Merchants Bancorp — Director's Dealing 2021

May 10, 2021

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Merchants Bancorp (MBIN)
CIK: 0001629019
Period of Report: 2021-04-15

Reporting Person: Dury Michael R. (N/A)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2021-04-15	8% Non-Cumulative, Perpetual Preferred Stock	D	300.00	$1000.00	Disposed	0.00	Direct
2021-05-06	Series C Depositary Shares	A	12000.00	$25.00	Acquired	12000.00	Direct
2021-02-03	Common Stock	A	144.7677	$0.00	Acquired	144.7677	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	54114.00	Direct
Series A Preferred Stock	4000.00	Direct

Footnotes

F1: Includes 9,883 unvested restricted stock units for which the reporting person does not have voting rights or receive dividends until vested and shares are issued: 4,632 vesting 2/1/2022; 3,327 vesting 2/1/2023; and 1,924 vesting 2/1/2024