Martin A. Schroeter - 10 Feb 2026 Form 4 Insider Report for Merchants Bancorp (MBIN)

Role: President-Warehouse Lending
Signature: /s/ Terry A. Oznick, attorney-in-fact
Issuer symbol: MBIN
Transactions as of: 10 Feb 2026
Net transactions value: -$253,330
Form type: 4
Filing time: 12 Feb 2026, 16:47:32 UTC
Previous filing: 03 Feb 2026
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
Schroeter Martin A	President-Warehouse Lending	410 MONON BLVD, CARMEL	/s/ Terry A. Oznick, attorney-in-fact	12 Feb 2026	0001793725

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	MBIN	Common Stock	Sale	$253,330	-5,500	-34%	$46.06	10,881	10 Feb 2026	Direct	F1

* 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 $45.95 to $46.24 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.

Content

The reported price in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $45.95 to $46.24 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.