Merchants Bancorp — Director's Dealing 2026

Feb 27, 2026

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Merchants Bancorp (MBIN)
CIK: 0001629019
Period of Report: 2026-02-25

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2026-02-25	Series C Depositary Shares	S	377.00	$20.20	Disposed	16829.00	Direct
2026-02-26	Series C Depositary Shares	S	13871.00	$20.25	Disposed	2958.00	Direct
2026-02-26	Common Stock	S	15000.00	$44.05	Disposed	1893328.00	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	746709.00	Indirect

Footnotes

F1: The reported price in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $20.20 to $20.33 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.

F2: The reported price in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $44.05 to $44.00 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.

F3: 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.