Form 4: Director Andrew Juster Boosts MBIN Stake

Merchants Bancorp Director Andrew Juster acquired 562 shares of common stock as part of his quarterly retainer, increasing his direct beneficial ownership.

Summary

• Andrew Juster, a Director of Merchants Bancorp (MBIN), acquired 562 shares of common stock.
• The transaction occurred on November 19, 2025, at a price of $31.17 per share.
• This acquisition represents the equity portion of his 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 closing price of one share of the Issuer's common stock on the day immediately prior to the most recent scheduled quarterly board meeting, rounded up to the next whole share.
• Following this transaction, Juster directly beneficially owns 25,414 shares of Common Stock, 20,000 Series C Depositary Shares, and 12,000 Series D Depositary Shares.

Sentiment

Score: 7

Explanation: The acquisition of shares by a director, even as part of compensation, generally indicates confidence in the company's future and aligns management interests with shareholders. It's a positive but routine event.

Positives

• Director Andrew Juster increased his direct beneficial ownership in Merchants Bancorp by acquiring 562 shares of common stock.
• The acquisition demonstrates continued alignment of director interests with shareholders through equity compensation, which is a positive governance practice.

Future Outlook

The filing does not contain specific forward-looking statements or guidance beyond the reporting of a past transaction.

Management Comments

• 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.

Industry Context

Insider purchases, especially by directors as part of their compensation, are generally viewed positively by the market as they signal confidence in the company's future prospects. This transaction aligns director compensation with shareholder interests, a common and well-regarded practice in corporate governance across the financial services industry.

Comparison to Industry Standards

• The practice of compensating directors with equity as part of their retainer is a standard corporate governance practice across publicly traded companies, including those in the financial sector.
• This aligns director incentives with long-term shareholder value, similar to practices observed at peers like Bank of America (BAC) or JPMorgan Chase (JPM) where directors often receive a mix of cash and equity for their service.

Stakeholder Impact

• Shareholders may view this director's increased stake as a positive signal of confidence in the company's future performance and alignment of interests.
• Employees are not directly impacted by this director compensation transaction.

Next Steps

• The filing does not explicitly mention future actions or milestones beyond the reporting of this transaction.

Key Dates

Recommendation

This Form 4 reports a routine acquisition of shares by a director as part of their compensation package. While it signals continued alignment of interests, it does not present new fundamental information that would warrant a change in investment recommendation. It's an expected event that reinforces a 'hold' position for investors already in MBIN, or a neutral stance for those considering it, as it doesn't introduce significant new upside or downside.

Keywords

Merchants Bancorp, MBIN, Andrew Juster, Form 4, Insider Trading, Director Compensation, Equity Acquisition, Common Stock, Beneficial Ownership