Merchants Bancorp (MBIN) grants 4,011 stock units to director-officer

Rhea-AI Filing Summary

Merchants Bancorp executive Scott A. Evans received an award of 4,011 shares of common stock on January 27, 2026, at a stated price of $0.00 per share. After this grant, he beneficially owns 29,373 shares in total, held directly.

The filing explains that these awards are unvested restricted stock units, meaning Evans does not have voting rights or receive dividends until the units vest and shares are issued. Of his total holdings, 15,174 are unvested restricted stock units scheduled to vest in stages on February 1 of 2026, 2027, 2028, and 2029.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Evans Scott A.

Role Lynn Market President

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	4,011	$0.00	--

Holdings After Transaction: Common Stock — 29,373 shares (Direct)

Footnotes (1)

1. Unvested restricted stock units for which the reporting person does not have voting rights or receive dividends until vesting and shares are issued. Includes 15,174 unvested restricted stock units for which the reporting person does not have voting rights or receive dividends until vested and shares are issued: 5,636 vesting 2/1/2026; 5,372 vesting 2/1/2027; 2,829 vesting 2/1/2028; and 1,337 vesting 2/1/2029.

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^*

Evans Scott 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)

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

3. Date of Earliest Transaction (Month/Day/Year)
01/27/2026

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	01/27/2026		A		4,011(1)	A	$0.00	29,373(2)	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. Unvested restricted stock units for which the reporting person does not have voting rights or receive dividends until vesting and shares are issued.

2. Includes 15,174 unvested restricted stock units for which the reporting person does not have voting rights or receive dividends until vested and shares are issued: 5,636 vesting 2/1/2026; 5,372 vesting 2/1/2027; 2,829 vesting 2/1/2028; and 1,337 vesting 2/1/2029.

Remarks:

	/s/ Terry A. Oznick, attorney-in-fact	01/29/2026
	** 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) disclose in this Form 4 filing?

Merchants Bancorp disclosed that executive Scott A. Evans received 4,011 shares of common stock on January 27, 2026. The award was recorded at a price of $0.00 per share and increased his directly held beneficial ownership to 29,373 shares.

Who is the insider in this Merchants Bancorp (MBIN) Form 4 filing?

The insider is Scott A. Evans, a director and Lynn Market President at Merchants Bancorp. He is both a board member and officer, and this filing reports a stock-based award that increased his directly beneficially owned common shares.

How many Merchants Bancorp (MBIN) shares did Scott A. Evans acquire?

Scott A. Evans acquired 4,011 shares of Merchants Bancorp common stock on January 27, 2026. These were reported with a transaction code "A" for acquisition at a stated price of $0.00 per share, reflecting a stock-based compensation grant.

What is Scott A. Evans’s total Merchants Bancorp (MBIN) ownership after this grant?

After the reported transaction, Scott A. Evans beneficially owns 29,373 shares of Merchants Bancorp common stock. This total includes both vested shares and unvested restricted stock units, all reported as directly owned in the filing.

How many unvested restricted stock units does Scott A. Evans hold in MBIN?

The filing states Evans holds 15,174 unvested restricted stock units. These units do not carry voting rights or dividends until they vest and convert into shares, and they are part of his reported 29,373 beneficially owned common shares.

What is the vesting schedule for Scott A. Evans’s MBIN restricted stock units?

The 15,174 unvested restricted stock units vest in four tranches: 5,636 units on February 1, 2026; 5,372 units on February 1, 2027; 2,829 units on February 1, 2028; and 1,337 units on February 1, 2029, assuming continued eligibility.

Do Scott A. Evans’s MBIN restricted stock units have voting rights or dividends before vesting?

No. The filing specifies that Evans does not have voting rights or receive dividends on the unvested restricted stock units. These rights begin only when the units vest and corresponding shares of common stock are actually issued to him.