MBINN Form 4: CFO Acquires 3,000 Series D Shares; RSU Vesting Disclosed
Rhea-AI Filing Summary
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.
Positive
- Insider purchase recorded: CFO acquired 3,000 Series D depositary shares at a weighted average price of $24.87, demonstrating a direct purchase.
- Clear RSU disclosure: Filing specifies 2,261 unvested restricted stock units with precise vesting dates (02/01/2026, 02/01/2027, 02/01/2028).
- No derivatives reported: The report shows no options, warrants, or other derivative securities, simplifying ownership analysis.
Negative
- None.
Insights
TL;DR: Insider purchased 3,000 depositary shares; position and RSU schedule are disclosed with no derivatives reported.
The purchase of 3,000 Series D depositary shares at a weighted average price of $24.87 is a straightforward open-market acquisition by the CFO and is recorded as direct ownership. The filing also clarifies that 2,261 restricted stock units remain unvested with explicit vesting dates across 2026-2028, which affects the timing of share issuance and potential dilution. No options, warrants, or other derivative instruments were reported, limiting complexity for short-term capital structure analysis.
TL;DR: Disclosure is complete for reported transactions and RSU vesting; signature executed by attorney-in-fact.
The Form 4 provides the necessary disclosure elements: reporting person identity and role (CFO), transaction date, security class (Series D depositary shares), weighted average purchase price, resulting beneficial ownership, and a clear footnote on the RSU vesting schedule. The filing was executed via attorney-in-fact, with the signature dated 09/17/2025. There are no governance red flags or omissions apparent within the scope of the disclosed items.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Purchase | Series D Depositary Shares | 3,000 | $24.87 | $75K |
| holding | Common Stock | -- | -- | -- |
Footnotes (1)
- The reported price in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $24.88 to $24.86 per share, inclusive. The reporting person undertakes to provide the issuer, any security holder of the issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote. Includes 2,261 unvested restricted stock units for which the reporting person does not have voting rights or receive dividends until vesting and shares are issued: 753 vesting 2/1/2026; 754 vesting 2/1/2027, and 754 vesting 2/1/2028.
