Petrie Michael F. 4

What Happened

• Michael F. Petrie, identified as a 10% owner of Merchants Bancorp (MBIN), sold 4,455 shares in an open-market sale on February 10, 2026. The shares were disposed at $20.20 per share for a total proceeds of $89,991.
• This was a sale (not a purchase or award); sales can be routine and do not necessarily indicate a change in view on the company.

Key Details

• Transaction date and price: Feb 10, 2026 — 4,455 shares sold at $20.20 each.
• Total value: $89,991 (proceeds from the sale).
• Filing date: Form 4 filed Feb 12, 2026 reporting the Feb 10 transaction.
• Shares owned after transaction: Not specified in the provided filing excerpt.
• Footnote (F1): Reporting person has 48,961 unvested restricted stock units (no voting rights or dividends until vested) — vesting schedule: 27,591 on 2/1/2027; 14,515 on 2/1/2028; 6,855 on 2/1/2029.
• Transaction code: S = Sale; reported as an open-market or private sale.

Context

• As a 10% owner, Petrie is a significant shareholder; such sales are subject to Form 4 reporting rules but are not the same as executive insider trading signals. Sales are often for diversification, tax, or liquidity reasons — the filing gives no motive.
• No options exercised or awards reported in this transaction; the RSU footnote notes future vesting but those units were not part of this sale.