Michael J. Dunlap - 27 Jan 2026 Form 4 Insider Report for Merchants Bancorp (MBIN)

Role: President, COO, Director
Signature: /s/ Terry A. Oznick, attorney-in-fact
Issuer symbol: MBIN
Transactions as of: 27 Jan 2026
Net transactions value: $0
Form type: 4
Filing time: 29 Jan 2026, 08:53:17 UTC
Previous filing: 01 May 2025
Next filing: 03 Feb 2026
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
Dunlap Michael J.	President, COO, Director	410 MONON BLVD, CARMEL	/s/ Terry A. Oznick, attorney-in-fact	29 Jan 2026	0001718495

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	MBIN	Common Stock	Award	$0	+20,051	+10%	$0.000000	219,962	27 Jan 2026	Direct	F1, F2

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Unvested restricted stock units for which the reporting person does not have voting rights or receive dividends until vesting and shares are issued.
F2	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.