David N. Shane - 19 Feb 2026 Form 4 Insider Report for Merchants Bancorp (MBIN)

Role: Director
Signature: /s/ Terry A. Oznick, attorney-in-fact
Issuer symbol: MBIN
Transactions as of: 19 Feb 2026
Net transactions value: +$17,512
Form type: 4
Filing time: 19 Feb 2026, 17:06:24 UTC
Previous filing: 21 Nov 2025
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
Shane David N.	Director	410 MONON BLVD, CARMEL	/s/ Terry A. Oznick, attorney-in-fact	19 Feb 2026	0001718492

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	MBIN	Common Stock	Award	$17,512	+377	+1.6%	$46.45	23,527	19 Feb 2026	Direct	F1
holding	MBIN	Series C Depositary Shares						2,000	19 Feb 2026	Direct
holding	MBIN	Series D Depositary Shares						2,000	19 Feb 2026	Direct
holding	MBIN	Series E Depositary Shares						2,000	19 Feb 2026	Direct

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

Explanation of Responses:

Id	Content
F1	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.

Content

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.