Director Tamika Catchings receives equity award at Merchants Bancorp (MBIN)

Rhea-AI Filing Summary

Catchings Tamika reported acquisition or exercise transactions in this Form 4 filing.

Merchants Bancorp director Tamika Catchings received a grant of 377 shares of common stock at $46.45 per share as the equity portion of her quarterly board retainer. Following this award, she directly owns 7,385 common shares, plus direct holdings of 100 Series D and 100 Series E depositary shares.

Insider Trade Summary

3 transactions reported

Mixed 3 txns

Insider Catchings Tamika

Role Director

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

Holdings After Transaction: Common Stock — 7,385 shares (Direct); Series D Depositary Shares — 100 shares (Direct); Series E Depositary Shares — 100 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^*

Catchings Tamika

(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)	7,385	D
Series D Depositary Shares								100	D
Series E Depositary Shares								100	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 Tamika Catchings?

Merchants Bancorp reported that director Tamika Catchings received a grant of 377 shares of common stock as part of her quarterly board retainer. This was recorded as an equity award, not an open-market purchase or sale.

At what price was Tamika Catchings’ Merchants Bancorp (MBIN) equity award calculated?

The 377-share equity award for Tamika Catchings was calculated using a price of $46.45 per share. This price reflected the closing price of Merchants Bancorp common stock on the trading day before the most recent scheduled quarterly board meeting.

How many Merchants Bancorp (MBIN) common shares does Tamika Catchings own after this filing?

After the reported equity award, Tamika Catchings directly owns 7,385 Merchants Bancorp common shares. This total includes the newly granted 377-share award that represents the equity portion of her quarterly retainer for serving as a director.

What does the Form 4 say about Tamika Catchings’ director compensation at Merchants Bancorp (MBIN)?

The Form 4 explains that the 377-share grant represents the equity portion of Tamika Catchings’ quarterly retainer for serving as a director. The number of shares is based on a fixed dollar value divided by the specified stock price, then rounded up.

What preferred or depositary share holdings does Tamika Catchings report at Merchants Bancorp (MBIN)?

Tamika Catchings reports direct holdings of 100 Series D depositary shares and 100 Series E depositary shares. These depositary share positions are shown as holdings in the filing, alongside her Merchants Bancorp common stock ownership after the latest equity award.

Was Tamika Catchings’ Merchants Bancorp (MBIN) transaction a market buy or sell?

The transaction was reported as a grant or award acquisition, not a market buy or sell. It reflects shares granted as part of her quarterly director retainer, rather than shares purchased or sold in open-market trading.