Vanguard Capital Management (FRME) reports 3.20M shares, 5.04% ownership

Rhea-AI Filing Summary

First Merchants Corp ownership disclosure: Vanguard Capital Management reports beneficial ownership of 3,199,084 shares of Common Stock, representing 5.04% of the class as reported. The filing shows sole voting power for 468,473 shares and sole dispositive power for 3,199,084 shares.

The filing identifies Vanguard Capital Management and affiliated business divisions as the reporting group and states these holdings include securities held by Vanguard funds and managed accounts. The signature is dated 04/29/2026.

Insights

Institutional Ownership Analyst

Vanguard reports a passive >5% stake in First Merchants Corp.

The Schedule 13G shows Vanguard Capital Management beneficially owns 3,199,084 shares (5.04%), with sole dispositive power for the full amount and sole voting power for 468,473 shares. The filing attributes holdings to Vanguard and specific affiliated advisory units.

Because this is a 13G disclosure, it indicates passive investment classification under the applicable rules. Future Form 13G/13D filings could change if the group's intent or ownership level shifts.

Corporate Governance Specialist

Voting vs. dispositive rights are split within the reporting group.

The filing explicitly states sole voting power for 468,473 shares and sole dispositive power for 3,199,084 shares, reflecting that dispositive authority is concentrated in the reporting entity while voting authority may be exercised only for a subset.

Stakeholders should watch subsequent filings for any change from passive (13G) to active intent (13D) or adjustments in voting arrangements disclosed in future submissions.

Key Figures

Beneficial ownership: 3,199,084 shares Percent of class: 5.04% Sole voting power: 468,473 shares +2 more

5 metrics

Beneficial ownership 3,199,084 shares Schedule 13G reported by Vanguard Capital Management

Percent of class 5.04% Percent of class as stated in the filing

Sole voting power 468,473 shares Number of shares Vanguard has sole power to vote

Sole dispositive power 3,199,084 shares Number of shares Vanguard has sole power to dispose

Filing signature date 04/29/2026 Signature date on Schedule 13G

Key Terms

Schedule 13G, Beneficial ownership, Sole dispositive power, Sole voting power

4 terms

Schedule 13G regulatory

"Schedule 13G reports beneficial ownership over 5.04% of the class"

A Schedule 13G is a formal document that investors file with the government when they acquire a large ownership stake in a company, usually for investment purposes rather than control. It helps keep the public informed about who owns significant parts of a company's shares, which can influence how the company is managed and how investors make decisions. Filing this schedule is important for transparency and understanding the ownership landscape of publicly traded companies.

Beneficial ownership financial

"Amount beneficially owned: 3199084 (b) Percent of class: 5.04 %"

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

Sole dispositive power legal

"Sole power to dispose or to direct the disposition of: 3199084"

Sole dispositive power is the exclusive legal authority to decide what happens to a security — for example, whether to sell, transfer, or retain shares — without needing anyone else’s permission. Investors care because it signals who truly controls the economic outcome of an investment: like holding the only key to a safe, the holder can realize gains or losses and may trigger regulatory reporting, insider rules, or influence over corporate ownership.

Sole voting power legal

"Sole power to vote or to direct the vote: 468473"

Sole voting power is the exclusive right to cast votes attached to a shareholder’s stock without needing approval from anyone else. Like holding the only remote control for a TV, it lets that holder decide corporate matters such as board members, mergers, and policy changes, making it important to investors because it concentrates control and can strongly influence a company’s strategy and the value of its shares.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

First Merchants Corp

(Name of Issuer)

Common Stock

(Title of Class of Securities)

320817109

(CUSIP Number)

03/31/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 320817109

1

Names of Reporting Persons

Vanguard Capital Management

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

PENNSYLVANIA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 468,473.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 3,199,084.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,199,084.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.04 %

12

Type of Reporting Person (See Instructions)

IA

Comment for Type of Reporting Person: In accordance with SEC Release No. 34-39538 (January 12, 1998), this Schedule 13G reflects the securities beneficially owned, or deemed to be beneficially owned, by Vanguard Capital Management LLC and the following affiliates of Vanguard Capital Management LLC or business divisions of such affiliates: Vanguard Asset Management Limited, Vanguard Fiduciary Trust Company, Vanguard Global Advisers, LLC and Vanguard Investments Australia Ltd. This Schedule 13G includes securities held by Vanguard funds, or sleeves thereof, over which Vanguard Capital Management LLC exercises dispositive power, in addition to securities held by clients over which the affiliates or business divisions of such affiliates indicated above exercise dispositive and/or voting power. This Schedule 13G does not include securities, if any, beneficially owned by other subsidiaries or affiliates of Vanguard Capital Management LLC, or business divisions of such subsidiaries, whose ownership of securities is disaggregated from that of the reporting business unit in accordance with such release.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: First Merchants Corp
(b)	Address of issuer's principal executive offices: 200 East Jackson Street, Muncie, IN, 47305
Item 2.
(a)	Name of person filing: Vanguard Capital Management
(b)	Address or principal business office or, if none, residence: 100 Vanguard Blvd,, Malvern, PA, 19355
(c)	Citizenship: PA
(d)	Title of class of securities: Common Stock
(e)	CUSIP Number(s): 320817109
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 3199084
(b)	Percent of class: 5.04 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 468473
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 3199084
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. Vanguard Capital Management, including investment companies registered under the Investment Company Act of 1940 and other managed accounts, have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the securities reported herein.No one other person's interest in the securities reported herein is more than 5%.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Vanguard Capital Management

Signature:	Ashley Grim
Name/Title:	Head of Global Fund Administration
Date:	04/29/2026

FAQ

What stake does Vanguard Capital Management report in First Merchants Corp (FRME)?

Vanguard reports beneficial ownership of 3,199,084 shares, equal to 5.04% of the class. The filing is a Schedule 13G signed on 04/29/2026 and lists dispositive and voting power figures.

Does Vanguard have voting control over all the shares it beneficially owns?

No. The filing shows sole voting power for 468,473 shares while it reports sole dispositive power for 3,199,084 shares, indicating voting authority applies to a subset of the beneficial holdings.

What does filing a Schedule 13G indicate about Vanguard's intentions for FRME shares?

A Schedule 13G filing generally indicates a passive investment intent under SEC rules. The filing classifies the position as non-active rather than an acquisition seeking control, per the 13G filing framework.

Which Vanguard entities are referenced in the Schedule 13G for FRME?

The filing names Vanguard Capital Management LLC and affiliates including Vanguard Asset Management Limited, Vanguard Fiduciary Trust Company, Vanguard Global Advisers, LLC, and Vanguard Investments Australia Ltd. as part of the reporting group.

How is the beneficial ownership percentage calculated in the filing?

The filing states 3,199,084 shares equals 5.04% of the class. The Schedule 13G provides the percent figure tied to that share count rather than showing the total shares outstanding in this excerpt.