Patrick D. O'Brien - Aug 21, 2025 Form 4 Insider Report for Merchants Bancorp (MBIN)

Role: Director
Signature: /s/ Terry A. Oznick, attorney-in-fact
Stock symbol: MBIN
Transactions as of: Aug 21, 2025
Transactions value $: $17,507
Form type: 4
Date filed: 8/25/2025, 04:29 PM
Previous filing: May 19, 2025
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
O'Brien Patrick D.	Director	410 MONON BLVD, CARMEL	/s/ Terry A. Oznick, attorney-in-fact	2025-08-25	0001719805

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	MBIN	Common Stock	Award	$17.5K	+540	+0.46%	$32.42	118K	Aug 21, 2025	Direct	F1
holding	MBIN	Series C Depositary Shares						43.7K	Aug 21, 2025	Direct
holding	MBIN	Series C Depositary Shares						40K	Aug 21, 2025	by O'Brien Motors, Inc.
holding	MBIN	Series D Depositary Shares						40K	Aug 21, 2025	Direct
holding	MBIN	Series E Depositary Shares						40K	Aug 21, 2025	Direct
holding	MBIN	Series E Depositary Shares						40K	Aug 21, 2025	by O'Brien Motors, Inc.

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	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.

Content

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.