Merchants Bancorp SVP awarded 4,216 common shares

Merchants Bancorp SVP and General Counsel Terry A. Oznick reported receiving 4,216 shares of Merchants Bancorp common stock on January 27, 2026 at a price of $0.00 per share, increasing his directly held common stock to 34,059 shares.

Rhea-AI Filing Summary

Merchants Bancorp SVP and General Counsel Terry A. Oznick reported receiving 4,216 shares of Merchants Bancorp common stock on January 27, 2026 at a price of $0.00 per share, increasing his directly held common stock to 34,059 shares.

The 4,216 shares are unvested restricted stock units, and Oznick does not have voting rights or receive dividends on these units until they vest and shares are issued. His total common stock holdings include 15,379 unvested restricted stock units, scheduled to vest in tranches on February 1 of 2026, 2027, 2028, and 2029. He also directly holds 2,000 Series D Depositary Shares.

Insider Trade Summary

Grant/Award: 4,216 shares

Grant/Award 2 txns

Insider Oznick Terry A

Role SVP, General Counsel

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	4,216	$0.00	$0.00
holding	Series D Depositary Shares	--	--	--

Holdings After Transaction: Common Stock — 34,059 shares (Direct); Series D Depositary Shares — 2,000 shares (Direct)

Footnotes (2)

1. F1. unvested restricted stock units for which the reporting person does not have voting rights or receive dividends until vesting and shares are issued.
2. F2. Includes 15,379 unvested restricted stock units for which the reporting person does not have voting rights or receive dividends until vested and shares are issued: 5,636 vesting 2/1/2026; 5,440 vesting 2/1/2027; 2,897 vesting 2/1/2028; and 1,406 vesting 2/1/2029. .

FAQ

What insider transaction did MBIN executive Terry A. Oznick report?

Terry A. Oznick reported receiving 4,216 shares of Merchants Bancorp common stock on January 27, 2026 at a price of $0.00 per share. This was recorded as an acquisition, increasing his directly held common stock to a total of 34,059 shares.

How many Merchants Bancorp (MBIN) shares does Terry A. Oznick now beneficially own?

After the reported transaction, Terry A. Oznick beneficially owns 34,059 shares of Merchants Bancorp common stock. This total includes both vested shares and 15,379 unvested restricted stock units that will convert into shares as they vest over several future dates.

What are the unvested restricted stock units reported by MBIN’s SVP and General Counsel?

Oznick’s holdings include 15,379 unvested restricted stock units. He has no voting rights and receives no dividends on these units until they vest and shares are issued. The units are scheduled to vest in separate annual tranches between February 1, 2026 and February 1, 2029.

When will Terry A. Oznick’s Merchants Bancorp restricted stock units vest?

The unvested restricted stock units vest in four tranches: 5,636 units on February 1, 2026; 5,440 units on February 1, 2027; 2,897 units on February 1, 2028; and 1,406 units on February 1, 2029. Shares are issued only upon each vesting date.

Did Terry A. Oznick pay for the 4,216 Merchants Bancorp shares he acquired?

No, the 4,216 Merchants Bancorp common shares were acquired at a reported price of $0.00 per share. This indicates a compensatory award, such as restricted stock units, rather than an open-market purchase, consistent with the explanatory footnote in the filing.

What preferred or depositary shares of Merchants Bancorp does Oznick hold?

In addition to common stock, Oznick directly holds 2,000 Series D Depositary Shares of Merchants Bancorp. These are listed separately from his common stock holdings and are reported as directly owned, with no indication of indirect ownership through another entity.

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Accepted by SEC EDGAR 01/29/2026 - 08:51 AM Learn about SEC filing dates

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^*

Oznick Terry 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)
	SVP, General Counsel

3. Date of Earliest Transaction (Month/Day/Year)
01/27/2026

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	01/27/2026		A		4,216(1)	A	$0.00	34,059(2)	D
Series D Depositary Shares								2,000	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. unvested restricted stock units for which the reporting person does not have voting rights or receive dividends until vesting and shares are issued.

2. Includes 15,379 unvested restricted stock units for which the reporting person does not have voting rights or receive dividends until vested and shares are issued: 5,636 vesting 2/1/2026; 5,440 vesting 2/1/2027; 2,897 vesting 2/1/2028; and 1,406 vesting 2/1/2029. .

Remarks:

	/s/ Terry A Oznick	01/29/2026
	** 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.