X0508 4 2025-01-28 false 0001629019 Merchants Bancorp MBIN 0001718816 Evans Scott A. 410 MONON BLVD CARMEL IN 46032 true true false false Lynn Market President true Common Stock 2025-01-28 4 A false 4476.00 0.00 A 52606.00 D Common Stock 2025-01-29 4 S false 25000.00 43.10 D 27606.00 D Unvested restricted stock units for which the reporting person does not have voting rights or receive dividends until vesting and shares are issued: 1,492 vesting 2/1/2026; 1,492 vesting 2/1/2027, and 1,492 vesting 2/1/2028. Includes 18,144 unvested restricted stock units for which the reporting person does not have voting rights or receive dividends until vested and shares are issued: 6,981 vesting 2/1/2025; 5,636 vesting 2/1/2026; 4,035 vesting 2/1/2027, and 1,492 vesting 2/1/2028. Sales were pursuant to a 10b5-1 stock trading plan dated August 7, 2024 The reported price in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $43.00 to $43.82 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 2025-01-29