JUSTER ANDREW 4

What Happened

• Andrew Juster, a director of Merchants Bancorp (MBIN), received an award of 381 shares on May 21, 2026. The shares were valued at $46.03 each, for a total value of $17,537. The transaction is coded as an award/grant (A) — not an open-market purchase or sale — and represents compensation for board service.

Key Details

• Transaction date and terms: 2026-05-21 — 381 shares @ $46.03 per share; total $17,537 (code A: award/acquisition).
• Filing date: Form 4 filed 2026-05-26. This filing falls within the two business-day window when accounting for the May 25, 2026 federal holiday.
• Shares owned after transaction: Not specified in the disclosed filing.
• Footnote: The award is the equity portion of the director’s quarterly retainer. Shares were determined by dividing the dollar value of the equity retainer by the prior trading day’s closing price and rounding up to the next whole share.
• Transaction type: Director compensation by equity grant (routine, not a market trade).

Context

• Director equity awards like this are routine compensation and do not necessarily indicate the director’s personal buying or selling sentiment. Such grants are common for aligning director interests with shareholders; purchases (personal cash buys) typically carry more interpretive weight for investor sentiment.