Merchants Bancorp — Director's Dealing 2025

Feb 4, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Merchants Bancorp (MBIN)
CIK: 0001629019
Period of Report: 2025-02-01

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2025-02-01	Common Stock	F	3758.00	$41.93	Disposed	98069.00	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: Represents the number of shares withheld upon vesting of restricted stock units to cover tax withholding obligations.

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.