Merchants Bancorp (MBIN) CAO adds 4,628 shares, 17,254 RSUs vesting through 2029

Rhea-AI Filing Summary

Merchants Bancorp insider equity award: Chief Administrative Officer Kevin T. Langford acquired 4,628 shares of Merchants Bancorp common stock on 01/27/2026 at $0.00 per share. Following this award, he beneficially owns 39,566 shares of common stock in direct ownership.

This total includes 17,254 unvested restricted stock units that do not carry voting rights or dividends until vesting and share issuance. These unvested units are scheduled to vest in tranches of 6,334 on 2/1/2026, 6,141 on 2/1/2027, 3,236 on 2/1/2028, and 1,543 on 2/1/2029.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Langford Kevin T

Role Chief Administrative Officer

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	4,628	$0.00	--

Holdings After Transaction: Common Stock — 39,566 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 17,254 unvested restricted stock units for which the reporting person does not have voting rights or receive dividends until vested and shares are issued: 6,334 vesting 2/1/2026; 6,141 vesting 2/1/2027; 3,236 vesting 2/1/2028; and 1,543 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^*

Langford Kevin T

(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)
	Chief Administrative Officer

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		4,628(1)	A	$0.00	39,566(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 17,254 unvested restricted stock units for which the reporting person does not have voting rights or receive dividends until vested and shares are issued: 6,334 vesting 2/1/2026; 6,141 vesting 2/1/2027; 3,236 vesting 2/1/2028; and 1,543 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 insider transaction did MBIN Chief Administrative Officer Kevin Langford report?

Kevin T. Langford reported acquiring 4,628 shares of Merchants Bancorp common stock on January 27, 2026 at $0.00 per share. This appears to reflect an equity award that increased his direct beneficial ownership stake in the company.

How many Merchants Bancorp (MBIN) shares does Kevin Langford now beneficially own?

After the reported transaction, Kevin T. Langford beneficially owns 39,566 shares of Merchants Bancorp common stock in direct ownership. This amount combines both vested shares and unvested restricted stock units reported as beneficially owned.

Were unvested restricted stock units included in Kevin Langford’s MBIN holdings?

Yes. The filing states that 39,566 beneficially owned shares include 17,254 unvested restricted stock units. These units do not carry voting rights or dividends until they vest and the underlying shares are issued to the reporting person.

What is the vesting schedule for Kevin Langford’s unvested MBIN restricted stock units?

The 17,254 unvested restricted stock units vest over several years: 6,334 units on February 1, 2026; 6,141 units on February 1, 2027; 3,236 units on February 1, 2028; and 1,543 units on February 1, 2029, subject to applicable conditions.

Did Kevin Langford pay cash for the 4,628 MBIN shares reported acquired?

No cash payment is shown. The 4,628 shares of Merchants Bancorp common stock were reported acquired at a price of $0.00 per share, which is consistent with a stock-based compensation or equity award rather than a market purchase.

Does Kevin Langford have voting rights on all MBIN shares reported in this Form 4?

The filing explains that the 17,254 unvested restricted stock units do not carry voting rights or dividends until they vest and shares are issued. Voting rights therefore currently apply only to vested common shares within the 39,566 beneficially owned.