Merchants Bancorp (MBIN) Form 4 shows routine 562-share grant

Rhea-AI Filing Summary

Merchants Bancorp reported a routine insider equity award for one of its directors. On 11/19/2025, the director received 562 shares of Merchants Bancorp common stock as the equity portion of the quarterly board retainer. The share grant was valued using a reference price of $31.17 per share, based on the closing price immediately before the most recent scheduled quarterly board meeting.

After this transaction, the director beneficially owned 7,008 shares of common stock, held directly, along with 100 Series D depositary shares and 100 Series E depositary shares. The filing is made as a Form 4 by a reporting person who serves as a director of Merchants Bancorp and reflects standard director compensation in stock rather than cash.

Insider Trade Summary

3 transactions reported

Mixed 3 txns

Insider Catchings Tamika

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	562	$31.17	$18K
holding	Series D Depositary Shares	--	--	--
holding	Series E Depositary Shares	--	--	--

Holdings After Transaction: Common Stock — 7,008 shares (Direct); Series D Depositary Shares — 100 shares (Direct); Series E Depositary Shares — 100 shares (Direct)

Footnotes (1)

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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^*

Catchings Tamika

(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
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
11/19/2025

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	11/19/2025		A		562	A	$31.17(1)	7,008	D
Series D Depositary Shares								100	D
Series E Depositary Shares								100	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. This award represents the equity portion of the Reporting Person's quarterly retainer for service as a director of the Issuer. The number of shares awarded was determined by dividing the dollar value of the equity portion by the price shown, which was the closing price of one share of the Issuer's common stock on the day immediately prior to the most recent scheduled quarterly board meeting, and rounding up to the next whole share.

Remarks:

	/s/ Terry A. Oznick, attorney-in-fact	11/21/2025
	** 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 in this Form 4?

The filing reports that a director of Merchants Bancorp received 562 shares of common stock on 11/19/2025 as part of the quarterly director retainer.

At what price was the Merchants Bancorp (MBIN) director equity grant calculated?

The number of shares was determined by dividing the equity retainer amount by $31.17, the closing price of one share of Merchants Bancorp common stock on the day immediately prior to the most recent scheduled quarterly board meeting.

How many Merchants Bancorp (MBIN) common shares does the director own after this transaction?

Following the reported transaction, the director beneficially owned 7,008 shares of Merchants Bancorp common stock, held directly.

What other Merchants Bancorp (MBIN) securities does the director hold?

In addition to common stock, the director beneficially owns 100 Series D depositary shares and 100 Series E depositary shares.

What is the nature of the compensation reflected in this Merchants Bancorp (MBIN) Form 4?

The reported award represents the equity portion of the director's quarterly retainer for serving on Merchants Bancorp's board, paid in shares instead of cash.

What is the reporting person’s relationship to Merchants Bancorp (MBIN)?

The reporting person is a director of Merchants Bancorp, and the Form 4 is filed by one reporting person rather than a group.