Dutch Bros holder logs recapitalization and share cancellation
DM Trust Aggregator, LLC, a 10% owner of Dutch Bros Inc., reported an internal recapitalization on April 22, 2026.
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Form Type
4
Rhea-AI Filing Summary
DM Trust Aggregator, LLC, a 10% owner of Dutch Bros Inc., reported an internal recapitalization on April 22, 2026. Dutch Mafia, LLC completed a reverse unit split that canceled 33,022 shares of Dutch Bros Class B Common Stock, reducing DM Trust Aggregator’s holdings by 19,318 Class B shares to 20,579,218 and by 27,341 Class A Common Units to 29,125,560. These Class A Common Units are exchangeable one-for-one into Class A Common Stock, and some are paired with an equal number of Class B shares that are surrendered and canceled when exchanged.
Insider Trade Summary
Other: 46,659 shares
Other
2 txns
Insider
DM Trust Aggregator, LLC
Role
10% Owner
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Other | Class A Common Units | 27,341 | $0.00 | $0.00 |
| Other | Class B Common Stock | 19,318 | $0.00 | $0.00 |
Holdings After Transaction:
Class A Common Units — 29,125,560 contracts (Direct);
Class B Common Stock — 20,579,218 shares (Direct)
Footnotes (3)
- F1. On April 22, 2026, the Class A Common Units of Dutch Mafia, LLC ("Dutch Mafia") were recapitalized through a reverse unit split, which resulted in the cancellation without consideration of 33,022 shares of the Issuer's Class B Common Stock, in accordance with the limited liability company agreement of Dutch Mafia (the "Recapitalization"). As a result of the Recapitalization, the Class A Common Units of Dutch Mafia beneficially owned by DM Trust Aggregator, LLC were reduced by 27,341 units, and the shares of Class B Common Stock of the Issuer beneficially owned by DM Trust Aggregator, LLC were reduced by 19,318 shares.
- F2. Represents Class A Common Units of Dutch Mafia, the operating company of the Issuer.
- F3. In accordance with the limited liability company agreement of 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. Certain Class A Common Units of Dutch Mafia are paired with an equal number of shares of Class B Common Stock of the Issuer ("Paired Units"). Upon the exchange of Paired Units for Class A Common Stock of the Issuer, the associated shares of Class B Common Stock are surrendered to and canceled by the Issuer. The Class A Common Units of Dutch Mafia and the Class B Common Stock of the Issuer do not have an expiration date, and the holders thereof are not required to pay an exercise price in connection with the exchanges.
Key Figures
Class B shares canceled overall: 33,022 shares
Class B shares reduced for DM Trust Aggregator: 19,318 shares
Class A Common Units reduced: 27,341 units
+3 more
6 metrics
Class B shares canceled overall
33,022 shares
Class B Common Stock canceled in recapitalization on April 22, 2026
Class B shares reduced for DM Trust Aggregator
19,318 shares
Reduction in Dutch Bros Class B holdings from recapitalization
Class A Common Units reduced
27,341 units
Reduction in Dutch Mafia Class A Common Units for DM Trust Aggregator
Class B shares after transaction
20,579,218 shares
Dutch Bros Class B Common Stock held by DM Trust Aggregator after recapitalization
Class A Units after transaction
29,125,560 units
Dutch Mafia Class A Common Units held by DM Trust Aggregator after recapitalization
Restructuring shares total
46,659 units/shares
Total units and shares impacted in restructuring transactions
Key Terms
reverse unit split, Class A Common Units, Class B Common Stock, Paired Units, +2 more
6 terms
reverse unit split financial
"the Class A Common Units of Dutch Mafia, LLC were recapitalized through a reverse unit split, which resulted in the cancellation"
Class A Common Units financial
"As a result of the Recapitalization, the Class A Common Units of Dutch Mafia beneficially owned by DM Trust Aggregator, LLC were reduced"
Class B Common Stock financial
"the shares of Class B Common Stock of the Issuer beneficially owned by DM Trust Aggregator, LLC were reduced by 19,318 shares"
A class B common stock is one of multiple types of a company’s ordinary shares that carries specific rights—often different voting power or dividend priority—compared with other classes. For investors it matters because those differences affect how much influence you have over company decisions, the income you might receive, and how freely the shares trade; think of it like owning a car with different keys: some keys let you start the engine and open the trunk, others only unlock the door.
Paired Units financial
"Certain Class A Common Units of Dutch Mafia are paired with an equal number of shares of Class B Common Stock of the Issuer ("Paired Units")"
limited liability company agreement financial
"in accordance with the limited liability company agreement of Dutch Mafia (the "Recapitalization")"
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.
exchangeable financial
"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"
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What did DM Trust Aggregator, LLC report in this Dutch Bros (BROS) Form 4?
DM Trust Aggregator, LLC reported an internal recapitalization at Dutch Mafia, LLC involving a reverse unit split. This restructuring canceled certain Class B shares and reduced its Class A Common Units and Class B Common Stock holdings without any stated purchase or sale of shares.
What are DM Trust Aggregator, LLC’s Dutch Bros Class B holdings after the transaction?
After the recapitalization, DM Trust Aggregator, LLC directly holds 20,579,218 shares of Dutch Bros Class B Common Stock. This figure reflects the 19,318-share reduction from the reverse unit split and provides an updated view of its remaining Class B equity stake.
How were Dutch Mafia Class A Common Units of Dutch Bros (BROS) changed in this filing?
The recapitalization reduced DM Trust Aggregator, LLC’s Class A Common Units of Dutch Mafia by 27,341 units, leaving it with 29,125,560 units. These units represent interests in Dutch Bros’ operating company and are central to the Up‑C style equity structure disclosed.
Are Dutch Mafia Class A Common Units exchangeable for Dutch Bros Class A Common Stock?
Yes. Under Dutch Mafia’s limited liability company agreement, each Class A Common Unit is exchangeable one-for-one into Dutch Bros Class A Common Stock. Exchanges occur at the holder’s discretion and are subject to specified exceptions, conditions, and adjustments detailed in the governing agreement.
What are Paired Units in the Dutch Bros (BROS) equity structure?
Paired Units are Class A Common Units of Dutch Mafia coupled with an equal number of Dutch Bros Class B shares. When a Paired Unit is exchanged for Class A Common Stock, the associated Class B shares are surrendered to Dutch Bros and canceled, simplifying the holder’s equity into a single share class.
AI-generated analysis. How Rhea-AI works. Not financial advice.
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