Merchants Bancorp (MBIN) director receives 377-share equity retainer grant

Rhea-AI Filing Summary

JUSTER ANDREW reported acquisition or exercise transactions in this Form 4 filing.

Merchants Bancorp director Andrew Juster received an equity award of 377 shares of common stock as part of his quarterly retainer for board service. The award was calculated by dividing the equity portion’s dollar value by a reference price of $46.45 per share and rounding up to the next whole share.

After this grant, Juster directly holds 25,791 shares of common stock. He also directly holds 20,000 Series C Depositary Shares and 12,000 Series D Depositary Shares, which are reported as existing holdings rather than new transactions.

Insider Trade Summary

3 transactions reported

Mixed 3 txns

Insider JUSTER ANDREW

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	377	$46.45	$18K
holding	Series C Depositary Shares	--	--	--
holding	Series D Depositary Shares	--	--	--

Holdings After Transaction: Common Stock — 25,791 shares (Direct); Series C Depositary Shares — 20,000 shares (Direct); Series D Depositary Shares — 12,000 shares (Direct)

Footnotes (1)

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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^*

JUSTER ANDREW

(Last) (First) (Middle)

410 MONON BLVD

(Street)

CARMEIL 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)

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

3. Date of Earliest Transaction (Month/Day/Year)
02/19/2026

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	02/19/2026		A		377	A	$46.45(1)	25,791	D
Series C Depositary Shares								20,000	D
Series D Depositary Shares								12,000	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	02/19/2026
	** 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.

FAQ

What did Merchants Bancorp (MBIN) director Andrew Juster report on this Form 4?

Andrew Juster reported receiving an equity award of 377 shares of Merchants Bancorp common stock. This award represents the equity portion of his quarterly retainer for serving as a director, based on a reference price of $46.45 per share.

How was Andrew Juster’s 377-share equity award from Merchants Bancorp (MBIN) calculated?

The 377-share award was calculated by dividing the dollar value of the equity portion of Juster’s quarterly director retainer by $46.45, the closing common stock price before the latest board meeting, then rounding up to the next whole share.

How many Merchants Bancorp (MBIN) common shares does Andrew Juster own after this grant?

After the equity award, Andrew Juster directly owns 25,791 shares of Merchants Bancorp common stock. This total reflects his holdings immediately following the 377-share grant reported in the Form 4 filing for his director compensation.

What preferred or depositary shares of Merchants Bancorp (MBIN) does Andrew Juster hold?

Juster directly holds 20,000 Series C Depositary Shares and 12,000 Series D Depositary Shares of Merchants Bancorp. These positions are reported as holdings on the Form 4, with no new transaction amounts disclosed for these preferred-related securities.

Is the 377-share award to Merchants Bancorp (MBIN) director Andrew Juster an open-market purchase?

No, the 377 shares are a grant representing the equity portion of Juster’s quarterly director retainer. The Form 4 classifies it as a grant, award, or other acquisition rather than an open-market purchase transaction by the director.

What transaction code is used for Andrew Juster’s Merchants Bancorp (MBIN) equity award?

The transaction uses code “A,” which indicates a grant, award, or other acquisition of common stock. This code confirms the shares were received as compensation, aligning with the footnote describing the quarterly director retainer structure.