Gilroy Sue Anne 4

What Happened
Sue Anne Gilroy, a director of Merchants Bancorp (MBIN), was granted 377 shares as an equity award on February 19, 2026. The award was recorded at a per-share price of $46.45, for a total value of $17,512. This was an equity compensation award (not an open-market purchase or sale).

Key Details

• Transaction date: 2026-02-19
• Transaction type/code: Award/Grant (A) — acquisition of 377 shares
• Price per share: $46.45; total value: $17,512
• Shares owned after transaction: not disclosed in the provided filing excerpt
• Filing date/accession: Report filed 2026-02-19 (same-day reporting in this filing)
• Footnote: The award represents the equity portion of the director’s quarterly retainer. The share count was calculated 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.

Context
This is routine director compensation — equity grants like this are common and reflect pay for board service rather than an open-market view on the stock. The filing indicates the mechanics used to convert the cash value of the retainer into shares (using the closing price the day before the board meeting and rounding up).