Power of Attorney for Randall D. Rogers Jr. regarding Merchants Bancorp Securities

This document is a Power of Attorney filed by Randall D. Rogers Jr., a director of Merchants Bancorp, appointing Terry A. Oznick, Tami L. Durle, and Rachel A. Reynolds as his attorneys-in-fact. The attorneys-in-fact are authorized to execute and file necessary SEC forms, including Forms 3, 4, and 5, related to the ownership, acquisition, or disposition of the company's securities. This authorization is necessary for electronic filing with the SEC under Section 16(a) of the Securities Exchange Act of 1934. The Power of Attorney remains in effect until Rogers is no longer required to file such forms or until earlier revoked. The filing also notes that the attorneys-in-fact and the Company are not assuming Rogers' responsibilities or liabilities under Section 16.