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: Dunlap Michael J. (N/A)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2025-02-01	Common Stock	F	9557.00	$41.93	Disposed	195911.00	Direct

Footnotes

F1: Represents the number of shares withheld upon vesting of restricted stock units to cover tax withholding obligations.

F2: Includes 50,744 unvested restricted stock units for which the reporting person does not have voting rights or receive dividends until vested and shares are issued: 25,413 vesting 2/1/2026; 18,477 vesting 2/1/2027, and 6,854 vesting 2/1/2028.