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DM Individual Aggregator converts 3.45M Dutch Bros (BROS) units into Class A stock

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
4

Rhea-AI Filing Summary

DM Individual Aggregator, LLC, a 10% owner of Dutch Bros Inc., reported a conversion of derivative securities into common stock. The entity converted 3,445,200 shares of Class A Common Units of Dutch Mafia, LLC into the same number of Class A Common Stock shares.

After the conversion, DM Individual Aggregator, LLC directly holds 3,455,017 shares of Class A Common Stock and 14,871,616 Class A Common Units of Dutch Mafia. The units are exchangeable for Class A Common Stock on a one-for-one basis without an exercise price and have no expiration date.

Positive

  • None.

Negative

  • None.
Insider DM Individual Aggregator, LLC
Role null
Type Security Shares Price Value
Conversion Class A Common Units 3,445,200 $0.00 --
Conversion Class A Common Stock 3,445,200 $0.00 --
Holdings After Transaction: Class A Common Units — 14,871,616 shares (Direct, null); Class A Common Stock — 3,455,017 shares (Direct, null)
Footnotes (1)
  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.
Shares converted 3,445,200 shares Class A Common Units converted into Class A Common Stock on April 27, 2026
Class A shares after transaction 3,455,017 shares Direct holdings of Class A Common Stock following conversion
Class A Common Units after transaction 14,871,616 units Dutch Mafia Class A Common Units held after reported conversion
Exchange ratio 1 unit : 1 share Class A Common Units exchangeable into Class A Common Stock
Class A Common Units financial
"Represents Class A Common Units of Dutch Mafia, the operating company of the Issuer."
derivative conversion financial
"transaction_action": "derivative conversion""
Dutch Mafia, LLC financial
"In accordance with the amended and restated limited liability company agreement of Dutch Mafia, LLC ("Dutch Mafia"),"
Class A Common Stock financial
"Class A Common Units of Dutch Mafia are exchangeable for shares of Class A Common Stock of the Issuer"
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.
limited liability company agreement financial
"In accordance with the amended and restated limited liability company agreement of Dutch Mafia, LLC"
A limited liability company agreement is the legal contract that lays out who owns a limited liability company, how it is run, how profits and losses are shared, and the rules for major decisions, transfers and exits. For investors it functions like an operating manual or roadmap: it determines control rights, payout priority, dispute resolution and protections against personal liability, so it directly affects risk, governance and how and when investors can realize returns.
Form 4 Insider Transactions: What Each Field Means →
SEC Form 4
FORM 4UNITED 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)
DirectorX10% Owner
Officer (give title below)Other (specify below)
2a. Foreign Trading Symbol
3. Date of Earliest Transaction (Month/Day/Year)
04/27/2026		6. Individual or Joint/Group Filing (Check Applicable Line)
XForm 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)
CodeVAmount(A) or (D)Price
Class A Common Stock04/27/2026C(1)3,445,200A$03,455,017D
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)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount or Number of Shares
Class A Common Units(2)(1)04/27/2026C(1)3,445,200 (1) (1)Class A Common Stock3,445,200$014,871,616D
Explanation of Responses:
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.
2. Represents Class A Common Units of Dutch Mafia, the operating company of the Issuer.
Remarks:
/s/ Thomas P. Conaghan, Attorney-in-Fact for Travis Boersma, Manager04/29/2026
** Signature of Reporting PersonDate
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 did DM Individual Aggregator, LLC do in this Dutch Bros (BROS) Form 4?

DM Individual Aggregator, LLC converted 3,445,200 Class A Common Units of Dutch Mafia into 3,445,200 shares of Dutch Bros Class A Common Stock. This is reported as a derivative conversion, not an open-market purchase or sale.

How many Dutch Bros (BROS) Class A shares does DM Individual Aggregator, LLC hold after the transaction?

After the transaction, DM Individual Aggregator, LLC holds 3,455,017 shares of Dutch Bros Class A Common Stock. This figure reflects its direct ownership following the reported derivative conversion on the Form 4.

What are Dutch Mafia Class A Common Units in relation to Dutch Bros (BROS)?

Dutch Mafia Class A Common Units represent interests in Dutch Mafia, LLC, the operating company of Dutch Bros. These units are exchangeable for Dutch Bros Class A Common Stock on a one-for-one basis, subject to specified exceptions, conditions, and adjustments.

Do Dutch Mafia Class A Common Units have an expiration date or exercise price?

According to the filing, Dutch Mafia Class A Common Units have no expiration date, and holders are not required to pay an exercise price when exchanging them for Dutch Bros Class A Common Stock. The exchange occurs on a one-for-one basis under the LLC agreement.

How many Dutch Mafia Class A Common Units remain after this Dutch Bros (BROS) Form 4 event?

Following the reported conversion, DM Individual Aggregator, LLC holds 14,871,616 Dutch Mafia Class A Common Units. These units remain exchangeable into Dutch Bros Class A Common Stock under the terms described in the Dutch Mafia LLC agreement.