Director at Merchants Bancorp (MBIN) receives 377-share equity retainer grant

Rhea-AI Filing Summary

O'Brien Patrick D. reported acquisition or exercise transactions in this Form 4 filing.

Merchants Bancorp director Patrick D. O'Brien received an equity award of 377 shares of common stock, valued using a price of $46.45 per share. According to the footnote, this grant represents the equity portion of his quarterly retainer for serving as a director, with the share count based on the prior day's closing price.

After this award, his directly held common stock position increased to 119,340 shares. The filing also reports his direct and indirect holdings of Series C, D, and E depositary shares as of the same date, without specifying new purchases or sales for those preferred securities.

Insights

Bank governance and insider activity analyst

Routine director stock award; no buy/sell signal, modest size.

Patrick D. O'Brien, a director of Merchants Bancorp, received 377 common shares as part of his quarterly board retainer, priced at $46.45 per share. This is compensation in equity, not an open-market purchase or sale, and is typical for board pay structures.

The grant brings his directly held common stock to 119,340 shares, while the filing also lists existing holdings of Series C, D, and E depositary shares. Because this is a standard compensation award with no discretionary buying or selling, it is best viewed as an administrative update rather than a signal likely to change an investment thesis.

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^*

O'Brien Patrick D.

(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)
02/19/2026

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	02/19/2026		A		377	A	$46.45(1)	119,340	D
Series C Depositary Shares								43,700	D
Series C Depositary Shares								40,000	I	by O'Brien Motors, Inc.
Series D Depositary Shares								40,000	D
Series E Depositary Shares								40,000	D
Series E Depositary Shares								40,000	I	by O'Brien Motors, Inc.

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	02/19/2026
	** 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) director Patrick D. O'Brien report on this Form 4?

Patrick D. O'Brien reported receiving an award of 377 shares of Merchants Bancorp common stock as part of his quarterly director retainer. The award is equity compensation, not an open-market trade, and increased his directly held common shares to 119,340 after the transaction.

How was Patrick D. O'Brien’s Merchants Bancorp stock award calculated?

The 377-share award was calculated by dividing the dollar value of the equity portion of his quarterly retainer by a price of $46.45 per share. That price represented the closing price of Merchants Bancorp common stock on the day before the most recent scheduled quarterly board meeting.

Did Patrick D. O'Brien buy or sell Merchants Bancorp (MBIN) stock on the open market?

The filing shows an acquisition coded as a grant or award, not an open-market buy or sell. O'Brien received 377 common shares as equity compensation for board service, rather than executing a discretionary purchase or sale on the market during this reported period.

What is Patrick D. O'Brien’s Merchants Bancorp common stock holding after this Form 4 transaction?

After the equity award, O'Brien directly owns 119,340 shares of Merchants Bancorp common stock. This figure reflects his holdings following the 377-share grant that formed part of his quarterly retainer for serving as a director of the company’s board.

What preferred or depositary share holdings did Patrick D. O'Brien report at Merchants Bancorp?

O'Brien reported direct holdings of Series C, D, and E depositary shares and indirect holdings of certain Series C and Series E depositary shares through O'Brien Motors, Inc. The filing presents these as positions as of the transaction date, without specifying new purchases or sales of those preferred securities.

Is this Merchants Bancorp (MBIN) Form 4 likely to be a major market-moving event?

This Form 4 reflects a routine equity compensation grant to a director, totaling 377 common shares based on a $46.45 reference price. Because it is standard board compensation rather than a large discretionary trade, it is generally viewed as administratively important but not highly market-moving.