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      <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 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>6977</noOfUnitsSold>
      <aggregateMarketValue>299871.00</aggregateMarketValue>
      <noOfUnitsOutstanding>45764023</noOfUnitsOutstanding>
      <approxSaleDate>02/06/2025</approxSaleDate>
      <securitiesExchangeName>Nasdaq</securitiesExchangeName>
    </securitiesInformation>
    <securitiesToBeSold>
      <securitiesClassTitle>Common</securitiesClassTitle>
      <acquiredDate>12/07/2018</acquiredDate>
      <natureOfAcquisitionTransaction>Gifted</natureOfAcquisitionTransaction>
      <nameOfPersonfromWhomAcquired>MICHAEL AND JODY PETRIE</nameOfPersonfromWhomAcquired>
      <isGiftTransaction>Y</isGiftTransaction>
      <donarAcquiredDate>01/01/1990</donarAcquiredDate>
      <amountOfSecuritiesAcquired>6977</amountOfSecuritiesAcquired>
      <paymentDate>12/07/2018</paymentDate>
      <natureOfPayment>Gift</natureOfPayment>
    </securitiesToBeSold>
    <nothingToReportFlagOnSecuritiesSoldInPast3Months>Y</nothingToReportFlagOnSecuritiesSoldInPast3Months>
    <remarks>Sale transacted in The Michael F &amp; Jody J Petrie Foundation Inc.</remarks>
    <noticeSignature>
      <noticeDate>02/06/2025</noticeDate>
      <signature>MICHAEL F PETRIE</signature>
    </noticeSignature>
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144
0001718348
XXXXXXXX
LIVE
0001629019
Merchants Bancorp
001-38258
410 MONON BLVD
CARMEL
IN
46032
3175697420
Petrie Michael F.
Officer
Common
Charles Schwab Corporation
3000 Schwab Way
Westlake
TX
76262
6977
299871.00
45764023
02/06/2025
Nasdaq
Common
12/07/2018
Gifted
MICHAEL AND JODY PETRIE
Y
01/01/1990
6977
12/07/2018
Gift
Y
Sale transacted in The Michael F & Jody J Petrie Foundation Inc.
02/06/2025
MICHAEL F PETRIE