Trend Table for MBINM - Merchants Bancorp - Depositary Shares, Each Representing a 1/40th Interest in a Share of 8.25% Fixed-Rate Reset Series D Non-Cumulative Perpetual Preferred Stock

Current Trend Strength: Weak or Absent

Date	Grade	ADX	Long Term	Intermediate Term	Short Term	% Chg
Jan 24	B	Weak or Absent	Up	Up	Flat	11.27%
Jan 23	B	Weak or Absent	Up	Up	Flat	11.76%
Jan 22	B	Weak or Absent	Up	Up	Up	10.92%
Jan 19	B	Weak or Absent	Up	Up	Up	10.79%
Jan 18	B	Weak or Absent	Up	Up	Flat	12.08%
Jan 17	A	Weak or Absent	Up	Up	Flat	12.31%
Jan 16	B	Weak or Absent	Up	Up	Flat	12.23%
Jan 12	B	Weak or Absent	Up	Up	Up	11.68%
Jan 11	B	Weak or Absent	Up	Up	Flat	12.49%
Jan 10	B	Weak or Absent	Up	Up	Up	11.59%