Director at Merchants Bancorp (MBIN) granted 377-share equity retainer

Rhea-AI Filing Summary

Shane David N. reported acquisition or exercise transactions in this Form 4 filing.

Merchants Bancorp director Shane David N. received a grant of 377 shares of common stock on February 19, 2026 as the equity portion of his quarterly board retainer. The award value was calculated using a price of $46.45 per share, based on the prior day’s closing price.

After this grant, he directly holds 23,527 common shares. He also directly holds 2,000 Series C depositary shares, 2,000 Series D depositary shares, and 2,000 Series E depositary shares as of the same date.

Insider Trade Summary

4 transactions reported

Mixed 4 txns

Insider Shane David N.

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	377	$46.45	$18K
holding	Series C Depositary Shares	--	--	--
holding	Series D Depositary Shares	--	--	--
holding	Series E Depositary Shares	--	--	--

Holdings After Transaction: Common Stock — 23,527 shares (Direct); Series C Depositary Shares — 2,000 shares (Direct); Series D Depositary Shares — 2,000 shares (Direct); Series E Depositary Shares — 2,000 shares (Direct)

Footnotes (1)

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Form 4 Insider Transactions: What Each Field Means →

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^*

Shane David N.

(Last) (First) (Middle)

410 MONON BLVD

(Street)

CARMEL IN 46032

(City) (State) (Zip)

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)

3. Date of Earliest Transaction (Month/Day/Year)
02/19/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

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	02/19/2026		A		377	A	$46.45(1)	23,527	D
Series C Depositary Shares								2,000	D
Series D Depositary Shares								2,000	D
Series E Depositary Shares								2,000	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	02/19/2026
	** 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.

FAQ

What did the Merchants Bancorp (MBIN) Form 4 report for Shane David N.?

The Form 4 reports that director Shane David N. received 377 shares of Merchants Bancorp common stock as a grant on February 19, 2026. This grant represents the equity portion of his quarterly retainer for serving on the company’s board of directors.

At what price was the Merchants Bancorp (MBIN) director share award calculated?

The 377-share award to director Shane David N. was calculated using a price of $46.45 per share. That figure was the closing price of Merchants Bancorp common stock on the day before the most recent scheduled quarterly board meeting.

How many Merchants Bancorp (MBIN) common shares does the director hold after the grant?

Following the 377-share grant, director Shane David N. directly holds 23,527 shares of Merchants Bancorp common stock. This updated total reflects the new equity award, which was issued as part of his quarterly compensation for board service.

What are the Series C, D, and E depositary share holdings reported for MBIN’s director?

The filing shows that Shane David N. directly holds 2,000 Series C depositary shares, 2,000 Series D depositary shares, and 2,000 Series E depositary shares. These positions are reported as holdings, without a separate buy or sell transaction on the reported date.

Is the Merchants Bancorp (MBIN) Form 4 transaction a market purchase or a compensation grant?

The transaction is a compensation grant, not a market purchase. The 377 Merchants Bancorp common shares represent the equity portion of the director’s quarterly board retainer, determined using the closing stock price before the latest scheduled quarterly board meeting.