Sievers Sean A. 4

What Happened
Sean A. Sievers, Chief Financial Officer of Merchants Bancorp (MBIN), had 246 shares withheld to cover tax withholding obligations upon vesting of restricted stock units (RSUs). The withholding was recorded on 2026-02-01 at $41.46 per share, a total value of $10,199. This is a routine tax-withholding disposition (transaction code F), not an open-market sale.

Key Details

• Transaction date and price: 2026-02-01 — 246 shares withheld at $41.46 each (total $10,199).
• Transaction type: Code F — shares withheld to satisfy tax withholding on vested RSUs (a disposition for tax purposes).
• Shares owned after transaction: Not specified in this filing.
• Footnotes of note:
  • F1: The 246 shares represent shares withheld upon RSU vesting to cover tax obligations.
  • F2: The reporting person holds 7,935 unvested RSUs (no voting rights or dividends until vesting): 2,896 vest 2/1/2027; 2,896 vest 2/1/2028; 2,143 vest 2/1/2029.
• Filing timeliness: No late-filing flag indicated in the provided data.

Context

• Withholding shares to cover taxes is a common, administrative step when RSUs vest (a "cashless" tax withholding), and should not be read as an investment decision or market sell order by the insider.
• This transaction reduces the number of vested shares issued to the insider but does not increase or decrease the company’s outstanding shares except as part of standard RSU settlement and withholding.