[Form 4] Merchants Bancorp Insider Trading Activity

Rhea-AI Filing Summary

Sean A. Sievers, Chief Financial Officer of Merchants Bancorp (MBINN) reported a purchase on 09/15/2025 of 3,000 Series D depositary shares at a weighted average price of $24.87. After the transaction the filing reports 3,000 depositary shares acquired and total beneficial ownership of 8,207 shares of common stock (direct). The filing discloses 2,261 unvested restricted stock units that do not carry voting rights or dividends until vesting, scheduled 753 RSUs vesting 02/01/2026, 754 on 02/01/2027, and 754 on 02/01/2028. No derivative securities were reported. The form was signed by an attorney-in-fact on 09/17/2025.

Positive

• Insider purchase recorded: CFO acquired 3,000 Series D depositary shares at a weighted average price of $24.87, demonstrating a direct purchase.
• Clear RSU disclosure: Filing specifies 2,261 unvested restricted stock units with precise vesting dates (02/01/2026, 02/01/2027, 02/01/2028).
• No derivatives reported: The report shows no options, warrants, or other derivative securities, simplifying ownership analysis.

Negative

• None.

Insights

Financial Analyst

TL;DR: Insider purchased 3,000 depositary shares; position and RSU schedule are disclosed with no derivatives reported.

The purchase of 3,000 Series D depositary shares at a weighted average price of $24.87 is a straightforward open-market acquisition by the CFO and is recorded as direct ownership. The filing also clarifies that 2,261 restricted stock units remain unvested with explicit vesting dates across 2026-2028, which affects the timing of share issuance and potential dilution. No options, warrants, or other derivative instruments were reported, limiting complexity for short-term capital structure analysis.

Corporate Governance Expert

TL;DR: Disclosure is complete for reported transactions and RSU vesting; signature executed by attorney-in-fact.

The Form 4 provides the necessary disclosure elements: reporting person identity and role (CFO), transaction date, security class (Series D depositary shares), weighted average purchase price, resulting beneficial ownership, and a clear footnote on the RSU vesting schedule. The filing was executed via attorney-in-fact, with the signature dated 09/17/2025. There are no governance red flags or omissions apparent within the scope of the disclosed items.

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
Estimated average burden
hours per response:			0.5

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

1. Name and Address of Reporting Person^*

Sievers Sean A.

(Last) (First) (Middle)

410 MONON BLVD.

(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)

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

3. Date of Earliest Transaction (Month/Day/Year)
09/15/2025

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 D Depositary Shares	09/15/2025		P		3,000	A	$24.87(1)	3,000	D
Common Stock								8,207(2)	D

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 $24.88 to $24.86 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 purchased at each separate price within the range set forth in this footnote.

2. Includes 2,261 unvested restricted stock units for which the reporting person does not have voting rights or receive dividends until vesting and shares are issued: 753 vesting 2/1/2026; 754 vesting 2/1/2027, and 754 vesting 2/1/2028.

Remarks:

	/s/ Terry A. Oznick, attorney-in-fact	09/17/2025
	** 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 transaction did Merchants Bancorp (MBINN) CFO Sean A. Sievers report on Form 4?

The CFO reported purchasing 3,000 Series D depositary shares on 09/15/2025 at a weighted average price of $24.87.

How many shares of common stock does Sean A. Sievers beneficially own after the reported transaction?

The filing reports total beneficial ownership of 8,207 shares of common stock (direct).

Does the Form 4 disclose any unvested restricted stock units for the reporting person?

Yes. It discloses 2,261 unvested restricted stock units: 753 vesting on 02/01/2026, 754 on 02/01/2027, and 754 on 02/01/2028.

Were any derivative securities (options, warrants, etc.) reported in this Form 4?

No. The filing shows no derivative securities acquired or disposed of in Table II.

When was the Form 4 signed and by whom?

The form was signed by an attorney-in-fact, /s/ Terry A. Oznick, on 09/17/2025.