Company: MBINL
Filing Date: 2025-05-23
Form Type: S-3
Source: 0001104659-25-052423
Chunk: 4

Company: Merchants Bancorp
Filing Date: 2025-05-23
Form: S-3
Chunk 4
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 accompanying prospectus, you should rely on the information in the following order of priority:

•

the pricing supplement, if any;

•

the prospectus supplement; and

•

this prospectus.

We include cross-references in this prospectus and the accompanying prospectus supplement to captions in these materials where you can find further related discussions. The following table of contents and the table of contents included in the accompanying prospectus supplement provide the pages on which these captions are located.

Unless indicated in the applicable prospectus supplement, we have not taken any action that would permit us to publicly sell these securities in any jurisdiction outside the United States. If you are an investor outside the United States, you should inform yourself about and comply with any restrictions as to the offering of the securities and the distribution of this prospectus.

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TABLE OF CONTENTS

TABLE OF CONTENTS

| ​                                                                                                         | ​ | ​ | Page |   |    |   | ​ |
| IMPORTANT NOTICE ABOUT INFORMATION PRESENTED IN THIS PROSPECTUS ANDTHE ACCOMPANYING PROSPECTUS SUPPLEMENT | ​ | ​ | ​    | ​ |  i | ​ | ​ |
| ABOUT THIS PROSPECTUS                                                                                     | ​ | ​ | ​    | ​ |  1 | ​ | ​ |
| WHERE YOU CAN FIND MORE INFORMATION                                                                       | ​ | ​ | ​    | ​ |  1 | ​ | ​ |
| SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS                                                         | ​ | ​ | ​    | ​ |  2 | ​ | ​ |
| PROSPECTUS SUMMARY                                                                                        | ​ | ​ | ​    | ​ |  4 | ​ | ​ |
| RISK FACTORS                                                                                              | ​ | ​ | ​    | ​ |  6 | ​ | ​ |
| MERCHANTS BANCORP                                                                                         | ​ | ​ | ​    | ​ |  6 | ​ | ​ |
| USE OF PROCEEDS                                                                                           | ​ | ​ | ​    | ​ |  6 | ​ | ​ |
| DESCRIPTION OF DEBT SECURITIES                                                                            | ​ | ​ | ​    | ​ |  6 | ​ | ​ |
| DESCRIPTION OF CAPITAL STOCK                                                                              | ​ | ​ | ​    | ​ | 16 | ​ | ​ |
| DESCRIPTION OF DEPOSITARY SHARES                                                                          | ​ | ​ | ​    | ​ | 20 | ​ | ​ |
| DESCRIPTION OF PURCHASE CONTRACTS                                                                         |