Merchants Bancorp — Director's Dealing 2026

Feb 3, 2026

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Merchants Bancorp (MBIN)
CIK: 0001629019
Period of Report: 2026-02-01

Reporting Person: Petrie Michael F. (N/A)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2026-02-01	Common Stock	F	9685.00	$41.46	Disposed	1930308.00	Direct
2026-02-02	Series C Depositary Shares	S	2404.00	$20.20	Disposed	55368.00	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	2111868.00	Indirect
Common Stock	1425000.00	Indirect
Common Stock	2611424.00	Indirect
Common Stock	1425000.00	Indirect
Common Stock	2410152.00	Indirect
Common Stock	724729.00	Indirect

Footnotes

F1: Represents the number of shares withheld upon vesting of restricted stock units to cover tax withholding obligations.

F2: 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.