Sean A. Sievers - 15 Sep 2025 Form 4 Insider Report for Merchants Bancorp (MBIN)

Role: CHIEF FINANCIAL OFFICER
Signature: /s/ Terry A. Oznick, attorney-in-fact
Issuer symbol: MBIN
Transactions as of: 15 Sep 2025
Net transactions value: +$74,610
Form type: 4
Filing time: 18 Sep 2025, 08:29:56 UTC
Previous filing: 05 Aug 2025
Next filing: 29 Jan 2026
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
Sievers Sean A.	CHIEF FINANCIAL OFFICER	410 MONON BLVD., CARMEL	/s/ Terry A. Oznick, attorney-in-fact	17 Sep 2025	0002035266

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	MBIN	Series D Depositary Shares	Purchase	$74,610	+3,000		$24.87	3,000	15 Sep 2025	Direct	F1
holding	MBIN	Common Stock						8,207	15 Sep 2025	Direct	F2

* 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 $24.88 to $24.86 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 purchased at each separate price within the range set forth in this footnote.
F2	Includes 2,261 unvested restricted stock units for which the reporting person does not have voting rights or receive dividends until vesting and shares are issued: 753 vesting 2/1/2026; 754 vesting 2/1/2027, and 754 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 $24.88 to $24.86 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 purchased at each separate price within the range set forth in this footnote.

Includes 2,261 unvested restricted stock units for which the reporting person does not have voting rights or receive dividends until vesting and shares are issued: 753 vesting 2/1/2026; 754 vesting 2/1/2027, and 754 vesting 2/1/2028.