Shane David N. 4

What Happened Shane David N., a director of Merchants Bancorp (MBIN), was granted 377 shares on 2026-02-19 at a price of $46.45 per share, totaling $17,512. The Form 4 reports this as an award/acquisition (transaction code A) — a routine equity grant rather than an open-market purchase or sale.

Key Details

• Transaction date and price: 2026-02-19 at $46.45 per share.
• Shares granted: 377; total value reported: $17,512.
• Shares owned after transaction: not specified in the provided filing details.
• Footnote: The award represents the equity portion of the director’s quarterly retainer; the number of shares was calculated by dividing the dollar retainer by the prior trading day’s closing price and rounding up.
• Filing timeliness: Reported and filed on 2026-02-19 (same day), indicating a timely filing.

Context This grant is compensation for board service and is typically routine for directors, meant to align interests with shareholders. Such awards are not the same signal as an open‑market purchase and do not necessarily indicate a personal buy/sell decision by the insider.