Boersma Travis 4
4 · Dutch Bros Inc. · Filed Apr 29, 2026
Research Summary
AI-generated summary of this filing
Dutch Bros (BROS) 10% Owner Travis Boersma Converts Units to Shares
What Happened
Travis Boersma, reported as a 10% owner, converted a total of 9,900,000 Class A Common Units of Dutch Mafia into 9,900,000 shares of Dutch Bros Inc. (BROS) on April 27, 2026. The conversion was at $0.00 per share (no cash paid or received) — the Form 4 shows acquisitions of 6,454,800 and 3,445,200 shares and corresponding dispositions of derivative securities for the same amounts, reflecting the exchange of derivative units for common stock.
Key Details
- Transaction date: 2026-04-27; Filing date (Form 4): 2026-04-29 (appears timely, within the standard 2 business days).
- Price: $0.00 per share; total cash consideration reported = $0.
- Shares converted/received: 9,900,000 shares (6,454,800 + 3,445,200).
- Derivative securities disposed: 9,900,000 units (same amounts), reflecting conversion of the derivative interest.
- Shares owned after transaction: Not specified in the provided filing excerpt.
- Footnotes of note:
- F1: Class A Common Units of Dutch Mafia are exchangeable 1-for-1 for Dutch Bros Class A common stock at holder discretion; no exercise price.
- F2: Boersma is manager of certain DM Trust entities and disclaims beneficial ownership except to the extent of any pecuniary interest.
- F3: Reported units represent Dutch Mafia Class A Common Units (the operating company).
Context
This was a conversion of exchangeable units into common stock, not an open-market purchase or sale — no cash changed hands. For retail investors: conversions like this reflect structural ownership changes (unit-to-share exchanges) rather than a straightforward buy or sell signal by management. As a reported 10% owner and manager of related entities, Boersma’s filing includes disclaimers about beneficial ownership; the filing does not, by itself, indicate intent to trade shares in the market.
Insider Transaction Report
- Conversion
Class A Common Stock
[F1][F2]2026-04-27+6,454,800→ 6,470,410 total(indirect: By Trust) - Conversion
Class A Common Stock
[F1][F2]2026-04-27+3,445,200→ 3,455,017 total(indirect: By LLC) - Conversion
Class A Common Units
[F3][F1][F2]2026-04-27−6,454,800→ 22,670,760 total(indirect: By Trust)→ Class A Common Stock (6,454,800 underlying) - Conversion
Class A Common Units
[F3][F1][F2]2026-04-27−3,445,200→ 14,871,616 total(indirect: By LLC)→ Class A Common Stock (3,445,200 underlying)
- 713,090(indirect: By LLC)
Class A Common Units
[F3][F1][F2]→ Class A Common Stock (713,090 underlying)
Footnotes (3)
- [F1]In accordance with the amended and restated limited liability company agreement of Dutch Mafia, LLC ("Dutch Mafia"), Class A Common Units of Dutch Mafia are exchangeable for shares of Class A Common Stock of the Issuer on a one-for-one basis at the discretion of the holder, subject to certain exceptions, conditions and adjustments. The Class A Common Units of Dutch Mafia do not have an expiration date, and the holders thereof are not required to pay an exercise price in connection with the exchanges.
- [F2]The Reporting Person is the manager of DM Trust Aggregator, LLC, DM Individual Aggregator, LLC and DMI Holdco LLC (the "DM Trusts"). Multiple members hold ownership interests in the DM Trusts, including the Reporting Person. The Reporting Person disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interest therein, if any, and the inclusion of the reported securities in this report shall not be deemed an admission of beneficial ownership of all of the reported securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or any other purpose.
- [F3]Represents Class A Common Units of Dutch Mafia, the operating company of the Issuer.