Merchants Bancorp director receives 381-share stock grant

Curless Michael S reported acquisition or exercise transactions in this Form 4 filing.

Rhea-AI Filing Summary

Curless Michael S reported acquisition or exercise transactions in this Form 4 filing.

Merchants Bancorp director Michael S. Curless received a stock grant of 381 shares of Common Stock, valued using a price of $46.03 per share. This award represents the equity portion of his quarterly retainer for board service. Following the grant, he directly holds 381 shares.

Insider Trade Summary

Grant/Award: 381 shares

Grant/Award 1 txn

Insider Curless Michael S

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	381	$46.03	$18K

Holdings After Transaction: Common Stock — 381 shares (Direct)

Footnotes (1)

1. F1. This award represents the equity portion of the Reporting Person's quarterly retainer for service as a director of the Issuer. The number of shares awarded was determined by dividing the dollar value of the equity portion by the price shown, which was the closing price of one share of the Issuer's common stock on the day immediately prior to the most recent scheduled quarterly board meeting, and rounding up to the next whole share.

Key Figures

Shares granted: 381 shares Grant valuation price: $46.03 per share Shares owned after grant: 381 shares +2 more

5 metrics

Shares granted 381 shares Equity portion of quarterly retainer

Grant valuation price $46.03 per share Closing price prior to quarterly board meeting

Shares owned after grant 381 shares Direct ownership following transaction

Transaction code A Grant, award, or other acquisition of Common Stock

Transaction date May 21, 2026 Date of stock award to director

Key Terms

quarterly retainer, Grant, award, or other acquisition, Common Stock, closing price

4 terms

quarterly retainer financial

"This award represents the equity portion of the Reporting Person's quarterly retainer for service as a director"

Grant, award, or other acquisition regulatory

"transaction_code_description: Grant, award, or other acquisition"

Common Stock financial

"security_title: Common Stock"

Common stock represents ownership shares in a company, giving investors a stake in its success and a say in important decisions through voting rights. It is the most common type of stock traded on markets and can provide income through dividends, as well as potential for value growth. For investors, holding common stock means sharing in the company’s profits and risks.

closing price financial

"which was the closing price of one share of the Issuer's common stock"

FAQ

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

What did Merchants Bancorp (MBIN) director Michael S. Curless report on this Form 4?

Michael S. Curless reported receiving 381 shares of Merchants Bancorp Common Stock as a stock award. The filing classifies this as a grant or other acquisition, reflecting routine equity compensation for his service as a director on the company’s board.

How many Merchants Bancorp (MBIN) shares did Michael S. Curless acquire?

He acquired 381 shares of Merchants Bancorp Common Stock. According to the filing, this entire amount came through a single equity award tied to his quarterly board retainer, and his direct ownership after the transaction totals 381 shares of Common Stock.

At what price was Michael S. Curless’s Merchants Bancorp stock award calculated?

The award was calculated using a price of $46.03 per share. The footnote explains this price was the closing price of Merchants Bancorp common stock on the trading day immediately before the most recent scheduled quarterly board meeting.

What is the purpose of the Merchants Bancorp (MBIN) stock grant to Michael S. Curless?

The stock grant represents the equity portion of his quarterly retainer for serving as a director. The company determined the number of shares by dividing the dollar value of the equity retainer by $46.03 and rounding up to the next whole share.

Is Michael S. Curless’s Merchants Bancorp transaction an open market purchase or a compensation grant?

It is a compensation grant, not an open market purchase. The Form 4 uses transaction code “A” and describes it as a grant, award, or other acquisition, explicitly stating it reflects the equity portion of his quarterly director retainer.

How many Merchants Bancorp shares does Michael S. Curless own after this Form 4 transaction?

After this transaction, he directly owns 381 shares of Merchants Bancorp Common Stock. The Form 4 shows this total in the “shares following transaction” field, indicating that all reported holdings result from this equity award.

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

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Accepted by SEC EDGAR 05/26/2026 - 04:05 PM EDT Learn about SEC filing dates

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^*

Curless Michael S

(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
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/21/2026

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	05/21/2026		A		381	A	$46.03(1)	381	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. This award represents the equity portion of the Reporting Person's quarterly retainer for service as a director of the Issuer. The number of shares awarded was determined by dividing the dollar value of the equity portion by the price shown, which was the closing price of one share of the Issuer's common stock on the day immediately prior to the most recent scheduled quarterly board meeting, and rounding up to the next whole share.

	/s/ Terry A. Oznick, attorney-in-fact	05/26/2026
	** 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)