DM Individual Aggregator sells 522K Dutch Bros (BROS) shares in pre-set 10b5-1 trades

Filing Impact

(Very High)

Filing Sentiment

(Very Negative)

Form Type

Rhea-AI Filing Summary

DM Individual Aggregator, LLC, a ten percent owner of Dutch Bros Inc. (BROS), reported open-market sales of a total of 522,109 shares of Class A common stock on June 10–11, 2026. The sales were executed at prices between $60.00 and $64.23 per share.

The filing notes these transactions were carried out automatically under a Rule 10b5-1 trading plan adopted on February 19, 2026, indicating the sales were pre-scheduled rather than discretionary market timing.

Insider Trade Summary 10b5-1

Net Seller: 522,109 shares ($32,213,881)

Net Sell 5 txns

Insider DM Individual Aggregator, LLC

Role null

Sold 522,109 shs ($32.21M)

Type	Security	Shares	Price	Value
Sale	Class A Common Stock	124,771	$62.4706	$7.79M
Sale	Class A Common Stock	120,729	$63.457	$7.66M
Sale	Class A Common Stock	15,555	$64.1045	$997K
Sale	Class A Common Stock	247,456	$60.3362	$14.93M
Sale	Class A Common Stock	13,598	$61.0797	$831K

Holdings After Transaction: Class A Common Stock — 2,547,084 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 Individual Aggregator, LLC on February 19, 2026. Represents the weighted average sale price. These shares were sold in multiple transactions at prices ranging from $60.0000 to $60.9900 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. Represents the weighted average sale price. These shares were sold in multiple transactions at prices ranging from $61.0000 to $61.3000 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 $62.0000 to $62.9900 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. Represents the weighted average sale price. These shares were sold in multiple transactions at prices ranging from $63.0000 to $63.9900 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. Represents the weighted average sale price. These shares were sold in multiple transactions at prices ranging from $64.0000 to $64.2300 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: 522,109 shares Sale price range: $60.00–$64.23 per share Highest weighted average price: $64.1045 per share +3 more

6 metrics

Shares sold 522,109 shares Total net shares sold in Form 4 transactions

Sale price range $60.00–$64.23 per share Price range from multiple open-market sales

Highest weighted average price $64.1045 per share One of the reported weighted average sale prices

Lowest weighted average price $60.3362 per share One of the reported weighted average sale prices

Transaction dates June 10–11, 2026 Dates of reported open-market sales

Trading plan adoption date February 19, 2026 Adoption date of Rule 10b5-1 plan

Key Terms

Rule 10b5-1 trading plan, weighted average sale price, ten percent owner, open-market sale

4 terms

Rule 10b5-1 trading plan regulatory

"this transaction was effected automatically pursuant to a Rule 10b5-1 trading plan adopted"

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"

ten percent owner regulatory

"DM Individual Aggregator, LLC is identified as a ten percent owner of the issuer"

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 →

06/12/2026 - 12:59 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 Individual 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)
06/10/2026

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	06/10/2026		S⁽¹⁾		247,456	D	$60.3362⁽²⁾	2,685,453	D
Class A Common Stock	06/10/2026		S⁽¹⁾		13,598	D	$61.0797⁽³⁾	2,671,855	D
Class A Common Stock	06/11/2026		S⁽¹⁾		124,771	D	$62.4706⁽⁴⁾	2,547,084	D
Class A Common Stock	06/11/2026		S⁽¹⁾		120,729	D	$63.457⁽⁵⁾	2,426,355	D
Class A Common Stock	06/11/2026		S⁽¹⁾		15,555	D	$64.1045⁽⁶⁾	2,410,800	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 Individual Aggregator, LLC on February 19, 2026.

2. Represents the weighted average sale price. These shares were sold in multiple transactions at prices ranging from $60.0000 to $60.9900 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 $61.0000 to $61.3000 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 $62.0000 to $62.9900 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.

5. Represents the weighted average sale price. These shares were sold in multiple transactions at prices ranging from $63.0000 to $63.9900 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.

6. Represents the weighted average sale price. These shares were sold in multiple transactions at prices ranging from $64.0000 to $64.2300 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	06/12/2026
	** 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 Dutch Bros (BROS) report in this Form 4?

Dutch Bros reported that DM Individual Aggregator, LLC, a ten percent owner, sold 522,109 shares of Class A common stock in open-market transactions on June 10–11, 2026, according to the Form 4 filing.

How many Dutch Bros (BROS) shares did DM Individual Aggregator, LLC sell?

DM Individual Aggregator, LLC sold a total of 522,109 shares of Dutch Bros Class A common stock. These sales were broken into several transactions over two days, as detailed in the Form 4 insider filing.

At what prices were the Dutch Bros (BROS) shares sold in this Form 4?

The reported Dutch Bros share sales occurred at prices between $60.00 and $64.23 per share. The Form 4 discloses weighted average sale prices, with more detailed per-trade pricing available on request from the reporting person.

Were the Dutch Bros (BROS) insider sales under a Rule 10b5-1 plan?

Yes. The filing states the transactions were effected automatically under a Rule 10b5-1 trading plan adopted by DM Individual Aggregator, LLC on February 19, 2026, indicating the sales were pre-arranged rather than newly decided.

Who is the reporting person in the Dutch Bros (BROS) Form 4 filing?

The reporting person is DM Individual Aggregator, LLC, identified in the filing as a ten percent owner of Dutch Bros Inc. The transactions involve direct holdings of the company’s Class A common stock.

What type of transactions are shown in this Dutch Bros (BROS) Form 4?

All reported transactions are open-market sales of Dutch Bros Class A common stock, coded as “S” in the Form 4. There are no option exercises, gifts, or tax-withholding entries disclosed in this insider filing.