X0508 4 2025-04-29 false 0001629019 Merchants Bancorp MBIN 0001718495 Dunlap Michael J. 410 MONON BLVD CARMEL IN 46032 true true false false President, COO false Common Stock 2025-04-29 4 P false 3429.00 30.56 A 199340.00 D Common Stock 2025-04-29 4 P false 571.00 30.80 A 199911.00 D The reported price in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $29.75 to $30.67 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 50,744 unvested restricted stock units for which the reporting person does not have voting rights or receive dividends until vested and shares are issued: 25,413 vesting 2/1/2026; 18,477 vesting 2/1/2027, and 6,854 vesting 2/1/2028. The reported price in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $30.79 to $30.80 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 2025-04-30