[Form 4] Dutch Bros Inc. Insider Trading Activity

Rhea-AI Filing Summary

Dutch Bros Inc. (BROS) reported insider share sales by a director and 10% owner. The Form 4 shows multiple open-market sales of Class A common stock on 11/24/2025 and 11/25/2025, executed under an automatic Rule 10b5-1 trading plan adopted by DM Individual Aggregator, LLC on November 22, 2024. Reported transactions include, for example, 268,897 shares sold at a weighted average price of $55.2716 and 119,807 shares sold at a weighted average price of $57.4156, with each line representing multiple trades within stated price ranges. After these sales, the reporting person directly beneficially owns 9,817 shares of Dutch Bros Class A common stock.

Insights

Equity Ownership and Governance Analyst

Large, pre‑planned insider share sales sharply reduce this director’s stake, weakening ownership alignment despite Rule 10b5‑1 protections.

The filing reports multiple open‑market sales of **Class A Common Stock** of **Dutch Bros Inc.** on 11/24/2025 and 11/25/2025 under transaction code "S" (sale). Across these trades, the reporting person disposes of 965,214 shares, moving from 975,031 shares before the first sale to 9,817 shares beneficially owned afterward. Sale prices are disclosed as weighted averages between about $52.32 and $57.69, with the filer offering to supply full breakdowns by price on request.

The sales were executed automatically under a Rule 10b5‑1 trading plan adopted by **DM Individual Aggregator, LLC** on 11/22/2024. A Rule 10b5‑1 plan is a pre‑arranged trading program that allows insiders to sell shares according to preset instructions, which can reduce concerns about trading on non‑public information. Even with that structure, the result is a major drop in this director’s direct holding to 9,817 shares, so personal economic exposure to future company performance is now much smaller.

The filing does not report any derivative securities or new grants, so the disclosed reduction in direct ownership stands without an offset from options or similar instruments. The key items to track from this event are the new, much lower beneficial ownership level and any future Forms 4 showing whether this holder stabilizes, rebuilds, or continues to adjust their position after 11/25/2025.

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 OR 97526

(City) (State) (Zip)

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)

3. Date of Earliest Transaction (Month/Day/Year)
11/24/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

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	11/24/2025		S(1)		98,697	D	$52.9467(2)	876,334	D
Class A Common Stock	11/24/2025		S(1)		204,160	D	$53.5286(3)	672,174	D
Class A Common Stock	11/24/2025		S(1)		14,268	D	$54.8261(4)	657,906	D
Class A Common Stock	11/25/2025		S(1)		56,808	D	$53.7431(5)	601,098	D
Class A Common Stock	11/25/2025		S(1)		164,625	D	$54.5765(6)	436,473	D
Class A Common Stock	11/25/2025		S(1)		268,897	D	$55.2716(7)	167,576	D
Class A Common Stock	11/25/2025		S(1)		37,952	D	$56.6347(8)	129,624	D
Class A Common Stock	11/25/2025		S(1)		119,807	D	$57.4156(9)	9,817	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 November 22, 2024.

2. Represents the weighted average sale price. These shares were sold in multiple transactions at prices ranging from $52.3200 to $53.3150 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 $53.3200 to $54.3100 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 $54.3200 to $55.2500 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 $53.0100 to $54.0050 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 $54.0100 to $55.0050 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.

7. Represents the weighted average sale price. These shares were sold in multiple transactions at prices ranging from $55.0100 to $55.9200 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.

8. Represents the weighted average sale price. These shares were sold in multiple transactions at prices ranging from $56.1200 to $57.1100 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.

9. Represents the weighted average sale price. These shares were sold in multiple transactions at prices ranging from $57.1200 to $57.6900 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	11/26/2025
	** 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.

FAQ

What did the Dutch Bros (BROS) Form 4 filing report?

The Form 4 reports that a director and 10% owner of Dutch Bros Inc. (BROS) sold multiple blocks of Class A common stock in open-market transactions on 11/24/2025 and 11/25/2025.

How many Dutch Bros (BROS) shares does the insider hold after these transactions?

Following the reported sales, the insider directly beneficially owns 9,817 shares of Dutch Bros Class A common stock.

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

The filing shows weighted average sale prices such as $52.9467, $53.5286, $54.8261, $55.2716, and up to $57.4156, each representing multiple trades within specified price ranges.

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

Yes. The filing states the transactions were effected automatically under a Rule 10b5-1 trading plan adopted by DM Individual Aggregator, LLC on November 22, 2024.

What is the insider’s relationship to Dutch Bros (BROS)?

The reporting person is identified as a director and 10% owner of Dutch Bros Inc..

Does the Dutch Bros (BROS) Form 4 include any derivative security transactions?

No derivative security acquisitions or dispositions are listed; the table for derivative securities does not show reported transactions.

How are the Dutch Bros (BROS) sale prices described in the Form 4?

For each line, the Form 4 provides a weighted average sale price and notes that the shares were sold in multiple transactions within stated price ranges, with full details available upon request.