X0508 4 2023-11-02 false 0001629019 Merchants Bancorp MBIN 0001718506 Rogers Randall D. 410 MONON BOULEVARD CARMEL IN 46032 true true false false Vice Chairman false Common Stock 2023-11-02 4 S false 332.00 31.50 D 97562.00 I Trustee of The Randall D. & Mary H. Rogers 2021 CRUT Common Stock 2023-11-02 4 S false 397.00 31.50 D 872603.00 I Spouse is Trustee of the Carey Rogers Kulongoski Irrevocable GST Trust 2010 Common Stock 2023-11-03 4 S false 34264.00 31.61 D 63298.00 I Trustee of The Randall D. & Mary H. Rogers 2021 CRUT Common Stock 2023-11-03 4 S false 38062.00 31.64 D 834541.00 I Spouse is Trustee of the Carey Rogers Kulongoski Irrevocable GST Trust 2010 Common Stock 2023-11-03 4 S false 40000.00 31.63 D 833000.00 I Spouse is Trustee of the Katherine H. Rogers Irrevocable GST Trust 2011 Common Stock 2023-11-03 4 S false 25788.00 31.56 D 847212.00 I Spouse is Trustee of the Randall D. Rogers, Jr. Irrevocable GST Trust 2011 Common Stock 645729.00 D Common Stock 233.00 I By ESOP Series C Depositary Shares 200000.00 D Series C Depositary Shares 22000.00 I Spouse is Trustee of The Mary Holliday Rogers 2019 CRAT Series C Depositary Shares 20000.00 I Spouse is Trustee of The Mary Holliday Rogers Trust Series C Depositary Shares 26000.00 I Trustee of The Randall D. & Mary H. Rogers 2020 CRUT Series C Depositary Shares 13155.00 I Trustee of The Randall D. & Mary H. Rogers 2021 CRUT The reported price in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $31.50 to $31.75 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. The reported price in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $31.50 to $32.05 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. /s/ Terry A. Oznick, attorney-in-fact 2023-11-03