Power of Attorney for Mark E. Shaffer to File SEC Forms 3, 4, and 5

This SEC Form 3 filing includes a Power of Attorney executed by Mark E. Shaffer, a director of Merchants Bancorp (MBIN), granting authority to three company representatives to file Section 16 reports on his behalf. The document authorizes Terry A. Oznick, Tami L. Durle, and Rachel A. Reynolds to prepare and submit Form ID applications, execute Forms 3, 4, and 5, and perform related SEC filing activities for Shaffer's securities transactions. The Power of Attorney was signed on May 13, 2026, and remains effective until Shaffer is no longer required to file Section 16 reports or until revoked. The filing indicates no securities are currently owned by Shaffer. This is a standard administrative document that facilitates compliance with SEC reporting requirements for corporate insiders.