aggregator, LLC, DM Individual Aggregator, LLC and DMI Holdco LLC, but he disclaims beneficial ownership of the reported securities beyond any pecuniary interest. Inclusion in the report is not an admission of beneficial ownership for Section 16 purposes.
AI-generated analysis. How Rhea-AI works. Not financial advice.
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