Form 4: Merchants Bancorp CEO Sells Depositary Shares

Merchants Bancorp Chairman and CEO Michael F. Petrie reported the sale of Series C Depositary Shares in late November 2025, while maintaining significant direct and indirect common stock holdings.

Summary

• Michael F. Petrie, Chairman and CEO of Merchants Bancorp, reported the sale of Series C Depositary Shares.
• On November 21, 2025, 11,566 Series C Depositary Shares were sold at a price of $19.20 per share.
• On November 24, 2025, an additional 1,902 Series C Depositary Shares were sold at a price of $19.35 per share.
• Following these transactions, direct beneficial ownership of Series C Depositary Shares stands at 86,164.
• Direct beneficial ownership of Common Stock is 1,919,428 shares, which includes 58,203 unvested restricted stock units.
• Indirect beneficial ownership of Common Stock totals 8,280,173 shares, held through a spouse and various trusts.

Sentiment

Score: 5

Explanation: Neutral, as this is a standard insider transaction disclosure without explicit positive or negative implications for company performance.

Future Outlook

No forward-looking statements or guidance are provided in this insider transaction report.

Industry Context

This filing is a routine disclosure of insider trading activity and does not provide information related to broader industry trends or competitive landscape.

Related Party Transactions

• Indirect beneficial ownership of 2,111,868 shares of Common Stock by spouse.
• Indirect beneficial ownership of 1,425,000 shares of Common Stock by spouse as Trustee of the Emily J. Petrie Irrevocable GST Trust 2010.
• Indirect beneficial ownership of 2,611,424 shares of Common Stock by spouse as Trustee of the Emily J. Petrie Irrevocable Trust 2010.
• Indirect beneficial ownership of 1,425,000 shares of Common Stock by spouse as Trustee of the Julia L. Petrie Irrevocable GST Trust 2010.
• Indirect beneficial ownership of 2,410,152 shares of Common Stock by spouse as Trustee of the Julia L. Petrie Irrevocable Trust 2010.
• Indirect beneficial ownership of 724,729 shares of Common Stock by spouse as Trustee of The Petrie Grandchildren Trust.

Next Steps

• Vesting of 29,807 restricted stock units on February 1, 2026.
• Vesting of 20,736 restricted stock units on February 1, 2027.
• Vesting of 7,660 restricted stock units on February 1, 2028.

Key Dates

Keywords

Merchants Bancorp, MBIN, Michael F. Petrie, Insider Trading, Form 4, Depositary Shares, Common Stock, CEO, Director, 10% Owner