Merchants Bancorp (MBIN) director Julia Kaercher discloses trust and spouse share holdings

Rhea-AI Filing Summary

Merchants Bancorp director Julia L. Kaercher filed an initial Form 3 reporting indirect holdings of the company’s Common Stock. The filing lists 77,130 shares held as trustee of Old Trail Investments Trust, 736,013 shares held as trustee of The Petrie Grandchildren Trust, and 14,033 shares held by her spouse.

Insider Trade Summary

3 transactions reported

Mixed 3 txns

Insider Kaercher Julia L.

Role null

Type	Security	Shares	Price	Value
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 14,033 shares (Indirect, By Spouse)

Footnotes (1)

Key Figures

Old Trail Investments Trust holdings: 77,130 shares Petrie Grandchildren Trust holdings: 736,013 shares Spouse holdings: 14,033 shares

3 metrics

Old Trail Investments Trust holdings 77,130 shares Common Stock held indirectly as trustee

Petrie Grandchildren Trust holdings 736,013 shares Common Stock held indirectly as trustee

Spouse holdings 14,033 shares Common Stock held indirectly by spouse

Key Terms

Common Stock, As Trustee of Old Trail Investments Trust, As Trustee of The Petrie Grandchildren Trust, By Spouse

4 terms

Common Stock financial

"security_title: "Common Stock""

Common stock represents ownership shares in a company, giving investors a stake in its success and a say in important decisions through voting rights. It is the most common type of stock traded on markets and can provide income through dividends, as well as potential for value growth. For investors, holding common stock means sharing in the company’s profits and risks.

As Trustee of Old Trail Investments Trust financial

"nature_of_ownership: "As Trustee of Old Trail Investments Trust""

As Trustee of The Petrie Grandchildren Trust financial

"nature_of_ownership: "As Trustee of The Petrie Grandchildren Trust""

By Spouse financial

"nature_of_ownership: "By Spouse""

Understanding Insider Trading Forms →

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0104
Estimated average burden
hours per response:			0.5

1. Name and Address of Reporting Person^*

Kaercher Julia L.

(Last) (First) (Middle)

410 MONON BLVD.

(Street)

CARMEL INDIANA 46032

(City) (State) (Zip)

UNITED STATES

(Country)

2. Date of Event Requiring Statement (Month/Day/Year)
05/21/2026

3. Issuer Name and Ticker or Trading Symbol
Merchants Bancorp [ MBIN ]

3a. Foreign Trading Symbol

5. If Amendment, Date of Original Filed (Month/Day/Year)

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock	14,033	I	By Spouse
Common Stock	736,013	I	As Trustee of The Petrie Grandchildren Trust
Common Stock	77,130	I	As Trustee of Old Trail Investments Trust

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

Remarks:

Exhibit 24 - Power of Attorney

	/s/ Terry Oznick, attorney in fact	05/21/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 3: SEC 1473 (03-26)

FAQ

What does the Merchants Bancorp (MBIN) Form 3 filing by Julia L. Kaercher show?

The Form 3 shows initial beneficial ownership of Merchants Bancorp Common Stock. It discloses indirect holdings through two trusts and a spouse account, establishing baseline ownership as a director.

How many Merchants Bancorp (MBIN) shares are reported in the Old Trail Investments Trust?

The filing reports 77,130 shares of Common Stock held indirectly as trustee of Old Trail Investments Trust. This indicates trust-held ownership rather than shares held directly in Kaercher’s own name.

How many Merchants Bancorp (MBIN) shares are in The Petrie Grandchildren Trust?

The Form 3 lists 736,013 shares of Common Stock held indirectly as trustee of The Petrie Grandchildren Trust. This represents the largest single indirect position disclosed in the filing.

How many Merchants Bancorp (MBIN) shares are reported as held by Julia L. Kaercher’s spouse?

The filing reports 14,033 shares of Common Stock held indirectly “By Spouse.” These shares are attributed as indirect beneficial ownership associated with Kaercher rather than as a direct personal holding.

Does the Julia L. Kaercher Form 3 for Merchants Bancorp show any recent share purchases or sales?

No transactions are identified as buys or sells in the data provided. The entries are classified as holdings, indicating disclosure of existing indirect positions rather than new trading activity.