Schroeter Martin A 4

What Happened
Martin A. Schroeter, President — Warehouse Lending at Merchants Bancorp (MBIN), had 663 restricted stock units (RSUs) withheld to cover tax withholding obligations on February 1, 2026. The withholding was reported as a disposition of 663 shares at $41.46 per share, totaling $27,488. This is a routine tax-withholding transaction, not an open-market sale or new purchase.

Key Details

• Transaction date: 2026-02-01
• Price per share: $41.46; total value of shares withheld: $27,488
• Transaction code: F (tax withholding upon vesting of restricted stock units)
• Footnote: F1 — Represents the number of shares withheld upon vesting of restricted stock units to cover tax withholding obligations.
• Shares owned after transaction: not disclosed in the provided filing
• Filing timeliness: Reported on 2026-02-03 — appears timely (Form 4 is typically due within two business days of the transaction)

Context
Tax-withholding transactions occur when RSUs vest and the company withholds a portion of the vested shares to satisfy the insider’s tax liability. This is a routine administrative action and should not be read as a buy or sell signal about the insider’s market view.