BROS insider sells Class A shares, retains 15,610 after trades

Rhea-AI Filing Summary

Dutch Bros Inc. (BROS) insider reports automatic stock sales under a Rule 10b5-1 plan. A reporting person classified as a 10% owner filed a Form 4 for multiple sales of Class A common stock on November 24–25, 2025. The trades were executed pursuant to a pre-arranged Rule 10b5-1 trading plan adopted by DM Trust Aggregator, LLC on November 22, 2024.

The filing lists several sale transactions at weighted average prices ranging from $52.9467 to $57.4156 per share. After these sales, the reporting person directly beneficially owns 15,610 shares of Dutch Bros Class A common stock.

Insights

Equity Analyst

Large Rule 10b5-1 insider sale by a director, materially reducing holdings, with no direct effect on company operations or capital structure.

Form 4 reports that a **director of Dutch Bros Inc.** sold an aggregate of **1,534,786** shares of **Class A Common Stock** on 11/24/2025 and 11/25/2025. The sales occurred in multiple tranches at weighted average prices between about $52.95 and $57.42, as detailed in Table I and the footnotes. After these transactions, the director’s direct beneficial ownership declined from more than 1.5 million shares to **15,610** shares.

The filing indicates these sales were executed automatically under a **Rule 10b5-1 trading plan** adopted by **DM Trust Aggregator, LLC** on 11/22/2024. A Rule 10b5-1 plan is a pre-arranged trading program that allows insiders to sell shares on a schedule, which can help address concerns about trading on nonpublic information. The footnotes clarify that each line’s price is a weighted average for multiple trades within narrow price ranges, and the reporting person commits to provide exact breakdowns upon request.

These are **secondary sales** from an existing large holder, so they change who owns the shares but do not alter the total shares outstanding or the company’s cash position. The main effect is a substantial reduction in this director’s economic exposure to Dutch Bros stock. From a monitoring standpoint, any future Form 4 filings will show whether this remaining stake of 15,610 shares is maintained, increased, or further reduced after 11/25/2025.

Insider Trade Summary

Net Seller: 1,534,786 shares ($84,059,951)

Net Sell 8 txns

Insider DM Trust Aggregator, LLC

Role 10% Owner

Sold 1,534,786 shs ($84.06M)

Type	Security	Shares	Price	Value
Sale	Class A Common Stock	90,334	$53.7432	$4.85M
Sale	Class A Common Stock	261,767	$54.5765	$14.29M
Sale	Class A Common Stock	427,572	$55.2716	$23.63M
Sale	Class A Common Stock	60,348	$56.6347	$3.42M
Sale	Class A Common Stock	190,506	$57.4156	$10.94M
Sale	Class A Common Stock	156,937	$52.9467	$8.31M
Sale	Class A Common Stock	324,635	$53.5286	$17.38M
Sale	Class A Common Stock	22,687	$54.826	$1.24M

Holdings After Transaction: Class A Common Stock — 955,803 shares (Direct)

Footnotes (1)

1. As indicated by the checkbox above, this transaction was effected automatically pursuant to a Rule 10b5-1 trading plan adopted by DM Trust Aggregator, LLC on November 22, 2024. Represents the weighted average sale price. These shares were sold in multiple transactions at prices ranging from $52.3200 to $53.3150 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 $53.3200 to $54.3100 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 $54.3200 to $55.2500 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 $53.0100 to $54.0050 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 $54.0100 to $55.0050 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 $55.0100 to $55.9200 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 $56.1200 to $57.1100 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 $57.1200 to $57.6900 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.

Form 4 Insider Transactions: What Each Field Means →

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).

X

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 Trust Aggregator, LLC

(Last) (First) (Middle)

PO BOX 398

(Street)

GRANTS PASS OR 97526

(City) (State) (Zip)

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)

3. Date of Earliest Transaction (Month/Day/Year)
11/24/2025

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
Class A Common Stock	11/24/2025		S(1)		156,937	D	$52.9467(2)	1,393,459	D
Class A Common Stock	11/24/2025		S(1)		324,635	D	$53.5286(3)	1,068,824	D
Class A Common Stock	11/24/2025		S(1)		22,687	D	$54.826(4)	1,046,137	D
Class A Common Stock	11/25/2025		S(1)		90,334	D	$53.7432(5)	955,803	D
Class A Common Stock	11/25/2025		S(1)		261,767	D	$54.5765(6)	694,036	D
Class A Common Stock	11/25/2025		S(1)		427,572	D	$55.2716(7)	266,464	D
Class A Common Stock	11/25/2025		S(1)		60,348	D	$56.6347(8)	206,116	D
Class A Common Stock	11/25/2025		S(1)		190,506	D	$57.4156(9)	15,610	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

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 Trust Aggregator, LLC on November 22, 2024.

2. Represents the weighted average sale price. These shares were sold in multiple transactions at prices ranging from $52.3200 to $53.3150 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 $53.3200 to $54.3100 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.

4. Represents the weighted average sale price. These shares were sold in multiple transactions at prices ranging from $54.3200 to $55.2500 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.

5. Represents the weighted average sale price. These shares were sold in multiple transactions at prices ranging from $53.0100 to $54.0050 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.

6. Represents the weighted average sale price. These shares were sold in multiple transactions at prices ranging from $54.0100 to $55.0050 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.

7. Represents the weighted average sale price. These shares were sold in multiple transactions at prices ranging from $55.0100 to $55.9200 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.

8. Represents the weighted average sale price. These shares were sold in multiple transactions at prices ranging from $56.1200 to $57.1100 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.

9. Represents the weighted average sale price. These shares were sold in multiple transactions at prices ranging from $57.1200 to $57.6900 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	11/26/2025
	** 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).
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