DM Trust Aggregator, LLC 4

What Happened

• DM Trust Aggregator, LLC (reported as a 10% owner) converted derivative securities into 6,454,800 shares of Dutch Bros, Inc. (BROS) on April 27, 2026. The filing shows an acquisition of 6,454,800 shares at $0.00 and a corresponding disposition of 6,454,800 derivative securities at $0.00 — reflecting a conversion/exchange rather than a cash purchase or market sale. Total cash paid/received in the transaction: $0.

Key Details

• Transaction date: 2026-04-27 (Form 4 filed 2026-04-29; timely filing).
• Reported transactions: Conversion of derivative security (C) — 6,454,800 shares acquired at $0.00; 6,454,800 derivative units disposed at $0.00.
• Shares owned after transaction: Not specified in the provided excerpt of the filing.
• Footnotes: F1 — Class A Common Units of Dutch Mafia are exchangeable one-for-one for the issuer’s Class A common stock at the holder’s discretion, with no expiration or exercise price; F2 — the converted securities represent Class A Common Units of Dutch Mafia (the operating company).
• Filing timeliness: The Form 4 was filed within two days of the transaction date (typical timely reporting).

Context

• This was a conversion of ownership units into common stock by a 10% owner (an institutional/entity conversion), not a typical executive buy or sale. Such conversions are administrative/capital-structure events and do not necessarily signal buying or selling intent in the open market.
• The derivative “disposed” entry reflects the cancellation/exchange of the units upon conversion, not a market sale of shares.