<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/ownership" xmlns:com="http://www.sec.gov/edgar/common">
  <headerData>
    <submissionType>144</submissionType>
    <filerInfo>
      <filer>
        <filerCredentials>
          <cik>0001719796</cik>
          <ccc>XXXXXXXX</ccc>
        </filerCredentials>
      </filer>
      <liveTestFlag>LIVE</liveTestFlag>



    </filerInfo>
  </headerData>
  <formData>
    <issuerInfo>
      <issuerCik>0001629019</issuerCik>
      <issuerName>Merchants Bancorp</issuerName>
      <secFileNumber>001-38258</secFileNumber>
      <issuerAddress>
        <com:street1>410 MONON BLVD</com:street1>
        <com:city>CARMEL</com:city>
        <com:stateOrCountry>IN</com:stateOrCountry>
        <com:zipCode>46032</com:zipCode>
      </issuerAddress>
      <issuerContactPhone>3175697420</issuerContactPhone>
      <nameOfPersonForWhoseAccountTheSecuritiesAreToBeSold>Petrie Jody J.</nameOfPersonForWhoseAccountTheSecuritiesAreToBeSold>
      <relationshipsToIssuer>
        <relationshipToIssuer>10% Stockholder</relationshipToIssuer>
      </relationshipsToIssuer>
    </issuerInfo>
    <securitiesInformation>
      <securitiesClassTitle>Common</securitiesClassTitle>
      <brokerOrMarketmakerDetails>
        <name>The Charles Schwab Corp.</name>
        <address>
          <com:street1>3000 Schwab Way</com:street1>
          <com:city>Westlake</com:city>
          <com:stateOrCountry>TX</com:stateOrCountry>
          <com:zipCode>76262</com:zipCode>
        </address>
      </brokerOrMarketmakerDetails>
      <noOfUnitsSold>10870</noOfUnitsSold>
      <aggregateMarketValue>504911.50</aggregateMarketValue>
      <noOfUnitsOutstanding>45962065</noOfUnitsOutstanding>
      <approxSaleDate>05/01/2026</approxSaleDate>
      <securitiesExchangeName>NASDAQ</securitiesExchangeName>
    </securitiesInformation>
    <securitiesToBeSold>
      <securitiesClassTitle>Common</securitiesClassTitle>
      <acquiredDate>03/16/2021</acquiredDate>
      <natureOfAcquisitionTransaction>Gift</natureOfAcquisitionTransaction>
      <nameOfPersonfromWhomAcquired>Issuer</nameOfPersonfromWhomAcquired>
      <isGiftTransaction>Y</isGiftTransaction>
      <donarAcquiredDate>03/16/2021</donarAcquiredDate>
      <amountOfSecuritiesAcquired>93000</amountOfSecuritiesAcquired>
      <natureOfPayment>Gift</natureOfPayment>
    </securitiesToBeSold>
    <securitiesToBeSold>
      <securitiesClassTitle>Common</securitiesClassTitle>
      <acquiredDate>11/06/2021</acquiredDate>
      <natureOfAcquisitionTransaction>Gift</natureOfAcquisitionTransaction>
      <nameOfPersonfromWhomAcquired>Issuer</nameOfPersonfromWhomAcquired>
      <isGiftTransaction>Y</isGiftTransaction>
      <donarAcquiredDate>11/06/2021</donarAcquiredDate>
      <amountOfSecuritiesAcquired>113636</amountOfSecuritiesAcquired>
      <natureOfPayment>Gift</natureOfPayment>
    </securitiesToBeSold>
    <nothingToReportFlagOnSecuritiesSoldInPast3Months>N</nothingToReportFlagOnSecuritiesSoldInPast3Months>
    <securitiesSoldInPast3Months>
      <sellerDetails>
        <name>MICHAEL F &amp; JODY J PETRIE FOUNDATION</name>
        <address>
          <com:street1>410 MONON BLVD,</com:street1>
          <com:city>Carmel</com:city>
          <com:stateOrCountry>IN</com:stateOrCountry>
          <com:zipCode>46032</com:zipCode>
        </address>
      </sellerDetails>
      <securitiesClassTitle>Common</securitiesClassTitle>
      <saleDate>02/20/2026</saleDate>
      <amountOfSecuritiesSold>6638</amountOfSecuritiesSold>
      <grossProceeds>300036.30</grossProceeds>
    </securitiesSoldInPast3Months>
    <securitiesSoldInPast3Months>
      <sellerDetails>
        <name>MICHAEL F &amp; JODY J PETRIE FOUNDATION</name>
        <address>
          <com:street1>410 MONON BLVD</com:street1>
          <com:city>Carmel</com:city>
          <com:stateOrCountry>IN</com:stateOrCountry>
          <com:zipCode>46032</com:zipCode>
        </address>
      </sellerDetails>
      <securitiesClassTitle>Common</securitiesClassTitle>
      <saleDate>02/03/2026</saleDate>
      <amountOfSecuritiesSold>7143</amountOfSecuritiesSold>
      <grossProceeds>300004.60</grossProceeds>
    </securitiesSoldInPast3Months>
    <remarks>J KAERCHER &amp; J PETRIE &amp; E PELL PETRIE GRANDCHILDREN TRUST U/A DTD 12/27/2019</remarks>
    <noticeSignature>
      <noticeDate>05/01/2026</noticeDate>
      <signature>Jody Petrie</signature>
    </noticeSignature>
  </formData>
</edgarSubmission>
