Merchants Bancorp CEO gifts 16,000 common shares

Merchants Bancorp Chairman and CEO Michael F. Petrie reported an updated ownership position after making a bona fide gift of 16,000 shares of common stock at $0.00 per share.

Rhea-AI Filing Summary

Merchants Bancorp Chairman and CEO Michael F. Petrie reported an updated ownership position after making a bona fide gift of 16,000 shares of common stock at $0.00 per share. Following the gift, he directly holds 1,848,994 common shares.

The filing also lists substantial indirect common stock holdings through trusts and his spouse, including separate positions such as 2,611,424 shares held in the Emily J. Petrie Irrevocable Trust – 2010 and other family trusts, plus 2,958 Series C Depositary Shares held directly. A footnote notes 48,961 unvested restricted stock units that vest in stages from February 1, 2027 through February 1, 2029, for which he does not yet have voting rights or receive dividends.

Insider Trade Summary

16,000 shares gifted

Gift 8 txns

Insider Petrie Michael F.

Role Chairman and CEO

Type	Security	Shares	Price	Value
Gift	Common Stock	16,000	$0.00	$0.00
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--
holding	Series C Depositary Shares	--	--	--

Holdings After Transaction: Common Stock — 1,848,994 shares (Direct); Common Stock — 2,111,868 shares (Indirect, By Spouse); Common Stock — 1,425,000 shares (Indirect, Spouse is Trustee of the Emily J. Petrie Irrevocable GST Trust 2010); Common Stock — 2,611,424 shares (Indirect, Spouse is Trustee of the Emily J. Petrie Irrevocable Trust - 2010); Common Stock — 1,425,000 shares (Indirect, Spouse is Trustee of the Julia L. Petrie Irrevocable GST Trust 2010); Common Stock — 2,410,152 shares (Indirect, Spouse is Trustee of the Julia L. Petrie Irrevocable Trust - 2010); Common Stock — 736,013 shares (Indirect, Spouse is Trustee of The Petrie Grandchildren Trust); Series C Depositary Shares — 2,958 shares (Direct)

Footnotes (1)

1. F1. Includes 48,961 unvested restricted stock units for which the reporting person does not have voting rights or receive dividends until vested and shares are issued: 27,591 vesting 2/1/2027; 14,515 vesting 2/1/2028; and 6,855 vesting 2/1/2029.

Key Figures

Gifted common shares: 16,000 shares Direct common shares after gift: 1,848,994 shares Emily J. Petrie Irrevocable Trust – 2010: 2,611,424 shares +3 more

6 metrics

Gifted common shares 16,000 shares Bona fide gift of common stock at $0.00 per share

Direct common shares after gift 1,848,994 shares Direct MBIN common stock holdings following the gift

Emily J. Petrie Irrevocable Trust – 2010 2,611,424 shares Indirect MBIN common stock held where spouse is trustee

Series C Depositary Shares 2,958 shares Direct holdings of Series C Depositary Shares

Unvested RSUs 48,961 units Restricted stock units vesting 2/1/2027, 2/1/2028, 2/1/2029

Gift transaction date May 15, 2026 Date of bona fide gift of 16,000 common shares

Key Terms

bona fide gift, restricted stock units, Series C Depositary Shares, irrevocable trust, +1 more

5 terms

bona fide gift financial

"transaction_code_description: Bona fide gift"

A bona fide gift is a genuine, voluntary transfer of money, property, or benefits from one party to another made without expectation of repayment, services, or hidden conditions. Investors care because such gifts can affect company disclosures, related‑party transaction rules, tax treatment, and perceived conflicts of interest; think of it like someone giving you a present with no strings attached — but on a corporate scale, auditors and regulators need to verify it really is unconditional.

restricted stock units financial

"Includes 48,961 unvested restricted stock units for which the reporting person does not have voting rights"

Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.

Series C Depositary Shares financial

"security_title: Series C Depositary Shares"

irrevocable trust financial

"Spouse is Trustee of the Emily J. Petrie Irrevocable Trust - 2010"

An irrevocable trust is a legal arrangement where an owner transfers assets into a separate entity managed by a trustee and gives up the power to modify or reclaim those assets. For investors it matters because putting stock or other holdings into such a trust can change who controls and benefits from the assets, affect taxes and creditor protection, and influence how easy it is to sell or value those holdings—like placing valuables in a locked safe overseen by someone else.

unvested financial

"Includes 48,961 unvested restricted stock units for which the reporting person does not have voting rights"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transaction did MBIN Chairman Michael F. Petrie report?

Michael F. Petrie reported a bona fide gift of 16,000 Merchants Bancorp common shares at $0.00 per share. The Form 4 also updates his direct and indirect ownership positions across several trusts and family-related holdings.

How many Merchants Bancorp shares does Petrie hold directly after this Form 4?

After the reported gift, Michael F. Petrie directly holds 1,848,994 Merchants Bancorp common shares. This figure reflects his direct ownership only and is separate from additional indirect holdings through family trusts and his spouse.

What indirect MBIN shareholdings are associated with Petrie and family trusts?

The Form 4 lists multiple indirect common stock positions, including 2,611,424 shares in the Emily J. Petrie Irrevocable Trust – 2010 and other holdings where Petrie’s spouse is trustee, as well as shares held by his spouse directly.

What preferred or depositary shares does Petrie report in this filing?

Petrie reports direct ownership of 2,958 Series C Depositary Shares of Merchants Bancorp. These are listed separately from his common stock positions and are treated as a distinct security class in the Form 4.

Does Michael F. Petrie have unvested MBIN restricted stock units outstanding?

Yes. A footnote states Petrie has 48,961 unvested restricted stock units. These vest in tranches on February 1, 2027, February 1, 2028, and February 1, 2029, and he lacks voting rights or dividends until vesting and share issuance.

How many MBIN shares were involved in gifts versus other transactions in this Form 4?

The Form 4 shows one bona fide gift transaction for 16,000 Merchants Bancorp common shares. Other line items in the filing are holding entries that update post-transaction balances, with no additional reported buys or open-market sales.

AI-generated analysis. How Rhea-AI works. Not financial advice.

Form 4 Insider Transactions: What Each Field Means →

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

Accepted by SEC EDGAR 05/19/2026 - 04:19 PM EDT 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^*

Petrie Michael F.

(Last) (First) (Middle)

410 MONON BOULEVARD

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/15/2026

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	05/15/2026		G		16,000	D	$0.00	1,848,994(1)	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								736,013	I	Spouse is Trustee of The Petrie Grandchildren Trust
Series C Depositary Shares								2,958	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. Includes 48,961 unvested restricted stock units for which the reporting person does not have voting rights or receive dividends until vested and shares are issued: 27,591 vesting 2/1/2027; 14,515 vesting 2/1/2028; and 6,855 vesting 2/1/2029.

Remarks:

	/s/ Terry A. Oznick, attorney-in-fact	05/19/2026
	** 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.
* Form 4: SEC 1474 (03-26)