Merchants Bancorp officer has 2,140 shares withheld

Merchants Bancorp executive Jerry F. Koors, Merchants Mortgage President, had 2,140 shares of common stock withheld on February 1, 2026 at $41.46 per share to cover tax obligations arising from vesting restricted stock units.

Rhea-AI Filing Summary

Merchants Bancorp executive Jerry F. Koors, Merchants Mortgage President, had 2,140 shares of common stock withheld on February 1, 2026 at $41.46 per share to cover tax obligations arising from vesting restricted stock units.

After this non-open-market tax withholding, Koors directly holds 45,106 shares of common stock, which include 11,845 unvested restricted stock units scheduled to vest on February 1 of 2027, 2028, and 2029. He also holds 18,007 common shares indirectly through an IRA and 400 Series C Depositary Shares directly.

Insider Trade Summary

Exercise Price or Tax Liability: 2,140 shares

Exercise Price or Tax Liability 3 txns

Insider Koors Jerry F.

Role Merchants Mortgage President

Type	Security	Shares	Price	Value
Exercise Price or Tax Liability	Common Stock	2,140	$41.46	$89K
holding	Common Stock	--	--	--
holding	Series C Depositary Shares	--	--	--

Holdings After Transaction: Common Stock — 45,106 shares (Direct); Common Stock — 18,007 shares (Indirect, IRA); Series C Depositary Shares — 400 shares (Direct)

Footnotes (2)

1. F1. Represents the number of shares withheld upon vesting of restricted stock units to cover tax withholding obligations.
2. F2. Includes 11,845 unvested restricted stock units for which the reporting person does not have voting rights or receive dividends until vested and shares are issued: 6,450 vesting 2/1/2027; 3,544 vesting 2/1/2028; and 1,851 vesting 2/1/2029.

FAQ

What insider transaction did Merchants Bancorp (MBIN) report for Jerry F. Koors?

Merchants Bancorp reported that Jerry F. Koors had 2,140 common shares withheld on February 1, 2026 to cover tax obligations from vesting restricted stock units. This was a tax-related withholding, not an open-market purchase or discretionary sale of shares.

How many Merchants Bancorp (MBIN) shares does Jerry F. Koors own after the reported transaction?

After the February 1, 2026 transaction, Jerry F. Koors directly owns 45,106 shares of Merchants Bancorp common stock and indirectly owns 18,007 shares through an IRA. He also directly holds 400 Series C Depositary Shares, according to the reported holdings in the filing.

Were the 2,140 Merchants Bancorp (MBIN) shares sold by Jerry F. Koors on the open market?

No. The 2,140 shares were withheld to cover tax withholding obligations when restricted stock units vested. The filing identifies the transaction with code “F,” and the footnote explains these shares were retained for tax purposes rather than sold in an open-market transaction.

What unvested restricted stock units does Jerry F. Koors hold in Merchants Bancorp (MBIN)?

Jerry F. Koors’ direct holdings include 11,845 unvested restricted stock units in Merchants Bancorp. These are scheduled to vest in three tranches: 6,450 units on February 1, 2027; 3,544 units on February 1, 2028; and 1,851 units on February 1, 2029, subject to issuance.

How are Jerry F. Koors’ indirect holdings in Merchants Bancorp (MBIN) structured?

The filing shows that Jerry F. Koors indirectly owns 18,007 shares of Merchants Bancorp common stock through an IRA. This indirect holding is separate from his 45,106 directly held common shares and 400 directly held Series C Depositary Shares reported in the same Form 4.

What types of Merchants Bancorp (MBIN) securities does Jerry F. Koors hold?

Jerry F. Koors holds Merchants Bancorp common stock directly and indirectly, plus preferred-related securities. He directly owns 45,106 common shares and 400 Series C Depositary Shares, and indirectly owns 18,007 common shares through an IRA, based on the reported positions.

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Accepted by SEC EDGAR 02/03/2026 - 04:22 PM Learn about SEC filing dates

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^*

Koors Jerry F.

(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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Merchants Mortgage President

3. Date of Earliest Transaction (Month/Day/Year)
02/01/2026

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	02/01/2026		F		2,140(1)	D	$41.46	45,106(2)	D
Common Stock								18,007	I	IRA
Series C Depositary Shares								400	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. Represents the number of shares withheld upon vesting of restricted stock units to cover tax withholding obligations.

2. Includes 11,845 unvested restricted stock units for which the reporting person does not have voting rights or receive dividends until vested and shares are issued: 6,450 vesting 2/1/2027; 3,544 vesting 2/1/2028; and 1,851 vesting 2/1/2029.

Remarks:

	/s/ Terry A. Oznick, attorney-in-fact	02/03/2026
	** 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.