Maltese Capital Management’s Merchants Bancorp Depositary Shares, Each Representing a 1/40thInterest in a Share of 7.25% Fixed Rate Series E Non-CumulativePerpetual Preferred Stock, without par value MBINL Stock Holding History

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Shares Change %	Capital Flow	Portfolio Weight	Portfolio Position
2025 Q2	$688K	Sell	29,895 -22,990	-43%	-$529K	0.1%	119
2025 Q1	$1.32M	Sell	52,885 -12,115	-19%	-$303K	0.21%	93
2024 Q4	$1.64M	Buy	+65,000	New	+$1.64M	0.25%	90