Vanguard Portfolio Management (FRME) reports 3.41M shares, 5.37% stake

Rhea-AI Filing Summary

First Merchants Corp ownership filing reports that Vanguard Portfolio Management beneficially owned 3,408,096 shares of Common Stock, representing 5.37% of the class as of 03/31/2026. The filing shows sole voting power for 49,062 shares and sole dispositive power for 3,408,096 shares. The disclosure states holdings include securities held for Vanguard funds and other managed accounts and lists affiliated entities that exercise voting or dispositive power for certain sleeves.

Insights

Institutional Ownership Analyst

Vanguard reports a >5% stake in First Merchants, shown as beneficial ownership through managed accounts.

The filing documents 3,408,096 shares (5.37%) held as of 03/31/2026, with voting and dispositive power concentrated in Vanguard Portfolio Management and affiliates. This is a passive ownership disclosure typical for investment managers.

Watch subsequent filings for changes in percentage or voting power; timing and cash‑flow treatment are not specified in the excerpt.

Corporate Governance Specialist

Disclosure clarifies voting/dispositive arrangements across Vanguard entities.

The comment explains that dispositive power covers shares held by Vanguard funds and sleeves, and names affiliates (Vanguard Fiduciary Trust Company, Vanguard Global Advisers, LLC). This clarifies which business units exercise control over voting or disposition for reported shares.

Material governance effects depend on future changes in voting power or additional ownership filings.

Key Figures

Beneficially owned: 3,408,096 shares Percent of class: 5.37% Sole voting power: 49,062 shares +3 more

6 metrics

Beneficially owned 3,408,096 shares as of 03/31/2026

Percent of class 5.37% reported on Schedule 13G

Sole voting power 49,062 shares voting power reported in Item 4(c)(i)

Sole dispositive power 3,408,096 shares dispositive power reported in Item 4(c)(iii)

CUSIP 320817109 security identifier on the filing

Filing date (signature) 04/29/2026 signature date on Schedule 13G

Key Terms

Schedule 13G, beneficially owned, sole dispositive power, Vanguard funds sleeves

4 terms

Schedule 13G regulatory

"Name of person filing: Vanguard Portfolio Management"

A Schedule 13G is a formal document that investors file with the government when they acquire a large ownership stake in a company, usually for investment purposes rather than control. It helps keep the public informed about who owns significant parts of a company's shares, which can influence how the company is managed and how investors make decisions. Filing this schedule is important for transparency and understanding the ownership landscape of publicly traded companies.

beneficially owned financial

"Amount beneficially owned: 3408096"

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

sole dispositive power regulatory

"Sole power to dispose or to direct the disposition of: 3408096"

Sole dispositive power is the exclusive legal authority to decide what happens to a security — for example, whether to sell, transfer, or retain shares — without needing anyone else’s permission. Investors care because it signals who truly controls the economic outcome of an investment: like holding the only key to a safe, the holder can realize gains or losses and may trigger regulatory reporting, insider rules, or influence over corporate ownership.

Vanguard funds sleeves financial

"includes securities held by Vanguard funds, or sleeves thereof"

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

First Merchants Corp

(Name of Issuer)

Common Stock

(Title of Class of Securities)

320817109

(CUSIP Number)

03/31/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 320817109

1

Names of Reporting Persons

Vanguard Portfolio Management

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

PENNSYLVANIA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 49,062.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 3,408,096.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,408,096.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.37 %

12

Type of Reporting Person (See Instructions)

IA

Comment for Type of Reporting Person: In accordance with SEC Release No. 34-39538 (January 12, 1998), this Schedule 13G reflects the securities beneficially owned, or deemed to be beneficially owned, by Vanguard Portfolio Management LLC and the following affiliates of Vanguard Portfolio Management LLC or business divisions of such affiliates: Vanguard Fiduciary Trust Company and Vanguard Global Advisers, LLC. This Schedule 13G includes securities held by Vanguard funds, or sleeves thereof, over which Vanguard Portfolio Management LLC exercises dispositive power, in addition to securities held by clients over which the affiliates or business divisions of such affiliates indicated above exercise dispositive and/or voting power. This Schedule 13G does not include securities, if any, beneficially owned by other subsidiaries or affiliates of Vanguard Portfolio Management LLC, or business divisions of such subsidiaries whose ownership of securities is disaggregated from that of the reporting business unit in accordance with such release.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: First Merchants Corp
(b)	Address of issuer's principal executive offices: 200 East Jackson Street, Muncie, IN, 47305
Item 2.
(a)	Name of person filing: Vanguard Portfolio Management
(b)	Address or principal business office or, if none, residence: 100 Vanguard Blvd,, Malvern, PA, 19355
(c)	Citizenship: PA
(d)	Title of class of securities: Common Stock
(e)	CUSIP Number(s): 320817109
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 3408096
(b)	Percent of class: 5.37 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 49062
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 3408096
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. Vanguard Portfolio Management, including investment companies registered under the Investment Company Act of 1940 and other managed accounts, have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the securities reported herein.No one other person's interest in the securities reported herein is more than 5%.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Vanguard Portfolio Management

Signature:	Ashley Grim
Name/Title:	Head of Global Fund Administration
Date:	04/29/2026

FAQ

How many First Merchants (FRME) shares does Vanguard Portfolio Management report owning?

Vanguard Portfolio Management reports beneficially owning 3,408,096 shares of First Merchants Common Stock as of 03/31/2026. The filing lists voting and dispositive power details tied to Vanguard entities and managed accounts.

What percentage of First Merchants stock does this filing represent?

The reported stake represents 5.37% of the outstanding Common Stock as disclosed in the filing. The percentage is tied to the ownership amount stated as of 03/31/2026 in the Schedule 13G.

Who holds the voting and dispositive powers for the reported shares?

The filing shows sole voting power for 49,062 shares and sole dispositive power for 3,408,096 shares, attributing dispositive or voting authority to Vanguard Portfolio Management and named affiliates.

Does the filing indicate Vanguard owns shares on behalf of funds or clients?

Yes. The statement explains holdings include securities held by Vanguard funds or sleeves and other managed accounts where Vanguard Portfolio Management or its affiliates exercise dispositive or voting power.

What CUSIP is associated with the reported security?

The filing lists the CUSIP for First Merchants Common Stock as 320817109, which is shown on the Schedule 13G cover information for identification purposes.