X0508 4 2025-09-15 false 0001629019 Merchants Bancorp MBIN 0002035266 Sievers Sean A. 410 MONON BLVD. CARMEL IN 46032 false true false false CHIEF FINANCIAL OFFICER false Series D Depositary Shares 2025-09-15 4 P false 3000.00 24.87 A 3000.00 D Common Stock 8207.00 D The reported price in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $24.88 to $24.86 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 2,261 unvested restricted stock units for which the reporting person does not have voting rights or receive dividends until vesting and shares are issued: 753 vesting 2/1/2026; 754 vesting 2/1/2027, and 754 vesting 2/1/2028. /s/ Terry A. Oznick, attorney-in-fact 2025-09-17