Merchants Bancorp (MBIN) director receives 377-share equity retainer grant

Rhea-AI Filing Summary

Merchants Bancorp director Anne E. Sellers received an equity award of 377 shares of common stock, valued using a price of $46.45 per share. This grant represents the equity portion of her quarterly retainer for board service and brings her direct common stock holdings to 12,278 shares.

The filing also reports direct holdings of 12,000 Series C Depositary Shares and 4,000 Series D Depositary Shares, which are listed as existing positions rather than new acquisitions or sales.

Insider Trade Summary

3 transactions reported

Mixed 3 txns

Insider Sellers Anne E.

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	377	$46.45	$18K
holding	Series C Depositary Shares	--	--	--
holding	Series D Depositary Shares	--	--	--

Holdings After Transaction: Common Stock — 12,278 shares (Direct); Series C Depositary Shares — 12,000 shares (Direct); Series D Depositary Shares — 4,000 shares (Direct)

Footnotes (1)

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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^*

Sellers Anne E.

(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)

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

3. Date of Earliest Transaction (Month/Day/Year)
02/19/2026

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
Common Stock	02/19/2026		A		377	A	$46.45(1)	12,278	D
Series C Depositary Shares								12,000	D
Series D Depositary Shares								4,000	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. 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	02/19/2026
	** 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.

FAQ

What insider transaction did Merchants Bancorp (MBIN) report for Anne E. Sellers?

Anne E. Sellers received a grant of 377 common shares of Merchants Bancorp as part of her quarterly director retainer. The award was calculated using a $46.45 closing share price and increases her directly held common stock to 12,278 shares.

How was the Merchants Bancorp (MBIN) director stock award to Anne E. Sellers calculated?

The equity award was based on the dollar value of her retainer, divided by $46.45, the closing price of Merchants Bancorp common stock on the trading day before the most recent scheduled quarterly board meeting, then rounded up to the next whole share.

Did Anne E. Sellers buy or sell Merchants Bancorp (MBIN) shares on the open market?

The Form 4 shows a grant/award acquisition, not an open-market trade. The 377 common shares represent the equity portion of her quarterly director retainer, awarded at a reference price of $46.45 per share, with no reported market purchase or sale.

What are Anne E. Sellers’ total Merchants Bancorp (MBIN) common stock holdings after this Form 4?

After the equity grant, Anne E. Sellers directly holds 12,278 common shares of Merchants Bancorp. This total reflects the addition of 377 shares awarded as the equity portion of her quarterly compensation for serving on the company’s board of directors.

What preferred or depositary shares of Merchants Bancorp (MBIN) does Anne E. Sellers hold?

The Form 4 reports direct holdings of two depositary share series: 12,000 Series C Depositary Shares and 4,000 Series D Depositary Shares. These entries are reported as holdings, with no new acquisition or sale amounts disclosed in the transaction details.