[Form 4] Merchants Bancorp Insider Trading Activity

Rhea-AI Filing Summary

Merchants Bancorp (MBIN) insider activity: A company officer purchased 15,500 shares of common stock on 10/30/2025 at a weighted average price of $31.64, with trades ranging from $31.50 to $31.77. Following the purchase, the reporting person beneficially owned 138,074 common shares directly and 18,200 common shares indirectly as trustee of the Michael R. Dury GRAT - 2023 Series C. The filing also lists 26,000 Depositary Shares and 4,000 Series D Depositary Shares held directly.

The holdings include 13,378 unvested restricted stock units, scheduled to vest as follows: 6,771 on 2/1/2026; 4,829 on 2/1/2027; and 1,778 on 2/1/2028.

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^*

Dury Michael R.

(Last) (First) (Middle)

410 MONON BOULEVARD

(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)
	CEO of Merchants Capital

3. Date of Earliest Transaction (Month/Day/Year)
10/30/2025

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	10/30/2025		P		15,500	A	$31.64(1)	138,074(2)	D
Common Stock								18,200	I	Trustee of the Michael R. Dury GRAT - 2023
Series C Depositary Shares								26,000	D
Series D Depositary Shares								4,000	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. The reported price in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $31.50 to $31.77 per share, inclusive. The reporting person undertakes to provide the issuer, any security holder of the issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.

2. Includes 13,378 unvested restricted stock units for which the reporting person does not have voting rights or receive dividends until vested and shares are issued: 6,771 vesting 2/1/2026; 4,829 vesting 2/1/2027, and 1,778 vesting 2/1/2028.

Remarks:

	/s/ Terry A. Oznick, attorney-in-fact	11/03/2025
	** 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 did MBIN's insider report on Form 4?

A purchase of 15,500 common shares on 10/30/2025 at a weighted average price of $31.64.

What is the reported price range for the MBIN trades?

Trades occurred between $31.50 and $31.77 per share.

How many MBIN shares are beneficially owned after the transaction?

138,074 common shares directly, plus 18,200 common shares indirectly via a GRAT.

Are there any MBIN depositary shares reported?

Yes, 26,000 Depositary Shares and 4,000 Series D Depositary Shares are listed as directly owned.

Does the filing include MBIN restricted stock units (RSUs)?

Yes, 13,378 unvested RSUs vesting on 2/1/2026 (6,771), 2/1/2027 (4,829), and 2/1/2028 (1,778).

What is the officer’s role at MBIN?

The reporting person is an Officer, titled CEO of Merchants Capital.