<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/schedule13g" xmlns:com="http://www.sec.gov/edgar/common">
  <schemaVersion>X0202</schemaVersion>
<headerData>
    <submissionType>SCHEDULE 13G/A</submissionType>
    <previousAccessionNumber>0001104659-18-008097</previousAccessionNumber>
    <filerInfo>
      <filer>
        <filerCredentials>
          <!-- Field: Pseudo-Tag; ID: Name; Data: Rogers Randall D. -->
          <cik>0001718506</cik>
          <ccc>XXXXXXXX</ccc>
        </filerCredentials>
      </filer>
      <liveTestFlag>LIVE</liveTestFlag>


    </filerInfo>
  </headerData>
  <formData>
    <coverPageHeader>
      <amendmentNo>8</amendmentNo>
      <securitiesClassTitle>Common Stock</securitiesClassTitle>
      <eventDateRequiresFilingThisStatement>02/09/2026</eventDateRequiresFilingThisStatement>
      <issuerInfo>
        <issuerCik>0001629019</issuerCik>
        <issuerName>Merchants Bancorp</issuerName>
        <issuerCusips>
          <issuerCusipNumber>58844R108</issuerCusipNumber>
        </issuerCusips>
        <issuerPrincipalExecutiveOfficeAddress>
          <com:street1>410 Monon Boulevard</com:street1>
          <com:city>Carmel</com:city>
          <com:stateOrCountry>IN</com:stateOrCountry>
          <com:zipCode>46032</com:zipCode>
        </issuerPrincipalExecutiveOfficeAddress>
      </issuerInfo>
      <designateRulesPursuantThisScheduleFiled>
        <designateRulePursuantThisScheduleFiled>Rule 13d-1(d)</designateRulePursuantThisScheduleFiled>
      </designateRulesPursuantThisScheduleFiled>
    </coverPageHeader>
    <coverPageHeaderReportingPersonDetails>


      <reportingPersonName>Randall D. Rogers</reportingPersonName>
      <memberGroup>a</memberGroup>
      <citizenshipOrOrganization>X1</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>2740423.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>2740423.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>2740423.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>6.0</classPercent>
      <typeOfReportingPerson>IN</typeOfReportingPerson>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>

      <reportingPersonName>Mary H. Rogers</reportingPersonName>
      <memberGroup>a</memberGroup>
      <citizenshipOrOrganization>X1</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>2740423.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>2740423.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>2740423.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>6.0</classPercent>
      <typeOfReportingPerson>IN</typeOfReportingPerson>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>

      <reportingPersonName>Katherine H. Rogers</reportingPersonName>
      <memberGroup>a</memberGroup>
      <citizenshipOrOrganization>X1</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>2063470.00</soleVotingPower>
        <sharedVotingPower>0.00</sharedVotingPower>
        <soleDispositivePower>2063470.00</soleDispositivePower>
        <sharedDispositivePower>0.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>2063470.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>4.5</classPercent>
      <typeOfReportingPerson>IN</typeOfReportingPerson>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>

      <reportingPersonName>Carey Rogers Kulongoski</reportingPersonName>
      <memberGroup>a</memberGroup>
      <citizenshipOrOrganization>X1</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>2750208.00</soleVotingPower>
        <sharedVotingPower>0.00</sharedVotingPower>
        <soleDispositivePower>2750208.00</soleDispositivePower>
        <sharedDispositivePower>0.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>2750208.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>6.0</classPercent>
      <typeOfReportingPerson>IN</typeOfReportingPerson>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>

      <reportingPersonName>Randall D. Rogers, Jr.</reportingPersonName>
      <memberGroup>a</memberGroup>
      <citizenshipOrOrganization>X1</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>3775767.00</soleVotingPower>
        <sharedVotingPower>0.00</sharedVotingPower>
        <soleDispositivePower>3775767.00</soleDispositivePower>
        <sharedDispositivePower>0.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>3775767.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>8.3</classPercent>
      <typeOfReportingPerson>IN</typeOfReportingPerson>
    </coverPageHeaderReportingPersonDetails>
    <items>
      <item1>
        <issuerName>Merchants Bancorp</issuerName>
        <issuerPrincipalExecutiveOfficeAddress>410 Monon Boulevard, Carmel, IN 46032</issuerPrincipalExecutiveOfficeAddress>
      </item1>
      <item2>
        <filingPersonName>Randall D. Rogers
Mary H. Rogers
Katherine H. Rogers
Carey Rogers Kulongoski
Randall D. Rogers, Jr.

Randall D. Rogers, Mary H. Rogers, Katherine H. Rogers, Carey Rogers Kulongoski, and Randall D. Rogers, Jr. have entered into a Joint Filing Agreement pursuant to which they have agreed to file this Schedule 13G Amendment jointly in accordance with the provisions of Rule 13d-1(k) of the Act.</filingPersonName>
        <principalBusinessOfficeOrResidenceAddress>410 Monon Boulevard, Carmel, IN 46032</principalBusinessOfficeOrResidenceAddress>
        <citizenship>United States</citizenship>
      </item2>
      <item4>
        <amountBeneficiallyOwned>Randall D. Rogers - 2,740,423
Mary H. Rogers - 2,740,423
Katherine H. Rogers - 2,063,470
Carey Rogers Kulongoski - 2,750,208
Randall D. Rogers, Jr. - 3,775,767</amountBeneficiallyOwned>
        <classPercent>6.0%
6.0%
4.5%
6.0%
8.3%</classPercent>
        <numberOfSharesPersonHas>
          <solePowerOrDirectToVote>0
0
2,063,470
2,750,208
3,775,767</solePowerOrDirectToVote>
          <sharedPowerOrDirectToVote>2,740,423
2,740,423
0
0
0</sharedPowerOrDirectToVote>
          <solePowerOrDirectToDispose>0
0
2,063,470
2,750,208
3,775,767</solePowerOrDirectToDispose>
          <sharedPowerOrDirectToDispose>2,740,423
2,740,423
0
0
0</sharedPowerOrDirectToDispose>
        </numberOfSharesPersonHas>
      </item4>
      <item5>
        <notApplicableFlag>N</notApplicableFlag>
        <classOwnership5PercentOrLess>Y</classOwnership5PercentOrLess>
      </item5>
      <item6>
        <notApplicableFlag>Y</notApplicableFlag>
      </item6>
      <item7>
        <notApplicableFlag>Y</notApplicableFlag>
      </item7>
      <item8>
        <notApplicableFlag>Y</notApplicableFlag>
      </item8>
      <item9>
        <notApplicableFlag>Y</notApplicableFlag>
      </item9>
      <item10>
        <notApplicableFlag>Y</notApplicableFlag>
      </item10>
    </items>
    <signatureInformation>
      <reportingPersonName>Randall D. Rogers</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Randall D. Rogers</signature>
        <title>Randall D. Rogers</title>
        <date>04/06/2026</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>Mary H. Rogers</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Mary H. Rogers</signature>
        <title>Mary H. Rogers</title>
        <date>04/06/2026</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>Katherine H. Rogers</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Katherine H. Rogers</signature>
        <title>Katherine H. Rogers</title>
        <date>04/06/2026</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>Carey Rogers Kulongoski</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Carey Rogers Kulongoski</signature>
        <title>Carey Rogers Kulongoski</title>
        <date>04/06/2026</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>Randall D. Rogers, Jr.</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Randall D. Rogers, Jr.</signature>
        <title>Randall D. Rogers, Jr.</title>
        <date>04/06/2026</date>
      </signatureDetails>
    </signatureInformation>
  </formData>
</edgarSubmission>
