Dunlap Michael J. 4

What Happened
Michael J. Dunlap, President, Chief Operating Officer and a director of Merchants Bancorp, was granted 20,051 restricted stock units (RSUs) on January 27, 2026. The grant is reported at a $0.00 acquisition price (i.e., no cash paid by the insider). This was an equity award rather than an open-market purchase or sale.

Key Details

• Transaction date: 2026-01-27; Form 4 filed: 2026-01-29 (timely filed within usual 2-business-day window).
• Transaction type/code: Award/Grant (A).
• Shares/units granted: 20,051 RSUs; reported acquisition price: $0.00.
• Shares owned after transaction: Not stated in the provided excerpt of the filing.
• Footnotes:
  • F1 — These are unvested restricted stock units; the reporting person has no voting rights or dividend rights on them until they vest and shares are issued.
  • F2 — The filing also references 70,795 unvested RSUs with a vesting schedule: 25,413 vest 2/1/2026; 25,160 vest 2/1/2027; 13,538 vest 2/1/2028; 6,684 vest 2/1/2029.

Context
RSU grants are a form of compensation that typically vest over time; they do not represent immediate cash or voting/dividend rights until vested. Awards like this are common for executives and should not be interpreted as a direct open-market purchase or sale signal.