David N. Shane - Feb 16, 2023 Form 4 Insider Report for Merchants Bancorp (MBIN)

Role: Director
Signature: /s/ Terry A. Oznick, attorney-in-fact
Stock symbol: MBIN
Transactions as of: Feb 16, 2023
Transactions value $: $12,528
Form type: 4
Date filed: 2/27/2023, 08:36 PM
Previous filing: Nov 17, 2022
Next filing: May 22, 2023

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	MBIN	Common Stock	Award	$12.5K	+409	+2.32%	$30.63	18K	Feb 16, 2023	Direct	F1
holding	MBIN	Series A Preferred Stock						1K	Feb 16, 2023	Direct
holding	MBIN	Series C Depositary Shares						2K	Feb 16, 2023	Direct
holding	MBIN	Series D Depositary Shares						2K	Feb 16, 2023	Direct

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	This award represents the equity portion of the Reporting Person's quarterly retainer for service as a director of the Issuer. The number of shares awarded was determined by dividing the dollar value of the equity portion by the price shown, which was the closing price of one share of the Issuer's common stock on the day immediately prior to the most recent scheduled quarterly board meeting, and rounding up to the next whole share.

Content

This award represents the equity portion of the Reporting Person's quarterly retainer for service as a director of the Issuer. The number of shares awarded was determined by dividing the dollar value of the equity portion by the price shown, which was the closing price of one share of the Issuer's common stock on the day immediately prior to the most recent scheduled quarterly board meeting, and rounding up to the next whole share.