Michael J. Dunlap - 01 Feb 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: 01 Feb 2026
Net transactions value: -$321,978
Form type: 4
Filing time: 03 Feb 2026, 16:21:39 UTC
Previous filing: 29 Jan 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	03 Feb 2026	0001718495

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	MBIN	Common Stock	Tax liability	$321,978	-7,766	-3.5%	$41.46	212,196	01 Feb 2026	Direct	F1, F2

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

Explanation of Responses:

Id	Content
F1	Represents the number of shares withheld upon vesting of restricted stock units to cover tax withholding obligations.
F2	Includes 45,382 unvested restricted stock units for which the reporting person does not have voting rights or receive dividends until vested and shares are issued: 25,160 vesting 2/1/2027; 13,538 vesting 2/1/2028; and 6,684 vesting 2/1/2029.