[Form 4] DT Midstream, Inc. Insider Trading Activity

Rhea-AI Filing Summary

DT Midstream (DTM) Form 4: EVP, General Counsel & Corporate Secretary Wendy Ellis reported two transactions on 08/02/2025.

• Exercise (Code M): 14,431 common shares acquired following the vesting of 12,083.5 restricted stock units; total direct holdings rose to 20,866 shares immediately after the exercise.
• Disposition (Code F): 7,728 shares sold at $105.61 per share.

After both actions, Ellis directly owns 13,138 DTM shares. No derivative securities remain outstanding. The filing indicates continued participation in the company’s dividend reinvestment plan and completes vesting of a multi-year RSU award (25% vested 2023, 25% 2024, 50% 2025).

Positive

• Net ownership increase of 6,703 shares suggests continued alignment between senior management and shareholders.

Negative

• Sale of 7,728 shares for about $0.82 million could be interpreted as partial profit-taking.

Insights

Securities Analyst

TL;DR: Insider nets +6,703 shares; sales offset part of RSU exercise—overall neutral signal.

The exercise converted all 12,083.5 remaining RSUs to common stock, boosting ownership by 14,431 shares. The concurrent sale of 7,728 shares at $105.61—likely for tax or liquidity—reduces the gross increase, leaving a net gain of 6,703 shares. Because Ellis remains a senior executive and keeps 13,138 shares, the filing is neither overtly bullish nor bearish. Dollar volume of the sale (~$0.82 m) is modest versus DTM’s average daily turnover, so market impact should be limited.

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^*

Cox Melissa

(Last) (First) (Middle)

500 WOODWARD AVE., SUITE 2900

(Street)

DETROIT MI 48226

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
DT Midstream, Inc. [ DTM ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	E.V.P., Chief Admin. Off.

3. Date of Earliest Transaction (Month/Day/Year)
08/02/2025

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
Common Stock	08/02/2025		M		2,597(1)	A	(2)	11,967(1)	D
Common Stock	08/02/2025		F		2,041	D	$105.61	9,926	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
Restricted Stock Units	(2)	08/02/2025		M			2,251.932	(3)	(3)	Common Stock	2,251.932	$0	0	D

Explanation of Responses:

1. Includes shares of the Issuer's common stock acquired under the Issuer's dividend reinvestment plan.

2. Each restricted stock unit represents a contingent right to receive one share of the Issuer's common stock with any fractional shares being paid in cash.

3. This restricted stock unit vested 25% on August 2, 2023, 25% on August 2, 2024 and 50% on August 2, 2025, subject to the Reporting Person's continued service with the Issuer through the applicable vesting date.

	/s/ Andrew Hayner, Attorney-in-Fact	08/04/2025
	** 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 insider activity was reported for DTM on 08/02/2025?

EVP Wendy Ellis exercised 14,431 shares and sold 7,728 shares, resulting in a net gain of 6,703 shares.

How many DT Midstream shares does Wendy Ellis now own?

Following the transactions, she holds 13,138 shares directly.

At what price were the DTM shares sold?

The shares were sold at $105.61 each.

What derivative securities were involved?

12,083.5 restricted stock units were fully vested and converted to common stock; none remain outstanding.

Does the filing mention dividend reinvestment?

Yes, the share count includes stock acquired through the company’s dividend reinvestment plan.