CFO Sean Sievers receives 6,427 Merchants Bancorp (MBIN) shares

Rhea-AI Filing Summary

Merchants Bancorp chief financial officer Sean A. Sievers reported receiving 6,427 shares of common stock on January 27, 2026 at a stated price of $0.00 per share. Following this award, he directly beneficially owns 14,634 common shares and 3,000 Series D Depositary Shares.

The reported holdings include 8,688 unvested restricted stock units. These units carry no voting rights or dividends until they vest and shares are issued, with scheduled vesting of 753 units on February 1, 2026, 2,896 on February 1, 2027, 2,896 on February 1, 2028, and 2,143 on February 1, 2029.

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
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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^*

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)
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		6,427(1)	A	$0.00	14,634(2)	D
Series D Depositary Shares								3,000	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 8,688 unvested restricted stock units for which the reporting person does not have voting rights or receive dividends until vested and shares are issued: 753 vesting 2/1/2026; 2,896 vesting 2/1/2027; 2,896 vesting 2/1/2028; and 2,143 vesting 2/1/2029.

Remarks:

	/s/ Terry A. Oznick, attorney-in-fact	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.

FAQ

What insider transaction did MBIN CFO Sean Sievers report on January 27, 2026?

MBIN CFO Sean A. Sievers reported acquiring 6,427 shares of Merchants Bancorp common stock on January 27, 2026 at a stated price of $0.00 per share. After this award, he directly beneficially owns 14,634 common shares, according to the filing’s position detail.

How many Merchants Bancorp (MBIN) shares does the CFO own after this Form 4?

After the reported transaction, MBIN CFO Sean A. Sievers directly beneficially owns 14,634 shares of Merchants Bancorp common stock. He also holds 3,000 Series D Depositary Shares, giving investors a clearer view of his total reported direct equity exposure to the company.

What restricted stock units does the MBIN CFO hold and when do they vest?

The MBIN CFO’s holdings include 8,688 unvested restricted stock units. These are scheduled to vest in tranches: 753 units on February 1, 2026; 2,896 units on February 1, 2027; 2,896 units on February 1, 2028; and 2,143 units on February 1, 2029, if conditions are met.

Do MBIN CFO Sean Sievers’s restricted stock units carry voting rights or dividends before vesting?

The filing states that the MBIN CFO’s unvested restricted stock units do not provide voting rights or dividends until they vest and shares are issued. This means he benefits from them only once vesting occurs and the underlying common shares are delivered.

What additional securities besides common stock does the MBIN CFO hold?

In addition to Merchants Bancorp common stock, the MBIN CFO directly holds 3,000 Series D Depositary Shares. These are listed in the non-derivative holdings table and represent another class of securities tied to the company reported in his Form 4 filing.

Who is the reporting person in this Merchants Bancorp (MBIN) Form 4 filing?

The reporting person is Sean A. Sievers, chief financial officer of Merchants Bancorp. The Form 4 indicates he is an officer, not a director or 10% owner, and reports both his common stock and Series D Depositary Share holdings in the issuer.