Petrie Michael F. 4

What Happened Michael F. Petrie, a reported 10% owner of Merchants Bancorp (MBIN), sold a total of 29,248 shares in open-market transactions on February 25–26, 2026, generating approximately $949,253 in proceeds. Reported trades:

• 377 shares sold on 2026-02-25 at a reported price of $20.20 (proceeds ~$7,615).
• 13,871 shares sold on 2026-02-26 at a reported weighted-average price of $20.25 (proceeds ~$280,888); footnote indicates these trades occurred across prices from $20.20–$20.33.
• 15,000 shares sold on 2026-02-26 at a reported weighted-average price of $44.05 (proceeds ~$660,750); footnote indicates those sales occurred across prices from $44.00–$44.05.

This activity was sales (not purchases), which are often routine dispositions by large shareholders and do not by themselves indicate the insider's view of the company.

Key Details

• Transaction dates: Feb 25–26, 2026; Filing date: Feb 27, 2026 (appears timely).
• Reported proceeds (total): approximately $949,253.
• Reported prices: $20.20 (single trade), weighted average $20.25 (range $20.20–$20.33), weighted average $44.05 (range $44.00–$44.05).
• Shares owned after transaction: not specified in the excerpt provided. Filing notes 48,961 unvested restricted stock units (no voting/dividends until vested): 27,591 vest 2/1/2027; 14,515 vest 2/1/2028; 6,855 vest 2/1/2029.
• Footnotes: F1/F2 explain the reported prices are weighted averages across multiple trade prices (details available on request). No 10b5‑1 plan, tax‑withholding, or late‑filing indication included in the provided excerpt.

Context

• As a 10% owner (a large shareholder), Petrie’s sales are material by size but represent a shareholder disposition rather than an executive buy signal; such sales can be for many reasons unrelated to company performance.
• The filing shows multiple trades aggregated into weighted-average prices; the footnotes commit to provide per-price breakdowns on request for transparency.