Insiders file Amendment No.10: Merchants Bancorp (NASDAQ: MBIN) shows large Petrie holdings

Rhea-AI Filing Summary

Merchants Bancorp (MBIN) update: a group of related filers filed Amendment No. 10 to a Schedule 13G/A reporting beneficial ownership stakes in the company.

The filing shows Michael F. Petrie and Jody J. Petrie each with 12,575,375 shares (reported 27.4% each), plus holdings for Emily J. Pell and two irrevocable trusts totaling additional single-digit percentages. Signatures are dated 04/06/2026.

Key Figures

Amendment number: Amendment No. 10 Michael F. Petrie shares: 12,575,375 shares Jody J. Petrie shares: 12,575,375 shares +4 more

7 metrics

Amendment number Amendment No. 10 Schedule 13G/A filing

Michael F. Petrie shares 12,575,375 shares Beneficially owned, reported in filing

Jody J. Petrie shares 12,575,375 shares Beneficially owned, reported in filing

Emily J. Pell shares 2,765,108 shares Beneficially owned, reported in filing

Emily J. Petrie Trust shares 2,611,424 shares The Emily J. Petrie Irrevocable Trust - 2010

Julia L. Petrie Trust shares 2,410,152 shares The Julia L. Petrie Irrevocable Trust - 2010

Reported percentage 27.4% Percent of class for Michael F. Petrie and Jody J. Petrie

Key Terms

Schedule 13G/A, Joint Filing Agreement, beneficially owned, shared dispositive power

4 terms

Schedule 13G/A regulatory

"filed <b>Amendment No. 10</b> to a Schedule 13G/A reporting beneficial ownership"

A Schedule 13G/A is an amended public filing with the U.S. securities regulator that updates a previous Schedule 13G, disclosing when an individual or group holds a substantial (typically over 5%) stake in a company and is claiming a passive, non‑controlling intent. Investors monitor these updates because rising or falling holdings can signal changing confidence, potential future moves, or shifts in voting power — like watching a public ledger where large shareholders quietly adjust their positions.

Joint Filing Agreement regulatory

"have entered into a <b>Joint Filing Agreement</b> pursuant to which they have agreed to file"

beneficially owned financial

"Item 4. | Ownership (a) | Amount <b>beneficially owned</b>: Michael F. Petrie - 12,575,375"

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

shared dispositive power regulatory

"Shared Dispositive Power 12,575,375.00 reported for Michael F. Petrie"

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Accepted by SEC EDGAR 04/06/2026 - 04:44 PM Learn about SEC filing dates

FAQ

What does Merchants Bancorp (MBIN) Amendment No. 10 report?

It reports beneficial ownership stakes by related parties in Merchants Bancorp (MBIN). The filing lists specific share counts and percentages for filers, signed on 04/06/2026, under a joint filing agreement pursuant to Rule 13d-1(k).

How many shares does Michael F. Petrie beneficially own in MBIN?

Michael F. Petrie is reported to beneficially own 12,575,375 shares of common stock, representing 27.4% of the class according to the Amendment No. 10 disclosure dated 04/06/2026.

What ownership percentages are reported for Jody J. Petrie and Emily J. Pell?

Jody J. Petrie is reported with 12,575,375 shares (27.4%), and Emily J. Pell with 2,765,108 shares (6.0%), as shown in the Schedule 13G/A amendment.

Do any trusts appear in the MBIN ownership filing and what are their holdings?

Yes. The Emily J. Petrie Irrevocable Trust - 2010 holds 2,611,424 shares (5.7%) and The Julia L. Petrie Irrevocable Trust - 2010 holds 2,410,152 shares (5.3%), per the amendment.

What voting and dispositive power is reported for the Petrie filers?

The filing reports shared voting and dispositive power of 12,575,375 shares for Michael F. Petrie and Jody J. Petrie. Some other filers show sole voting and dispositive power for their reported shares.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 10)

Merchants Bancorp

(Name of Issuer)

Common Stock

(Title of Class of Securities)

58844R108

(CUSIP Number)

02/26/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 58844R108

1

Names of Reporting Persons

Michael F. Petrie

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 12,575,375.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 12,575,375.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

12,575,375.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

27.4 %

12

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13G

CUSIP Number(s): 58844R108

1

Names of Reporting Persons

Jody J. Petrie

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 12,575,375.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 12,575,375.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

12,575,375.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

27.4 %

12

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13G

CUSIP Number(s): 58844R108

1

Names of Reporting Persons

Emily J. Pell

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 2,018,399.00
6	Shared Voting Power 746,709.00
7	Sole Dispositive Power 2,018,399.00
8	Shared Dispositive Power 746,709.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,765,108.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

6.0 %

12

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13G

CUSIP Number(s): 58844R108

1

Names of Reporting Persons

The Emily J. Petrie Irrevocable Trust - 2010

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 2,611,424.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 2,611,424.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,611,424.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.7 %

12

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13G

CUSIP Number(s): 58844R108

1

Names of Reporting Persons

The Julia L. Petrie Irrevocable Trust - 2010

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 2,410,152.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 2,410,152.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,410,152.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.3 %

12

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Merchants Bancorp
(b)	Address of issuer's principal executive offices: 410 Monon Boulevard, Carmel, IN 46032
Item 2.
(a)	Name of person filing: Michael F. Petrie Jody J. Petrie The Emily J. Petrie Irrevocable Trust - 2010 The Julia L. Petrie Irrevocable Trust - 2010 Emily J. Pell Michael F. Petrie, Jody J. Petrie, The Emily J. Petrie Irrevocable Trust - 2010, The Julia L. Petrie Irrevocable Trust - 2010, and Emily J. Pell have entered into a Joint Filing Agreement pursuant to which they have agreed to file this Schedule 13G Amendment jointly in accordance with the provisions of Rule 13d-1(k) of the Act.
(b)	Address or principal business office or, if none, residence: 410 Monon Boulevard, Carmel, IN 46032
(c)	Citizenship: United States
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.:
Item 4.	Ownership
(a)	Amount beneficially owned: Michael F. Petrie - 12,575,375 Jody J. Petrie - 12,575,375 Emily J. Pell - 2,765,108 The Emily J. Petrie Irrevocable Trust - 2010 - 2,611,424 The Julia L. Petrie Irrevocable Trust - 2010 - 2,410,152
(b)	Percent of class: 27.4% 27.4% 6.0% 5.7% 5.3%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 0 0 2,018,399 2,611,424 2,410,152
	(ii) Shared power to vote or to direct the vote: 12,575,375 12,575,375 746,709 0 0
	(iii) Sole power to dispose or to direct the disposition of: 0 0 2,018,399 2,611,424 2,410,152
	(iv) Shared power to dispose or to direct the disposition of: 12,575,375 12,575,375 746,709 0 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.	Certifications:
	Not Applicable

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Michael F. Petrie

Signature:	/s/ Michael F. Petrie
Name/Title:	Michael F. Petrie
Date:	04/06/2026

Jody J. Petrie

Signature:	/s/ Jody J. Petrie
Name/Title:	Jody J. Petrie
Date:	04/06/2026

Emily J. Pell

Signature:	/s/ Emily J. Pell
Name/Title:	Emily J. Pell
Date:	04/06/2026

The Emily J. Petrie Irrevocable Trust - 2010

Signature:	/s/ Jody J. Petrie
Name/Title:	Jody J. Petrie, Trustee
Date:	04/06/2026

The Julia L. Petrie Irrevocable Trust - 2010

Signature:	/s/ Jody J. Petrie
Name/Title:	Jody J. Petrie, Trustee
Date:	04/06/2026