Michael J. Dunlap, President and Chief Operating Officer of Merchants Bancorp, filed a Form 4 on November 3, 2026, disclosing a disposition of 3,700 shares of common stock on October 30, 2026, via gift at a price of $0.00.

Key Highlights

  • Reporting person: Michael J. Dunlap, Director, President, and COO of Merchants Bancorp (NASDAQ:MBIN)
  • Transaction: 3,700 shares of common stock disposed of with transaction code G (gift) on October 30, 2026, at a price of $0.00
  • Post-transaction ownership: Dunlap directly beneficially owned 208,496 shares following the reported transaction
  • Unvested RSUs included: The 208,496 share total includes 45,382 unvested restricted stock units for which Dunlap does not have voting rights or receive dividends until vested
  • RSU vesting schedule: 25,160 RSUs vesting 2/1/2027; 13,538 vesting 2/1/2028; and 6,684 vesting 2/1/2029, per the filing

Dunlap's October 2026 Gift Transaction and Beneficial Ownership at Merchants Bancorp

According to the Form 4 filed with the SEC on November 3, 2026, Michael J. Dunlap, who serves as both a Director and President and Chief Operating Officer of Merchants Bancorp (NASDAQ:MBIN), disposed of 3,700 shares of common stock on October 30, 2026. The filing identifies the transaction code as G, indicating the disposition was a gift, with a reported price of $0.00 per share. The form was filed by one reporting person and covers direct ownership.

Following the reported transaction, the filing states that Dunlap directly and beneficially owned 208,496 shares of Merchants Bancorp common stock. The filing notes that this total includes 45,382 unvested restricted stock units. Per the filing's explanation of responses, Dunlap "does not have voting rights or receive dividends until vested and shares are issued" with respect to those RSUs. The RSUs are scheduled to vest in three tranches: 25,160 on February 1, 2027; 13,538 on February 1, 2028; and 6,684 on February 1, 2029.

The form was signed by Terry A. Oznick as attorney-in-fact on November 3, 2026. No derivative securities transactions were reported in Table II of the filing. The filing does not indicate that the transaction was made pursuant to a Rule 10b5-1(c) plan.

What Was Disclosed

Merchants Bancorp Director and COO Michael J. Dunlap disclosed a gift of 3,700 common shares on October 30, 2026, at $0.00, leaving him with 208,496 directly held shares, including 45,382 unvested RSUs, according to the Form 4 filing.