SCHEDULE: Dutch Bros Co-Founder Boersma Maintains Significant Stake
Beneficial Ownership Report
Travis Boersma and affiliated entities report a combined beneficial ownership of 28.9% of Dutch Bros Inc.'s Class A Common Stock as of September 30, 2025.
Summary
- Travis Boersma, co-founder of Dutch Bros Inc., along with affiliated entities DMI Holdco, LLC, DM Trust Aggregator, LLC, and DM Individual Aggregator, LLC, collectively beneficially own 50,726,099 shares of Class A Common Stock.
- This represents 28.9% of the total Class A Common Stock outstanding.
- DMI Holdco, LLC beneficially owns 713,760 shares, or 0.6% of the class.
- DM Trust Aggregator, LLC beneficially owns 30,703,297 shares, or 19.7% of the class.
- DM Individual Aggregator, LLC beneficially owns 19,309,042 shares, or 13.3% of the class.
- The ownership includes Class A Common Stock, Paired Units (convertible into Class A Common Stock upon surrender of Class B Common Stock), and Decoupled Units (convertible into Class A Common Stock).
- The percentage of class calculations are based on 127,031,344 shares of Class A Common Stock outstanding as of October 31, 2025, assuming conversion of all Paired and Decoupled Units.
Sentiment
Score: 6
Explanation: The filing is a factual disclosure of beneficial ownership. The significant insider stake by the co-founder is generally viewed positively as it aligns management interests with shareholders, but it's not a performance or strategic announcement.
Positives
- Significant insider ownership by co-founder Travis Boersma and affiliated entities, indicating strong alignment of interests with the company's long-term success.
- The substantial stake (28.9%) held by the co-founder group suggests confidence in the company's future.
Future Outlook
NA
Industry Context
This filing reflects a significant ownership stake by a co-founder in a publicly traded coffee chain. High insider ownership is common in companies with strong founder involvement, which can be seen as a positive signal of commitment and long-term vision in the competitive food and beverage industry.
Comparison to Industry Standards
- Travis Boersma's 28.9% beneficial ownership in Dutch Bros Inc. is a substantial insider stake, often seen as a positive indicator of management's alignment with shareholder interests. For comparison, many public companies have lower insider ownership percentages, especially after several years post-IPO. This level of ownership is more akin to founder-led companies in their earlier public stages, where founders retain significant control and influence.
Corporate Governance
| Change Type | Description | Effective Date | Impact Assessment |
|---|---|---|---|
| Agreement Update | The Fifth Amended and Restated Limited Liability Company Agreement of Dutch Mafia, dated February 7, 2025, governs the redemption or exchange of Class A Common Units for Class A Common Stock on a one-for-one basis. | 2025-02-07 | This agreement defines the mechanics for converting internal equity units into publicly traded Class A Common Stock, impacting the capital structure and potential dilution upon conversion. |
| Share Surrender Agreement | A Share Surrender Agreement, dated May 16, 2024, involved the transfer and surrender of Class B Common Stock for no consideration, resulting in 'Decoupled Units' that are convertible into Class A Common Stock. | 2024-05-16 | This agreement modified the structure of certain equity units, potentially simplifying the conversion process to Class A Common Stock by decoupling them from Class B shares. |
Related Party Transactions
- Travis Boersma is associated with DMI Holdco, LLC, DM Trust Aggregator, LLC, and DM Individual Aggregator, LLC, which hold significant shares in Dutch Bros Inc. He disclaims beneficial ownership of the securities held by these LLCs except to the extent of his pecuniary interest.
Stakeholder Impact
- Shareholders: Provides transparency regarding significant insider ownership, which can influence investor confidence and perception of management alignment. The large stake held by the co-founder may be seen as a stabilizing factor.
- Management: Reinforces the co-founder's substantial influence and control over the company's direction.
Key Dates
| Date | Description |
|---|---|
| 2024-05-16 | Date of Share Surrender Agreement, leading to Decoupled Units. |
| 2025-02-07 | Date of Fifth Amended and Restated Limited Liability Company Agreement of Dutch Mafia, governing unit conversions. |
| 2025-09-30 | Date of event requiring the filing of this statement, reflecting beneficial ownership. |
| 2025-10-31 | Date for Class A Common Stock outstanding calculation (127,031,344 shares). |
| 2025-11-12 | Filing date of the Schedule 13G Amendment No. 6. |
Keywords
Dutch Bros Inc., Travis Boersma, Beneficial Ownership, Class A Common Stock, Schedule 13G, Insider Ownership, DMI Holdco, DM Trust Aggregator, DM Individual Aggregator, Coffee Retailer
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