[Form 4] Merchants Bancorp Insider Trading Activity

Rhea-AI Filing Summary

Merchants Bancorp CEO of Merchants Capital, Michael R. Dury, reported a bona fide gift of 10,700 shares of Common Stock. The gift was made at no cash consideration and is classified as a disposition by gift. After this transfer, he directly holds 124,402 shares of Common Stock.

He also indirectly holds 18,200 Common shares as trustee of the Michael R. Dury GRAT - 2023, plus 4,000 Series D Depositary Shares and 26,000 Series C Depositary Shares. Direct holdings include 6,607 unvested restricted stock units that vest in tranches on 2/1/2027 and 2/1/2028.

Insider Trade Summary

10,700 shares gifted

Mixed 4 txns

Insider Dury Michael R.

Role CEO of Merchants Capital

Type	Security	Shares	Price	Value
Gift	Common Stock	10,700	$0.00	--
holding	Common Stock	--	--	--
holding	Series C Depositary Shares	--	--	--
holding	Series D Depositary Shares	--	--	--

Holdings After Transaction: Common Stock — 124,402 shares (Direct, null); Common Stock — 18,200 shares (Indirect, Trustee of the Michael R. Dury GRAT - 2023); Series C Depositary Shares — 26,000 shares (Direct, null); Series D Depositary Shares — 4,000 shares (Direct, null)

Footnotes (1)

1. [object Object]

Key Figures

Gifted Common Shares: 10,700 shares Direct Common Stock after gift: 124,402 shares Indirect Common Stock holdings: 18,200 shares +5 more

8 metrics

Gifted Common Shares 10,700 shares Bona fide gift of Common Stock on 2026-06-03

Direct Common Stock after gift 124,402 shares Direct Common Stock holdings following the gift

Indirect Common Stock holdings 18,200 shares Held as trustee of the Michael R. Dury GRAT - 2023

Series D Depositary Shares 4,000 shares Direct holdings of Series D Depositary Shares

Series C Depositary Shares 26,000 shares Direct holdings of Series C Depositary Shares

Unvested RSUs total 6,607 units Unvested restricted stock units included in direct holdings

RSUs vesting 2/1/2027 4,829 units Unvested RSUs scheduled to vest on 2/1/2027

RSUs vesting 2/1/2028 1,778 units Unvested RSUs scheduled to vest on 2/1/2028

Key Terms

bona fide gift, restricted stock units, GRAT

3 terms

bona fide gift financial

"The transaction code description is listed as a bona fide gift."

A bona fide gift is a genuine, voluntary transfer of money, property, or benefits from one party to another made without expectation of repayment, services, or hidden conditions. Investors care because such gifts can affect company disclosures, related‑party transaction rules, tax treatment, and perceived conflicts of interest; think of it like someone giving you a present with no strings attached — but on a corporate scale, auditors and regulators need to verify it really is unconditional.

restricted stock units financial

"Includes 6,607 unvested restricted stock units for which the reporting person does not have voting rights."

Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.

GRAT financial

"nature_of_ownership: Trustee of the Michael R. Dury GRAT - 2023"

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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^*

Dury Michael R.

(Last) (First) (Middle)

410 MONON BOULEVARD

(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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	CEO of Merchants Capital

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
06/03/2026

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	06/03/2026		G		10,700	D	$0.00	124,402(1)	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. Includes 6,607 unvested restricted stock units for which the reporting person does not have voting rights or receive dividends until vested and shares are issued: 4,829 vesting 2/1/2027 and 1,778 vesting 2/1/2028.

Remarks:

	/s/ Terry A. Oznick, attorney-in-fact	06/05/2026
	** 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)