Merchants Bancorp director granted 328 shares

Merchants Bancorp (MBIN) director Andrew Juster received an equity grant of 328 shares of Common Stock on 2026-08-20, reported as a grant, award, or other acquisition at a reference price of $53.50 per share.

Rhea-AI Filing Summary

Merchants Bancorp (MBIN) director Andrew Juster received an equity grant of 328 shares of Common Stock on 2026-08-20, reported as a grant, award, or other acquisition at a reference price of $53.50 per share. This represents the equity portion of his quarterly retainer for board service. Following this award, he directly holds 26,500 shares of Common Stock, plus reported direct holdings of 20,000 Series C Depositary Shares and 12,000 Series D Depositary Shares.

Insider Trade Summary

Grant/Award: 328 shares

Grant/Award 3 txns

Insider JUSTER ANDREW

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Stock F1	328	$53.50	$18K
holding	Series C Depositary Shares	--	--	--
holding	Series D Depositary Shares	--	--	--

Holdings After Transaction: Common Stock — 26,500 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 Stock grant: 328 shares Reference price per share: $53.50 Common Stock holdings after transaction: 26,500 shares +2 more

5 metrics

Common Stock grant 328 shares Equity portion of quarterly retainer granted 2026-08-20

Reference price per share $53.50 Closing price of common stock used to calculate the equity award

Common Stock holdings after transaction 26,500 shares Directly owned by Andrew Juster following the grant

Series C Depositary Shares holdings 20,000 shares Direct holdings reported as of 2026-08-20

Series D Depositary Shares holdings 12,000 shares Direct holdings reported as of 2026-08-20

Key Terms

Depositary Shares, quarterly retainer, equity portion, closing price

4 terms

Depositary Shares financial

"Series C Depositary Shares and Series D Depositary Shares"

Depositary shares are tradable certificates that represent a fractional piece of a larger security held by a third-party bank, like owning a slice of a single big pie instead of the whole pie. They let companies issue and investors buy smaller, more affordable portions of preferred stock or other instruments; holders usually receive proportional dividends and market pricing similar to ordinary shares, but may have limited voting rights and different liquidity or tax implications, which can affect income and resale value.

quarterly retainer financial

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

equity portion financial

"represents the equity portion of the Reporting Person's quarterly retainer"

closing price financial

"was the closing price of one share of the Issuer's common stock"

FAQ

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

What transaction did MBIN director Andrew Juster report on this Form 4?

He reported an equity grant of 328 shares of Merchants Bancorp Common Stock on 2026-08-20, classified as a grant, award, or other acquisition related to his quarterly director retainer.

At what price was the Merchants Bancorp (MBIN) equity award to Andrew Juster measured?

The award was based on a reference price of $53.50 per share, which was the closing price of Merchants Bancorp common stock on the trading day immediately before the most recent scheduled quarterly board meeting.

How many MBIN common shares does Andrew Juster hold after this Form 4 transaction?

After the reported grant, Andrew Juster directly holds 26,500 shares of Merchants Bancorp Common Stock, as disclosed in the Form 4.

What preferred or depositary securities of MBIN does Andrew Juster hold?

He reports direct holdings of 20,000 Series C Depositary Shares and 12,000 Series D Depositary Shares, in addition to his Merchants Bancorp common stock position.

Was Andrew Juster’s MBIN Form 4 transaction made under a Rule 10b5-1 trading plan?

No. The filing’s Rule 10b5-1 checkbox is not marked as an affirmative 10b5-1 plan, and the footnote describes the grant as the equity portion of his quarterly director retainer.

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

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Available on EDGAR 08/24/2026 - 04:19 PM Accepted by SEC EDGAR 08/24/2026 - 04:18 PM 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)
08/20/2026

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	08/20/2026		A		328	A	$53.5(1)	26,500	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	08/21/2026
	** 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)