Company: MBINL
Filing Date: 2025-05-23
Form Type: S-3
Source: 0001104659-25-052423
Chunk: 49

Company: Merchants Bancorp
Filing Date: 2025-05-23
Form: S-3
Chunk 49
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 or an exemption from the registration or qualification requirement is available and is complied with.

### LEGAL MATTERS
In connection with particular offerings of our securities in the future, and unless otherwise indicated in the applicable prospectus supplement, the validity of the securities offered hereby will be passed upon for us by Krieg DeVault LLP, Indianapolis, Indiana. Additional legal matters may be passed on for us, or any agents, underwriters, or dealers, by counsel that we will name in the applicable prospectus supplement.

### EXPERTS
The consolidated financial statements of Merchants Bancorp as of December 31, 2024 and 2023 and for each of the years in the three-year period ended December 31, 2024 and the effectiveness of Merchants Bancorp’s internal control over financial reporting as of December 31, 2024 have been audited by Forvis Mazars LLP, independent registered public accounting firm, as set forth in their reports thereon, included in Merchants Bancorp’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, and incorporated herein by reference. Such consolidated financial statements have been incorporated herein by reference in reliance upon such reports pertaining to such financial statements and the effectiveness of our internal control over financial reporting given on the authority of such firm as experts in accounting and auditing.

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TABLE OF CONTENTS

PART II INFORMATION NOT REQUIRED IN PROSPECTUS Item 14. Other Expenses of Issuance and Distribution. The following table sets forth the expenses, other than underwriting compensation, expected to be incurred in connection with the registration and sale of the securities covered by this Registration Statement.

| ​ | SEC registration fee                     | ​ | ​ | ​ | $ | 72,829.67 | ​ | ​ |
| ​ | Blue Sky fees and expenses               | ​ | ​ | ​ | ​ |        ​* | ​ | ​ |
| ​ | Rating agency fees                       | ​ | ​ | ​ | ​ |        ​* | ​ | ​ |
| ​ | Legal fees and expenses                  | ​ | ​ | ​ | ​ |        ​* | ​ | ​ |
| ​ | Accounting fees and expenses             | ​ | ​ | ​ | ​ |        ​* | ​ | ​ |
| ​ | Trustee fees and expenses                | ​ | ​ | ​ | ​ |        ​* | ​ | ​ |
| ​ | Printing and engraving fees and expenses | ​ | ​