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Merchants Bancorp 6.00% Fixed Rate Series Non-Cumulative Perpetual Preferred Stock

May only be redeemed on a dividend payment date

Ticker: MBINN

Parent Ticker: MBIN

OTC Grey Market Temporary Ticker: MRHBP

Issuance Date: 03/16/2021

1st Call Date: 04/01/2026

Maturity Date: None

Shares Issued: 6,000,000

Overallotment Shares: 0

Coupon: 6.00%

Face Value: $25.00

Cumulative: No

Qualified: Yes

Quarterly Dividend Amount: 0.375

Payment Months: JAN, APR, JUL, OCT

Payment Day: 1

S&P Rating: NR

III Rating (In Regards to Dividend Safety Only): C

Moody Rating: Ba3

Fitch Rating: NR

Egan-Jones Rating: NR