Travis Boersma (NYSE: BROS) reports 48.2M-share Dutch Bros stake

Rhea-AI Filing Summary

Dutch Bros Inc. received an updated Schedule 13G/A (Amendment No. 7) from Travis Boersma and related entities regarding ownership of its Class A common stock. The filing shows that Travis Boersma beneficially owns 48,226,099 shares, representing 27.5% of the class, with sole voting and dispositive power over these shares.

Trust Aggregator, LLC reports beneficial ownership of 29,168,511 shares, or 18.7% of the class, while Individual Aggregator, LLC reports 18,343,828 shares, or 12.6%. DMI Holdco, LLC reports 713,760 shares, or 0.6%. Each reporting person indicates sole voting and dispositive power over its reported shares.

The filing identifies Travis Boersma, Trust Aggregator, LLC, Individual Aggregator, LLC, and DMI Holdco, LLC collectively as the reporting persons for Dutch Bros Inc.’s Class A common stock, with additional ownership details referenced in Exhibit 99.1.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 7)

Dutch Bros Inc.

(Name of Issuer)

Class A Common Stock, $0.00001 par value per share

(Title of Class of Securities)

26701L100

(CUSIP Number)

12/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 26701L100

1

Names of Reporting Persons

Travis Boersma

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 48,226,099.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 48,226,099.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

48,226,099.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

27.5 %

12

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person: For additional information regarding rows 5 through 11, see Exhibit 99.1 hereto.

SCHEDULE 13G

CUSIP No. 26701L100

1

Names of Reporting Persons

DMI Holdco, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 713,760.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 713,760.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

713,760.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0.6 %

12

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person: For additional information regarding rows 5 through 11, see Exhibit 99.1 hereto.

SCHEDULE 13G

CUSIP No. 26701L100

1

Names of Reporting Persons

DM Trust Aggregator, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 29,168,511.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 29,168,511.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

29,168,511.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

18.7 %

12

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person: For additional information regarding rows 5 through 11, see Exhibit 99.1 hereto.

SCHEDULE 13G

CUSIP No. 26701L100

1

Names of Reporting Persons

DM Individual Aggregator, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 18,343,828.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 18,343,828.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

18,343,828.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

12.6 %

12

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person: For additional information regarding rows 5 through 11, see Exhibit 99.1 hereto.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Dutch Bros Inc.
(b)	Address of issuer's principal executive offices: 1930 W. Rio Salado Pkwy, Tempe, Arizona, 85281
Item 2.
(a)	Name of person filing: The persons filing this statement are Travis Boersma, DM Trust Aggregator, LLC, DM Individual Aggregator, LLC, and DMI Holdco, LLC. Together, Travis Boersma, DM Trust Aggregator, LLC, DM Individual Aggregator, LLC, and DMI Holdco, LLC are the "Reporting Persons."
(b)	Address or principal business office or, if none, residence: c/o Dutch Bros Inc. 1930 W. Rio Salado Pkwy Tempe, AZ, 85281
(c)	Citizenship: Travis Boersma is a United States citizen. DM Trust Aggregator, LLC is a Delaware limited liability company. DM Individual Aggregator, LLC is a Delaware limited liability company. DMI Holdco, LLC, is a Delaware limited liability company.
(d)	Title of class of securities: Class A Common Stock, $0.00001 par value per share
(e)	CUSIP No.: 26701L100
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: See Exhibit 99.1 hereto.
(b)	Percent of class: See Exhibit 99.1 hereto.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: See Exhibit 99.1 hereto.
	(ii) Shared power to vote or to direct the vote: See Exhibit 99.1 hereto.
	(iii) Sole power to dispose or to direct the disposition of: See Exhibit 99.1 hereto.
	(iv) Shared power to dispose or to direct the disposition of: See Exhibit 99.1 hereto.
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.	Certifications:
	Not Applicable

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Travis Boersma

Signature:	/s/ Thomas P. Conaghan, Attorney-in-Fact
Name/Title:	Travis Boersma
Date:	02/13/2026

DMI Holdco, LLC

Signature:	/s/ Thomas P. Conaghan
Name/Title:	Thomas P. Conaghan/Attorney-in-Fact for Travis Boersma, Manager
Date:	02/13/2026

DM Trust Aggregator, LLC

Signature:	/s/ Thomas P. Conaghan
Name/Title:	Thomas P. Conaghan/Attorney-in-Fact for Travis Boersma, Manager
Date:	02/13/2026

DM Individual Aggregator, LLC

Signature:	/s/ Thomas P. Conaghan
Name/Title:	Thomas P. Conaghan/Attorney-in-Fact for Travis Boersma, Manager
Date:	02/13/2026

Exhibit Information

Exhibit 99.1 - Additional Information Joint Filing Agreement (incorporated herein by reference to Exhibit 99.1 to the Schedule 13G filed with the SEC by the Reporting Persons on February 11, 2022) Power of Attorney (incorporated herein by reference to Exhibit 99.2 to the Schedule 13G/A filed with the SEC by the Reporting Persons on February 14, 2024)

FAQ

What ownership stake in Dutch Bros Inc. (BROS) does Travis Boersma report?

Travis Boersma reports beneficial ownership of 48,226,099 shares of Dutch Bros Inc. Class A common stock, representing 27.5% of the class. He is listed as having sole voting and sole dispositive power over these shares in the Schedule 13G/A amendment.

How many Dutch Bros Inc. (BROS) shares does Trust Aggregator, LLC hold?

Trust Aggregator, LLC reports beneficial ownership of 29,168,511 shares of Dutch Bros Inc. Class A common stock. This position represents 18.7% of the outstanding Class A shares, with sole voting power and sole dispositive power over all of the reported shares.

What is Individual Aggregator, LLC’s reported stake in Dutch Bros Inc. (BROS)?

Individual Aggregator, LLC reports beneficial ownership of 18,343,828 shares of Dutch Bros Inc. Class A common stock. This equals 12.6% of the class, with the filing stating sole power to vote and sole power to dispose of all these shares.

How many Dutch Bros Inc. (BROS) shares does DMI Holdco, LLC own according to the filing?

DMI Holdco, LLC reports beneficial ownership of 713,760 shares of Dutch Bros Inc. Class A common stock. This represents 0.6% of the class, and the filing notes that DMI Holdco, LLC has sole voting and sole dispositive power over these shares.

Who are the reporting persons in this Dutch Bros Inc. (BROS) Schedule 13G/A?

The reporting persons are Travis Boersma, Trust Aggregator, LLC, Individual Aggregator, LLC, and DMI Holdco, LLC. The filing notes they collectively file this Schedule 13G/A regarding Dutch Bros Inc.’s Class A common stock, with further details in Exhibit 99.1.

What class of Dutch Bros Inc. (BROS) securities is covered in this Schedule 13G/A?

The Schedule 13G/A covers Dutch Bros Inc. Class A Common Stock with a par value of $0.00001 per share, identified by CUSIP 26701L100. All reported ownership percentages and share counts in the filing relate specifically to this class of securities.