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
Dec 22	B	Weak or Absent	Up	Up	Up	10.61%
Dec 21	B	Weak or Absent	Up	Up	Up	10.26%
Dec 20	A	Weak or Absent	Up	Up	Up	9.06%
Dec 19	B	Weak or Absent	Up	Up	Up	11.10%
Dec 18	C	Weak or Absent	Up	Up	Down	13.82%
Dec 15	B	Weak or Absent	Up	Up	Flat	13.03%
Dec 14	B	Weak or Absent	Up	Up	Up	10.83%
Dec 13	B	Weak or Absent	Up	Up	Up	12.56%
Dec 12	B	Weak or Absent	Up	Up	Up	12.11%
Dec 11	B	Weak or Absent	Up	Up	Flat	13.65%