X0306 4 2020-01-02 false 0001629019 Merchants Bancorp MBIN 0001719236 Kucer Susan Dehner 410 MONON BLVD CARMEL IN 46032 false true false false Indianpolis Market President Common Stock 2020-01-02 4 S false 1518.00 19.6956 D 13271.00 D 8 % Non-Cumulative, Perpetual Preferred Stock 250.00 D Series A Preferred Stock 8000.00 D These shares were part of an automatic sell to cover transaction to satisfy tax withholding obligations in connection with the vesting of restricted stock units and do no represent discretionary trades by the reporting person. The reported price in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $19.70 to $19.56 per share, inclusive. The reporting person undertakes to provide the issuer, any security holder of the issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote. Includes 6,688 unvested restricted stock units for which the reporting person does not have voting rights or receive dividends until vested and shares are issued: 3,893 vesting 12/31/2020 and 2,795 vesting 12/31/2021 /s/ Terry A. Oznick, attorney-in-fact 2020-01-03