<?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>
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144
0001719794
XXXXXXXX
LIVE
0001629019
Merchants Bancorp
001-38258
410 MONON BLVD
CARMEL
IN
46032
3175697420
Rogers Mary H.
Member of immediate family of any of the foregoing
Common
Charles Schwab Corporation
3000 Schwab Way
Westlake
TX
76262
300000
9825000.00
43233618
07/31/2023
NASDAQ
Common
11/06/2018
Gift
Randall Rogers
Y
01/01/1990
300000
11/06/2018
NASDAQ
Y
3 - trust all under same CIK/CC numbers
07/31/2023
Mary Rogers