BROS Schedule 13G/A: Boersma and affiliates disclose major stakes

Rhea-AI Filing Summary

Dutch Bros Inc. shareholders were notified that Travis Boersma and three affiliated entities are reporting beneficial ownership of Class A common stock. Travis Boersma is shown as beneficial owner of 53,226,099 shares (30.4% of the class). The filing also reports DM Trust Aggregator, LLC with 32,238,083 shares (20.7%), DM Individual Aggregator, LLC with 20,274,256 shares (14.0%), and DMI Holdco, LLC with 713,760 shares (0.6%). The document identifies these four reporting persons and confirms sole voting and dispositive power for the amounts shown, and references Exhibit 99.1 for additional detail.

Positive

• High insider alignment: Travis Boersma beneficially owns 53,226,099 shares (30.4%), indicating a substantial founder/insider stake.
• Clear control reporting: Each reporting person is shown with sole voting and dispositive power over the shares reported, reducing ambiguity about who directs those votes.

Negative

• None.

Insights

Financial Analyst

TL;DR: Significant concentrated ownership disclosed; Boersma holds a substantial 30.4% stake, which is material for control and voting dynamics.

The Schedule 13G/A reports large beneficial ownership positions in Dutch Bros' Class A shares by Travis Boersma and affiliated entities. The filing shows sole voting and dispositive power for the reported share counts, indicating direct control over those shares. For investors, a 30.4% stake by an individual is material because it can influence corporate decisions, board-related matters, and strategic direction. The filing refers to Exhibit 99.1 for amplification of ownership detail and joint-filing arrangements.

Corporate Governance Expert

TL;DR: This disclosure documents concentrated insider ownership and formalizes reporting structure among related entities.

The statement names four reporting persons — Travis Boersma, DM Trust Aggregator, DM Individual Aggregator, and DMI Holdco — and provides explicit share counts and percentages. Each reporting person is shown with sole voting and dispositive power over their respective shares, which clarifies control lines. The inclusion of joint-filing and power-of-attorney exhibits (Exhibit 99.1/99.2) is standard to document coordination among related holders. This is a material governance disclosure though the filing itself does not describe any change in rights or new agreements.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 5)

Dutch Bros Inc.

(Name of Issuer)

Class A Common Stock, $0.00001 par value per share

(Title of Class of Securities)

26701L100

(CUSIP Number)

06/30/2025

(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 53,226,099.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 53,226,099.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

53,226,099.00

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)

30.4 %

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 32,238,083.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 32,238,083.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

32,238,083.00

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)

20.7 %

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 20,274,256.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 20,274,256.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

20,274,256.00

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)

14.0 %

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, AZ, 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, Arizona 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.
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:	08/11/2025

DMI Holdco, LLC

Signature:	/s/ Thomas P. Conaghan
Name/Title:	Thomas P. Conaghan/Attorney-in-Fact for Travis Boersma, Manager
Date:	08/11/2025

DM Trust Aggregator, LLC

Signature:	/s/ Thomas P. Conaghan
Name/Title:	Thomas P. Conaghan/Attorney-in-Fact for Travis Boersma, Manager
Date:	08/11/2025

DM Individual Aggregator, LLC

Signature:	/s/ Thomas P. Conaghan
Name/Title:	Thomas P. Conaghan/Attorney-in-Fact for Travis Boersma, Manager
Date:	08/11/2025

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

How many shares of Dutch Bros (BROS) does Travis Boersma beneficially own?

The filing shows 53,226,099 shares, representing 30.4% of the Class A common stock.

Which affiliated entities are reported and how many shares do they hold?

Reported entities are DM Trust Aggregator, LLC with 32,238,083 shares (20.7%), DM Individual Aggregator, LLC with 20,274,256 shares (14.0%), and DMI Holdco, LLC with 713,760 shares (0.6%).

Does the filing state who has voting and dispositive power over the shares?

Yes. For each reporting person the filing lists sole voting power and sole dispositive power for the amounts reported.

Are there exhibits referenced for more detail on ownership?

Yes. The filing references Exhibit 99.1 for additional information and a joint-filing agreement and Exhibit 99.2 for a power of attorney reference.

What class of securities is covered by this Schedule 13G/A?

The filing covers Class A Common Stock of Dutch Bros Inc.