Langford Kevin T 4

What Happened

• Kevin T. Langford, Chief Administrative Officer of Merchants Bancorp (MBIN), had 2,483 shares disposed (withheld) on February 1, 2026 to satisfy tax withholding obligations related to restricted stock unit vesting. The withheld shares were priced at $41.46 each for a total value of approximately $102,945. This is a routine withholding to cover taxes on vested equity, not an active open-market sale signaling a directional bet.

Key Details

• Transaction date: 2026-02-01; Filing date (Form 4): 2026-02-03 (filed within the standard 2-business-day window).
• Price per share: $41.46; Shares withheld/disposed: 2,483; Total value: ~$102,945.
• Shares owned after transaction: not specified in the provided filing excerpt.
• Footnote F1: These 2,483 shares were withheld upon RSU vesting to cover tax withholding obligations.
• Footnote F2: Langford has 10,920 outstanding unvested RSUs remaining (6,141 vest 2/1/2027; 3,236 vest 2/1/2028; 1,543 vest 2/1/2029).

Context

• This transaction is a tax-withholding event (code F), common when restricted stock units vest. It reflects routine payroll/tax handling, not an intentional market sale or purchase. For retail investors, such withholdings typically do not indicate management sentiment about the company's stock price.