Dutch Bros chair reports 2.39M-share indirect sales

The reported weighted-average sale prices ranged from $44.0640 to $45.1427 per share across the three transaction dates.

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

Rhea-AI Filing Summary

Dutch Bros Inc. Executive Chairman Travis Boersma reported indirect sales by DM Trust Aggregator, LLC and DM Individual Aggregator, LLC of 2,388,812 Class A common shares from November 2 through November 4, 2026. The sales were effected automatically under Rule 10b5-1 trading plans the entities adopted on February 19, 2026. Boersma is manager of both entities and disclaimed beneficial ownership of the reported shares except to the extent of any pecuniary interest.

Insider Trade Summary 10b5-1

Net Seller: 2,388,812 shares

Net Sell 10 txns

Insider Boersma Travis

Role Executive Chairman of Board

Sold 2,388,812 shs ($106.42M)

Type	Security	Shares	Price	Value
Sale	Class A Common Stock F1, F6, F3	499,041	$44.5891	$22.25M
Sale	Class A Common Stock F1, F7, F3	173,891	$45.1427	$7.85M
Sale	Class A Common Stock F8, F6, F3	266,443	$44.5891	$11.88M
Sale	Class A Common Stock F8, F7, F3	92,841	$45.1427	$4.19M
Sale	Class A Common Stock F1, F5, F3	256,708	$44.064	$11.31M
Sale	Class A Common Stock F8, F5, F3	137,060	$44.064	$6.04M
Sale	Class A Common Stock F1, F2, F3	622,101	$44.5452	$27.71M
Sale	Class A Common Stock F1, F4, F3	5,591	$45.0062	$252K
Sale	Class A Common Stock F8, F2, F3	332,150	$44.5452	$14.80M
Sale	Class A Common Stock F8, F4, F3	2,986	$45.0062	$134K

Holdings After Transaction: Class A Common Stock — 2,558,850 shares (Indirect, By DM Trust Aggregator, LLC); Class A Common Stock — 1,366,580 shares (Indirect, By DM Individual Aggregator, LLC)

Footnotes (8)

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. The reporting person is the manager of DM Trust Aggregator, LLC and DM Individual Aggregator, 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.
4. F4. 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.
5. F5. 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.
6. F6. 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.
7. F7. 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.
8. F8. As indicated by the checkbox above, this transaction was effected automatically pursuant to a Rule 10b5-1 trading plan adopted by DM Individual Aggregator, LLC on February 19, 2026.

Key Figures

Class A common shares sold: 2,388,812 shares Weighted-average sale price: $44.5452 per share Weighted-average sale price: $45.0062 per share +3 more

6 metrics

Class A common shares sold 2,388,812 shares Indirect sales by DM Trust Aggregator, LLC and DM Individual Aggregator, LLC from November 2 through November 4, 2026

Weighted-average sale price $44.5452 per share Reported for November 2, 2026

Weighted-average sale price $45.0062 per share Reported for November 2, 2026

Weighted-average sale price $44.0640 per share Reported for November 3, 2026

Weighted-average sale price $44.5891 per share Reported for November 4, 2026

Weighted-average sale price $45.1427 per share Reported for November 4, 2026

Key Terms

Rule 10b5-1 trading plan, weighted average sale price, pecuniary interest

3 terms

Rule 10b5-1 trading plan regulatory

"automatically under Rule 10b5-1 trading plans"

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"

pecuniary interest regulatory

"except to the extent of his pecuniary interest therein, if any"

FAQ

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

How many BROS shares did the entities associated with Travis Boersma sell?

DM Trust Aggregator, LLC and DM Individual Aggregator, LLC reported indirect sales of 2,388,812 Class A common shares from November 2 through November 4, 2026. The sales were effected automatically under Rule 10b5-1 trading plans adopted on February 19, 2026.

What were the BROS share sale prices reported for November 2–4, 2026?

The reported weighted-average prices were $44.5452 and $45.0062 per share on November 2, $44.0640 on November 3, and $44.5891 and $45.1427 on November 4, 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^*

Boersma Travis

(Last) (First) (Middle)

C/O DUTCH BROS INC.

1930 W RIO SALADO PKWY

(Street)

TEMPE ARIZONA 85281

(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)

X	Director	X	10% Owner
X	Officer (give title below)		Other (specify below)
	Executive Chairman of Board

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	I	By DM Trust Aggregator, LLC(3)
Class A Common Stock	11/02/2026		S(1)		5,591	D	$45.0062(4)	3,488,490	I	By DM Trust Aggregator, LLC(3)
Class A Common Stock	11/03/2026		S(1)		256,708	D	$44.064(5)	3,231,782	I	By DM Trust Aggregator, LLC(3)
Class A Common Stock	11/04/2026		S(1)		499,041	D	$44.5891(6)	2,732,741	I	By DM Trust Aggregator, LLC(3)
Class A Common Stock	11/04/2026		S(1)		173,891	D	$45.1427(7)	2,558,850	I	By DM Trust Aggregator, LLC(3)
Class A Common Stock	11/02/2026		S(8)		332,150	D	$44.5452(2)	1,865,910	I	By DM Individual Aggregator, LLC(3)
Class A Common Stock	11/02/2026		S(8)		2,986	D	$45.0062(4)	1,862,924	I	By DM Individual Aggregator, LLC(3)
Class A Common Stock	11/03/2026		S(8)		137,060	D	$44.064(5)	1,725,864	I	By DM Individual Aggregator, LLC(3)
Class A Common Stock	11/04/2026		S(8)		266,443	D	$44.5891(6)	1,459,421	I	By DM Individual Aggregator, LLC(3)
Class A Common Stock	11/04/2026		S(8)		92,841	D	$45.1427(7)	1,366,580	I	By DM Individual Aggregator, LLC(3)

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. The reporting person is the manager of DM Trust Aggregator, LLC and DM Individual Aggregator, 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.

4. 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.

5. 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.

6. 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.

7. 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.

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

Remarks:

	/s/ Thomas P. Conaghan, Attorney-in-Fact for Travis Boersma	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)