Merchants Bancorp's Jerry F. Koors gifts 770 shares

The reported post-gift position includes unvested awards scheduled to vest from 2027 through 2029.

Available on EDGAR 11/10/2026 - 04:55 PM EST Accepted by SEC EDGAR 11/10/2026 - 04:54 PM EST Learn about SEC filing dates

Rhea-AI Filing Summary

Merchants Bancorp (MBIN) Merchants Mortgage President Jerry F. Koors reported a gift disposition of 770 common shares on November 6, 2026. His reported post-transaction amount was 44,336 shares, including 11,845 unvested restricted stock units. Those units do not carry voting rights or dividends until they vest and shares are issued. No Rule 10b5-1 plan is reported.

Insider Trade Summary

770 shares gifted

Gift 1 txn

Insider Koors Jerry F.

Role Merchants Mortgage President

Type	Security	Shares	Price	Value
Gift	Common Stock F1	770	$0.00	$0.00
Holding	Common Stock	--	--	--
Holding	Series C Depositary Shares	--	--	--

Holdings After Transaction: Common Stock — 44,336 shares (Direct); Common Stock — 18,007 shares (Indirect, IRA); Series C Depositary Shares — 400 shares (Direct)

Footnotes (1)

1. F1. Includes 11,845 unvested restricted stock units for which the reporting person does not have voting rights or receive dividends until vested and shares are issued: 6,450 vesting 2/1/2027; 3,544 vesting 2/1/2028; and 1,851 vesting 2/1/2029.

Key Figures

Gifted common shares: 770 shares Reported post-transaction common-stock amount: 44,336 shares Unvested restricted stock units: 11,845 restricted stock units +5 more

8 metrics

Gifted common shares 770 shares Bona fide gift on November 6, 2026

Reported post-transaction common-stock amount 44,336 shares After the gift; includes 11,845 unvested restricted stock units

Unvested restricted stock units 11,845 restricted stock units No voting rights or dividends until vesting and share issuance

Indirect common-stock holding 18,007 shares Held through an IRA as of November 6, 2026

Direct Series C Depositary Shares holding 400 shares As of November 6, 2026

Restricted stock units scheduled to vest February 1, 2027 6,450 restricted stock units Reported vesting schedule

Restricted stock units scheduled to vest February 1, 2028 3,544 restricted stock units Reported vesting schedule

Restricted stock units scheduled to vest February 1, 2029 1,851 restricted stock units Reported vesting schedule

Key Terms

Bona fide gift, restricted stock units, Series C Depositary Shares

3 terms

Bona fide gift regulatory

"Transaction description: 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

"Includes 11,845 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.

Series C Depositary Shares financial

"Security title: Series C Depositary Shares"

FAQ

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

How many MBIN shares did Jerry F. Koors gift?

Jerry F. Koors reported a gift of 770 common shares on November 6, 2026. His reported post-transaction amount was 44,336 shares, including 11,845 unvested restricted stock units. No Rule 10b5-1 plan is reported.

What other MBIN securities did Jerry F. Koors report holding?

Koors reported 18,007 common shares held indirectly through an IRA and 400 Series C Depositary Shares held directly, both as of November 6, 2026.

When are Jerry F. Koors's unvested MBIN restricted stock units scheduled to vest?

The reported schedule lists 6,450 units vesting February 1, 2027, 3,544 vesting February 1, 2028, and 1,851 vesting February 1, 2029.

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

Form 4 Insider Transactions: What Each Field Means →

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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^*

Koors Jerry F.

(Last) (First) (Middle)

410 MONON BLVD

(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)
	Merchants Mortgage President

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
11/06/2026

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	11/06/2026		G		770	D	$0.00	44,336(1)	D
Common Stock								18,007	I	IRA
Series C Depositary Shares								400	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 11,845 unvested restricted stock units for which the reporting person does not have voting rights or receive dividends until vested and shares are issued: 6,450 vesting 2/1/2027; 3,544 vesting 2/1/2028; and 1,851 vesting 2/1/2029.

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)