MBIN Form 4: Director Tamika Catchings Receives 540 Shares as Retainer

Rhea-AI Filing Summary

Merchants Bancorp director Tamika Catchings reported a non‑derivative acquisition of 540 shares of the issuer's common stock on 08/21/2025 at a price of $32.42 per share. After the transaction she beneficially owned 6,446 shares of common stock and 100 Series D and 100 Series E depositary shares. The filing states the 540 shares were granted as the equity portion of her quarterly director retainer; the share count was set by dividing the dollar retainer by the prior trading-day closing price and rounding up.

The Form 4 was executed by attorney‑in‑fact Terry A. Oznick on 08/25/2025. The disclosure is a routine Section 16 filing documenting director compensation received in equity.

Positive

• Director compensation paid in equity aligns the reporting person's interests with shareholders
• Clear disclosure of transaction date, share count, price, and post‑transaction beneficial ownership

Negative

• None.

Insights

Corporate Governance Expert

TL;DR: A director received routine equity retainer shares, aligning her compensation with shareholder interests without any disclosed unusual terms.

The reported transaction is a standard issuance of common stock to a director as part of a quarterly retainer. The filing clearly states the mechanics: the dollar value of the equity retainer was converted to shares using the closing price on the day before the board meeting and rounded up. The post‑transaction holdings show modest ownership (6,446 common shares plus depositary interests), suggesting a typical director equity stake rather than a controlling interest. No derivative instruments or exercised options are reported.

Securities Filings Analyst

TL;DR: Form 4 accurately records an insider acquisition under Rule 16 reporting requirements; paperwork and dates are consistent.

The Form 4 contains the required elements: reporting person identity and address, issuer and ticker, transaction date (08/21/2025), transaction code (A for acquisition), number of shares acquired (540), price per share ($32.42) with an explanatory footnote, and beneficial ownership following the transaction. The signature block shows execution by an attorney‑in‑fact on 08/25/2025. There are no amendments or additional compensatory arrangements disclosed 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^*

Catchings Tamika

(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)
08/21/2025

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	08/21/2025		A		540	A	$32.42(1)	6,446	D
Series D Depositary Shares								100	D
Series E Depositary Shares								100	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	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 did Tamika Catchings report on the Form 4 for Merchants Bancorp (MBIN)?

She reported acquiring 540 shares of common stock on 08/21/2025 at $32.42 per share as the equity portion of her quarterly director retainer.

How many shares does Tamika Catchings beneficially own after the reported transaction?

After the transaction she beneficially owned 6,446 shares of common stock and 100 Series D and 100 Series E depositary shares.

Why were 540 shares granted to the reporting person?

The filing states the shares represent the equity portion of her quarterly retainer and were calculated by dividing the retainer dollar value by the prior trading‑day closing price and rounding up.

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

Transaction code A was used, indicating an acquisition of non‑derivative securities.

Who signed the Form 4 and when was it executed?

The form was executed by attorney‑in‑fact Terry A. Oznick on 08/25/2025.