[Form 4] Merchants Bancorp Insider Trading Activity

Rhea-AI Filing Summary

Merchants Bancorp (MBIN) reported a routine director compensation transaction. A board member, filing individually, received 562 shares of common stock on 11/19/2025, coded as an acquisition, as the equity portion of the quarterly retainer for service as a director. The grant price reference was $31.17 per share, based on the closing price of the prior trading day, with the share count rounded up to the next whole share.

Following this transaction, the reporting person beneficially owned 118,963 shares of common stock directly. The filing also lists direct holdings of 43,700 Series C Depositary Shares, 40,000 Series D Depositary Shares, and 40,000 Series E Depositary Shares, plus indirect holdings of 40,000 Series C Depositary Shares and 40,000 Series E Depositary Shares through O'Brien Motors, Inc.

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 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)
11/19/2025

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	11/19/2025		A		562	A	$31.17(1)	118,963	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	11/21/2025
	** 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 transaction did the Merchants Bancorp (MBIN) director report on this Form 4?

The director reported receiving 562 shares of Merchants Bancorp common stock on 11/19/2025 as part of the equity portion of the quarterly board retainer, recorded as an acquisition.

How was the number of MBIN shares in the director’s equity retainer determined?

The number of shares was calculated by dividing the dollar value of the equity retainer by the $31.17 closing price of MBIN common stock on the day immediately before the most recent scheduled quarterly board meeting, then rounding up to the next whole share.

How many MBIN common shares does the reporting person own after this transaction?

After the reported transaction, the director beneficially owned 118,963 shares of Merchants Bancorp common stock directly.

What preferred or depositary shares related to Merchants Bancorp does the director hold?

The filing lists direct holdings of 43,700 Series C Depositary Shares, 40,000 Series D Depositary Shares, and 40,000 Series E Depositary Shares, along with indirect holdings of 40,000 Series C and 40,000 Series E Depositary Shares through O'Brien Motors, Inc.

Is this Merchants Bancorp Form 4 related to a Rule 10b5-1 trading plan?

The form includes a checkbox for indicating transactions under a Rule 10b5-1(c) trading plan, but the content excerpt does not show that box as checked for this director grant.

What is the director’s relationship to Merchants Bancorp as disclosed in the Form 4?

The reporting person is identified as a Director of Merchants Bancorp and filed the form as a single reporting person, not as part of a group.