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: Petrie Michael F. (N/A)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2025-02-01	Common Stock	F	12107.00	$41.93	Disposed	2001419.00	Direct
2025-02-03	Common Stock	G	72464.00	$0.00	Disposed	2410152.00	Indirect
2025-02-04	Common Stock	G	11991.00	$0.00	Disposed	1989428.00	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	2111868.00	Indirect
Common Stock	1425000.00	Indirect
Common Stock	1425000.00	Indirect
Common Stock	2611424.00	Indirect
Common Stock	674729.00	Indirect
Series C Depositary Shares	100000.00	Direct

Footnotes

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

F2: Includes 58,203 unvested restricted stock units for which the reporting person does not have voting rights or receive dividends until vested and shares are issued: 29,807 vesting 2/1/2026; 20,736 vesting 2/1/2027, and 7,660 vesting 2/1/2028.