Merchants Bancorp COO Dunlap gifts 3,700 shares

His reported position includes unvested restricted stock units that carry no voting rights or dividends until vesting and share issuance.

Available on EDGAR 11/03/2026 - 04:13 PM EST Accepted by SEC EDGAR 11/03/2026 - 04:12 PM EST Learn about SEC filing dates

Rhea-AI Filing Summary

Merchants Bancorp (MBIN) President and COO Michael J. Dunlap, also a director, made a bona fide gift of 3,700 common shares on October 30, 2026. His reported post-transaction position was 208,496 shares, including 45,382 unvested restricted stock units; those units carry no voting rights or dividends until vested and shares are issued. No Rule 10b5-1 plan was reported.

Insider Trade Summary

3,700 shares gifted

Gift 1 txn

Insider Dunlap Michael J.

Role President, COO

Type	Security	Shares	Price	Value
Gift	Common Stock F1	3,700	$0.00	$0.00

Holdings After Transaction: Common Stock — 208,496 shares (Direct)

Footnotes (1)

1. F1. Includes 45,382 unvested restricted stock units for which the reporting person does not have voting rights or receive dividends until vested and shares are issued: 25,160 vesting 2/1/2027; 13,538 vesting 2/1/2028; and 6,684 vesting 2/1/2029.

Key Figures

Common shares gifted: 3,700 shares Reported post-transaction position: 208,496 shares Unvested restricted stock units: 45,382 units +3 more

6 metrics

Common shares gifted 3,700 shares October 30, 2026

Reported post-transaction position 208,496 shares Includes unvested restricted stock units

Unvested restricted stock units 45,382 units Included in the reported post-transaction position

Restricted stock units vesting February 1, 2027 25,160 units Vesting date stated in the footnote

Restricted stock units vesting February 1, 2028 13,538 units Vesting date stated in the footnote

Restricted stock units vesting February 1, 2029 6,684 units Vesting date stated in the footnote

Key Terms

Bona fide gift, restricted stock units, vesting

3 terms

Bona fide gift financial

"Bona fide gift"

A bona fide gift is a genuine, voluntary transfer of money, property, or benefits from one party to another made without expectation of repayment, services, or hidden conditions. Investors care because such gifts can affect company disclosures, related‑party transaction rules, tax treatment, and perceived conflicts of interest; think of it like someone giving you a present with no strings attached — but on a corporate scale, auditors and regulators need to verify it really is unconditional.

restricted stock units financial

"Includes 45,382 unvested restricted stock units"

Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.

vesting financial

"25,160 vesting"

Vesting is the process by which you earn full ownership of something, like company stock or a retirement benefit, over time. It’s like earning the right to keep a gift piece by piece the longer you stay with a company, making sure employees stay committed before they receive all the benefits.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How many MBIN shares did Michael J. Dunlap transfer as a gift?

Michael J. Dunlap made a bona fide gift of 3,700 common shares on October 30, 2026. No Rule 10b5-1 plan was reported.

How many MBIN shares did Michael J. Dunlap report after the gift?

His reported post-transaction position was 208,496 shares, including 45,382 unvested restricted stock units. Those units carry no voting rights or dividends until vested and shares are issued.

When do Michael J. Dunlap's MBIN restricted stock units vest?

The 45,382 unvested restricted stock units are listed in three vesting groups: 25,160 on February 1, 2027; 13,538 on February 1, 2028; and 6,684 on February 1, 2029.

AI-generated analysis. How Rhea-AI works. Not financial advice.

Form 4 Insider Transactions: What Each Field Means →

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SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Dunlap Michael J.

(Last) (First) (Middle)

410 MONON BLVD

(Street)

CARMEL INDIANA 46032

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
Merchants Bancorp [ MBIN ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	President, COO

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
10/30/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	10/30/2026		G		3,700	D	$0.00	208,496(1)	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Includes 45,382 unvested restricted stock units for which the reporting person does not have voting rights or receive dividends until vested and shares are issued: 25,160 vesting 2/1/2027; 13,538 vesting 2/1/2028; and 6,684 vesting 2/1/2029.

Remarks:

	/s/ Terry A. Oznick, attorney-in-fact	11/03/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)