Form 4: Merchants Bancorp CEO Buys Shares, Adjusts Holdings

Merchants Bancorp's CEO of Merchants Capital, Michael R. Dury, reported an acquisition of 15,500 common shares while also adjusting indirect and depositary share holdings.

Summary

• Michael R. Dury, CEO of Merchants Capital and a Director of Merchants Bancorp, acquired 15,500 shares of common stock.
• The acquisition occurred on October 30, 2025, at a weighted average price of $31.64 per share, with individual transaction prices ranging from $31.50 to $31.77.
• Dury also reported the disposition of 18,200 common shares indirectly through his role as Trustee of the Michael R. Dury GRAT 2023 Series C.
• Additionally, 26,000 Series C Depositary Shares and 4,000 Series D Depositary Shares were disposed of.
• Following these transactions, Dury directly owns 138,074 common shares, which include 13,378 unvested restricted stock units.
• Indirect beneficial ownership stands at 18,200 common shares via the Michael R. Dury GRAT 2023 Series C.
• The unvested restricted stock units include 6,771 shares vesting on February 1, 2026; 4,829 shares vesting on February 1, 2027; and 1,778 shares vesting on February 1, 2028.

Sentiment

Score: 7

Explanation: The acquisition of common stock by a key executive indicates confidence in the company's future, partially offset by dispositions which may be for estate planning purposes rather than a lack of confidence.

Positives

• Michael R. Dury, a key executive and director, acquired 15,500 shares of Merchants Bancorp common stock, indicating confidence in the company's future prospects.
• The purchase price of $31.64 per share suggests management believes the stock is a good value at this level.

Negatives

• Michael R. Dury disposed of 18,200 common shares indirectly through a GRAT, which, while often for estate planning, reduces his indirect common stock exposure.
• Dispositions of 26,000 Series C Depositary Shares and 4,000 Series D Depositary Shares were reported.

Future Outlook

NA

Industry Context

NA

Stakeholder Impact

• Shareholders: The insider purchase by a key executive could be interpreted as a positive signal of management confidence, potentially influencing investor sentiment and share price.

Next Steps

• 6,771 restricted stock units will vest on February 1, 2026.
• 4,829 restricted stock units will vest on February 1, 2027.
• 1,778 restricted stock units will vest on February 1, 2028.

Key Dates

Recommendation

The CEO of Merchants Capital and a Director of Merchants Bancorp, Michael R. Dury, purchased a significant number of common shares, indicating strong insider confidence in the company's current valuation and future performance. While there were dispositions of other securities, the direct common stock purchase by a key executive is a strong bullish signal for investors.

Keywords

Merchants Bancorp, MBIN, insider trading, stock purchase, common stock, CEO, director, beneficial ownership, Form 4, Michael R. Dury, Merchants Capital