Company: MBINL
Filing Date: 2025-02-14
Form Type: CORRESP
Source: 0001104659-25-013544
Chunk: 0

Company: Merchants Bancorp
Filing Date: 2025-02-14
Form: CORRESP
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February 14, 2025

VIA EDGAR AND ELECTRONIC SUBMISSION

Mengyao Lu

Securities and Exchange Commission

Division of Corporate Finance

100 F Street, N.E.

Washington, D.C. 20549

| Re: | Merchants Bancorp                                           
 Form 10-K for the Fiscal Year Ended December 31, 2023       
 Form 10-Q for the Quarterly Period Ended September 30, 2024 
 File No. 001-38258                                          |

Dear Ms. Lu:

This letter is submitted in response to the comments set forth in your
letter addressed to Mr. Sean Sievers, Chief Financial Officer of Merchants Bancorp (the “Company”), dated December 18,
2024 (the “Comment Letter”). Our responses to the Comment Letter are set forth below. The page references in the responses
correspond to the page numbers in our Form 10-K for the fiscal year ended December 31, 2023 (the “Form 10-K”)
and Form 10-Q (the “Form 10-Q”) for the quarterly period ended September 30, 2024.

Form 10-K for the Fiscal Year Ended December 31, 2023

Item 7. Management's Discussion and Analysis of Financial Condition and Results of

Operations

Loans Receivable, Net, page 52

1. Please revise your disclosures, in future filings, to present loan maturity information as of the end of the latest reported period for each loan category (e.g., Residential real estate, Multi-family financing, Healthcare financing, etc.) for which disclosure is required in the financial statements. Please also disclose, in further filings, the amounts due after one year for each loan category that have pre-determined interest rates and adjustable interest rates, respectively. We note Item 1404 of Regulation S-K.

Response:

Future filings will contain loan maturity and rate information for
each loan category.

2. We note your disclosure that Multi-family financing loans and Healthcare financing loans comprised approximately 40% and 23%, respectively, of your total loans held for investment as of December 31, 2023. Given the significance of these loans in your total loan portfolio, including the national scope of this lending, please revise future filings to further disaggregate the composition of these loans to address geographic and any industry concentrations to the extent material to an investor’s understanding of these portfolio types. We note Item 303 of Regulation S-K.

| 410 Monon