MBIN Merchants Bancorp

Did the company actually spend money buying back stock in 3+ of the last 4 quarters?

Bought back stock in 2/4 quarters. Q2 2026: $0M, Q1 2026: $3M, Q3 2022: $0M, Q3 2023: $0M

Is the most recent quarter's buyback spend more than 15% above the trailing average?

Latest quarter $0M vs trailing avg $1M (-100%)

What percentage of free cash flow is going to buybacks? Bull: 30%+. Bear: negative FCF or no buybacks.

Buyback $3M / FCF $243M = 1% of FCF

How fast are they shrinking the float? Bull: 2%+ annually. Bear: under 0.5%.

Repurchased 403,238 shares = 0.9% of 45,893,172 outstanding (annualized)

Are officers and directors buying stock with their own money on the open market?

1 open-market purchase by Dury Michael R.

• Dury Michael R. (CEO of Merchants Capital) bought 15,500 shares at $31.64 on 2025-10-30

Are both company buybacks and insider buying independently active? Bull when the company is buying back stock in 2+ quarters and insiders have made 2+ open-market purchases.

Company buybacks in 2 quarters but insufficient insider buying

Over the last 90 days, are insiders net buyers or net sellers on the open market?

Insiders bought $0M, sold $3M in the last 90 days (net selling)

Active buyback + insiders net selling 3x+ more than buying. Company cash may be supporting price while insiders exit.

Company buying back stock while insiders sold 11.5x more than bought. 2 C-suite officers among sellers

• Petrie Michael F. (Chairman and CEO) sold 9,000 shares on 2026-07-30
• Petrie Michael F. (Chairman and CEO) sold 20,000 shares on 2026-05-05
• Petrie Michael F. (Chairman and CEO) sold 10,696 shares on 2026-05-05
• Petrie Michael F. (Chairman and CEO) sold 8,334 shares on 2026-05-06
• Petrie Michael F. (Chairman and CEO) sold 377 shares on 2026-02-25
• Petrie Michael F. (Chairman and CEO) sold 13,871 shares on 2026-02-26
• Petrie Michael F. (Chairman and CEO) sold 15,000 shares on 2026-02-26
• Petrie Michael F. (Chairman and CEO) sold 100 shares on 2026-02-17
• Petrie Michael F. (Chairman and CEO) sold 1,502 shares on 2026-02-18
• Petrie Michael F. (Chairman and CEO) sold 4,455 shares on 2026-02-10