Merchants Bancorp director granted 381 MBIN shares

JUSTER ANDREW reported acquisition or exercise transactions in this Form 4 filing.

Rhea-AI Filing Summary

JUSTER ANDREW reported acquisition or exercise transactions in this Form 4 filing.

Merchants Bancorp director Andrew Juster received a grant of 381 shares of common stock as part of his quarterly board retainer. The award was valued using a price of $46.03 per share, based on the closing price immediately before the most recent scheduled quarterly board meeting.

After this compensation-related award, he holds 26,172 shares of common stock directly. The filing also shows direct holdings of 12,000 Series D Depositary Shares and 20,000 Series C Depositary Shares as of the same date.

Insider Trade Summary

Grant/Award: 381 shares

Grant/Award 3 txns

Insider JUSTER ANDREW

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	381	$46.03	$18K
holding	Series C Depositary Shares	--	--	--
holding	Series D Depositary Shares	--	--	--

Holdings After Transaction: Common Stock — 26,172 shares (Direct); Series C Depositary Shares — 20,000 shares (Direct); Series D Depositary Shares — 12,000 shares (Direct)

Footnotes (1)

1. F1. 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.

Key Figures

Common shares granted: 381 shares Reference share price: $46.03 per share Common shares after award: 26,172 shares +2 more

5 metrics

Common shares granted 381 shares Equity portion of quarterly director retainer

Reference share price $46.03 per share Closing price before most recent scheduled quarterly board meeting

Common shares after award 26,172 shares Direct MBIN common stock holdings following Form 4 transaction

Series D Depositary Shares held 12,000 shares Direct holdings as of transaction date

Series C Depositary Shares held 20,000 shares Direct holdings as of transaction date

Key Terms

Series D Depositary Shares, Series C Depositary Shares, quarterly retainer, Grant, award, or other acquisition, +1 more

5 terms

Series D Depositary Shares financial

"The filing also shows direct holdings of 12,000 Series D Depositary Shares"

Series C Depositary Shares financial

"and 20,000 Series C Depositary Shares as of the same date."

quarterly retainer financial

"equity portion of the Reporting Person's quarterly retainer for service as a director"

Grant, award, or other acquisition financial

"transaction_code_description": "Grant, award, or other acquisition""

Form 4 regulatory

"INSIDER FILING DATA (Form 4):"

Form 4 is a official document that company insiders, such as executives or major shareholders, file with regulators whenever they buy or sell company shares. It provides transparency about how those with inside knowledge are trading, helping investors see if insiders are confident in the company's prospects or may be selling for personal reasons. This information can influence investor decisions by revealing insiders' perspectives on the company's value.

FAQ

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

What did Merchants Bancorp director Andrew Juster report on this Form 4 for MBIN?

Andrew Juster reported receiving 381 shares of Merchants Bancorp common stock as a compensation-related award. The shares represent the equity portion of his quarterly retainer for serving as a director, determined using a reference price of $46.03 per share.

How many Merchants Bancorp (MBIN) common shares does Andrew Juster hold after this filing?

After the reported award, Andrew Juster directly holds 26,172 shares of Merchants Bancorp common stock. This total reflects the addition of 381 shares granted as the equity portion of his quarterly director retainer at an indicated price of $46.03 per share.

Was the MBIN Form 4 transaction an open-market buy or a compensation grant?

The Form 4 shows a compensation grant, not an open-market purchase. The 381 common shares were issued as the equity portion of Andrew Juster’s quarterly board retainer, calculated using the prior day’s closing price of $46.03 per share.

What are Andrew Juster’s reported preferred or depositary share holdings in Merchants Bancorp (MBIN)?

The filing lists 12,000 Series D Depositary Shares and 20,000 Series C Depositary Shares held directly. These entries are recorded as holdings as of the transaction date, separate from his 26,172 common shares following the compensation-related stock award.

How was the number of MBIN shares in Andrew Juster’s award determined?

The award share count was set by dividing the dollar value of the equity retainer by $46.03, the closing price of MBIN common stock on the day before the latest scheduled quarterly board meeting, then rounding up to the next whole share, resulting in 381 granted shares.

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

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Accepted by SEC EDGAR 05/26/2026 - 04:16 PM EDT Learn about SEC filing dates

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^*

JUSTER ANDREW

(Last) (First) (Middle)

410 MONON BLVD

(Street)

CARMEIL 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)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/21/2026

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	05/21/2026		A		381	A	$46.03(1)	26,172	D
Series C Depositary Shares								20,000	D
Series D Depositary Shares								12,000	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	05/26/2026
	** 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)