Dinwiddie Thomas 4

What Happened

• Dinwiddie Thomas, a director of Merchants Bancorp (MBIN), was granted 377 shares as an equity award on February 19, 2026. The shares were recorded at $46.45 each, for a total value of approximately $17,512. This transaction is an award (code A) — a compensation grant rather than an open-market purchase or sale.

Key Details

• Transaction date: 2026-02-19; Price per share: $46.45; Shares granted: 377; Total value ≈ $17,512.
• Transaction type: Award/Grant (code A) — equity portion of director retainer.
• Shares owned after transaction: Not specified in the provided filing.
• Footnote: The award equals 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 closing price and rounding up to the next whole share.
• Filing: Report filed for the period 2026-02-19 (timely as reported).

Context

• Equity awards to directors are common as part of routine compensation and do not necessarily signal personal buying or selling intent. This was a grant (no exercise or sale occurred) that increases the director’s holdings but is primarily compensation, not an independent investment purchase.