Form 4: Merchants Bancorp CEO Sells Depositary Shares

Merchants Bancorp Chairman and CEO Michael F. Petrie reported the sale of Series C Depositary Shares totaling 2,659 units across two transactions in early December 2025.

Summary

• Michael F. Petrie, Chairman and CEO of Merchants Bancorp, a Director, and a 10% Owner, reported transactions involving Series C Depositary Shares.
• On December 1, 2025, Petrie disposed of 2,159 Series C Depositary Shares at a price of $19.54 per share.
• On December 2, 2025, an additional 500 Series C Depositary Shares were disposed of at a price of $19.50 per share.
• Following these transactions, Petrie directly beneficially owns 79,426 Series C Depositary Shares.
• Direct beneficial ownership of Common Stock stands at 1,919,428 shares, which includes 58,203 unvested restricted stock units (RSUs).
• The unvested RSUs include 29,807 units vesting on February 1, 2026; 20,736 units vesting on February 1, 2027; and 7,660 units vesting on February 1, 2028.
• Indirect beneficial ownership of Common Stock totals 10,682,173 shares through various trusts where his spouse acts as trustee, and shares held directly by his spouse.

Sentiment

Score: 5

Explanation: The filing is a factual report of insider transactions and does not inherently convey positive or negative sentiment regarding the company's operational or financial performance. The sale of shares by an insider is a neutral event without additional context.

Negatives

• Michael F. Petrie, a key insider, sold 2,659 Series C Depositary Shares in two separate transactions.

Future Outlook

This filing does not contain any forward-looking statements or guidance regarding the company's future outlook.

Industry Context

This Form 4 filing reports a routine insider transaction for Merchants Bancorp's Chairman and CEO. Such transactions are common and typically reflect personal financial planning rather than specific company performance or broader industry trends, unless they represent a significant shift in holdings or a pattern of widespread insider activity.

Related Party Transactions

• Indirect beneficial ownership of Common Stock is reported through various trusts where the reporting person's spouse acts as trustee, and shares held directly by the spouse.

Stakeholder Impact

• Shareholders: The sale of a relatively small number of shares by a key insider may be noted by investors, but without further context, it is unlikely to have a significant impact on shareholder sentiment or company valuation.
• Employees: No direct impact on employees is indicated by this filing.

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, Insider Trading, Form 4, Beneficial Ownership, Series C Depositary Shares, Common Stock, Michael F. Petrie, CEO, Director, 10% Owner