Company: MBINL
Filing Date: 2025-05-23
Form Type: S-3
Source: 0001104659-25-052423
Chunk: 26

Company: Merchants Bancorp
Filing Date: 2025-05-23
Form: S-3
Chunk 26
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 the subordination of the subordinated debt securities of a particular series.

#### Restrictive Covenants
The subordinated indenture does not contain any significant restrictive covenants. The prospectus supplement relating to a series of subordinated debt securities may describe certain restrictive covenants, if any, to which we may be bound under the subordinated indenture.

#### Governing Law
Unless indicated otherwise in the applicable prospectus supplement, the indentures and the debt securities will be governed by, and construed in accordance with, the laws of the State of Indiana.

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TABLE OF CONTENTS

### DESCRIPTION OF CAPITAL STOCK
The following is a summary of the material rights of our capital stock and related provisions of our Second Amended and Restated Articles of Incorporation, or “articles”, and our Second Amended and Restated By-laws, or “bylaws”, each as amended. The following description of our capital stock does not purport to be complete and is subject to, and qualified in its entirety by, our articles and bylaws, which we have included as exhibits to the registration statement of which this prospectus is a part. We urge you to read these documents for a more complete understanding of shareholder rights.

Our articles authorize the issuance of up to 75,000,000 shares of common stock, without par value, and up to 5,000,000 shares of preferred stock, without par value. On May 1, 2025, we had issued and outstanding 45,881,706 shares of our common stock, no shares of our 8% Non-Cumulative, Perpetual Preferred Stock, without par value, liquidation preference $1,000 per share (“8% Preferred”), no shares of our 7.00% Fixed-to- Floating Rate Series A Non-Cumulative Perpetual Preferred Stock, without par value, liquidation preference of $25 per share (“Series A Preferred”), no shares of our 6.00% Fixed-to-Floating Rate Series B Non-Cumulative Perpetual Preferred Stock, without par value, liquidation preference $1,000 per share (“Series B Preferred”, and collectively with the 8% Preferred, Series A Preferred, Series C Preferred, the Series D Preferred, and the Series E Preferred the “Preferred Stock”), 196,181 shares of our Series C Preferred, 142,500 shares of our Series D Preferred, and 230,000 shares of our Series E Preferred.