Merchants Bancorp (MBIN) director receives 381-share stock grant

Rhea-AI Filing Summary

Sellers Anne E. reported acquisition or exercise transactions in this Form 4 filing.

Merchants Bancorp director Anne E. Sellers received a grant of 381 shares of common stock as part of her quarterly retainer. The shares were valued using a price of $46.03 per share, equal to the closing price immediately before the most recent scheduled quarterly board meeting.

After this equity award, she directly holds 12,659 shares of Merchants Bancorp common stock, along with 4,000 Series D Depositary Shares and 12,000 Series C Depositary Shares. This is a compensation-related award rather than an open-market purchase or sale.

Insider Trade Summary

3 transactions reported

Mixed 3 txns

Insider Sellers Anne E.

Role null

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	381	$46.03	$18K
holding	Series C Depositary Shares	--	--	--
holding	Series D Depositary Shares	--	--	--

Holdings After Transaction: Common Stock — 12,659 shares (Direct, null); Series C Depositary Shares — 12,000 shares (Direct, null); Series D Depositary Shares — 4,000 shares (Direct, null)

Footnotes (1)

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Key Figures

Equity grant: 381 shares Grant valuation price: $46.03/share Common shares held: 12,659 shares +2 more

5 metrics

Equity grant 381 shares Common stock awarded as quarterly director retainer

Grant valuation price $46.03/share Closing price of common stock used to determine award size

Common shares held 12,659 shares Total Merchants Bancorp common stock held after grant

Series D Depositary Shares 4,000 shares Direct holdings following reported transactions

Series C Depositary Shares 12,000 shares Direct holdings following reported transactions

Key Terms

equity portion, quarterly retainer, closing price, Depositary Shares

4 terms

equity portion financial

"This award represents the equity portion of the Reporting Person's quarterly retainer"

quarterly retainer financial

"equity portion of the Reporting Person's quarterly retainer for service as a director"

closing price financial

"price shown, which was the closing price of one share of the Issuer's common stock"

Depositary Shares financial

"Series D Depositary Shares and Series C Depositary Shares"

Depositary shares are tradable certificates that represent a fractional piece of a larger security held by a third-party bank, like owning a slice of a single big pie instead of the whole pie. They let companies issue and investors buy smaller, more affordable portions of preferred stock or other instruments; holders usually receive proportional dividends and market pricing similar to ordinary shares, but may have limited voting rights and different liquidity or tax implications, which can affect income and resale value.

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^*

Sellers Anne E.

(Last) (First) (Middle)

410 MONON BLVD

(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		10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/21/2026

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	05/21/2026		A		381	A	$46.03(1)	12,659	D
Series C Depositary Shares								12,000	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. 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	05/26/2026
	** 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)

FAQ

What insider transaction did Merchants Bancorp (MBIN) report for Anne E. Sellers?

Merchants Bancorp reported that director Anne E. Sellers received a grant of 381 common shares as part of her quarterly retainer. The award reflects equity-based compensation, not an open-market purchase or sale of MBIN shares.

At what price was Anne E. Sellers’ Merchants Bancorp (MBIN) stock grant valued?

The 381-share grant to Anne E. Sellers was valued at $46.03 per share, using the closing price of Merchants Bancorp common stock on the day immediately prior to the most recent scheduled quarterly board meeting.

How many Merchants Bancorp (MBIN) common shares does Anne E. Sellers hold after this filing?

Following the equity grant, Anne E. Sellers directly holds 12,659 shares of Merchants Bancorp common stock. This total reflects her position after receiving the 381-share award described as the equity portion of her quarterly director retainer.

What preferred securities of Merchants Bancorp (MBIN) does Anne E. Sellers own?

Anne E. Sellers directly holds 4,000 Series D Depositary Shares and 12,000 Series C Depositary Shares of Merchants Bancorp. These holdings are in addition to her common stock position disclosed in the same insider ownership report.

Is Anne E. Sellers’ Merchants Bancorp (MBIN) stock grant an open-market purchase?

No, the 381-share grant to Anne E. Sellers is part of her quarterly director retainer and represents equity compensation. The filing describes it as an award, not as an open-market purchase or a discretionary trade in MBIN shares.