DM Individual Aggregator, LLC 4

What Happened DM Individual Aggregator, LLC (reported as a 10% owner) converted 3,445,200 Class A Common Units of Dutch Mafia into 3,445,200 shares of Dutch Bros, Inc. (BROS) on April 27, 2026. The conversion was reported as the acquisition of 3,445,200 shares at $0.00 and the corresponding disposition of 3,445,200 derivative units (code C) at $0.00 — i.e., a one-for-one exchange of units for common stock with no cash paid.

Key Details

• Transaction date: 2026-04-27 (Form 4 filed 2026-04-29; filing appears timely).
• Price: $0.00 per share (no cash consideration for the exchange).
• Reported actions: Acquisition of 3,445,200 shares (conversion) and simultaneous disposal of 3,445,200 derivative units.
• Shares owned after transaction: Not specified in the Form 4 filing.
• Footnotes: F1 clarifies Class A Common Units of Dutch Mafia are exchangeable one-for-one for BROS Class A shares at holder’s discretion with no exercise price and no expiration; F2 notes these reported interests represent Dutch Mafia’s Class A Common Units.
• Transaction type: Derivative conversion (not an open-market buy or sale).

Context This filing documents an exchange of exchangeable units for common shares by a significant holder (10% owner), which increases the company’s issued common shares by the converted amount. It is an institutional/owner conversion rather than an executive trading signal — no cash changed hands and it does not indicate an open-market purchase or sale.