MBIN Merchants Bancorp

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

Bought back stock in 2/3 quarters. 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 $3M vs trailing avg $0M (+1802903%)

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

Buyback $3M / FCF $43M = 7% of FCF

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

Repurchased 403,238 shares = 1.2% of 45,893,172 outstanding (annualized)

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

7 open-market purchases by 3 insiders

• Dury Michael R. (CEO of Merchants Capital) bought 15,500 shares at $31.64 on 2025-10-30
• Sievers Sean A. (CHIEF FINANCIAL OFFICER) bought 3,000 shares at $24.87 on 2025-09-15
• Thomas Darin L. (Chief Accounting Officer) bought 2,250 shares at $33.20 on 2025-08-22
• Thomas Darin L. (Chief Accounting Officer) bought 1,103 shares at $22.60 on 2025-08-22
• Sievers Sean A. (Chief Financial Officer) bought 2,500 shares at $29.75 on 2025-08-01
• Dury Michael R. (CEO of Merchants Capital) bought 11,765 shares at $31.45 on 2025-07-30
• Dury Michael R. (CEO of Merchants Capital) bought 4,235 shares at $31.86 on 2025-07-30

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 and 7 insider purchases by 3 insiders (no calendar overlap, but both independently active)

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

Insiders bought $0M, sold $4M 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 3.7x more than bought. 2 C-suite officers among sellers

• 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
• Schroeter Martin A (President-Warehouse Lending) sold 5,500 shares on 2026-02-10