Form 4: Merchants Bancorp Director Acquires Shares

Merchants Bancorp Director Anne E. Sellers acquired 562 shares of common stock as part of her quarterly retainer.

Summary

• Anne E. Sellers, 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 her quarterly retainer for director service.
• Following the transaction, Ms. Sellers beneficially owns 11,901 shares of Common Stock, 12,000 Series C Depositary Shares, and 4,000 Series D Depositary Shares.
• The transaction was made pursuant to a Rule 10b5-1(c) plan.

Sentiment

Score: 6

Explanation: Slightly positive as it indicates a director's continued equity stake and alignment with shareholder interests through routine compensation, but not a significant market-moving event.

Positives

• Director Anne E. Sellers increased her direct ownership in Merchants Bancorp by 562 shares.
• The acquisition demonstrates continued alignment of director interests with shareholders through equity compensation.
• The transaction was executed under a Rule 10b5-1 plan, indicating a pre-arranged trading strategy.

Future Outlook

Not applicable, as this filing reports a past insider transaction and does not provide forward-looking statements or guidance.

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

This is a routine insider transaction for director compensation, a common practice across publicly traded companies. It reflects standard corporate governance practices for aligning director incentives with company performance.

Corporate Governance

Related Party Transactions

• The acquisition of common stock by Director Anne E. Sellers as part of her quarterly retainer can be considered a related party transaction, as it involves compensation from the company to a member of its board.

Stakeholder Impact

• Shareholders: Increased alignment of director's interests with shareholders due to increased equity ownership.
• Management: Reinforces standard compensation practices for board members.

Key Dates

Keywords

Merchants Bancorp, MBIN, Anne E. Sellers, Director, Common Stock, Insider Transaction, Form 4, Equity Compensation, 10b5-1 Plan