Merchants Bancorp: Michael Dury gifts 9,500 shares

The reported direct common-stock amount includes 6,607 unvested restricted stock units: 4,829 vesting February 1, 2027 and 1,778 February 1, 2028.

Available on EDGAR 11/06/2026 - 04:08 PM EST Accepted by SEC EDGAR 11/06/2026 - 04:07 PM EST Learn about SEC filing dates

Rhea-AI Filing Summary

Merchants Bancorp (MBIN) CEO of Merchants Capital Michael R. Dury reported a gift transfer of 9,500 common shares on November 5, 2026. His reported direct common-stock position after the transfer was 111,202, including 6,607 unvested restricted stock units; those units carry no voting rights or dividends until vested and shares are issued. No Rule 10b5-1 plan is reported for the transaction.

Dury also reported 18,200 common shares indirectly held as trustee of the Michael R. Dury GRAT - 2023, and direct holdings of 26,000 Series C and 4,000 Series D Depositary Shares.

Insider Trade Summary

9,500 shares gifted

Gift 1 txn

Insider Dury Michael R.

Role CEO of Merchants Capital

Type	Security	Shares	Price	Value
Gift	Common Stock F1	9,500	$0.00	$0.00
Holding	Common Stock	--	--	--
Holding	Series C Depositary Shares	--	--	--
Holding	Series D Depositary Shares	--	--	--

Holdings After Transaction: Common Stock — 111,202 shares (Direct); Common Stock — 18,200 shares (Indirect, Trustee of the Michael R. Dury GRAT - 2023); Series C Depositary Shares — 26,000 shares (Direct); Series D Depositary Shares — 4,000 shares (Direct)

Footnotes (1)

1. F1. Includes 6,607 unvested restricted stock units for which the reporting person does not have voting rights or receive dividends until vested and shares are issued: 4,829 vesting 2/1/2027 and 1,778 vesting 2/1/2028.

Key Figures

Common shares gifted: 9,500 shares Direct common-stock position after transaction: 111,202 shares Unvested restricted stock units: 6,607 units +5 more

8 metrics

Common shares gifted 9,500 shares November 5, 2026

Direct common-stock position after transaction 111,202 shares November 5, 2026; includes unvested restricted stock units

Unvested restricted stock units 6,607 units Included in the reported direct common-stock amount; 4,829 vesting February 1, 2027 and 1,778 vesting February 1, 2028

Indirect common shares 18,200 shares Held as trustee of the Michael R. Dury GRAT - 2023 on November 5, 2026

Series C Depositary Shares 26,000 shares Direct holdings reported November 5, 2026

Series D Depositary Shares 4,000 shares Direct holdings reported November 5, 2026

Restricted stock units vesting February 1, 2027 4,829 units Unvested units included in the reported direct common-stock amount

Restricted stock units vesting February 1, 2028 1,778 units Unvested units included in the reported direct common-stock amount

Key Terms

bona fide gift, restricted stock units, GRAT, Depositary Shares

4 terms

bona fide gift financial

"Bona fide gift"

A bona fide gift is a genuine, voluntary transfer of money, property, or benefits from one party to another made without expectation of repayment, services, or hidden conditions. Investors care because such gifts can affect company disclosures, related‑party transaction rules, tax treatment, and perceived conflicts of interest; think of it like someone giving you a present with no strings attached — but on a corporate scale, auditors and regulators need to verify it really is unconditional.

restricted stock units financial

"6,607 unvested restricted stock units"

Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.

GRAT financial

"Michael R. Dury GRAT - 2023"

Depositary Shares financial

"Series C Depositary Shares"

Depositary shares are tradable certificates that represent a fractional piece of a larger security held by a third-party bank, like owning a slice of a single big pie instead of the whole pie. They let companies issue and investors buy smaller, more affordable portions of preferred stock or other instruments; holders usually receive proportional dividends and market pricing similar to ordinary shares, but may have limited voting rights and different liquidity or tax implications, which can affect income and resale value.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How many MBIN shares did Michael R. Dury gift?

Michael R. Dury, CEO of Merchants Capital, reported a gift transfer of 9,500 common shares on November 5, 2026. No Rule 10b5-1 plan is reported for the transaction.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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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^*

Dury Michael R.

(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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	CEO of Merchants Capital

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
11/05/2026

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	11/05/2026		G		9,500	D	$0.00	111,202(1)	D
Common Stock								18,200	I	Trustee of the Michael R. Dury GRAT - 2023
Series C Depositary Shares								26,000	D
Series D Depositary Shares								4,000	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. Includes 6,607 unvested restricted stock units for which the reporting person does not have voting rights or receive dividends until vested and shares are issued: 4,829 vesting 2/1/2027 and 1,778 vesting 2/1/2028.

Remarks:

	/s/ Terry A. Oznick, attorney-in-fact	11/06/2026
	** 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)