Form 4: DM Trust Aggregator Executes Dutch Bros Share Conversion

DM Trust Aggregator, LLC converted 6,454,800 Class A Common Units into Class A Common Stock of Dutch Bros Inc.

Summary

• DM Trust Aggregator, LLC, a 10% owner of Dutch Bros Inc., converted 6,454,800 Class A Common Units into an equivalent number of Class A Common Stock shares.
• The transaction occurred on April 27, 2026, at a conversion price of $0.
• Following the transaction, the reporting person holds 6,470,410 shares of Class A Common Stock directly.
• The remaining balance of Class A Common Units held by the reporting person is 22,670,760.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a neutral administrative event, as it represents a change in the form of ownership rather than a change in the total economic interest of the reporting person.

Positives

• The conversion reflects the exercise of existing rights by a major shareholder, indicating continued long-term alignment with the company's equity structure.

Negatives

• Increased volume of Class A Common Stock may lead to higher liquidity, which can sometimes exert downward pressure on share price depending on market absorption.

Risks

• Future conversions of the remaining 22,670,760 Class A Common Units could further dilute existing shareholders or increase the supply of tradable shares.

Future Outlook

The filing does not provide forward-looking financial guidance, but notes that the remaining 22,670,760 Class A Common Units are exchangeable for Class A Common Stock on a one-for-one basis at the holder's discretion.

Management Comments

• The conversion is in accordance with the amended and restated limited liability company agreement of Dutch Mafia, LLC.

Industry Context

StockSavvy.ai notes that insider conversions of operating units into common stock are standard administrative procedures in companies with Up-C structures, allowing major stakeholders to consolidate their equity holdings.

Comparison to Industry Standards

• The conversion mechanism is consistent with standard practices for companies that went public via an Up-C structure, similar to other high-growth consumer brands.

Related Party Transactions

• The reporting person is a 10% owner of the issuer and holds units in Dutch Mafia, LLC, the operating company of the issuer.

Stakeholder Impact

• Shareholders should note the potential for increased float as units are converted into tradable Class A Common Stock.

Next Steps

• Potential future conversions of the remaining 22,670,760 Class A Common Units.

Key Dates

Keywords

Dutch Bros, BROS, Form 4, Insider Trading, Share Conversion, Equity Ownership