Merchants Bancorp — Director's Dealing 2023

May 4, 2023

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Merchants Bancorp (MBIN)
CIK: 0001629019
Period of Report: 2023-05-04

Reporting Person: Dunlap Michael J. (N/A)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2023-05-04	Common Stock	P	2500.00	$22.13	Acquired	163215.00	Direct
2023-05-04	Series B Depositary Shares	P	1500.00	$17.50	Acquired	1500.00	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	515.82	Indirect

Footnotes

F1: The reported price in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $21.99 to $22.30 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.

F2: Includes 56,017 unvested restricted stock units for which the reporting person does not have voting rights or receive dividends until vested and shares are issued: 31,200 vesting 2/1/2024; 17,881 vesting 2/1/2025; and 6,936 vesting 2/1/2026.

F3: The reported price in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $17.30 to $17.67 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.