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
Oct 25	B	Weak or Absent	Down	Down	Up	25.79%
Oct 24	B	Weak or Absent	Down	Down	Up	25.68%
Oct 23	C	Weak or Absent	Down	Down	Down	28.34%
Oct 20	C	Weak or Absent	Down	Down	Down	27.36%
Oct 19	C	Weak or Absent	Down	Down	Down	29.92%
Oct 18	C	Weak or Absent	Down	Down	Down	27.42%
Oct 17	D	Weak or Absent	Down	Down	Down	27.88%
Oct 16	D	Weak or Absent	Down	Down	Down	25.29%
Oct 13	C	Weak or Absent	Down	Down	Down	25.34%
Oct 12	C	Weak or Absent	Down	Down	Flat	23.55%