<?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>Common</securitiesClassTitle>
      <brokerOrMarketmakerDetails>
        <name>Charles Schwab &amp; Co., Inc.</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>20064</noOfUnitsSold>
      <aggregateMarketValue>583059.00</aggregateMarketValue>
      <noOfUnitsOutstanding>43237300</noOfUnitsOutstanding>
      <approxSaleDate>10/27/2023</approxSaleDate>
      <securitiesExchangeName>Nasdaq</securitiesExchangeName>
    </securitiesInformation>
    <securitiesToBeSold>
      <securitiesClassTitle>Common</securitiesClassTitle>
      <acquiredDate>02/01/2023</acquiredDate>
      <natureOfAcquisitionTransaction>Restricted Stock Award</natureOfAcquisitionTransaction>
      <nameOfPersonfromWhomAcquired>Issuer</nameOfPersonfromWhomAcquired>
      <isGiftTransaction>N</isGiftTransaction>
      <amountOfSecuritiesAcquired>20713</amountOfSecuritiesAcquired>
      <paymentDate>02/01/2023</paymentDate>
      <natureOfPayment>Compensation</natureOfPayment>
    </securitiesToBeSold>
    <nothingToReportFlagOnSecuritiesSoldInPast3Months>N</nothingToReportFlagOnSecuritiesSoldInPast3Months>
    <securitiesSoldInPast3Months>
      <sellerDetails>
        <name>Michael &amp; Jody Petrie Foundation</name>
        <address>
          <com:street1>C/O 410 Monon Blvd</com:street1>
          <com:city>Carmel</com:city>
          <com:stateOrCountry>IN</com:stateOrCountry>
          <com:zipCode>46032</com:zipCode>
        </address>
      </sellerDetails>
      <securitiesClassTitle>Common</securitiesClassTitle>
      <saleDate>08/04/2023</saleDate>
      <amountOfSecuritiesSold>4800</amountOfSecuritiesSold>
      <grossProceeds>149998.12</grossProceeds>
    </securitiesSoldInPast3Months>
    <securitiesSoldInPast3Months>
      <sellerDetails>
        <name>Michael Petrie</name>
        <address>
          <com:street1>C/O 410 Monon Blvd</com:street1>
          <com:city>Carmel</com:city>
          <com:stateOrCountry>IN</com:stateOrCountry>
          <com:zipCode>46032</com:zipCode>
        </address>
      </sellerDetails>
      <securitiesClassTitle>Common</securitiesClassTitle>
      <saleDate>08/08/2023</saleDate>
      <amountOfSecuritiesSold>11778</amountOfSecuritiesSold>
      <grossProceeds>373357.89</grossProceeds>
    </securitiesSoldInPast3Months>
    <securitiesSoldInPast3Months>
      <sellerDetails>
        <name>Michael Petrie</name>
        <address>
          <com:street1>C/O 410 Monon Blvd</com:street1>
          <com:city>Carmel</com:city>
          <com:stateOrCountry>IN</com:stateOrCountry>
          <com:zipCode>46032</com:zipCode>
        </address>
      </sellerDetails>
      <securitiesClassTitle>Common</securitiesClassTitle>
      <saleDate>08/10/2023</saleDate>
      <amountOfSecuritiesSold>649</amountOfSecuritiesSold>
      <grossProceeds>20637.94</grossProceeds>
    </securitiesSoldInPast3Months>
    <remarks>page 1 2a) Michael F. Petrie TTEE, The Michael F. Petrie Rev Tr dtd 12/27/2019</remarks>
    <noticeSignature>
      <noticeDate>10/27/2023</noticeDate>
      <signature>Michael F.; Petrie TTEE, The Michael F. Petrie Rev Tr dtd 12/27/2019</signature>
    </noticeSignature>
  </formData>
</edgarSubmission>
[{"type": "144", "sequence": "1", "filename": "primary_doc.xml", "secsgml_size_bytes": 4624}]
144
0001718348
XXXXXXXX
LIVE
0001629019
Merchants Bancorp
001-38258
410 MONON BLVD
CARMEL
IN
46032
3175697420
Petrie Michael F.
Officer
Common
Charles Schwab & Co., Inc.
3000 Schwab Way
Westlake
TX
76262
20064
583059.00
43237300
10/27/2023
Nasdaq
Common
02/01/2023
Restricted Stock Award
Issuer
N
20713
02/01/2023
Compensation
N
Michael & Jody Petrie Foundation
C/O 410 Monon Blvd
Carmel
IN
46032
Common
08/04/2023
4800
149998.12
Michael Petrie
C/O 410 Monon Blvd
Carmel
IN
46032
Common
08/08/2023
11778
373357.89
Michael Petrie
C/O 410 Monon Blvd
Carmel
IN
46032
Common
08/10/2023
649
20637.94
page 1 2a) Michael F. Petrie TTEE, The Michael F. Petrie Rev Tr dtd 12/27/2019
10/27/2023
Michael F.; Petrie TTEE, The Michael F. Petrie Rev Tr dtd 12/27/2019