Merchants Bancorp (MBIN) director gets equity retainer grant and updates holdings

Rhea-AI Filing Summary

O'Brien Patrick D. reported acquisition or exercise transactions in this Form 4 filing.

Merchants Bancorp director Patrick D. O'Brien reported a stock award and updated his preferred share holdings. He received 381 shares of common stock at $46.03 per share as the equity portion of his quarterly director retainer, bringing his direct common stock holdings to 119,721 shares.

The filing also lists direct and indirect holdings of Series C, D, and E Depositary Shares, including positions held through O'Brien Motors, Inc., without reporting new open‑market purchases or sales.

Insights

Equity compensation analyst

Routine director equity grant with small incremental impact.

Patrick D. O'Brien, a director of Merchants Bancorp, received 381 shares of common stock at $46.03 per share as part of his quarterly retainer. The footnote explains this is standard equity compensation, calculated from a preset dollar value divided by the prior closing price.

After the award, his direct common stock holdings total 119,721 shares, so the new grant is a small addition. The remaining entries simply restate direct and indirect holdings of Series C, D, and E Depositary Shares, including those held via O'Brien Motors, Inc., and do not reflect new market trades.

Insider Trade Summary

6 transactions reported

Mixed 6 txns

Insider O'Brien Patrick D.

Role null

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	381	$46.03	$18K
holding	Series C Depositary Shares	--	--	--
holding	Series C Depositary Shares	--	--	--
holding	Series D Depositary Shares	--	--	--
holding	Series E Depositary Shares	--	--	--
holding	Series E Depositary Shares	--	--	--

Holdings After Transaction: Common Stock — 119,721 shares (Direct, null); Series C Depositary Shares — 43,700 shares (Direct, null); Series C Depositary Shares — 40,000 shares (Indirect, by O'Brien Motors, Inc.); Series D Depositary Shares — 40,000 shares (Direct, null); Series E Depositary Shares — 40,000 shares (Direct, null); Series E Depositary Shares — 40,000 shares (Indirect, by O'Brien Motors, Inc.)

Footnotes (1)

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Key Figures

Common stock award: 381 shares Award reference price: $46.03 per share Direct common holdings: 119,721 shares +5 more

8 metrics

Common stock award 381 shares Equity portion of quarterly director retainer

Award reference price $46.03 per share Closing price used to calculate share award

Direct common holdings 119,721 shares Total common stock held directly after award

Series C Depositary Shares (direct) 43,700 shares Direct holdings of Series C after reported update

Series C Depositary Shares (indirect) 40,000 shares Indirect holdings via O'Brien Motors, Inc.

Series D Depositary Shares (direct) 40,000 shares Direct holdings of Series D Depositary Shares

Series E Depositary Shares (direct) 40,000 shares Direct holdings of Series E Depositary Shares

Series E Depositary Shares (indirect) 40,000 shares Indirect holdings via O'Brien Motors, Inc.

Key Terms

Series E Depositary Shares, Series D Depositary Shares, Series C Depositary Shares, quarterly retainer, +1 more

5 terms

Series E Depositary Shares financial

"security_title: "Series E Depositary Shares""

Series D Depositary Shares financial

"security_title: "Series D Depositary Shares""

Series C Depositary Shares financial

"security_title: "Series C Depositary Shares""

quarterly retainer financial

"equity portion of the Reporting Person's quarterly retainer for service"

Grant, award, or other acquisition financial

"transaction_code_description: "Grant, award, or other acquisition""

Form 4 Insider Transactions: What Each Field Means →

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).

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^*

O'Brien Patrick D.

(Last) (First) (Middle)

410 MONON BLVD

(Street)

CARMEL INDIANA 46032

(City) (State) (Zip)

UNITED STATES

(Country)

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

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

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/21/2026

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

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

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

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
Common Stock	05/21/2026		A		381	A	$46.03(1)	119,721	D
Series C Depositary Shares								43,700	D
Series C Depositary Shares								40,000	I	by O'Brien Motors, Inc.
Series D Depositary Shares								40,000	D
Series E Depositary Shares								40,000	D
Series E Depositary Shares								40,000	I	by O'Brien Motors, Inc.

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. This award represents the equity portion of the Reporting Person's quarterly retainer for service as a director of the Issuer. The number of shares awarded was determined by dividing the dollar value of the equity portion by the price shown, which was the closing price of one share of the Issuer's common stock on the day immediately prior to the most recent scheduled quarterly board meeting, and rounding up to the next whole share.

Remarks:

	/s/ Terry A. Oznick, attorney-in-fact	05/26/2026
	** 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 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.
* Form 4: SEC 1474 (03-26)

FAQ

What did Patrick D. O'Brien report in this Merchants Bancorp (MBIN) Form 4?

Patrick D. O’Brien reported receiving 381 shares of Merchants Bancorp common stock as an equity award and updated his holdings in Series C, D, and E Depositary Shares, including positions held directly and through O’Brien Motors, Inc., with no open‑market purchases or sales disclosed.

How many Merchants Bancorp common shares does Patrick D. O'Brien hold after this filing?

After the reported equity award, Patrick D. O’Brien holds 119,721 shares of Merchants Bancorp common stock directly. This total includes the 381 shares granted as the equity portion of his quarterly director retainer, awarded at a reference price of $46.03 per share.

What is the nature of the 381-share award reported by Patrick D. O'Brien for MBIN?

The 381-share award is the equity portion of O’Brien’s quarterly retainer for serving as a director. The number of shares was calculated by dividing the retainer’s dollar value by $46.03, the prior day’s closing price, and rounding up to the next whole share, per the footnote.

Does the Merchants Bancorp Form 4 show any open-market buying or selling by Patrick D. O'Brien?

The Form 4 does not show open‑market buying or selling. It reports a grant of 381 common shares as compensation and lists updated direct and indirect holdings of Series C, D, and E Depositary Shares, including those held through O’Brien Motors, Inc., without reporting discretionary trades.

How are O'Brien's indirect holdings in Merchants Bancorp preferred shares structured?

Some preferred holdings are reported as indirect through O’Brien Motors, Inc. The filing lists Series C and Series E Depositary Shares with ownership marked as indirect by this entity, while other Series C and Series D positions are held directly, clarifying how his beneficial interests are organized.