Michael R. Dury - 01 Feb 2026 Form 4 Insider Report for Merchants Bancorp (MBIN)

Role: CEO of Merchants Capital
Signature: /s/ Terry A. Oznick, attorney-in-fact
Issuer symbol: MBIN
Transactions as of: 01 Feb 2026
Net transactions value: -$123,219
Form type: 4
Filing time: 03 Feb 2026, 16:22:02 UTC
Previous filing: 03 Nov 2025
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
Dury Michael R.	CEO of Merchants Capital	410 MONON BOULEVARD, CARMEL	/s/ Terry A. Oznick, attorney-in-fact	03 Feb 2026	0001718356

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	MBIN	Common Stock	Tax liability	$123,219	-2,972	-2.2%	$41.46	135,102	01 Feb 2026	Direct	F1, F2
holding	MBIN	Common Stock						18,200	01 Feb 2026	Trustee of the Michael R. Dury GRAT - 2023
holding	MBIN	Series C Depositary Shares						26,000	01 Feb 2026	Direct
holding	MBIN	Series D Depositary Shares						4,000	01 Feb 2026	Direct

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

Explanation of Responses:

Id	Content
F1	Represents the number of shares withheld upon vesting of restricted stock units to cover tax withholding obligations.
F2	Includes 6,607 unvested restricted stock units for which the reporting person does not have voting rights or receive dividends until vested and shares are issued: 4,829 vesting 2/1/2027 and 1,778 vesting 2/1/2028.