Michael F. Petrie and Affiliated Trusts File Amendment No. 10 Reporting 27.4% Stake in Merchants Bancorp

This Schedule 13G/A (Amendment No. 10) filed with the SEC on April 6, 2026, reports the beneficial ownership of Merchants Bancorp common stock by a group of affiliated reporting persons. The group includes Michael F. Petrie, Jody J. Petrie, Emily J. Pell, and two irrevocable trusts: The Emily J. Petrie Irrevocable Trust - 2010 and The Julia L. Petrie Irrevocable Trust - 2010. Michael F. Petrie and Jody J. Petrie each report beneficial ownership of 12,575,375 shares, representing 27.4% of the class, primarily through shared voting and dispositive power. Emily J. Pell reports 2,765,108 shares (6.0%), while the Emily J. Petrie and Julia L. Petrie Irrevocable Trusts report 2,611,424 shares (5.7%) and 2,410,152 shares (5.3%) respectively. The reporting persons have entered into a Joint Filing Agreement to report these holdings collectively. All entities and individuals listed are based in Carmel, Indiana, and the filing reflects an ongoing significant ownership stake in the issuer by the Petrie family and associated trusts.