Sellers Anne E. 4

What Happened
Anne E., a director of Merchants Bancorp (ticker: MBIN), was granted 377 shares on 2026-02-19 as an equity award (transaction code A). The shares were valued at $46.45 each, for a total reported value of $17,512. This was an award/acquisition as part of director compensation, not an open-market purchase.

Key Details

• Transaction date: 2026-02-19; price per share: $46.45; shares acquired: 377; total value: $17,512.
• Transaction type: Award/Grant (code A) — acquisition of shares as compensation.
• Shares owned after the transaction: not specified in this filing.
• Footnote: award represents the equity portion of the director's quarterly retainer; share count was calculated by dividing the dollar value of the equity portion by the prior trading day's closing price and rounding up.
• Filing timeliness: Report filed on 2026-02-19 for the same date; no late filing indicated.

Context
Director share awards are routine compensation and do not necessarily indicate the director is buying or selling based on a view of the company. For retail investors, outright purchases can be a stronger signal of insider conviction; this transaction should be viewed primarily as a regular retainer payment in equity form.