Company: MBINL
Filing Date: 2025-04-04
Form Type: DEF 14A
Source: 0001104659-25-032188
Chunk: 45

Company: Merchants Bancorp
Filing Date: 2025-04-04
Form: DEF 14A
Chunk 45
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1,931,949 shares held by Mr. Petrie. Mrs. Petrie disclaims beneficial ownership of shares held individually           
 by Mr. Petrie.                                                                                                                           |

| (3) | Mary H. Rogers is the wife of Randall D. Rogers and is the sole trustee of the following trusts: The Katherine H. Rogers Irrevocable     
 GST Trust 2011 (698,000 shares); The Carey Rogers Kulongoski Irrevocable GST Trust 2010 (698,000 shares); and The Randall D. Rogers, Jr. 
 Irrevocable GST Trust 2011 (698,000 shares). Mrs. Rogers’ beneficial ownership also includes 646,295 shares held individually            
 by Mr. Rogers. Mrs. Rogers disclaims beneficial ownership of shares held individually by Mr. Rogers.                                     |

| (4) | Katherine H. Rogers, Carey Rogers Kulongoski, and Randall D. Rogers, Jr. are the adult children of Randall D. Rogers. Number 
 of shares for each is based information provided by the Rogers family.                                                       |

| (5) | Emily J. Pell is an adult child of Michael F. Petrie. Number of shares is based on the most recent Schedule 13G filed by the Petrie      
 family with the SEC on December 18, 2024. Ms. Pell individually holds 2,018,399 shares and is also a trustee of the Petrie Grandchildren 
 Trust (674,729 shares).                                                                                                                  |

33

| (6) | Includes 1,931,949 shares held individually by Mr. Petrie, 2,111,868 shares held individually by Jody J. Petrie, and 8,546,305   
 shares held by trusts of which Jody J. Petrie is a trustee, as described in footnote (2) above, as to which Mr. Petrie may be    
 deemed to have beneficial ownership. Mr. Petrie disclaims beneficial ownership of all shares that he does not hold individually. |

| (7) | Includes 646,295 shares held individually by Mr. Rogers and 2,094,000 shares held by trusts of which Mary H. Rogers is the sole 
 trustee, as described in footnote (3) above, as to which Mr. Rogers may be deemed to have beneficial ownership. Mr. Rogers      
 disclaims beneficial ownership of all shares that he does not hold individually.                                                |

Equity Compensation Plan Information as of December 31, 2024