Merchants Bancorp — Director's Dealing 2025

May 1, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Merchants Bancorp (MBIN)
CIK: 0001629019
Period of Report: 2025-04-30

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2025-04-30	Common Stock	P	1920.00	$29.89	Acquired	99989.00	Direct
2025-04-30	Common Stock	P	3280.00	$30.37	Acquired	103269.00	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	18200.00	Indirect
Series C Depositary Shares	26000.00	Direct
Series D Depositary Shares	4000.00	Direct

Footnotes

F1: The reported price in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $29.17 to $30.17 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 13,378 unvested restricted stock units for which the reporting person does not have voting rights or receive dividends until vested and shares are issued: 6,771 vesting 2/1/2026; 4,829 vesting 2/1/2027, and 1,778 vesting 2/1/2028.

F3: The reported price in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $30.18 to $30.55 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.