Michael F. Petrie - 14 Nov 2025 Form 4 Insider Report for Merchants Bancorp (MBIN)

Role: Chairman and CEO, Director, 10%+ Owner
Signature: /s/ Terry A. Oznick, attorney-in-fact
Issuer symbol: MBIN
Transactions as of: 14 Nov 2025
Transactions value $: -$23,169
Form type: 4
Filing time: 18 Nov 2025, 16:26:45 UTC
Previous filing: 13 Nov 2025
Next filing: 24 Nov 2025
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
Petrie Michael F.	Chairman and CEO, Director, 10%+ Owner	410 MONON BOULEVARD, CARMEL	/s/ Terry A. Oznick, attorney-in-fact	18 Nov 2025	0001718348

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	MBIN	Series C Depositary Shares	Sale	-$2K	-101	-0.1%	$19.83	98.8K	14 Nov 2025	Direct	F1
transaction	MBIN	Series C Depositary Shares	Sale	-$21.2K	-1.07K	-1.08%	$19.80	97.7K	18 Nov 2025	Direct
holding	MBIN	Common Stock						1.92M	14 Nov 2025	Direct	F2
holding	MBIN	Common Stock						2.11M	14 Nov 2025	By Spouse
holding	MBIN	Common Stock						1.43M	14 Nov 2025	Spouse is Trustee of the Emily J. Petrie Irrevocable GST Trust 2010
holding	MBIN	Common Stock						2.61M	14 Nov 2025	Spouse is Trustee of the Emily J. Petrie Irrevocable Trust - 2010
holding	MBIN	Common Stock						1.43M	14 Nov 2025	Spouse is Trustee of the Julia L. Petrie Irrevocable GST Trust 2010
holding	MBIN	Common Stock						2.41M	14 Nov 2025	Spouse is Trustee of the Julia L. Petrie Irrevocable Trust - 2010
holding	MBIN	Common Stock						725K	14 Nov 2025	Spouse is Trustee of The Petrie Grandchildren Trust

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	The reported price in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $19.80 to $19.85 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 sold at each separate price within the range set forth in this footnote.
F2	Includes 58,203 unvested restricted stock units for which the reporting person does not have voting rights or receive dividends until vested and shares are issued: 29,807 vesting 2/1/2026; 20,736 vesting 2/1/2027, and 7,660 vesting 2/1/2028.

Content

The reported price in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $19.80 to $19.85 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 sold at each separate price within the range set forth in this footnote.

Includes 58,203 unvested restricted stock units for which the reporting person does not have voting rights or receive dividends until vested and shares are issued: 29,807 vesting 2/1/2026; 20,736 vesting 2/1/2027, and 7,660 vesting 2/1/2028.