Michael F. Petrie - 17 Feb 2026 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: 17 Feb 2026
Net transactions value: -$32,360
Form type: 4
Filing time: 19 Feb 2026, 17:03:54 UTC
Previous filing: 12 Feb 2026
Next filing: 27 Feb 2026
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	19 Feb 2026	0001718348

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	MBIN	Series C Depositary Shares	Sale	$2,020	-100	-0.53%	$20.20	18,708	17 Feb 2026	Direct
transaction	MBIN	Series C Depositary Shares	Sale	$30,340	-1,502	-8%	$20.20	17,206	18 Feb 2026	Direct
holding	MBIN	Common Stock						1,930,308	17 Feb 2026	Direct	F1
holding	MBIN	Common Stock						2,111,868	17 Feb 2026	By Spouse
holding	MBIN	Common Stock						1,425,000	17 Feb 2026	Spouse is Trustee of the Emily J. Petrie Irrevocable GST Trust 2010
holding	MBIN	Common Stock						2,611,424	17 Feb 2026	Spouse is Trustee of the Emily J. Petrie Irrevocable Trust - 2010
holding	MBIN	Common Stock						1,425,000	17 Feb 2026	Spouse is Trustee of the Julia L. Petrie Irrevocable GST Trust 2010
holding	MBIN	Common Stock						2,410,152	17 Feb 2026	Spouse is Trustee of the Julia L. Petrie Irrevocable Trust - 2010
holding	MBIN	Common Stock						724,729	17 Feb 2026	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	Includes 48,961 unvested restricted stock units for which the reporting person does not have voting rights or receive dividends until vested and shares are issued: 27,591 vesting 2/1/2027; 14,515 vesting 2/1/2028; and 6,855 vesting 2/1/2029.