Petrie Michael F. 4

What Happened
Michael F. Petrie, a reported 10% owner of Merchants Bancorp (MBIN), sold a total of 10,346 shares in three open‑market transactions at $20.20 per share for aggregate proceeds of approximately $208,990. Sales were: 1,383 shares on 2026‑02‑03 ($27,937), 6,929 shares on 2026‑02‑04 ($139,966), and 2,034 shares on 2026‑02‑05 ($41,087). These were outright sales (transaction code S), which are typically routine liquidity events rather than direct buy signals.

Key Details

• Transaction dates and prices: 2/3/2026 — 1,383 @ $20.20; 2/4/2026 — 6,929 @ $20.20; 2/5/2026 — 2,034 @ $20.20.
• Total shares sold: 10,346; total proceeds: ~$208,990.
• Shares owned after transaction: not specified in the provided filing details.
• Footnote: F1 shows Petrie holds 48,961 unvested restricted stock units (no voting rights or dividends until vested): 27,591 vest on 2/1/2027; 14,515 on 2/1/2028; 6,855 on 2/1/2029.
• Filing timeliness: Report period begins 2026‑02‑03 and the Form 4 was filed 2026‑02‑05 — appears to be filed within the typical 2‑business‑day window.

Context
As a 10% owner (not necessarily an executive trade), these open‑market sales reduce a significant holder’s stake but do not on their own indicate company performance. Unvested RSUs noted in the filing are not currently exercisable and confer no voting/dividend rights until they vest.