Large holder DM Trust Aggregator (NYSE: BROS) sells 488,945 Dutch Bros shares

Rhea-AI Filing Summary

DM Trust Aggregator, LLC, a ten percent owner of Dutch Bros Inc., reported open-market sales of Class A Common Stock on two consecutive days. On May 27, 2026, it sold 355,217 shares at a weighted average price of $56.2102 per share. On May 28, 2026, it sold an additional 133,728 shares at a weighted average price of $56.1565 per share. In total, the entity sold 488,945 shares and held 5,981,465 shares of Class A Common Stock directly after the transactions. The filing notes that at least one of these transactions was effected automatically under a Rule 10b5-1 trading plan adopted by DM Trust Aggregator, LLC.

Insights

Equity ownership analyst

Pre-planned insider sales reduce a large holder’s stake but remain moderate in scale.

DM Trust Aggregator, LLC, a ten percent owner of Dutch Bros Inc., sold a combined 488,945 shares of Class A Common Stock at weighted average prices just above $56. These were open-market sales rather than option exercises or gifts.

After the transactions, the entity still holds 5,981,465 shares, so the sale represents a minority portion of its disclosed position. The filing specifies that at least one transaction was executed automatically under a Rule 10b5-1 trading plan, indicating the timing was pre-arranged rather than opportunistic.

From a governance perspective, this looks like routine portfolio management by a large shareholder. The absence of derivative positions in the derivative summary suggests no options or similar instruments are directly tied to this particular filing, focusing attention purely on common stock ownership.

Insider Trade Summary 10b5-1

Net Seller: 488,945 shares ($27,476,515)

Net Sell 2 txns

Insider DM Trust Aggregator, LLC

Role null

Sold 488,945 shs ($27.48M)

Type	Security	Shares	Price	Value
Sale	Class A Common Stock	133,728	$56.1565	$7.51M
Sale	Class A Common Stock	355,217	$56.2102	$19.97M

Holdings After Transaction: Class A Common Stock — 5,981,465 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 Trust Aggregator, LLC on February 19, 2026. Represents the weighted average sale price. These shares were sold in multiple transactions at prices ranging from $56.0000 to $56.5800 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 $56.0000 to $56.4400 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 May 27, 2026: 355,217 shares Price May 27, 2026: $56.2102 per share Shares sold May 28, 2026: 133,728 shares +3 more

6 metrics

Shares sold May 27, 2026 355,217 shares Open-market sale of Class A Common Stock at weighted average price

Price May 27, 2026 $56.2102 per share Weighted average sale price for 355,217 shares

Shares sold May 28, 2026 133,728 shares Open-market sale of Class A Common Stock at weighted average price

Price May 28, 2026 $56.1565 per share Weighted average sale price for 133,728 shares

Total shares sold 488,945 shares Combined open-market sales across two days

Shares held after transactions 5,981,465 shares Direct Class A Common Stock holdings following sales

Key Terms

Rule 10b5-1 trading plan, weighted average sale price, Class A Common Stock, ten percent owner

4 terms

Rule 10b5-1 trading plan regulatory

"this transaction was effected automatically pursuant to a Rule 10b5-1 trading plan adopted by DM Trust Aggregator, LLC"

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"

Class A Common Stock financial

"security_title": "Class A Common Stock""

Class A common stock is a category of a company’s shares that carries a specific set of ownership rights—most commonly defined voting power and claims on dividends—set out in the company’s charter. For investors it matters because the class determines how much influence you have over corporate decisions, the share’s likely dividend and trading behavior, and how it compares in value to other share classes, like choosing a particular seat with different privileges at the company’s decision-making table.

ten percent owner regulatory

""is_ten_percent_owner": 1"

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

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 Trust 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)
05/27/2026

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	05/27/2026		S(1)		355,217	D	$56.2102(2)	6,115,193	D
Class A Common Stock	05/28/2026		S(1)		133,728	D	$56.1565(3)	5,981,465	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 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 $56.0000 to $56.5800 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 $56.0000 to $56.4400 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	05/29/2026
	** 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 Trust Aggregator, LLC sell?

DM Trust Aggregator, LLC sold a total of 488,945 shares of Dutch Bros Class A Common Stock. The sales occurred over two days and were executed as open-market transactions at weighted average prices slightly above $56 per share.

What prices were received in the recent Dutch Bros (BROS) insider sales?

The insider sales were executed at weighted average prices of $56.2102 and $56.1565 per share. Individual trades occurred within tight ranges around $56, with the seller offering to provide full breakdowns of share counts at each specific price upon request.

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

After the reported transactions, DM Trust Aggregator, LLC holds 5,981,465 shares of Dutch Bros Class A Common Stock directly. This remaining position indicates the entity continues to be a significant shareholder despite the recent open-market sales disclosed in the filing.

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

Yes. The filing states that one of the transactions was effected automatically pursuant to a Rule 10b5-1 trading plan adopted by DM Trust Aggregator, LLC. Such plans pre-schedule trades, reducing the importance of short-term market timing decisions for these sales.

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

DM Trust Aggregator, LLC is identified as a ten percent owner of Dutch Bros Inc. in the filing. This makes it a significant shareholder whose transactions are subject to Section 16 reporting requirements, including Form 4 disclosures of open-market purchases and sales.