Director Mark Shaffer (MBIN) submits initial Form 3 disclosure

Rhea-AI Filing Summary

Merchants Bancorp director Mark E. Shaffer has filed an initial Form 3, which is the SEC’s statement of beneficial ownership for insiders. This filing reports no purchases, sales, or other equity transactions and shows no derivative positions or holding entries in the data provided.

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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

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1. Name and Address of Reporting Person^*

Shaffer Mark E.

(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)

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

No securities are beneficially owned.

	/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 Form 3 filing by Merchants Bancorp (MBIN) director Mark E. Shaffer mean?

The Form 3 filing records Mark E. Shaffer’s status as an insider of Merchants Bancorp. It is an initial statement of beneficial ownership and, in this case, does not show any reported stock transactions or derivative positions in the provided data.

Does the Merchants Bancorp (MBIN) Form 3 for Mark E. Shaffer show any stock purchases or sales?

No, the Form 3 data for Mark E. Shaffer shows zero buy and sell transactions. The transaction summary lists no purchases, no sales, and no derivative exercises, indicating this filing is purely an initial ownership disclosure without trading activity.

Is there any derivative security activity disclosed for Mark E. Shaffer in the MBIN Form 3?

No derivative activity is disclosed in this Form 3. The derivative summary is empty and the transaction summary shows zero derivative transactions, meaning there are no option exercises, conversions, or other derivative events reported in this filing.

What role does Mark E. Shaffer have at Merchants Bancorp (MBIN) in this Form 3?

Mark E. Shaffer is identified as a director of Merchants Bancorp. The Form 3 reflects his status as a reporting person subject to insider reporting rules, but does not detail any specific holdings or transactions in the data provided here.

Does the Merchants Bancorp (MBIN) Form 3 indicate any gifts or tax-related share withholdings for Mark E. Shaffer?

No, the transaction summary shows zero gifts and zero tax-withholding entries for Mark E. Shaffer. This confirms there were no reported share transfers for gifting or tax withholding purposes associated with this particular Form 3 submission.