Merchants Bancorp (MBIN) warehouse lending president sells 5,500 shares

Rhea-AI Filing Summary

Merchants Bancorp officer sells common stock in open market trade. Martin A. Schroeter, President–Warehouse Lending at Merchants Bancorp, sold 5,500 shares of common stock on February 10, 2026 in an open-market transaction at a weighted average price of $46.06 per share.

The sale was executed through multiple trades at prices ranging from $45.95 to $46.24 per share. After this transaction, Schroeter directly beneficially owns 10,881 shares of Merchants Bancorp common stock.

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^*

Schroeter Martin A

(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)
	President-Warehouse Lending

3. Date of Earliest Transaction (Month/Day/Year)
02/10/2026

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	02/10/2026		S		5,500	D	$46.06(1)	10,881	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. The reported price in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $45.95 to $46.24 per share, inclusive. The reporting person undertakes to provide the issuer, any security holder of the issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

Remarks:

	/s/ Terry A. Oznick, attorney-in-fact	02/12/2026
	** 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 insider transaction did MBIN report for Martin A. Schroeter?

Merchants Bancorp reported that Martin A. Schroeter sold 5,500 shares of common stock. The transaction was an open-market sale executed on February 10, 2026, and is disclosed in a Form 4 insider trading report filed with the SEC.

How many Merchants Bancorp (MBIN) shares did Schroeter sell and at what price?

Martin A. Schroeter sold 5,500 shares of Merchants Bancorp common stock at a weighted average price of $46.06 per share. The sale consisted of multiple trades within a reported price range from $45.95 to $46.24 per share.

How many MBIN shares does Schroeter own after the February 10, 2026 sale?

After the reported sale, Martin A. Schroeter beneficially owns 10,881 shares of Merchants Bancorp common stock. These shares are held directly, as indicated by the ownership code “D” in the Form 4 insider trading report filed with the SEC.

What is Martin A. Schroeter’s role at Merchants Bancorp (MBIN)?

Martin A. Schroeter serves as an officer of Merchants Bancorp with the title President–Warehouse Lending. His role is identified in the Form 4 filing, which also confirms he is not listed as a director or a 10% beneficial owner of the company.

What does the weighted average price mean in Schroeter’s MBIN stock sale?

The weighted average price of $46.06 reflects multiple sale transactions combined into a single average. Individual trades occurred at prices between $45.95 and $46.24 per share, and Schroeter has offered to provide full price breakdowns to interested parties upon request.

Was Schroeter’s Merchants Bancorp (MBIN) sale a direct or indirect holding transaction?

The Form 4 shows the sale involved shares held directly by Martin A. Schroeter. The ownership form is marked as “D” for direct, with no separate entity or indirect beneficial ownership structure noted in the reported transaction.