Dutch Bros (BROS) major holder converts 6.45M Dutch Mafia units into Class A stock
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
DM Trust Aggregator, LLC, a 10% owner of Dutch Bros Inc., converted 6,454,800 shares of Dutch Mafia, LLC Class A Common Units into the same number of Dutch Bros Class A Common Stock on April 27, 2026. After the conversion, DM Trust Aggregator directly holds 6,470,410 shares of Class A Common Stock. It also continues to hold 22,670,760 Class A Common Units of Dutch Mafia, which are exchangeable one-for-one into Class A Common Stock under specified conditions without any exercise price or expiration.
Positive
- None.
Negative
- None.
Insider Trade Summary
6,454,800 shares exercised/converted
Mixed
2 txns
Insider
DM Trust Aggregator, LLC
Role
null
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Conversion | Class A Common Units | 6,454,800 | $0.00 | -- |
| Conversion | Class A Common Stock | 6,454,800 | $0.00 | -- |
Holdings After Transaction:
Class A Common Units — 22,670,760 shares (Direct, null);
Class A Common Stock — 6,470,410 shares (Direct, null)
Footnotes (1)
- In accordance with the amended and restated limited liability company agreement of Dutch Mafia, LLC ("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. The Class A Common Units of Dutch Mafia do not have an expiration date, and the holders thereof are not required to pay an exercise price in connection with the exchanges. Represents Class A Common Units of Dutch Mafia, the operating company of the Issuer.
Key Figures
Shares converted: 6,454,800 shares
Class A shares after transaction: 6,470,410 shares
Remaining Dutch Mafia units: 22,670,760 units
+3 more
6 metrics
Shares converted
6,454,800 shares
Class A Common Units of Dutch Mafia converted to Class A Common Stock on April 27, 2026
Class A shares after transaction
6,470,410 shares
Dutch Bros Class A Common Stock held directly by DM Trust Aggregator after conversion
Remaining Dutch Mafia units
22,670,760 units
Class A Common Units of Dutch Mafia held after the conversion transaction
Conversion price per share
$0.0000 per share
Reported transaction price for both stock and unit legs of the conversion
Transaction code
C
Form 4 code indicating conversion of derivative security
Exercise count
1 conversion exercise
transactionSummary shows one derivative exercise involving 6,454,800 shares
Key Terms
Class A Common Units, conversion of derivative security, exchangeable for shares, exercise price, +1 more
5 terms
Class A Common Units financial
"Represents Class A Common Units of Dutch Mafia, the operating company of the Issuer."
conversion of derivative security financial
"transaction_code_description: Conversion of derivative security"
exercise price financial
"the holders thereof are not required to pay an exercise price in connection with the exchanges"
The exercise price is the fixed amount at which you can buy or sell an asset, like a stock, when using an options contract. It matters because it helps determine whether exercising the option will be profitable or not, depending on the current market price. Think of it as the set price you agree on today to buy or sell later.
expiration date financial
"The Class A Common Units of Dutch Mafia do not have an expiration date"
The expiration date is the deadline after which a financial contract, such as an option or a futures agreement, is no longer valid or can be exercised. It matters to investors because it determines the timeframe during which they can take action or benefit from the contract, similar to how a coupon or a food item has a limited period of usefulness. Once the expiration date passes, the contract loses its value or ability to be used.
FAQ
What insider transaction did DM Trust Aggregator report for Dutch Bros (BROS)?
DM Trust Aggregator, LLC reported a conversion of derivative securities. It exchanged 6,454,800 Class A Common Units of Dutch Mafia, LLC into 6,454,800 shares of Dutch Bros Class A Common Stock, reflecting an internal shift from operating company units to listed shares.
What happened to DM Trust Aggregator’s Class A Common Units of Dutch Mafia in this Dutch Bros (BROS) filing?
DM Trust Aggregator converted 6,454,800 Class A Common Units of Dutch Mafia. Those units were exchanged into an equal number of Dutch Bros Class A Common Stock, reducing its Dutch Mafia units while increasing directly held Class A shares in the public company.
How many Dutch Mafia Class A Common Units does DM Trust Aggregator still hold after the Dutch Bros (BROS) conversion?
DM Trust Aggregator continues to hold 22,670,760 Dutch Mafia Class A Common Units. The Form 4 derivative table lists total units following the transaction, showing a substantial remaining interest in the operating company alongside the exchanged units.
Are Dutch Mafia Class A Common Units exchangeable into Dutch Bros (BROS) Class A Common Stock?
Yes, Dutch Mafia Class A Common Units are exchangeable one-for-one into Dutch Bros Class A shares. The footnotes state they can be exchanged at the holder’s discretion, subject to exceptions and conditions, with no exercise price and no expiration date.
Was the Dutch Bros (BROS) insider transaction a purchase or sale on the market?
The transaction was a conversion of derivative securities, not a market trade. The Form 4 uses code “C” for conversion, and the price per share is shown as 0.0000, indicating an internal exchange rather than an open-market buy or sell.