Dinwiddie Thomas 4

What Happened
Director Dinwiddie Thomas received an equity award of 381 shares of Merchants Bancorp (MBIN) common stock on 2026-05-21. The shares were valued at $46.03 each (the prior trading-day close), for a total grant value of $17,537. This was an awarded grant (transaction code A), part of routine director compensation rather than an open‑market purchase.

Key Details

• Transaction date: 2026-05-21; Form 4 filed: 2026-05-26 (filing appears timely given the May 25 federal holiday).
• Shares awarded: 381 at $46.03 per share; total value shown: $17,537.
• Shares owned after transaction: not disclosed in the provided filing.
• Footnote: award equals the equity portion of the director's quarterly retainer. The number of shares was computed by dividing the dollar retainer by the prior trading-day closing price and rounding up to the next whole share.
• Transaction code: A = Award/Grant (equity compensation, not a market buy).

Context
Equity awards to directors are common and reflect compensation practices rather than a direct buy/sell signal. Purchases by insiders can be interpreted as more informative about personal conviction; awards typically reflect contractual compensation terms. This filing documents the routine issuance of shares as part of Thomas’s board retainer.