Merchants Bancorp executive gifts 3,700 shares

Merchants Bancorp executive Michael R. Dury, CEO of Merchants Capital, reported a bona fide gift of 3,700 common shares on August 5, 2026, with no sale proceeds.

Rhea-AI Filing Summary

Merchants Bancorp executive Michael R. Dury, CEO of Merchants Capital, reported a bona fide gift of 3,700 common shares on August 5, 2026, with no sale proceeds.

After the gift, he directly holds 120,702 common shares, including 6,607 unvested restricted stock units that vest in 2027 and 2028, plus additional indirect and depositary share holdings.

Insider Trade Summary

3,700 shares gifted

Gift 4 txns

Insider Dury Michael R.

Role CEO of Merchants Capital

Type	Security	Shares	Price	Value
Gift	Common Stock F1	3,700	$0.00	$0.00
holding	Common Stock	--	--	--
holding	Series C Depositary Shares	--	--	--
holding	Series D Depositary Shares	--	--	--

Holdings After Transaction: Common Stock — 120,702 shares (Direct); Common Stock — 18,200 shares (Indirect, Trustee of the Michael R. Dury GRAT - 2023); Series C Depositary Shares — 26,000 shares (Direct); Series D Depositary Shares — 4,000 shares (Direct)

Footnotes (1)

1. F1. Includes 6,607 unvested restricted stock units for which the reporting person does not have voting rights or receive dividends until vested and shares are issued: 4,829 vesting 2/1/2027 and 1,778 vesting 2/1/2028.

Key Figures

Common shares gifted: 3,700 shares Direct common shares after transaction: 120,702 shares Unvested restricted stock units: 6,607 units +5 more

8 metrics

Common shares gifted 3,700 shares Bona fide gift of Merchants Bancorp common stock on August 5, 2026

Direct common shares after transaction 120,702 shares Direct common stock holdings after August 5, 2026 gift, including unvested RSUs

Unvested restricted stock units 6,607 units Unvested RSUs included in direct common share total; no voting rights or dividends until vested

RSUs vesting 2/1/2027 4,829 units Portion of unvested restricted stock units scheduled to vest February 1, 2027

RSUs vesting 2/1/2028 1,778 units Portion of unvested restricted stock units scheduled to vest February 1, 2028

Indirect common shares via GRAT 18,200 shares Indirect Merchants Bancorp common shares held as trustee of the Michael R. Dury GRAT - 2023

Series C Depositary Shares 26,000 shares Direct holdings of Merchants Bancorp Series C Depositary Shares as of August 5, 2026

Series D Depositary Shares 4,000 shares Direct holdings of Merchants Bancorp Series D Depositary Shares as of August 5, 2026

Key Terms

bona fide gift, unvested restricted stock units, Depositary Shares, GRAT

4 terms

bona fide gift financial

"Transaction code G is described as a bona fide gift of common stock."

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.

unvested restricted stock units financial

"Includes 6,607 unvested restricted stock units for which the reporting person does not have voting rights."

Depositary Shares financial

"Series C Depositary Shares and Series D Depositary Shares are listed as holdings."

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.

GRAT financial

"Trustee of the Michael R. Dury GRAT - 2023 holds indirect common shares."

FAQ

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

What insider transaction did MBIN executive Michael R. Dury report?

Michael R. Dury reported a bona fide gift of 3,700 Merchants Bancorp common shares on August 5, 2026. The gift was reported at $0.00 per share, indicating no sale proceeds, and reflects a transfer rather than a market trade.

How many Merchants Bancorp (MBIN) common shares does Michael R. Dury hold after the gift?

After the transaction, Michael R. Dury directly holds 120,702 Merchants Bancorp common shares. This amount includes 6,607 unvested restricted stock units, and he also reports 18,200 indirect common shares held as trustee of the Michael R. Dury GRAT - 2023.

What restricted stock units does MBIN executive Michael R. Dury have outstanding?

Michael R. Dury’s reported holdings include 6,607 unvested restricted stock units. Of these, 4,829 are scheduled to vest on February 1, 2027 and 1,778 on February 1, 2028; he does not receive voting rights or dividends until they vest and shares are issued.

What preferred or depositary shares of MBIN does Michael R. Dury own?

In addition to common stock, Michael R. Dury reports direct holdings of 26,000 Series C Depositary Shares and 4,000 Series D Depositary Shares of Merchants Bancorp. These holdings are reported as of August 5, 2026 as non-derivative positions.

Was Michael R. Dury’s August 5, 2026 MBIN stock gift under a Rule 10b5-1 plan?

The filing’s Rule 10b5-1 checkbox is not marked as affirming a trading plan. There is no footnote indicating that the 3,700-share gift was executed pursuant to a pre-arranged Rule 10b5-1 trading plan.

How are Michael R. Dury’s indirect MBIN holdings structured?

Michael R. Dury reports 18,200 Merchants Bancorp common shares held indirectly as trustee of the Michael R. Dury GRAT - 2023. This indicates those shares are owned through a grantor retained annuity trust, rather than directly in his personal name.

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

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Accepted by SEC EDGAR 08/07/2026 - 04:27 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^*

Dury Michael R.

(Last) (First) (Middle)

410 MONON BOULEVARD

(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)
	CEO of Merchants Capital

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
08/05/2026

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	08/05/2026		G		3,700	D	$0.00	120,702(1)	D
Common Stock								18,200	I	Trustee of the Michael R. Dury GRAT - 2023
Series C Depositary Shares								26,000	D
Series D Depositary Shares								4,000	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. Includes 6,607 unvested restricted stock units for which the reporting person does not have voting rights or receive dividends until vested and shares are issued: 4,829 vesting 2/1/2027 and 1,778 vesting 2/1/2028.

Remarks:

	/s/ Terry A. Oznick, attorney-in-fact	08/07/2026
	** 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)