Company: MBINL
Filing Date: 2025-05-23
Form Type: S-3
Source: 0001104659-25-052423
Chunk: 5

Company: Merchants Bancorp
Filing Date: 2025-05-23
Form: S-3
Chunk 5
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| DESCRIPTION OF WARRANTS                                                                                   | ​ | ​ | ​    | ​ | 24 | ​ | ​ |
| DESCRIPTION OF UNITS                                                                                      | ​ | ​ | ​    | ​ | 25 | ​ | ​ |
| DESCRIPTION OF GLOBAL SECURITIES                                                                          | ​ | ​ | ​    | ​ | 26 | ​ | ​ |
| PLAN OF DISTRIBUTION                                                                                      | ​ | ​ | ​    | ​ | 28 | ​ | ​ |
| LEGAL MATTERS                                                                                             | ​ | ​ | ​    | ​ | 30 | ​ | ​ |
| EXPERTS                                                                                                   | ​ | ​ | ​    | ​ | 30 | ​ | ​ |

ii

TABLE OF CONTENTS

ABOUT THIS PROSPECTUS This prospectus is part of a registration statement that we filed with the Securities and Exchange Commission (the “SEC”) using a “shelf” registration process. Under this shelf registration process, we may from time to time offer and sell the securities described in this prospectus in one or more offerings, on a continuous or delayed basis, any combination of the securities described in this prospectus up to an aggregate dollar amount for all offerings of $500,000,000. This prospectus provides you with a general description of the securities covered by it. Each time we offer these securities, we will provide a prospectus supplement that will contain specific information about the terms of the offer and include a discussion of any risk factors or other special considerations that apply to the securities. The prospectus supplement may also add, update or change information contained in this prospectus. You should read this prospectus, the applicable prospectus supplement and any pricing supplement together with the additional information described under the heading “Where You Can Find More Information.” If there is any inconsistency between the information in this prospectus and any prospectus supplement, you should rely on the information in the prospectus supplement. All references in this prospectus to “we,” “us,” “our” or similar references mean Merchants Bancorp (“Merchants”) and its consolidated subsidiaries, unless otherwise expressly stated or the context otherwise requires. WHERE YOU CAN FIND MORE INFORMATION We have filed with the SEC a registration statement under the Securities Act of 1933, as amended (the “Securities Act”), that registers the offer and sale of the securities that we may offer under this prospectus. The registration statement, including the attached exhibits and schedules included or