Merchants Bancorp (MBIN) CAO gifts 650 common shares, holds 36,433

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

Merchants Bancorp Chief Administrative Officer Kevin T. Langford reported a bona fide gift of 650 shares of common stock. The gift carried no sale price. After the transfer, he holds 36,433 shares directly, including 10,920 unvested restricted stock units that will vest between February 1, 2027 and February 1, 2029.

Insider Trade Summary

650 shares gifted

Mixed 1 txn

Insider Langford Kevin T

Role Chief Administrative Officer

Type	Security	Shares	Price	Value
Gift	Common Stock	650	$0.00	--

Holdings After Transaction: Common Stock — 36,433 shares (Direct, null)

Footnotes (1)

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Key Figures

Shares gifted: 650 shares Shares held after transaction: 36,433 shares Unvested RSUs: 10,920 units +3 more

6 metrics

Shares gifted 650 shares Bona fide gift of common stock on May 7, 2026

Shares held after transaction 36,433 shares Direct holdings of common stock following gift

Unvested RSUs 10,920 units Included in holdings; no voting or dividends until vested

RSUs vesting 2027 6,141 units Scheduled to vest on February 1, 2027

RSUs vesting 2028 3,236 units Scheduled to vest on February 1, 2028

RSUs vesting 2029 1,543 units Scheduled to vest on February 1, 2029

Key Terms

bona fide gift, restricted stock units, unvested, vesting

4 terms

bona fide gift financial

"The transaction code is G, described as a 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 10,920 unvested restricted stock units for which the reporting person does not have voting rights."

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.

unvested financial

"Includes 10,920 unvested restricted stock units for which the reporting person does not have voting rights or receive dividends until vested."

vesting financial

"6,141 vesting 2/1/2027; 3,236 vesting 2/1/2028; and 1,543 vesting 2/1/2029."

Vesting is the process by which you earn full ownership of something, like company stock or a retirement benefit, over time. It’s like earning the right to keep a gift piece by piece the longer you stay with a company, making sure employees stay committed before they receive all the benefits.

Form 4 Insider Transactions: What Each Field Means →

05/07/2026 - 07:21 PM

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

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)
	Chief Administrative Officer

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/07/2026

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	05/07/2026		G		650	D	$0.00	36,433⁽¹⁾	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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

Explanation of Responses:

1. Includes 10,920 unvested restricted stock units for which the reporting person does not have voting rights or receive dividends until vested and shares are issued: 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	05/07/2026
	** 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)

Source: View Original Filing on SEC EDGAR

FAQ

What insider transaction did Merchants Bancorp (MBIN) report for Kevin T. Langford?

Merchants Bancorp reported that Chief Administrative Officer Kevin T. Langford made a bona fide gift of 650 shares of common stock. This is a non-market transfer with no sale price, classified under SEC code G as a gift disposition, not an open-market trade.

How many Merchants Bancorp shares did Kevin T. Langford gift in this Form 4?

Kevin T. Langford gifted 650 shares of Merchants Bancorp common stock. The transaction price per share was reported as 0.0000, reflecting that it was a bona fide gift rather than a sale, so no cash consideration was received for this transfer.

What are Kevin T. Langford’s Merchants Bancorp holdings after the reported gift?

After the gift, Kevin T. Langford directly holds 36,433 shares of Merchants Bancorp common stock. This figure includes 10,920 unvested restricted stock units that will convert into shares only as they vest on specified future vesting dates.

What unvested restricted stock units does Kevin T. Langford hold at Merchants Bancorp?

Kevin T. Langford’s reported holdings include 10,920 unvested restricted stock units. According to the filing, 6,141 units vest on February 1, 2027, 3,236 units vest on February 1, 2028, and 1,543 units vest on February 1, 2029, subject to plan terms.

Does the reported Merchants Bancorp Form 4 involve any option exercises or derivative securities?

The reported Form 4 transaction involves only common stock and a gift disposition. The derivative summary section is empty, indicating no option exercises, conversions, or other derivative transactions were reported in this specific filing for Kevin T. Langford.

Is Kevin T. Langford’s Form 4 transaction for Merchants Bancorp an open-market sale?

No, the transaction is not an open-market sale. It is coded as a bona fide gift (code G), meaning shares were transferred without consideration. The transaction price per share is listed as 0.0000, distinguishing it from typical buy or sell trades on the market.