Merchants Bancorp (MBIN) CEO Petrie sells Series C depositary shares in open-market trade

Rhea-AI Filing Summary

Merchants Bancorp Chairman and CEO Michael F. Petrie reported an open-market sale of 4,455 Series C Depositary Shares at $20.20 per share on February 10, 2026, leaving 18,808 Series C Depositary Shares held directly.

Following this transaction, he directly holds 1,930,308 shares of Merchants Bancorp common stock, which includes 48,961 unvested restricted stock units scheduled to vest between February 2027 and February 2029. He also reports substantial indirect ownership through his spouse and several family trusts.

Insider Trade Summary

Net Seller: 4,455 shares ($89,991)

Net Sell 8 txns

Insider Petrie Michael F.

Role Chairman and CEO

Sold 4,455 shs ($90K)

Type	Security	Shares	Price	Value
Sale	Series C Depositary Shares	4,455	$20.20	$90K
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--

Holdings After Transaction: Series C Depositary Shares — 18,808 shares (Direct); Common Stock — 1,930,308 shares (Direct); Common Stock — 2,111,868 shares (Indirect, By Spouse)

Footnotes (1)

1. [object Object]

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^*

Petrie Michael F.

(Last) (First) (Middle)

410 MONON BOULEVARD

(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	X	10% Owner
X	Officer (give title below)		Other (specify below)
	Chairman and CEO

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
Series C Depositary Shares	02/10/2026		S		4,455	D	$20.2	18,808	D
Common Stock								1,930,308(1)	D
Common Stock								2,111,868	I	By Spouse
Common Stock								1,425,000	I	Spouse is Trustee of the Emily J. Petrie Irrevocable GST Trust 2010
Common Stock								2,611,424	I	Spouse is Trustee of the Emily J. Petrie Irrevocable Trust - 2010
Common Stock								1,425,000	I	Spouse is Trustee of the Julia L. Petrie Irrevocable GST Trust 2010
Common Stock								2,410,152	I	Spouse is Trustee of the Julia L. Petrie Irrevocable Trust - 2010
Common Stock								724,729	I	Spouse is Trustee of The Petrie Grandchildren Trust

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 48,961 unvested restricted stock units for which the reporting person does not have voting rights or receive dividends until vested and shares are issued: 27,591 vesting 2/1/2027; 14,515 vesting 2/1/2028; and 6,855 vesting 2/1/2029.

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 Merchants Bancorp (MBIN) report for Michael F. Petrie?

Merchants Bancorp reported that Michael F. Petrie sold 4,455 Series C Depositary Shares in an open-market transaction at $20.20 per share. After the sale, he continued to hold 18,808 Series C Depositary Shares directly, according to the Form 4 filing.

How many Merchants Bancorp (MBIN) Series C Depositary Shares does Michael F. Petrie now hold?

After the February 10, 2026 sale, Michael F. Petrie holds 18,808 Series C Depositary Shares directly. This figure reflects his remaining position in that security following the open-market sale of 4,455 Series C Depositary Shares at $20.20 each.

What is Michael F. Petrie’s direct common stock ownership in Merchants Bancorp (MBIN)?

Michael F. Petrie reports direct ownership of 1,930,308 shares of Merchants Bancorp common stock. This amount includes 48,961 unvested restricted stock units that will deliver shares only when they vest and are issued over the 2027–2029 period.

How are Michael F. Petrie’s unvested restricted stock units in Merchants Bancorp (MBIN) structured?

He has 48,961 unvested restricted stock units without voting rights or dividends until vesting and share issuance. Vesting is scheduled as 27,591 units on February 1, 2027, 14,515 units on February 1, 2028, and 6,855 units on February 1, 2029.

What indirect Merchants Bancorp (MBIN) holdings are associated with Michael F. Petrie?

Indirect common stock holdings are reported through his spouse and family trusts, including shares held "By Spouse" and in several Emily J. Petrie, Julia L. Petrie, and Petrie Grandchildren trusts. These positions are listed as indirect beneficial ownership in the Form 4.

What roles does Michael F. Petrie hold at Merchants Bancorp (MBIN)?

Michael F. Petrie is identified as a director, Chairman, CEO, and a more-than-10% owner of Merchants Bancorp. These roles are disclosed in the Form 4, indicating both leadership responsibilities and significant equity ownership in the company.