Merchants Bancorp (MBIN) COO reports 20,051-share equity grant

Rhea-AI Filing Summary

Merchants Bancorp President, COO and director Michael J. Dunlap reported an acquisition of 20,051 shares of common stock on 01/27/2026 at a price of $0.00, increasing his directly held beneficial ownership to 219,962 shares.

The holding includes 70,795 unvested restricted stock units for which he does not have voting rights or receive dividends until vesting and share issuance. These units vest in scheduled tranches: 25,413 on 2/1/2026, 25,160 on 2/1/2027, 13,538 on 2/1/2028, and 6,684 on 2/1/2029.

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 IN 46032

(City) (State) (Zip)

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

3. Date of Earliest Transaction (Month/Day/Year)
01/27/2026

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

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

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

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	01/27/2026		A		20,051(1)	A	$0.00	219,962(2)	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. Unvested restricted stock units for which the reporting person does not have voting rights or receive dividends until vesting and shares are issued.

2. Includes 70,795 unvested restricted stock units for which the reporting person does not have voting rights or receive dividends until vested and shares are issued: 25,413 vesting 2/1/2026; 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	01/29/2026
	** 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.

FAQ

What insider transaction did MBIN executive Michael J. Dunlap report?

Michael J. Dunlap reported acquiring 20,051 shares of Merchants Bancorp common stock on 01/27/2026 at a price of $0.00. This acquisition increased his directly held beneficial ownership position to a total of 219,962 shares after the reported transaction.

What is Michael J. Dunlap’s total Merchants Bancorp (MBIN) share ownership after this Form 4?

After the 01/27/2026 transaction, Michael J. Dunlap beneficially owns 219,962 shares of Merchants Bancorp common stock directly. That figure includes both vested shares and specified unvested restricted stock units that will only deliver shares as their scheduled vesting dates are reached.

At what price were the 20,051 Merchants Bancorp shares acquired by Michael J. Dunlap?

The 20,051 shares of Merchants Bancorp common stock reported by Michael J. Dunlap on 01/27/2026 were acquired at a price of $0.00 per share. This indicates an equity award or similar grant rather than an open-market purchase transaction for cash consideration.

How many unvested restricted stock units does MBIN’s Michael J. Dunlap hold?

Michael J. Dunlap’s reported holdings include 70,795 unvested restricted stock units. He does not have voting rights or receive dividends on these units until they vest and the corresponding shares are issued, according to the explanatory footnotes attached to this Form 4 filing.

What is the vesting schedule for Michael J. Dunlap’s unvested restricted stock units at Merchants Bancorp?

The 70,795 unvested restricted stock units vest in four tranches: 25,413 units on 2/1/2026, 25,160 units on 2/1/2027, 13,538 units on 2/1/2028, and 6,684 units on 2/1/2029. Shares are issued only upon vesting.

Does Michael J. Dunlap have voting rights on all Merchants Bancorp shares reported?

He does not have voting rights or dividend rights on the 70,795 unvested restricted stock units until they vest and shares are issued. For vested shares already issued, he holds them directly, and those are part of his 219,962 beneficially owned shares.