<SEC-DOCUMENT>0001949846-23-000073.txt : 20230511
<SEC-HEADER>0001949846-23-000073.hdr.sgml : 20230511
<ACCEPTANCE-DATETIME>20230511144616
ACCESSION NUMBER:		0001949846-23-000073
CONFORMED SUBMISSION TYPE:	144
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20230511
DATE AS OF CHANGE:		20230511

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Merchants Bancorp
		CENTRAL INDEX KEY:			0001629019
		STANDARD INDUSTRIAL CLASSIFICATION:	STATE COMMERCIAL BANKS [6022]
		IRS NUMBER:				205747400
		STATE OF INCORPORATION:			IN
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		144
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	001-38258
		FILM NUMBER:		23910437

	BUSINESS ADDRESS:	
		STREET 1:		410 MONON BLVD
		CITY:			CARMEL
		STATE:			IN
		ZIP:			46032
		BUSINESS PHONE:		3175697420

	MAIL ADDRESS:	
		STREET 1:		410 MONON BLVD
		CITY:			CARMEL
		STATE:			IN
		ZIP:			46032

REPORTING-OWNER:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Petrie Michael F.
		CENTRAL INDEX KEY:			0001718348

	FILING VALUES:
		FORM TYPE:		144

	MAIL ADDRESS:	
		STREET 1:		410 MONON BLVD
		CITY:			CARMEL
		STATE:			IN
		ZIP:			46032
</SEC-HEADER>
<DOCUMENT>
<TYPE>144
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/ownership" xmlns:com="http://www.sec.gov/edgar/common">
  <headerData>
    <submissionType>144</submissionType>
    <filerInfo>
      <filer>
        <filerCredentials>
          <cik>0001718348</cik>
          <ccc>XXXXXXXX</ccc>
        </filerCredentials>
      </filer>
      <liveTestFlag>LIVE</liveTestFlag>


    </filerInfo>
  </headerData>
  <formData>
    <issuerInfo>
      <issuerCik>0001629019</issuerCik>
      <issuerName>Merchants Bancorp</issuerName>
      <secFileNumber>001-38258</secFileNumber>
      <issuerAddress>
        <com:street1>410 MONON BLVD</com:street1>
        <com:city>CARMEL</com:city>
        <com:stateOrCountry>IN</com:stateOrCountry>
        <com:zipCode>46032</com:zipCode>
      </issuerAddress>
      <issuerContactPhone>3175697420</issuerContactPhone>
      <nameOfPersonForWhoseAccountTheSecuritiesAreToBeSold>Petrie Michael F.</nameOfPersonForWhoseAccountTheSecuritiesAreToBeSold>
      <relationshipsToIssuer>
        <relationshipToIssuer>Officer</relationshipToIssuer>
      </relationshipsToIssuer>
    </issuerInfo>
    <securitiesInformation>
      <securitiesClassTitle>Preferred</securitiesClassTitle>
      <brokerOrMarketmakerDetails>
        <name>Charles Schwab Corporation</name>
        <address>
          <com:street1>3000 Schwab Way</com:street1>
          <com:city>Westlake</com:city>
          <com:stateOrCountry>TX</com:stateOrCountry>
          <com:zipCode>76262</com:zipCode>
        </address>
      </brokerOrMarketmakerDetails>
      <noOfUnitsSold>20000</noOfUnitsSold>
      <aggregateMarketValue>440600.00</aggregateMarketValue>
      <noOfUnitsOutstanding>43233618</noOfUnitsOutstanding>
      <approxSaleDate>05/11/2023</approxSaleDate>
      <securitiesExchangeName>Nasdaq</securitiesExchangeName>
    </securitiesInformation>
    <securitiesToBeSold>
      <securitiesClassTitle>Preferred</securitiesClassTitle>
      <acquiredDate>05/06/2021</acquiredDate>
      <natureOfAcquisitionTransaction>Initial Offering</natureOfAcquisitionTransaction>
      <nameOfPersonfromWhomAcquired>Issuer</nameOfPersonfromWhomAcquired>
      <isGiftTransaction>N</isGiftTransaction>
      <amountOfSecuritiesAcquired>120000</amountOfSecuritiesAcquired>
      <paymentDate>05/11/2023</paymentDate>
      <natureOfPayment>Cash</natureOfPayment>
    </securitiesToBeSold>
    <nothingToReportFlagOnSecuritiesSoldInPast3Months>Y</nothingToReportFlagOnSecuritiesSoldInPast3Months>
    <noticeSignature>
      <noticeDate>05/11/2023</noticeDate>
      <signature>Michael F Petrie</signature>
    </noticeSignature>
  </formData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
