Michael Dunlap compensation by year
Merchants Bancorp Summary Compensation Table · all 3 fiscal years held| Component | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Salary | $800,000 | $840,000 | $975,000 |
| Bonus | $0 | $0 | $731,250 |
| Stock awards | $848,014 | $875,530 | $731,260 |
| Option awards | $0 | $0 | $0 |
| Non-equity incentive | $848,100 | $875,600 | $100 |
| Pension and deferred compensation | $0 | $0 | $0 |
| All other | $13,900 | $14,350 | $14,500 |
| Total | $2,510,014 | $2,605,480 | $2,452,110 |
Each year as stated in that year's proxy. A dash means the company reported no figure in that column. Source: Merchants Bancorp DEF 14A filed April 10, 2026, accession 0001104659-26-042047, and prior-year filings. Open the filing on EDGAR.
Equity holdings
unvested awards at FY2025 year-end| Type | Unvested units | Value at year-end | Exercise price |
|---|---|---|---|
| RSU | 50,744 | $1,728,341 | — |
Per the Outstanding Equity Awards at Fiscal Year-End table in Merchants Bancorp's FY2025 proxy; value at the fiscal year-end close, as the company printed it.
Merchants Bancorp’s named executive officers, FY2025
as the company reported each| Named executive officer | Role | FY2025 total |
|---|---|---|
| Michael Dury | President and Chief Executive Officer of Merchants Capital | $6,647,758 |
| Michael Petrie | Chairman of the Board and Chief Executive Officer | $2,534,695 |
| Michael Dunlap · this page | President and Chief Operating Officer of the Company and President and Chief Executive Officer of Merchants Bank | $2,452,110 |
| Martin Schroeter | President – Warehouse Lending | $1,364,500 |
| Sean Sievers | Executive Vice President and Chief Financial Officer | $1,108,268 |
The full Merchants Bancorp compensation record
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Compensation, the day it’s disclosed
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How this record is built
Every figure on this page is one figure from a public SEC filing, printed as the filing states it and cited to the document. Compensation totals are Merchants Bancorp's own disclosed totals, not summed by Velarion. Insider transactions are read from Form 4 filings and cover every line filed since the most recent proxy. Nothing is estimated by Velarion; where the company does not disclose a value the cell reads "—", and a section appears only where the company discloses the data. Corrections: records@velarion.ai.
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