Petrie Michael F. 4

What Happened
Michael F. Petrie, a reported 10% owner of Merchants Bancorp (MBIN), sold a total of 1,602 shares in two open-market transactions. He sold 100 shares on 2026-02-17 at $20.20 each for $2,020, and 1,502 shares on 2026-02-18 at $20.20 each for $30,340 — a combined proceeds of $32,360. These were sales (not purchases), which are typically routine dispositions rather than affirmative bullish purchases.

Key Details

• Transaction dates & prices: 2026-02-17 — 100 shares @ $20.20; 2026-02-18 — 1,502 shares @ $20.20.
• Total sold: 1,602 shares for total proceeds of ~$32,360.
• Shares owned after transaction: Not specified in the provided filing.
• Footnote: Filing notes 48,961 unvested restricted stock units (no voting rights/dividends until vesting): 27,591 vest 2/1/2027; 14,515 vest 2/1/2028; 6,855 vest 2/1/2029.
• Filing timeliness: Report filed 2026-02-19 for trades on 2/17–2/18 — appears timely under Form 4 reporting rules.
• Transaction code: S = Sale (open-market or private sale as indicated).

Context
As a 10% owner, Petrie’s sale is a disposition by a significant shareholder rather than an executive purchase signal. Sales by insiders can be for many reasons (portfolio rebalancing, tax planning, etc.); the filing itself is factual and does not state a motive. The unvested RSUs disclosed are separate from these open-market sales and will only convert to shares (with voting rights/dividends) as they vest on the listed future dates.