<SEC-DOCUMENT>0001949846-23-000217.txt : 20230731
<SEC-HEADER>0001949846-23-000217.hdr.sgml : 20230731
<ACCEPTANCE-DATETIME>20230731122741
ACCESSION NUMBER:		0001949846-23-000217
CONFORMED SUBMISSION TYPE:	144
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20230731
DATE AS OF CHANGE:		20230731

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:		231125982

	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:			Rogers Mary H.
		CENTRAL INDEX KEY:			0001719794

	FILING VALUES:
		FORM TYPE:		144

	MAIL ADDRESS:	
		STREET 1:		11555 N MERIDIAN STREET, SUITE 400
		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>0001719794</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>Rogers Mary H.</nameOfPersonForWhoseAccountTheSecuritiesAreToBeSold>
      <relationshipsToIssuer>
        <relationshipToIssuer>Member of immediate family of any of the foregoing</relationshipToIssuer>
      </relationshipsToIssuer>
    </issuerInfo>
    <securitiesInformation>
      <securitiesClassTitle>Common</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>300000</noOfUnitsSold>
      <aggregateMarketValue>9825000.00</aggregateMarketValue>
      <noOfUnitsOutstanding>43233618</noOfUnitsOutstanding>
      <approxSaleDate>07/31/2023</approxSaleDate>
      <securitiesExchangeName>NASDAQ</securitiesExchangeName>
    </securitiesInformation>
    <securitiesToBeSold>
      <securitiesClassTitle>Common</securitiesClassTitle>
      <acquiredDate>11/06/2018</acquiredDate>
      <natureOfAcquisitionTransaction>Gift</natureOfAcquisitionTransaction>
      <nameOfPersonfromWhomAcquired>Randall Rogers</nameOfPersonfromWhomAcquired>
      <isGiftTransaction>Y</isGiftTransaction>
      <donarAcquiredDate>01/01/1990</donarAcquiredDate>
      <amountOfSecuritiesAcquired>300000</amountOfSecuritiesAcquired>
      <paymentDate>11/06/2018</paymentDate>
      <natureOfPayment>NASDAQ</natureOfPayment>
    </securitiesToBeSold>
    <nothingToReportFlagOnSecuritiesSoldInPast3Months>Y</nothingToReportFlagOnSecuritiesSoldInPast3Months>
    <remarks>3 - trust all under same CIK/CC numbers</remarks>
    <noticeSignature>
      <noticeDate>07/31/2023</noticeDate>
      <signature>Mary Rogers</signature>
    </noticeSignature>
  </formData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
