Merchants Bancorp director gets 381-share grant

Dinwiddie Thomas reported acquisition or exercise transactions in this Form 4 filing.

Rhea-AI Filing Summary

Dinwiddie Thomas reported acquisition or exercise transactions in this Form 4 filing.

Merchants Bancorp director Thomas Dinwiddie received a grant of 381 shares of common stock on May 21, 2026. The award represents the equity portion of his quarterly retainer as a director, valued using the prior day’s closing price of $46.03 per share. Following this routine compensation grant, he holds 22,766 common shares directly.

Insider Trade Summary

Grant/Award: 381 shares

Grant/Award 1 txn

Insider Dinwiddie Thomas

Role Director

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

Holdings After Transaction: Common Stock — 22,766 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 awarded: 381 shares Reference price per share: $46.03 per share Shares held after award: 22,766 shares +2 more

5 metrics

Shares awarded 381 shares Equity portion of quarterly director retainer on May 21, 2026

Reference price per share $46.03 per share Closing price of common stock prior to board meeting

Shares held after award 22,766 shares Total direct common stock holdings after the grant

Transaction code A (grant/award acquisition) Form 4 non-derivative common stock transaction

Transaction direction Acquire Stock received as compensation, not bought in market

Key Terms

Common Stock, quarterly retainer, equity portion, closing price, +1 more

5 terms

Common Stock financial

"security_title: "Common Stock" for the reported transaction"

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.

quarterly retainer financial

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

equity portion financial

"represents the equity portion of the Reporting Person's quarterly retainer"

closing price financial

"dividing the dollar value of the equity portion by the price shown, which was the closing price of one share"

Form 4 regulatory

"INSIDER FILING DATA (Form 4)"

Form 4 is a official document that company insiders, such as executives or major shareholders, file with regulators whenever they buy or sell company shares. It provides transparency about how those with inside knowledge are trading, helping investors see if insiders are confident in the company's prospects or may be selling for personal reasons. This information can influence investor decisions by revealing insiders' perspectives on the company's value.

FAQ

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

What insider transaction did Merchants Bancorp (MBIN) report for Thomas Dinwiddie?

Merchants Bancorp reported that director Thomas Dinwiddie received 381 shares of common stock as a stock award. This grant represents the equity portion of his quarterly director retainer, calculated using the prior day’s closing price of the company’s common stock.

Was the MBIN Dinwiddie Form 4 transaction an open-market purchase or a grant?

The Dinwiddie transaction was a stock grant, not an open-market purchase. It reflects a routine equity award for board service, where shares are issued as part of his quarterly retainer rather than bought on the open market by the director.

How many Merchants Bancorp (MBIN) shares were awarded to director Dinwiddie?

Director Thomas Dinwiddie was awarded 381 shares of Merchants Bancorp common stock. The number of shares was determined by dividing the equity portion’s dollar value by the prior day’s closing price and rounding up to the next whole share.

At what price was the Dinwiddie MBIN equity award calculated?

The equity award to Thomas Dinwiddie was calculated using a reference price of $46.03 per share. This represents the closing price of Merchants Bancorp common stock on the day immediately before the most recent scheduled quarterly board meeting.

What are Thomas Dinwiddie’s MBIN holdings after this stock award?

After receiving the 381-share stock award, Thomas Dinwiddie holds 22,766 shares of Merchants Bancorp common stock directly. This figure reflects his total reported direct ownership position following the routine quarterly director compensation grant.

Why did Merchants Bancorp grant stock to director Dinwiddie instead of cash?

The filing states the 381 shares represent the equity portion of Thomas Dinwiddie’s quarterly director retainer. Companies often pay part of director compensation in stock to align directors’ interests with shareholders by giving them direct ownership in the company.

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

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Accepted by SEC EDGAR 05/26/2026 - 04:16 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^*

Dinwiddie Thomas

(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)	22,766	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.

Remarks:

	/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)