Dutch Bros Inc.
US ˙ NYSE

SecurityBROS / Dutch Bros Inc.
InstitutionMorgan Stanley
Latest Disclosed Ownership2,463,600 shares
Latest Disclosed Value $ 124,806,050
Morgan Stanley reports 44.13% increase in ownership of BROS / Dutch Bros Inc.

On May 15, 2026 - Morgan Stanley filed a 13F-HR form disclosing ownership of 2,463,600 shares of Dutch Bros Inc. (US:BROS) valued at $124,805,976 USD as of March 31, 2026. The entity filed a previous 13F-HR/A on May 27, 2026 disclosing 1,709,256 shares of Dutch Bros Inc.. This represents a change in shares of 44.13% during the quarter. The current value of the position is $137,764,512 USD.

Institutional Ownership: 13F and NPORT Filings

The Security and Class in the table below are shown exactly as filed by the investor. We do our best to track continuity of investments through acquisitions, and this will be reflected in the table as changes in names. In addition to descriptive data, performance of the investment is shown over time. To calculate quarterly performance, we first calculate cost basis of the shares purchased during the quarter, then use that to calculate gross profit. Quarterly return is Gross Profit / Starting Portfolio value.

Note that cost basis is calculated and stored in thousands, so small quarterly changes in shares frequently result in a cost basis of zero.

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Disclosed Equity Positions (from 13F/NPORT Filings)
File
Date		 Effective
Date		Form Security Class ID Avg Price
Paid (Est)		 Reported
Shares		 ΔShares ΔShares
(%)		 Reported
Value
(x1000)		 ΔValue
(%)		 Alloc
(%)		 ΔAlloc ΔAlloc (%) Cost Basis
(x1000)		 Unrealized
Gain/Loss
(x1000)
2026-05-15 2026-03-31 13F DUTCH BROS CL A 26701L100 2,463,600 754,344 44.13 124,806 19.27 0.0075
2026-05-27 2025-12-31 13F/A-1 DUTCH BROS CL A 26701L100 1,709,256 141,533 9.03 104,641 27.53 0.0062
2026-02-13 2025-12-31 13F DUTCH BROS CL A 26701L100 1,709,256 141,533 104,641 0.0062
2026-05-27 2025-09-30 13F/A-1 DUTCH BROS CL A 26701L100 1,567,723 -403,483 -20.47 82,055 -39.12 0.0050
2025-11-14 2025-09-30 13F DUTCH BROS CL A 26701L100 1,567,723 -403,483 82,055 0.0050
2025-08-15 2025-06-30 13F DUTCH BROS CL A 26701L100 1,971,206 434,313 28.26 134,771 42.03 0.0088
2025-05-15 2025-03-31 13F DUTCH BROS CL A 26701L100 1,536,893 -446,665 -22.52 94,888 -8.67 0.0068
2025-05-15 2024-12-31 13F/A-1 DUTCH BROS CL A 26701L100 1,983,558 1,336,379 206.49 103,899 401.22 0.0073
2025-02-14 2024-12-31 13F DUTCH BROS CL A 26701L100 1,983,558 1,336,379 103,899 0.0073
2025-05-14 2024-09-30 13F/A-2 DUTCH BROS CL A 26701L100 647,179 -807,214 -55.50 20,729 -65.57 0.0015
2025-02-14 2024-09-30 13F/A-1 DUTCH BROS CL A 26701L100 647,179 -807,214 20,729 0.0015
2024-11-14 2024-09-30 13F DUTCH BROS CL A 26701L100 647,179 -807,214 20,729 0.0015
2025-05-14 2024-06-30 13F/A-2 DUTCH BROS CL A 26701L100 1,454,393 810,484 125.87 60,212 183.37 0.0047
2024-10-17 2024-06-30 13F/A-1 DUTCH BROS CL A 26701L100 1,454,393 810,484 60,212 0.0047
2024-08-14 2024-06-30 13F DUTCH BROS CL A 26701L100 1,454,393 810,484 60,212 0.0047
2024-10-17 2024-03-31 13F/A-2 DUTCH BROS CL A 26701L100 643,909 256,425 66.18 21,249 73.16 0.0017
2024-08-16 2024-03-31 13F/A-1 DUTCH BROS CL A 26701L100 643,909 256,425 21,249 0.0017
2024-05-15 2024-03-31 13F DUTCH BROS CL A 26701L100 643,909 256,425 21,249 0.0017
2024-08-16 2023-12-31 13F/A-1 DUTCH BROS CL A 26701L100 387,484 232,539 150.08 12,272 240.67 0.0011
2024-02-13 2023-12-31 13F DUTCH BROS CL A 26701L100 387,484 232,539 12,272 0.0011
2023-11-15 2023-09-30 13F DUTCH BROS CL A 26701L100 154,945 -4,789 -3.00 3,602 -20.73 0.0004
2023-08-14 2023-06-30 13F DUTCH BROS CL A 26701L100 159,734 -55,665 -25.84 4,544 -33.30 0.0004
2023-05-15 2023-03-31 13F DUTCH BROS CL A 26701L100 215,399 25,828 13.62 6,813 27.49 0.0007
2023-02-14 2022-12-31 13F DUTCH BROS CL A 26701L100 189,571 -68,491 -26.54 5,344 -33.52 0.0006
2022-11-14 2022-09-30 13F DUTCH BROS CL A 26701L100 258,062 93,198 56.53 8,038 54.04 0.0011
2022-10-27 2022-06-30 13F/A-1 DUTCH BROS CL A 26701L100 164,864 -39,848 -19.47 5,218 -53.88 0.0007
2022-08-15 2022-06-30 13F DUTCH BROS CL A 26701L100 164,864 -39,848 5,218 0.0001
2022-10-27 2022-03-31 13F/A-1 DUTCH BROS CL A 26701L100 204,712 31,583 18.24 11,314 28.36 0.0015
2022-05-13 2022-03-31 13F DUTCH BROS CL A 26701L100 204,712 31,583 11,314 0.0015
2022-02-14 2021-12-31 13F DUTCH BROS CL A 26701L100 173,129 104,011 150.48 8,814 194.39 0.0011
2021-11-15 2021-09-30 13F DUTCH BROS CL A 26701L100 69,118 69,118 2,994 0.0004
Legend
Shares
The total number of shares held by the institution at the end of the reporting period (the effective date). This is provided in the filing.
Value
The total value of the shares as of the effective date. This is provided in the filing.
Avg. Share Price
The weighted average share price of the shares held by the institution. We use FIFO accounting to determine this price
Class
This is the security class as indicated by the filer. There are a variety of values for this field. Common values include "EC" = equity common, "EP" - equity preferred
Allocation (%)
The percent of the institution's portfolio that this position represents. This is provided in NPORT filings. For 13F filings, we calculate it.
Change in Allocation
The change in allocation from the prior reporting period. This is calculated as current allocation - prior allocation.
Change in Allocation (%)
The percent change in allocation from the prior reporting period. This is calculated as (current allocation - prior allocation) / prior allocation.
Cost Basis
The total cost of the shares held. This is calculated as reported shares * avg. share price
Unrealized Gain/Loss
This is the market value of the position as of the effective date minus the cost basis.