Dutch Bros (NYSE: BROS) 10% owner sells 261K shares under 10b5-1 plan

Filing Impact

(Very High)

Filing Sentiment

(Very Negative)

Form Type

Rhea-AI Filing Summary

DM Individual Aggregator, LLC, a ten percent owner of Dutch Bros Inc., reported open-market sales of Class A Common Stock under a pre-arranged Rule 10b5-1 trading plan adopted on February 19, 2026. The entity sold 189,655 shares at a weighted average price of $56.2102 on May 27, 2026 and 71,399 shares at $56.1565 on May 28, 2026. Following these transactions, it directly held 3,193,963 shares of Class A Common Stock.

Insider Trade Summary 10b5-1

Net Seller: 261,054 shares ($14,670,063)

Net Sell 2 txns

Insider DM Individual Aggregator, LLC

Role null

Sold 261,054 shs ($14.67M)

Type	Security	Shares	Price	Value
Sale	Class A Common Stock	71,399	$56.1565	$4.01M
Sale	Class A Common Stock	189,655	$56.2102	$10.66M

Holdings After Transaction: Class A Common Stock — 3,193,963 shares (Direct, null)

Footnotes (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 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: 189,655 shares Weighted avg price May 27, 2026: $56.2102/share Shares sold May 28, 2026: 71,399 shares +3 more

6 metrics

Shares sold May 27, 2026 189,655 shares Open-market sale of Class A Common Stock

Weighted avg price May 27, 2026 $56.2102/share Multiple transactions within $56.0000–$56.4400

Shares sold May 28, 2026 71,399 shares Open-market sale of Class A Common Stock

Weighted avg price May 28, 2026 $56.1565/share Multiple transactions within $56.0000–$56.5800

Shares held after transactions 3,193,963 shares Direct holdings of Class A Common Stock

Total shares sold 261,054 shares Net open-market sales across both dates

Key Terms

Rule 10b5-1 trading plan, weighted average sale price, open-market sale, Class A Common Stock, +1 more

5 terms

Rule 10b5-1 trading plan regulatory

"this transaction was effected automatically pursuant to a Rule 10b5-1 trading plan adopted by DM Individual 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"

open-market sale financial

"transaction_action": "open-market sale","transaction_code_description": "Sale in open market or private transaction""

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.

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"

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Form 4 Insider Transactions: What Each Field Means →

05/29/2026 - 04:48 PM

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).

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)

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Class A Common Stock	05/27/2026		S⁽¹⁾		189,655	D	$56.2102⁽²⁾	3,265,362	D
Class A Common Stock	05/28/2026		S⁽¹⁾		71,399	D	$56.1565⁽³⁾	3,193,963	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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

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 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)

Source: View Original Filing on SEC EDGAR

FAQ

What insider activity did DM Individual Aggregator, LLC report for Dutch Bros (BROS)?

DM Individual Aggregator, LLC reported selling a total of 261,054 Dutch Bros Class A shares in open-market transactions. The sales occurred on May 27 and May 28, 2026, and were executed under a pre-arranged Rule 10b5-1 trading plan.

How many Dutch Bros (BROS) shares did DM Individual Aggregator, LLC sell and at what prices?

The entity sold 189,655 shares at a weighted average price of $56.2102 and 71,399 shares at $56.1565. Both sets of trades were completed in multiple transactions within narrow price ranges around $56 per share.

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

After the reported open-market sales, DM Individual Aggregator, LLC directly holds 3,193,963 shares of Dutch Bros Class A Common Stock. This remaining position reflects its status as a significant, ten percent owner of the company’s equity.

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 adopted by DM Individual Aggregator, LLC on February 19, 2026. Such plans pre-schedule trades, reducing the importance of trade timing as a discretionary signal.

What type of transactions did DM Individual Aggregator, LLC execute in Dutch Bros (BROS) stock?

All reported transactions were non-derivative open-market sales of Class A Common Stock, coded as “S” on Form 4. There were no option exercises, gifts, or tax-withholding dispositions disclosed in this particular insider filing.