MBIN Form 4: Director quarterly retainer paid in 562 shares

Rhea-AI Filing Summary

Merchants Bancorp reported a routine insider stock award. A director received 562 shares of common stock on 11/19/2025 as part of the equity portion of the quarterly retainer for board service. The number of shares was calculated by dividing the dollar value of the equity grant by $31.17, the closing price of Merchants Bancorp common stock on the day before the most recent scheduled quarterly board meeting, and rounding up to the next whole share.

After this award, the director beneficially owns 23,150 shares of common stock, held directly, along with 2,000 Series C, 2,000 Series D, and 2,000 Series E depositary shares. No derivative securities were reported.

Insider Trade Summary

4 transactions reported

Mixed 4 txns

Insider Shane David N.

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	562	$31.17	$18K
holding	Series C Depositary Shares	--	--	--
holding	Series D Depositary Shares	--	--	--
holding	Series E Depositary Shares	--	--	--

Holdings After Transaction: Common Stock — 23,150 shares (Direct); Series C Depositary Shares — 2,000 shares (Direct); Series D Depositary Shares — 2,000 shares (Direct); Series E Depositary Shares — 2,000 shares (Direct)

Footnotes (1)

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Form 4 Insider Transactions: What Each Field Means →

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^*

Shane David N.

(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)
11/19/2025

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	11/19/2025		A		562	A	$31.17(1)	23,150	D
Series C Depositary Shares								2,000	D
Series D Depositary Shares								2,000	D
Series E Depositary Shares								2,000	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. 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	11/21/2025
	** 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 insider transaction did Merchants Bancorp (MBIN) disclose in this Form 4?

A director of Merchants Bancorp received 562 shares of common stock on 11/19/2025 as part of the equity portion of the quarterly director retainer.

At what price was the Merchants Bancorp (MBIN) equity award calculated?

The award was based on a price of $31.17 per share, which was the closing price of Merchants Bancorp common stock on the day immediately prior to the most recent scheduled quarterly board meeting.

How many Merchants Bancorp (MBIN) shares does the director own after this transaction?

Following the award, the director beneficially owns 23,150 shares of Merchants Bancorp common stock, held directly.

Does the Merchants Bancorp (MBIN) director hold any preferred or depositary shares?

Yes. The director holds 2,000 Series C, 2,000 Series D, and 2,000 Series E depositary shares of Merchants Bancorp.

What is the nature of this Merchants Bancorp (MBIN) stock award?

The filing states that the award represents the equity portion of the director’s quarterly retainer for serving on the Merchants Bancorp board, determined by dividing the dollar value of the equity portion by the $31.17 closing price and rounding up.

Were any derivative securities reported in this Merchants Bancorp (MBIN) Form 4?

No. The section for derivative securities shows no transactions or holdings reported for this director.