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Exhibit 21.1 ​ List of Subsidiaries of Merchants Bancorp As of December 31, 2023
Subsidiary		Organized Under the Laws of:
Farmers-Merchants Bank of Illinois	​	Illinois
Merchants Asset Management, LLC		Delaware
Merchants Capital 2021-FLI GP, LLC	​	Indiana
Merchants Capital 2021-FLI LP, LLC	​	Indiana
Merchants Bank of Indiana (also d/b/a Merchants Mortgage)	​	Indiana
-MBI Midtown West, LLC	​	Indiana
-MBI Midtown West II, LLC	​	Indiana
-MBI Michigan 441, LLC	​	Indiana
-OneTrust Funding, Inc.		Indiana
-Ash Realty Holdings, LLC		Indiana
-CMG Funding, LLC	​	Indiana
-Natty Mac Funding, Inc.	​	Indiana
-MCI PCR NMTC, LLC		Indiana
-Merchants Capital Corp	​	Indiana
--Merchants Capital Servicing, LLC		Delaware
--RMF Holdings, LLC	​	Indiana
--Merchants Healthcare Fund I GP, LLC	​	Indiana
--Merchants Healthcare Fund I Offshore GP, LLC	​	Delaware
--Merchants Capital Investments, LLC	​	Indiana
--MCI MTE GP, LLC	​	Indiana
--MCI SLP, LLC	​	Indiana
--MCI Social Impact GP, LLC	​	Indiana
--MCI GP, LLC	​	Indiana
--MCI Fund IV GP, LLC		Indiana
--MCI Fund V GP, LLC	​	Indiana
--MCI Fund VI GP, LLC --MCI Fund VII GP, LLC --MCI Fund VIII GP, LLC --MCI Fund IX GP, LLC --MCI Fund X GP, LLC	​	Indiana Indiana Indiana Indiana Indiana
--MCI Fund 11 Manager, LLC	​	Indiana
--MCI Fund 12 GP, LLC	​	Indiana
--MCI Fund 15 GP, LLC	​	Indiana
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