Petrie Michael F. 4

What Happened
Michael F. Petrie, a reported 10% owner of Merchants Bancorp (MBIN), sold a total of 21,759 shares in two transactions. On 2026-02-06 he sold 7,149 shares at $20.20 each for $144,410, and on 2026-02-09 he sold 14,610 shares at $20.20 each for $295,122, for combined proceeds of $439,532. These were sales (S) reported on a Form 4.

Key Details

• Transaction dates and prices: 2026-02-06 — 7,149 shares @ $20.20; 2026-02-09 — 14,610 shares @ $20.20.
• Total shares sold: 21,759; total proceeds: $439,532.
• Filing: Form 4 filed 2026-02-10 covering the Feb 6 and Feb 9 transactions; report indicates a late filing.
• Shares owned after transaction: not specified in the provided report excerpt.
• Footnote: Includes 48,961 unvested restricted stock units (no voting/dividend rights until vested): 27,591 vest 2/1/2027; 14,515 vest 2/1/2028; 6,855 vest 2/1/2029.
• Insider status: Reporting person is a 10% owner (significant holder), not necessarily a company officer; sales by large holders can be routine.

Context
These were outright sales (not option exercises or awards). Sales by insiders or large shareholders are not uncommon and can reflect personal liquidity needs or portfolio rebalancing; they do not by themselves prove a change in company fundamentals. The filing was reported late, which is an administrative compliance matter investors may note when tracking insider activity.