Dutch Bros' chairman sold $106.4 million of stock in three days under a February plan.

The Spill

Travis Boersma, Dutch Bros' executive chairman and a 10% owner, reported the sales in an insider filing (Form 4) that reached the SEC at 8:20 p.m. ET on Nov. 4, the same day the last lot sold. The selling ran through two LLCs he manages, which still hold 3,925,430 shares between them, and the pre-set trading plans (10b5-1) behind every row were adopted Feb. 19.

Lag Clock

The form arrived zero business days after the last trade, inside the two-business-day deadline (Rule 16a-3).

Signal Check

The 10b5-1 box is checked, and the footnotes say both DM Trust Aggregator, LLC and DM Individual Aggregator, LLC adopted their plans on Feb. 19, 2026, so the terms of these sales were set months before the trade dates.

What the filing shows

Ten rows, all code S (an open-market or private sale), totaling 2,388,812 Class A shares for $106,417,558.26 at weighted average prices from $44.064 to $45.1427 per lot. The per-lot footnotes put the actual trade prices between $44.00 and $45.45.

No shares are held in Boersma's own name. After the filing, DM Trust Aggregator, LLC holds 2,558,850 shares and DM Individual Aggregator, LLC holds 1,366,580, a combined 3,925,430, down from 6,314,242 before the first lot on Nov. 2. The filing lists no options or RSUs.

Footnote 3 says Boersma is the manager of both LLCs, that multiple members hold interests in them, and that he disclaims ownership of the shares beyond his own economic stake. All 10 rows are in the table below.

The Other Side

A chairman letting go of 37.8% of a stake in three days reads like a verdict on the stock. The plan dates are the test.

Both LLCs adopted their 10b5-1 plans on Feb. 19, more than eight months before the first lot sold on Nov. 2, so the terms were fixed long before November's prices. The uneven lot sizes, 622,101 shares in one row and 5,591 in the next, fit a plan working through a schedule rather than someone picking spots.

What the plans don't show is the schedule itself. The form gives no price limits, no end date and no sign of whether the 3,925,430 shares still held are next in line, and footnote 3 says Boersma isn't the only member of the two LLCs, so the dollars aren't all his.

What it can't tell you

• How much of the $106.4 million is Boersma's. He manages both LLCs and holds an interest in them, but the filing does not say what fraction of the shares or the proceeds belong to him.
• Why the plans were set up. The form says the plans were adopted Feb. 19 and nothing else about them. The form does not say why.
• The price of each individual lot. Every price in the table is a weighted average across multiple trades; the footnotes give the ranges and promise the full breakdown on request.

What to watch

• The next Form 4 from Boersma or either LLC. Both entities still hold shares.
• Whether future filings still list Boersma as a 10% owner after this stake came down from 6,314,242 shares to 3,925,430.

Original sources

• SEC Form 4, accession 0001866581-26-000188