Dutch Bros (NYSE: BROS) 10% owner sells 261,054 shares under Rule 10b5-1 plan

Rhea-AI Filing Summary

DM Individual 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. The entity sold 155,692 shares on June 1, 2026 at a weighted average price of $58.2596 per share, and 105,362 shares on May 29, 2026 at a weighted average price of $58.2716 per share. After these sales totaling 261,054 shares, DM Individual Aggregator, LLC directly holds 2,932,909 Class A shares, indicating it retains a substantial position despite the net reduction.

Insights

Equity markets analyst

Pre-planned insider sales reduce holdings but leave a large stake.

DM Individual Aggregator, LLC, a 10% owner of Dutch Bros Inc., executed two open-market sales totaling 261,054 Class A shares at weighted average prices just above $58. These were carried out under a Rule 10b5-1 trading plan adopted in February 2026, signaling pre-scheduled activity.

The filing shows remaining direct ownership of 2,932,909 Class A shares, so the disposition represents a minority portion of the entity’s stake. There are no derivative positions reported, suggesting this update mainly reflects routine, plan-driven portfolio management rather than a change in long-term view disclosed here.

Insider Trade Summary 10b5-1

Net Seller: 261,054 shares ($15,210,166)

Net Sell 2 txns

Insider DM Individual Aggregator, LLC

Role null

Sold 261,054 shs ($15.21M)

Type	Security	Shares	Price	Value
Sale	Class A Common Stock	155,692	$58.2596	$9.07M
Sale	Class A Common Stock	105,362	$58.2716	$6.14M

Holdings After Transaction: Class A Common Stock — 2,932,909 shares (Direct, null)

Footnotes (1)

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 $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 June 1, 2026: 155,692 shares Shares sold May 29, 2026: 105,362 shares Total shares sold: 261,054 shares +3 more

6 metrics

Shares sold June 1, 2026 155,692 shares Open-market sale at weighted average $58.2596

Shares sold May 29, 2026 105,362 shares Open-market sale at weighted average $58.2716

Total shares sold 261,054 shares Net sell across two open-market transactions

Remaining holdings 2,932,909 shares Class A shares directly owned after transactions

Price range June 1, 2026 $58.0000–$58.7700 Multiple transactions, weighted average $58.2596

Price range May 29, 2026 $58.0000–$58.6500 Multiple transactions, weighted average $58.2716

Key Terms

Rule 10b5-1 trading plan, weighted average sale price, 10% 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"

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"

10% owner regulatory

"is_ten_percent_owner": 1"

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 →

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^*

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)
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)
			Code	V	Amount	(A) or (D)	Price
Class A Common Stock	05/29/2026		S(1)		105,362	D	$58.2716(2)	3,088,601	D
Class A Common Stock	06/01/2026		S(1)		155,692	D	$58.2596(3)	2,932,909	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)
				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 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 $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)

FAQ

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

DM Individual Aggregator, LLC sold a total of 261,054 Class A shares of Dutch Bros Inc. This includes 155,692 shares on June 1, 2026 and 105,362 shares on May 29, 2026, all reported as open-market sales in the Form 4 filing.

At what prices were the Dutch Bros (BROS) insider sales executed?

The reported sales used weighted average prices. On June 1, 2026, shares were sold at $58.2596 within a $58.0000–$58.7700 range. On May 29, 2026, shares were sold at $58.2716 within a $58.0000–$58.6500 range, across multiple transactions at these prices.

How many Dutch Bros (BROS) shares does DM Individual Aggregator, LLC still hold?

After these transactions, DM Individual Aggregator, LLC directly holds 2,932,909 shares of Dutch Bros Class A Common Stock. This remaining stake, disclosed in the Form 4, indicates the entity continues to own a substantial number of shares following the reported sales.

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

Yes. The filing states the June 1, 2026 sale was automatically effected under a Rule 10b5-1 trading plan adopted by DM Individual Aggregator, LLC on February 19, 2026. Such plans pre-schedule trades, reducing the significance of transaction timing as a discretionary signal.

What type of insider is DM Individual Aggregator, LLC for Dutch Bros (BROS)?

DM Individual Aggregator, LLC is reported as a 10% owner of Dutch Bros Inc. on the Form 4. As a large shareholder, its open-market transactions must be disclosed, giving investors visibility into changes in its reported holdings of Class A Common Stock.