This does sound a bit odd.
On the 550i (similar engine) several forum members have had similar oil burn rates. However on my 550i, I have only lost 1/5 of 1 quart in 5300 miles (i.e. it is still close to the max level and nowhere near the min level where you need to add a quart).
If my M5 had this level of oil burn, I'd be concerned about sludge.
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