O'Brien Patrick D. 4

What Happened
Patrick D. O'Brien, a director of Merchants Bancorp (MBIN), was granted 381 shares on 2026-05-21 as an equity portion of his quarterly retainer. The shares were valued at $46.03 each, for an aggregate value of $17,537. This was an award/grant (code A), not a market purchase or sale.

Key Details

• Transaction date: 2026-05-21. Filing date (Form 4): 2026-05-26 (filed one business day after the standard two-business-day deadline).
• Transaction type: Award / Grant (A).
• Shares acquired: 381 shares at $46.03 per share; aggregate value $17,537.
• Shares owned after transaction: Not specified in this filing.
• Footnote: The award is the equity portion of the director's quarterly retainer; the share count was set by dividing the dollar retainer amount by the prior trading day's closing price and rounding up. (Footnote F1)
• Timeliness: The Form 4 was filed after the usual two-business-day window, which reduces near-term transparency but does not alter the substance of the award.

Context
This was a routine director compensation award, not a purchase or sale that would indicate a direct trading sentiment. Equity retainer grants are common for board pay and are calculated mechanically based on a set dollar amount and a reference share price. For investors, purchases by insiders can carry different informational weight than routine compensation awards.