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Sean A. Sievers, Chief Financial Officer of Merchants Bancorp (MBINN) reported a purchase on 09/15/2025 of 3,000 Series D depositary shares at a weighted average price of $24.87. After the transaction the filing reports 3,000 depositary shares acquired and total beneficial ownership of 8,207 shares of common stock (direct). The filing discloses 2,261 unvested restricted stock units that do not carry voting rights or dividends until vesting, scheduled 753 RSUs vesting 02/01/2026, 754 on 02/01/2027, and 754 on 02/01/2028. No derivative securities were reported. The form was signed by an attorney-in-fact on 09/17/2025.
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