MBINO Merchants Bancorp

FORM 4 [ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).         
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES                                                                                   
OMB APPROVAL
OMB Number: 3235-0287
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940                       

1. Name and Address of Reporting Person * Petrie Michael F.	2. Issuer Name and Ticker or Trading Symbol Merchants Bancorp [ MBIN ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable) __X__ Director                    __X__ 10% Owner __X__ Officer (give title below)    _____ Other (specify below) Chairman and CEO
(Last)          (First)          (Middle) 410 MONON BOULEVARD	3. Date of Earliest Transaction (MM/DD/YYYY) 4/15/2021
(Street) CARMEL, IN 46032 (City)        (State)        (Zip)	4. If Amendment, Date Original Filed (MM/DD/YYYY)	6. Individual or Joint/Group Filing (Check Applicable Line) _X _ Form filed by One Reporting Person ___ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security (Instr. 3)	2. Trans. Date	2A. Deemed Execution Date, if any	3. Trans. Code (Instr. 8)		4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
8 % Non-Cumulative, Perpetual Preferred Stock	4/15/2021		D		5000.00	D	$1000.00	0.00	D
Series C Depositary Shares	5/6/2021		A		120000.00	A	$25.00	120000.00	D
Common Stock	2/3/2021		A	V	144.7677	A	$0.00	144.7677	I	By ESOP
Common Stock	3/12/2021		G	V	93000.00	D	$0.00	1418349.00 (1)	D
Common Stock	3/12/2021		G	V	93000.00	D	$0.00	1421112.00	I	By Spouse
Common Stock	3/12/2021		G	V	186000.00	A	$0.00	413272.00	I	Spouse is Trustee of The Petrie Grandchildren Trust
Common Stock								950000.00	I	Spouse is Trustee of the Emily J. Petrie Irrevocable GST Trust 2010
Common Stock								2392790.00	I	Spouse is Trustee of the Emily J. Petrie Irrevocable Trust - 2010
Common Stock								950000.00	I	Spouse is Trustee of the Julia L. Petrie Irrevocable GST Trust 2010
Common Stock								2023216.00	I	Spouse is Trustee of the Julia L. Petrie Irrevocable Trust - 2010

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Trans. Date	3A. Deemed Execution Date, if any	4. Trans. Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:
(1)	Includes 33,296 unvested restricted stock units for which the reporting person does not have voting rights or receive dividends until vested and shares are issued: 11,098 vesting 2/1/2022; 11,099 vesting 2/1/2023; and 11,099 vesting 2/1/2024.

Reporting Owners
Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
Petrie Michael F. 410 MONON BOULEVARD CARMEL, IN 46032	X	X	Chairman and CEO

Signatures
/s/ Terry A. Oznick, attorney-in-fact		5/10/2021
**Signature of Reporting Person		Date