[Form 4] Merchants Bancorp Depositary Shares Each Representing a 1/40th Interest in a Share of Series B Fixed-to-Floating Rate Insider Trading Activity

Rhea-AI Filing Summary

Thomas Darin L., identified as the issuer's Chief Accounting Officer, reported purchases on 08/22/2025 of 2,250 shares of the issuer's common stock at $33.20 per share and 1,103 Series E depositary shares at $22.60 per share. After these transactions he beneficially owns 2,250 common shares and 1,103 Series E depositary shares. The Form 4 was signed by an attorney-in-fact on 08/25/2025.

Positive

• Insider purchase disclosed: Chief Accounting Officer purchased 2,250 common shares and 1,103 Series E depositary shares.
• Direct beneficial ownership updated: Post-transaction holdings reported clearly as 2,250 common shares and 1,103 depositary shares.
• Proper Form 4 reporting: Transactions reported with transaction code P and form signed by attorney-in-fact.

Negative

• None.

Insights

Financial Analyst

TL;DR: Insider purchases of common and depositary shares were reported, indicating personal capital deployment into the issuer.

The reporting person, identified as Chief Accounting Officer, executed purchases of 2,250 common shares at $33.20 and 1,103 Series E depositary shares at $22.60 on 08/22/2025. These are straightforward open-market or plan purchases (transaction code P) resulting in direct beneficial ownership equal to the purchased amounts. No derivative transactions or dispositions are disclosed. Based solely on the filing, this is a routine insider purchase disclosure without additional context on timing or materiality versus total outstanding shares.

Corporate Governance Expert

TL;DR: Filing documents compliant insider acquisitions by an officer with direct beneficial ownership updated.

The document updates Section 16 beneficial ownership for an officer (Chief Accounting Officer). Purchases are reported using the appropriate transaction code and list direct ownership amounts following the transactions. The form includes a signature by an attorney-in-fact, consistent with delegation practices. There are no reported sales, derivative exercises, or other complex arrangements in this filing.

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^*

Thomas Darin L.

(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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Accounting Officer

3. Date of Earliest Transaction (Month/Day/Year)
08/22/2025

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	08/22/2025		P		2,250	A	$33.2	2,250	D
Series E Depositary Shares	08/22/2025		P		1,103	A	$22.6	1,103	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:

Remarks:

	/s/ Terry Oznick, Attorney-in-Fact	08/25/2025
	** 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 transactions did Thomas Darin L. report for Merchants Bancorp (MBINO)?

He reported purchases on 08/22/2025 of 2,250 common shares at $33.20 each and 1,103 Series E depositary shares at $22.60 each.

What is the post-transaction beneficial ownership reported on this Form 4 for MBINO?

After the reported purchases he beneficially owns 2,250 common shares and 1,103 Series E depositary shares.

What transaction code was used on the Form 4 and what does it indicate?

Transaction code P was used for both entries, indicating a purchase transaction as reported on the form.

Were any derivative securities reported in this filing for MBINO?

No. Table II for derivative securities contains no reported transactions or holdings.

Who signed the Form 4 and when was it signed?

The filing was signed by Terry Oznick, Attorney-in-Fact on 08/25/2025.