X0306 4 2022-12-14 false 0001629019 Merchants Bancorp MBIN 0001718356 Dury Michael R. 410 MONON BOULEVARD CARMEL IN 46032 false true false false CEO of Merchants Capital Common Stock 2022-12-14 4 A false 10000.00 25.10 A 103260.00 D Common Stock 348.75 I By ESOP Series A Preferred Stock 4000.00 D Series C Depositary Shares 12000.00 D Series D Depositary Shares 4000.00 D The reported price in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $24.85 to $25.34 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 18,517 unvested restricted stock units for which the reporting person does not have voting rights or receive dividends until vested and shares are issued: 8,537 vesting 2/1/2023; 6,433 vesting 2/1/2024; and 3,547 vesting 2/1/2025. /s/ Terry A. Oznick, attorney-in-fact 2022-12-14