Dutch Bros Inc. (BROS) filed an amended Schedule 13G/A (Amendment No. 6) reporting updated beneficial ownership positions in its Class A common stock. As of September 30, 2025, Travis Boersma reported beneficial ownership of 50,726,099 shares, representing 28.9% of the class, with sole voting and dispositive power over those shares.
DM Trust Aggregator, LLC reported 30,703,297 shares (19.7%) with sole voting and dispositive power; DM Individual Aggregator, LLC reported 19,309,042 shares (13.3%) with sole voting and dispositive power; and DMI Holdco, LLC reported 713,760 shares (0.6%) with sole voting and dispositive power. The filing lists the Reporting Persons as Travis Boersma, DM Trust Aggregator, LLC, DM Individual Aggregator, LLC, and DMI Holdco, LLC.
Positive
None.
Negative
None.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 6)
Dutch Bros Inc.
(Name of Issuer)
Class A Common Stock, $0.00001 par value per share
(Title of Class of Securities)
26701L100
(CUSIP Number)
09/30/2025
(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
50,726,099.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
50,726,099.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
50,726,099.00
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)
28.9 %
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
30,703,297.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
30,703,297.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
30,703,297.00
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)
19.7 %
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
19,309,042.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
19,309,042.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
19,309,042.00
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)
13.3 %
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, 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.
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:
11/12/2025
DMI Holdco, LLC
Signature:
/s/ Thomas P. Conaghan
Name/Title:
Thomas P. Conaghan/Attorney-in-Fact for Travis Boersma, Manager
Date:
11/12/2025
DM Trust Aggregator, LLC
Signature:
/s/ Thomas P. Conaghan
Name/Title:
Thomas P. Conaghan/Attorney-in-Fact for Travis Boersma, Manager
Date:
11/12/2025
DM Individual Aggregator, LLC
Signature:
/s/ Thomas P. Conaghan
Name/Title:
Thomas P. Conaghan/Attorney-in-Fact for Travis Boersma, Manager
Date:
11/12/2025
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)
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