MBIN Chairman & CEO reports small Series C share sales

Rhea-AI Filing Summary

Merchants Bancorp Chairman and CEO insider trading report shows that the reporting person, who is also a 10% owner, sold small amounts of Series C Depositary Shares. On 11/14/2025, 101 Series C Depositary Shares were sold at a weighted average price of $19.83 per share, and on 11/18/2025, 1,069 Series C Depositary Shares were sold at $19.80 per share. After these transactions, the reporting person held 97,730 Series C Depositary Shares directly. They also reported substantial holdings of Merchants Bancorp common stock, including 1,919,428 shares directly and additional indirect holdings through a spouse and various family trusts. The filing notes that 58,203 unvested restricted stock units are included in the direct common stock figure, with tranches vesting on 2/1/2026, 2/1/2027, and 2/1/2028.

SEC Form 4

FORM 4

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

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

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:			3235-0287
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Petrie Michael F.

(Last) (First) (Middle)

410 MONON BOULEVARD

(Street)

CARMEL IN 46032

(City) (State) (Zip)

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

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

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

3. Date of Earliest Transaction (Month/Day/Year)
11/14/2025

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

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 Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Series C Depositary Shares	11/14/2025		S		101	D	$19.83(1)	98,799	D
Series C Depositary Shares	11/18/2025		S		1,069	D	$19.8	97,730	D
Common Stock								1,919,428(2)	D
Common Stock								2,111,868	I	By Spouse
Common Stock								1,425,000	I	Spouse is Trustee of the Emily J. Petrie Irrevocable GST Trust 2010
Common Stock								2,611,424	I	Spouse is Trustee of the Emily J. Petrie Irrevocable Trust - 2010
Common Stock								1,425,000	I	Spouse is Trustee of the Julia L. Petrie Irrevocable GST Trust 2010
Common Stock								2,410,152	I	Spouse is Trustee of the Julia L. Petrie Irrevocable Trust - 2010
Common Stock								724,729	I	Spouse is Trustee of The Petrie Grandchildren Trust

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. The reported price in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $19.80 to $19.85 per share, inclusive. The reporting person undertakes to provide the issuer, any security holder of the issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

2. Includes 58,203 unvested restricted stock units for which the reporting person does not have voting rights or receive dividends until vested and shares are issued: 29,807 vesting 2/1/2026; 20,736 vesting 2/1/2027, and 7,660 vesting 2/1/2028.

Remarks:

	/s/ Terry A. Oznick, attorney-in-fact	11/18/2025
	** 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 4 (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.

FAQ

What insider transactions did Merchants Bancorp (MBIN) report in this Form 4?

The report shows that the Merchants Bancorp Chairman and CEO sold 101 Series C Depositary Shares on 11/14/2025 at a weighted average price of $19.83, and 1,069 Series C Depositary Shares on 11/18/2025 at $19.80 per share.

How many Merchants Bancorp Series C Depositary Shares does the insider own after these trades?

Following the reported transactions, the insider beneficially owned 97,730 Series C Depositary Shares directly.

What is the insider’s role and relationship to Merchants Bancorp (MBIN)?

The reporting person is a Director, a 10% Owner, and an Officer of Merchants Bancorp, serving as Chairman and CEO.

How many Merchants Bancorp common shares does the insider report owning directly and indirectly?

The insider reports 1,919,428 shares of common stock directly. Indirect holdings include 2,111,868 shares held by the spouse and additional common stock positions in several family trusts where the spouse is trustee, such as 1,425,000 shares in the Emily J. Petrie Irrevocable GST Trust 2010 and 2,611,424 shares in the Emily J. Petrie Irrevocable Trust - 2010.

What restricted stock units (RSUs) are included in the Merchants Bancorp insider’s holdings?

The filing states that the common stock figure includes 58,203 unvested restricted stock units. These RSUs vest over time: 29,807 on 2/1/2026, 20,736 on 2/1/2027, and 7,660 on 2/1/2028.

How was the sale price of Merchants Bancorp Series C Depositary Shares determined in this filing?

The reported price of $19.83 in one transaction is a weighted average price. The shares were sold in multiple trades at prices ranging from $19.80 to $19.85 per share, and detailed trade information is available upon request as noted in the explanation of responses.