Director Mark E. Shaffer receives 381-share equity retainer at Merchants Bancorp (MBIN)

Rhea-AI Filing Summary

Shaffer Mark E. reported acquisition or exercise transactions in this Form 4 filing.

Merchants Bancorp director Mark E. Shaffer received a stock grant as part of his board compensation. On May 21, 2026, he was awarded 381 shares of Merchants Bancorp common stock at a reference price of $46.03 per share.

According to the disclosure, this award represents the equity portion of his quarterly retainer for serving as a director. After this grant, Shaffer directly holds 381 shares of Merchants Bancorp common stock, and there are no related derivative positions reported in this filing.

Insights

Equity compensation analyst

Routine director equity grant with limited signaling value.

The transaction is a Form 4 reporting that director Mark E. Shaffer received 381 shares of Merchants Bancorp common stock as the equity portion of his quarterly retainer. The price reference of $46.03 is the prior-day closing price, not a negotiated purchase price.

This is a non-market, compensation-related grant/award, categorized as an acquisition with code "A". It does not reflect an open-market buy or sell decision and therefore carries limited insight into the director’s short-term view of the stock.

The filing shows total direct holdings of 381 shares following the grant and no derivative positions. Overall, this is a routine governance and compensation event rather than a thesis-changing development, so the sentiment is neutral.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Shaffer Mark E.

Role null

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

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

Footnotes (1)

1. [object Object]

Key Figures

Shares granted: 381 shares Reference share price: $46.03 per share Total shares after transaction: 381 shares

3 metrics

Shares granted 381 shares Equity portion of quarterly director retainer

Reference share price $46.03 per share Closing price prior to quarterly board meeting

Total shares after transaction 381 shares Direct holdings of Mark E. Shaffer following grant

Key Terms

quarterly retainer, Grant, award, or other acquisition, Form 4, 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""

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.

closing price financial

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

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Form 4 Insider Transactions: What Each Field Means →

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^*

Shaffer Mark E.

(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.

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)

FAQ

What insider transaction did Mark E. Shaffer report for Merchants Bancorp (MBIN)?

Mark E. Shaffer reported receiving a grant of 381 shares of Merchants Bancorp common stock. The award is the equity portion of his quarterly director retainer, using $46.03, the prior-day closing price, to calculate shares and rounded up to the next whole share.

Was the Merchants Bancorp (MBIN) Form 4 transaction an open-market purchase or sale?

The Form 4 shows a compensation-related grant, not an open-market trade. Code “A” identifies the transaction as a grant, award, or other acquisition, representing the equity portion of director Mark E. Shaffer’s quarterly retainer, based on the prior-day closing share price.

How many Merchants Bancorp (MBIN) shares does Mark E. Shaffer hold after this Form 4?

After the reported grant, Mark E. Shaffer directly holds 381 shares of Merchants Bancorp common stock. All 381 shares come from this single equity award tied to his quarterly retainer for board service, and no additional derivative holdings are shown in this filing.

What price was used to determine the size of Mark E. Shaffer’s Merchants Bancorp stock award?

The number of shares was calculated using a price of $46.03 per share. This reflects the closing price of Merchants Bancorp common stock on the day immediately before the most recent scheduled quarterly board meeting, then rounded up to the next whole share.

Why did Mark E. Shaffer receive Merchants Bancorp (MBIN) shares in this Form 4 filing?

He received the shares as the equity portion of his quarterly retainer for serving as a director. The dollar value of that equity component was divided by $46.03, the prior-day closing price, and the resulting amount was rounded up to determine the 381 shares granted.