MBIN · Merchants Bancorp

Includes 6,607 unvested restricted stock units for which the reporting person does not have voting rights or receive dividends until vested and shares are issued: 4,829 vesting 2/1/2027 and 1,778 vesting 2/1/2028.

This award represents the equity portion of the Reporting Person's quarterly retainer for service as a director of the Issuer. The number of shares awarded was determined by dividing the dollar value of the equity portion by the price shown, which was the closing price of one share of the Issuer's common stock on the day immediately prior to the most recent scheduled quarterly board meeting, and rounding up to the next whole share.

This award represents the equity portion of the Reporting Person's quarterly retainer for service as a director of the Issuer. The number of shares awarded was determined by dividing the dollar value of the equity portion by the price shown, which was the closing price of one share of the Issuer's common stock on the day immediately prior to the most recent scheduled quarterly board meeting, and rounding up to the next whole share.

This award represents the equity portion of the Reporting Person's quarterly retainer for service as a director of the Issuer. The number of shares awarded was determined by dividing the dollar value of the equity portion by the price shown, which was the closing price of one share of the Issuer's common stock on the day immediately prior to the most recent scheduled quarterly board meeting, and rounding up to the next whole share.

This award represents the equity portion of the Reporting Person's quarterly retainer for service as a director of the Issuer. The number of shares awarded was determined by dividing the dollar value of the equity portion by the price shown, which was the closing price of one share of the Issuer's common stock on the day immediately prior to the most recent scheduled quarterly board meeting, and rounding up to the next whole share.

This award represents the equity portion of the Reporting Person's quarterly retainer for service as a director of the Issuer. The number of shares awarded was determined by dividing the dollar value of the equity portion by the price shown, which was the closing price of one share of the Issuer's common stock on the day immediately prior to the most recent scheduled quarterly board meeting, and rounding up to the next whole share.

This award represents the equity portion of the Reporting Person's quarterly retainer for service as a director of the Issuer. The number of shares awarded was determined by dividing the dollar value of the equity portion by the price shown, which was the closing price of one share of the Issuer's common stock on the day immediately prior to the most recent scheduled quarterly board meeting, and rounding up to the next whole share.

This award represents the equity portion of the Reporting Person's quarterly retainer for service as a director of the Issuer. The number of shares awarded was determined by dividing the dollar value of the equity portion by the price shown, which was the closing price of one share of the Issuer's common stock on the day immediately prior to the most recent scheduled quarterly board meeting, and rounding up to the next whole share.

Includes 48,961 unvested restricted stock units for which the reporting person does not have voting rights or receive dividends until vested and shares are issued: 27,591 vesting 2/1/2027; 14,515 vesting 2/1/2028; and 6,855 vesting 2/1/2029.

Includes 10,920 unvested restricted stock units for which the reporting person does not have voting rights or receive dividends until vested and shares are issued: 6,141 vesting 2/1/2027; 3,236 vesting 2/1/2028; and 1,543 vesting 2/1/2029.

Includes 48,961 unvested restricted stock units for which the reporting person does not have voting rights or receive dividends until vested and shares are issued: 27,591 vesting 2/1/2027; 14,515 vesting 2/1/2028; and 6,855 vesting 2/1/2029.

Includes 48,961 unvested restricted stock units for which the reporting person does not have voting rights or receive dividends until vested and shares are issued: 27,591 vesting 2/1/2027; 14,515 vesting 2/1/2028; and 6,855 vesting 2/1/2029.

The reported price in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $20.20 to $20.33 per share, inclusive. The reporting person undertakes to provide the issuer, any security holder of the issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

The reported price in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $44.05 to $44.00 per share, inclusive. The reporting person undertakes to provide the issuer, any security holder of the issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

Includes 48,961 unvested restricted stock units for which the reporting person does not have voting rights or receive dividends until vested and shares are issued: 27,591 vesting 2/1/2027; 14,515 vesting 2/1/2028; and 6,855 vesting 2/1/2029.

This award represents the equity portion of the Reporting Person's quarterly retainer for service as a director of the Issuer. The number of shares awarded was determined by dividing the dollar value of the equity portion by the price shown, which was the closing price of one share of the Issuer's common stock on the day immediately prior to the most recent scheduled quarterly board meeting, and rounding up to the next whole share.

This award represents the equity portion of the Reporting Person's quarterly retainer for service as a director of the Issuer. The number of shares awarded was determined by dividing the dollar value of the equity portion by the price shown, which was the closing price of one share of the Issuer's common stock on the day immediately prior to the most recent scheduled quarterly board meeting, and rounding up to the next whole share.

This award represents the equity portion of the Reporting Person's quarterly retainer for service as a director of the Issuer. The number of shares awarded was determined by dividing the dollar value of the equity portion by the price shown, which was the closing price of one share of the Issuer's common stock on the day immediately prior to the most recent scheduled quarterly board meeting, and rounding up to the next whole share.

This award represents the equity portion of the Reporting Person's quarterly retainer for service as a director of the Issuer. The number of shares awarded was determined by dividing the dollar value of the equity portion by the price shown, which was the closing price of one share of the Issuer's common stock on the day immediately prior to the most recent scheduled quarterly board meeting, and rounding up to the next whole share.

This award represents the equity portion of the Reporting Person's quarterly retainer for service as a director of the Issuer. The number of shares awarded was determined by dividing the dollar value of the equity portion by the price shown, which was the closing price of one share of the Issuer's common stock on the day immediately prior to the most recent scheduled quarterly board meeting, and rounding up to the next whole share.

This award represents the equity portion of the Reporting Person's quarterly retainer for service as a director of the Issuer. The number of shares awarded was determined by dividing the dollar value of the equity portion by the price shown, which was the closing price of one share of the Issuer's common stock on the day immediately prior to the most recent scheduled quarterly board meeting, and rounding up to the next whole share.

This award represents the equity portion of the Reporting Person's quarterly retainer for service as a director of the Issuer. The number of shares awarded was determined by dividing the dollar value of the equity portion by the price shown, which was the closing price of one share of the Issuer's common stock on the day immediately prior to the most recent scheduled quarterly board meeting, and rounding up to the next whole share.

The reported price in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $45.95 to $46.24 per share, inclusive. The reporting person undertakes to provide the issuer, any security holder of the issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

Represents the number of shares withheld upon vesting of restricted stock units to cover tax withholding obligations.

Includes 45,382 unvested restricted stock units for which the reporting person does not have voting rights or receive dividends until vested and shares are issued: 25,160 vesting 2/1/2027; 13,538 vesting 2/1/2028; and 6,684 vesting 2/1/2029.

Represents the number of shares withheld upon vesting of restricted stock units to cover tax withholding obligations.

Represents the number of shares withheld upon vesting of restricted stock units to cover tax withholding obligations.

Includes 9,743 unvested restricted stock units for which the reporting person does not have voting rights or receive dividends until vested and shares are issued: 5,440 vesting 2/1/2027; 2,897 vesting 2/1/2028; and 1,406 vesting 2/1/2029.

Represents the number of shares withheld upon vesting of restricted stock units to cover tax withholding obligations.

Includes 7,935 unvested restricted stock units for which the reporting person does not have voting rights or receive dividends until vested and shares are issued: 2,896 vesting 2/1/2027; 2,896 vesting 2/1/2028; and 2,143 vesting 2/1/2029.

Represents the number of shares withheld upon vesting of restricted stock units to cover tax withholding obligations.

Includes 48,961 unvested restricted stock units for which the reporting person does not have voting rights or receive dividends until vested and shares are issued: 27,591 vesting 2/1/2027; 14,515 vesting 2/1/2028; and 6,855 vesting 2/1/2029.

Represents the number of shares withheld upon vesting of restricted stock units to cover tax withholding obligations.

Includes 6,607 unvested restricted stock units for which the reporting person does not have voting rights or receive dividends until vested and shares are issued: 4,829 vesting 2/1/2027 and 1,778 vesting 2/1/2028.

Represents the number of shares withheld upon vesting of restricted stock units to cover tax withholding obligations.

Includes 11,845 unvested restricted stock units for which the reporting person does not have voting rights or receive dividends until vested and shares are issued: 6,450 vesting 2/1/2027; 3,544 vesting 2/1/2028; and 1,851 vesting 2/1/2029.

Represents the number of shares withheld upon vesting of restricted stock units to cover tax withholding obligations.

Includes 10,920 unvested restricted stock units for which the reporting person does not have voting rights or receive dividends until vested and shares are issued: 6,141 vesting 2/1/2027; 3,236 vesting 2/1/2028; and 1,543 vesting 2/1/2029.

Represents the number of shares withheld upon vesting of restricted stock units to cover tax withholding obligations.

Includes 9,538 unvested restricted stock units for which the reporting person does not have voting rights or receive dividends until vested and shares are issued: 5,372 vesting 2/1/2027; 2,829 vesting 2/1/2028; and 1,337 vesting 2/1/2029.

Unvested restricted stock units for which the reporting person does not have voting rights or receive dividends until vesting and shares are issued.

Includes 8,688 unvested restricted stock units for which the reporting person does not have voting rights or receive dividends until vested and shares are issued: 753 vesting 2/1/2026; 2,896 vesting 2/1/2027; 2,896 vesting 2/1/2028; and 2,143 vesting 2/1/2029.

Unvested restricted stock units for which the reporting person does not have voting rights or receive dividends until vesting and shares are issued.

Includes 17,254 unvested restricted stock units for which the reporting person does not have voting rights or receive dividends until vested and shares are issued: 6,334 vesting 2/1/2026; 6,141 vesting 2/1/2027; 3,236 vesting 2/1/2028; and 1,543 vesting 2/1/2029.

Unvested restricted stock units for which the reporting person does not have voting rights or receive dividends until vesting and shares are issued.

Includes 18,046 unvested restricted stock units for which the reporting person does not have voting rights or receive dividends until vested and shares are issued: 6,201 vesting 2/1/2026; 6,450 vesting 2/1/2027; 3,544 vesting 2/1/2028; and 1,851 vesting 2/1/2029.

Unvested restricted stock units for which the reporting person does not have voting rights or receive dividends until vesting and shares are issued.

Includes 78,768 unvested restricted stock units for which the reporting person does not have voting rights or receive dividends until vested and shares are issued: 29,807 vesting 2/1/2026; 27,591 vesting 2/1/2027; 14,515 vesting 2/1/2028; and 6,855 vesting 2/1/2029.

Unvested restricted stock units for which the reporting person does not have voting rights or receive dividends until vesting and shares are issued.

Includes 70,795 unvested restricted stock units for which the reporting person does not have voting rights or receive dividends until vested and shares are issued: 25,413 vesting 2/1/2026; 25,160 vesting 2/1/2027; 13,538 vesting 2/1/2028; and 6,684 vesting 2/1/2029.

unvested restricted stock units for which the reporting person does not have voting rights or receive dividends until vesting and shares are issued.

Includes 15,379 unvested restricted stock units for which the reporting person does not have voting rights or receive dividends until vested and shares are issued: 5,636 vesting 2/1/2026; 5,440 vesting 2/1/2027; 2,897 vesting 2/1/2028; and 1,406 vesting 2/1/2029. .