Dutch Bros holder sells 977,890 shares in plan trades

DM Trust Aggregator, LLC, a ten percent owner of Dutch Bros Inc., reported open-market sales of a total of 977,890 shares of Class A Common Stock on June 10–11, 2026.

Rhea-AI Filing Summary

DM Trust Aggregator, LLC, a ten percent owner of Dutch Bros Inc., reported open-market sales of a total of 977,890 shares of Class A Common Stock on June 10–11, 2026. Sale prices were reported as weighted averages between about $60.00 and $64.23 per share across multiple trades.

The filing states these transactions were effected automatically under a pre-arranged Rule 10b5-1 trading plan adopted by DM Trust Aggregator, LLC on February 19, 2026. After the reported sales, the entity holds 4,514,630 shares of Class A Common Stock directly.

Insider Trade Summary 10b5-1

Net Seller: 977,890 shares

Net Sell 5 txns

Insider DM Trust Aggregator, LLC

Role 10% Owner

Sold 977,890 shs ($60.34M)

Type	Security	Shares	Price	Value
Sale	Class A Common Stock	233,690	$62.4706	$14.60M
Sale	Class A Common Stock	226,120	$63.457	$14.35M
Sale	Class A Common Stock	29,135	$64.1045	$1.87M
Sale	Class A Common Stock	461,532	$60.3528	$27.85M
Sale	Class A Common Stock	27,413	$61.0797	$1.67M

Holdings After Transaction: Class A Common Stock — 4,514,630 shares (Direct)

Footnotes (6)

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 $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. F3. 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. F4. 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. F5. 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. F6. 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: 977,890 shares Remaining holdings: 4,514,630 shares Sale price example: $60.3528 per share +3 more

6 metrics

Shares sold 977,890 shares Total Class A Common Stock sold June 10–11, 2026

Remaining holdings 4,514,630 shares Class A Common Stock held directly after final June 11, 2026 sale

Sale price example $60.3528 per share Weighted average price for 461,532-share sale on June 10, 2026

Sale price example $64.1045 per share Weighted average price for 29,135-share sale on June 11, 2026

Largest single block 461,532 shares Block of Class A Common Stock sold June 10, 2026

Trading plan adoption February 19, 2026 Date DM Trust Aggregator, LLC adopted Rule 10b5-1 plan

Key Terms

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

5 terms

Rule 10b5-1 trading plan regulatory

"transactions were 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.

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.

weighted average sale price financial

"Represents the weighted average sale price. These shares were sold in multiple transactions"

ten percent 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.

FAQ

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

What insider activity did DM Trust Aggregator report for Dutch Bros (BROS)?

DM Trust Aggregator, LLC reported selling 977,890 shares of Dutch Bros Class A Common Stock in open-market transactions. The sales occurred on June 10–11, 2026 at weighted average prices between about $60 and $64.23 per share under a pre-arranged trading plan.

Over what dates were the Dutch Bros (BROS) insider share sales executed?

The reported Dutch Bros share sales were executed on June 10 and June 11, 2026. Multiple trades took place each day, with reported weighted average sale prices disclosed for each transaction line in the Form 4 filing submitted by DM Trust Aggregator, LLC.

How many Dutch Bros (BROS) shares does DM Trust Aggregator hold after these sales?

After the reported transactions, DM Trust Aggregator, LLC holds 4,514,630 shares of Dutch Bros Class A Common Stock directly. This figure reflects the position following the final sale reported for June 11, 2026 in the Form 4 insider trading disclosure.

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

Yes. The filing states the transactions were effected automatically under a Rule 10b5-1 trading plan. DM Trust Aggregator, LLC adopted this plan on February 19, 2026, meaning the sales were pre-arranged rather than discretionary trades timed after new information.

What price range did Dutch Bros (BROS) shares sell for in these insider trades?

The reported weighted average sale prices ranged from about $60.00 to $64.23 per share. Footnotes explain that each line aggregates multiple trades within narrower ranges, and the reporting person can provide exact trade-by-trade prices upon request to regulators or investors.

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

The reporting person is DM Trust Aggregator, LLC, identified as a ten percent owner of Dutch Bros Inc. All reported transactions involve its direct holdings of Class A Common Stock, rather than trades by an individual executive or director of the company.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 06/12/2026 - 12:58 PM Learn about SEC filing dates

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)
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)
			Code	V	Amount	(A) or (D)	Price
Class A Common Stock	06/10/2026		S(1)		461,532	D	$60.3528(2)	5,030,988	D
Class A Common Stock	06/10/2026		S(1)		27,413	D	$61.0797(3)	5,003,575	D
Class A Common Stock	06/11/2026		S(1)		233,690	D	$62.4706(4)	4,769,885	D
Class A Common Stock	06/11/2026		S(1)		226,120	D	$63.457(5)	4,543,765	D
Class A Common Stock	06/11/2026		S(1)		29,135	D	$64.1045(6)	4,514,630	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 $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)