Merchants Bancorp (MBIN) CEO Petrie reports $1.8M+ in stock sales, keeps large stake

Rhea-AI Filing Summary

Merchants Bancorp Chairman and CEO Michael F. Petrie, a more than 10% owner of MBIN, reported open-market sales of Common Stock. He sold 20,000 shares directly on May 5, 2026 at $46.75 per share and 8,334 shares directly on May 6, 2026 at $46.86 per share, leaving him with 1,864,994 directly held shares.

In addition, an entity associated with him, where his spouse is trustee of The Petrie Grandchildren Trust, sold 10,696 Common Stock shares on May 5, 2026 at $46.75 per share, with 736,013 shares remaining in that trust. The filing also notes 48,961 unvested restricted stock units included in his holdings that will vest between February 1, 2027 and February 1, 2029, during which he does not have voting rights or receive dividends on those units.

Insider Trade Summary

Net Seller: 39,030 shares ($1,825,569)

Net Sell 9 txns

Insider Petrie Michael F.

Role Chairman and CEO

Sold 39,030 shs ($1.83M)

Type	Security	Shares	Price	Value
Sale	Common Stock	8,334	$46.86	$391K
Sale	Common Stock	20,000	$46.75	$935K
Sale	Common Stock	10,696	$46.75	$500K
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--
holding	Series C Depositary Shares	--	--	--

Holdings After Transaction: Common Stock — 1,864,994 shares (Direct, null); Common Stock — 736,013 shares (Indirect, Spouse is Trustee of The Petrie Grandchildren Trust); Series C Depositary Shares — 2,958 shares (Direct, null)

Footnotes (1)

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Key Figures

Direct sale 1: 20,000 shares at $46.75 Direct sale 2: 8,334 shares at $46.86 Trust sale: 10,696 shares at $46.75 +5 more

8 metrics

Direct sale 1 20,000 shares at $46.75 Common Stock open-market sale on May 5, 2026

Direct sale 2 8,334 shares at $46.86 Common Stock open-market sale on May 6, 2026

Trust sale 10,696 shares at $46.75 Petrie Grandchildren Trust sale on May 5, 2026

Total shares sold 39,030 shares Net open-market sales in this filing

Direct holdings after 1,864,994 shares Direct Common Stock owned after May 6, 2026 sale

Grandchildren Trust holdings 736,013 shares Common Stock held after trust sale on May 5, 2026

Unvested RSUs 48,961 units Vesting 2027–2029 with no voting rights or dividends until vesting

Series C Depositary Shares 2,958 shares Directly held as of May 5, 2026

Key Terms

open-market sale, unvested restricted stock units, Series C Depositary Shares, irrevocable trust, +1 more

5 terms

open-market sale financial

"reported open-market sales of Common Stock"

An open-market sale is when a shareholder sells existing shares directly on a public exchange to any willing buyer, rather than through a private deal. Think of it like putting goods on a busy market stall where price is set by supply and demand; for investors it matters because such sales increase available supply, can put short-term downward pressure on the stock price, and signal changes in liquidity or investor confidence.

unvested restricted stock units financial

"Includes 48,961 unvested restricted stock units for which the reporting person"

Series C Depositary Shares financial

"security_title": "Series C Depositary Shares""

irrevocable trust financial

"Spouse is Trustee of the Julia L. Petrie Irrevocable Trust - 2010"

An irrevocable trust is a legal arrangement where an owner transfers assets into a separate entity managed by a trustee and gives up the power to modify or reclaim those assets. For investors it matters because putting stock or other holdings into such a trust can change who controls and benefits from the assets, affect taxes and creditor protection, and influence how easy it is to sell or value those holdings—like placing valuables in a locked safe overseen by someone else.

GST Trust financial

"Spouse is Trustee of the Emily J. Petrie Irrevocable GST Trust 2010"

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^*

Petrie Michael F.

(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)

X	Director	X	10% Owner
X	Officer (give title below)		Other (specify below)
	Chairman and CEO

2a. Foreign Trading Symbol

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

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	05/05/2026		S		20,000	D	$46.75	1,873,328(1)	D
Common Stock	05/05/2026		S		10,696	D	$46.75	736,013	I	Spouse is Trustee of The Petrie Grandchildren Trust
Common Stock	05/06/2026		S		8,334	D	$46.86	1,864,994(1)	D
Common Stock								2,111,868	I	By Spouse
Common Stock								1,425,000	I	Spouse is Trustee of the Emily J. Petrie Irrevocable GST Trust 2010
Common Stock								2,611,424	I	Spouse is Trustee of the Emily J. Petrie Irrevocable Trust - 2010
Common Stock								1,425,000	I	Spouse is Trustee of the Julia L. Petrie Irrevocable GST Trust 2010
Common Stock								2,410,152	I	Spouse is Trustee of the Julia L. Petrie Irrevocable Trust - 2010
Series C Depositary Shares								2,958	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 48,961 unvested restricted stock units for which the reporting person does not have voting rights or receive dividends until vested and shares are issued: 27,591 vesting 2/1/2027; 14,515 vesting 2/1/2028; and 6,855 vesting 2/1/2029.

Remarks:

	/s/ Terry A. Oznick, attorney-in-fact	05/07/2026
	** 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 transactions did MBIN Chairman Michael F. Petrie report in this Form 4?

Michael F. Petrie reported selling 20,000 Merchants Bancorp Common Stock shares at $46.75 and 8,334 shares at $46.86. An associated trust sold 10,696 shares at $46.75. These open-market sales total 39,030 shares across his direct and indirect holdings.

How many Merchants Bancorp (MBIN) shares does Michael F. Petrie hold after these sales?

After the reported sales, Michael F. Petrie holds 1,864,994 Common Stock shares directly. He also has several indirect holdings through trusts and by his spouse, plus 48,961 unvested restricted stock units that will vest over time, expanding his effective equity exposure.

Were any of Michael F. Petrie’s Merchants Bancorp shares sold through family trusts?

Yes. A trust where his spouse is trustee, The Petrie Grandchildren Trust, sold 10,696 Common Stock shares at $46.75. Following this sale, the trust still holds 736,013 shares, indicating the transaction affected only a portion of that indirect position.

What prices were received for the Merchants Bancorp (MBIN) shares sold in the Form 4?

The directly held Common Stock sales were executed at $46.75 per share for 20,000 shares and $46.86 per share for 8,334 shares. The Petrie Grandchildren Trust sale of 10,696 shares was also at $46.75 per share in open-market transactions.

Does Michael F. Petrie hold any unvested restricted stock units of Merchants Bancorp?

Yes. His holdings include 48,961 unvested restricted stock units. These vest in tranches of 27,591 on February 1, 2027, 14,515 on February 1, 2028, and 6,855 on February 1, 2029, during which he has no voting rights or dividends on these units.

What other Merchants Bancorp securities are reported in this Form 4 filing?

The filing also shows direct ownership of 2,958 Series C Depositary Shares. In addition, multiple indirect Common Stock positions are held through various irrevocable trusts and by his spouse, each with substantial share balances following the reported transactions.