# EDGAR Filing Document

**Accession Number:** 0001629019
**File Stem:** 0001104659-26-065176
**Filing Date:** 2026-5
**Character Count:** 8392
**Document Hash:** 79d19f255b3b555c04eb2db2c18d791c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-065176.hdr.sgml**: 20260521

**ACCESSION NUMBER**: 0001104659-26-065176

**CONFORMED SUBMISSION TYPE**: 3

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260521

**FILED AS OF DATE**: 20260521

**DATE AS OF CHANGE**: 20260521

**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** Kaercher Julia L.
- **CENTRAL INDEX KEY:** 0002135960

**ORGANIZATION NAME:**

**FILING VALUES:**
- **FORM TYPE:** 3
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-38258
- **FILM NUMBER:** 261009025

**MAIL ADDRESS:**
- **STREET 1:** 410 MONON BLVD.
- **CITY:** CARMEL
- **STATE:** IN
- **ZIP:** 46032
**ISSUER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Merchants Bancorp
- **CENTRAL INDEX KEY:** 0001629019
- **STANDARD INDUSTRIAL CLASSIFICATION:** STATE COMMERCIAL BANKS [6022]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 205747400
- **STATE OF INCORPORATION:** IN
- **FISCAL YEAR END:** 1231

**BUSINESS ADDRESS:**
- **STREET 1:** 410 MONON BLVD
- **CITY:** CARMEL
- **STATE:** IN
- **ZIP:** 46032
- **BUSINESS PHONE:** 3175697420

**MAIL ADDRESS:**
- **STREET 1:** 410 MONON BLVD
- **CITY:** CARMEL
- **STATE:** IN
- **ZIP:** 46032

## Ex-24

**Exhibit 24**

POWER OF ATTORNEY

The undersigned hereby constitutes and appoints each of Terry A. Oznick, Tami L. Durle, and Rachel A. Reynolds, acting singly and with full power of substitution, the undersigned's true and lawful attorney-in-fact to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. prepare, execute in the undersigned's name and on the undersigned's behalf, and submit to the United States Securities
and Exchange Commission (the "SEC") a Form ID, Uniform Application for Access Codes to File on EDGAR, if necessary, and
any other documents necessary or appropriate to obtain codes, passwords, or anything similar, as applicable, enabling the undersigned
to make electronic filings with the SEC of reports required by Section 16(a) of the Securities Exchange Act of 1934, as amended
(the "Exchange Act") or any rule or regulation of the SEC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. execute for and on behalf of the undersigned, in the undersigned's capacity as an officer and/or director of Merchants Bancorp
(the "Company"), Forms 3, 4 and 5 (and any amendments thereto) in accordance with Section 16(a) of the Exchange
Act and the rules and regulations thereunder, and any other forms or reports the undersigned may be required to file in connection
with the undersigned's ownership, acquisition, or disposition of securities of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. do and perform any and all acts for and on behalf of the undersigned which may be necessary or desirable to complete and execute any
such Forms 3, 4, or 5, Form ID, or other form or report, or any amendments thereto, and timely file such form or report with the
SEC and any stock exchange or similar authority; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. take any other action in connection with the foregoing which, in the opinion of such attorney-in-fact, may be of benefit to, in the
best interest of, or legally required by or for, the undersigned, it being understood that the documents executed by such attorney-in-fact
on behalf of the undersigned pursuant to this Power of Attorney shall be in such form and shall contain such information, disclosures,
terms, and conditions as such attorney-in-fact may approve in such attorney-in-fact's discretion.

The undersigned hereby grants to each such attorney-in-fact full power and authority to do and perform any and every act and thing whatsoever required, necessary or proper to be done in the exercise of any of the rights and powers herein granted, as fully to all intents and purposes as the undersigned might or could do if personally present, with full power of substitution or revocation, hereby ratifying and confirming all that such attorneys-in-fact, or such attorney-in-fact's substitute or substitutes, shall lawfully do or cause to be done by virtue of this Power of Attorney and the rights and powers herein granted.

The undersigned acknowledges that the foregoing attorneys-in-fact, in serving in such capacity at the request and on the behalf of the undersigned, are not assuming, nor is the Company assuming, any of the undersigned's responsibilities to comply with, or any liability for the failure to comply with, any provision of Section 16 of the Exchange Act.

This Power of Attorney shall remain in full force and effect until the undersigned is no longer required to file Forms 3, 4 or 5 with respect to the undersigned's holdings of and transactions in securities issued by the Company, unless earlier revoked by the undersigned in a signed writing delivered to each of the foregoing attorneys-in-fact. If at any time, any of the aforementioned attorneys-in-fact are no longer employed by the Company or its affiliates, such person's appointment as attorney-in-fact shall terminate.

IN WITNESS WHEREOF, the undersigned has executed this Power of Attorney as of May 19, 2026.

---

| |
|:---|
| /s/ Julia L. Kaercher |
| Julia L. Kaercher |

---

STATE OF INDIANA) ): <br> COUNTY OF HAMILTON)

Signed (or attested) before me on May 19, 2026.

---

| |
|:---|
| /s/ Sharon Sabogal |
| [Notary Seal] |

---

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## FORM 3

### INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>Kaercher Julia L.<br><sub>(Last) (First) (Middle)</sub><br>410 MONON BLVD.<br><sub>(Street)</sub><br>CARMEL, IN 46032<br><sub>(City) (State) (Zip)</sub> | **3. Issuer Name and Ticker or Trading Symbol**<br>Merchants Bancorp [ MBIN ] | **5. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  |
| **2. Date of Event Requiring Statement (Month/Day/Year)**<br>2026-05-21 | **4. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[X] Director   [ ] 10% Owner<br>[ ] Officer (give title below)   [ ] Other (specify below)<br>_ _ | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[X] Form filed by One Reporting Person<br>[ ] Form filed by More than One Reporting Person |

---

## Table I - Non-Derivative Securities Beneficially Owned

---

|  |  |  |  |
| --- | --- | --- | --- |
| 1. Title of Security | 2. Amount of Securities Beneficially Owned | 3. Ownership Form | 4. Nature of Indirect Beneficial Ownership |
| Common Stock | 14033 | I | By Spouse |
| Common Stock | 736013 | I | As Trustee of The Petrie Grandchildren Trust |
| Common Stock | 77130 | I | As Trustee of Old Trail Investments Trust |

---

## Table II - Derivative Securities Beneficially Owned

---

|  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Derivative Security | 2. Date Exercisable and Expiration Date (Month/Day/Year) | 2. Date Exercisable and Expiration Date (Month/Day/Year) | 3. Title and Amount of Underlying Securities | 3. Title and Amount of Underlying Securities | 4. Conversion or Exercise Price | 5. Ownership Form | 6. Nature of Indirect Beneficial Ownership |
| 1. Title of Derivative Security | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | 4. Conversion or Exercise Price | 5. Ownership Form | 6. Nature of Indirect Beneficial Ownership |
|  |  |  |  |  |  |  |  |

---

**Remarks:**
Exhibit 24 - Power of Attorney

**Signature:** /s/ Terry Oznick, attorney in fact  
**Date:** 2026-05-21

### Remarks:

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).

** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.

**Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.**