Between 2 and 4 November 2026, two entities Boersma manages — DM Trust Aggregator, LLC and DM Individual Aggregator, LLC — sold 2,388,812 Class A shares for about $106.42m at weighted averages between $44.0640 and $45.1427. The consensus reading is “routine planned selling, no signal.” I tried to break it and could not.

What I tested, and why it failed. The number that looked like a story is this: the two entities held 6,314,242 shares before and 3,925,430 after. That is 37.8% of the position liquidated in three sessions — which does not sound routine at all.

But that figure has the same defect this report keeps attacking in other people’s numbers: the denominator is not the population. These two LLCs are not Boersma’s stake in Dutch Bros; they are two vehicles among his holdings, and the Form 4 does not disclose the rest. 37.8% of an unknown fraction is not a rate of anything. I do not have the data to make the claim, so I am not making it.

What survives is the plain reading: both plans were adopted on 19 February 2026, 8½ months before the first sale; the 10b5-1 box is checked; execution was in five tranches across three days at market; and a majority of each vehicle’s holding was retained. Every observable fact is what a pre-committed plan looks like. Filed 11/04/2026 20:20 EST, signed by Thomas P. Conaghan as attorney-in-fact.

The honest conclusion: a plan written in February cannot encode information from October. There is no contrarian item here, and manufacturing one would require ignoring the single most load-bearing date in the filing.