Merchants Bancorp

MBIN

Exchange: Nasdaq
Industry: State Commercial Banks
SEC CIK: 0001629019

SEC filings (opens in a new tab)

In the last 90 days, Merchants Bancorp insiders filed 0 open-market purchases and 2 sales; 188 institutions reported holding it in 13F filings for Q2 2026, worth $2.26B in total; no superinvestor holds it.

Other share classesMBINL MBINM MBINN

Q1 2026 vs. Q4 2025

How the institutions holding Merchants Bancorp changed between Q4 2025 and Q1 2026.

All holders in Q1 2026 All holders in Q4 2025

13F holders of MBIN: Q4 2025 compared with Q1 2026
Measure	Q4 2025	Of which not filed for Q1 2026	Q1 2026	Change
Holders	151	3	178	+30
Shares	16.1M	1.47M	45.5M	+30.9M (+211.1%)
Value	$548.2M	$50.0M	$1.97B	+$1.47B (+296.0%)

3 institutions that held it in Q4 2025 haven't filed for Q1 2026 yet. Not filing isn't selling, so the changes leave them out.

New holders (51)

Institutions that held Merchants Bancorp at the end of Q1 2026 but not at the end of Q4 2025.

Institutions new to MBIN in Q1 2026
Institution	Shares	Value	% of portfolio
Elser Financial Planning, Inc	26,983,101	$1.18B	57.23%
Vanguard Capital Management LLC	1,000,776	$42.9M	0.00%
Vanguard Portfolio Management LLC	464,663	$19.9M	0.00%
Vanguard Fiduciary Trust Co	181,876	$7.80M	0.00%
Principal Financial Group Inc	142,616	$6.12M	0.00%
Public Sector Pension Investment Board	105,057	$4.51M	0.01%
State Board of Administration of Florida Retirement System	57,240	$2.46M	0.00%
Wakefield Asset Management LLLP	29,530	$1.27M	0.34%
Prudential Financial Inc	29,415	$1.26M	0.00%
Verdence Capital Advisors LLC	25,849	$1.11M	0.06%
Picton Mahoney Asset Management	22,530	$966.8K	0.01%
Thrivent Financial for Lutherans	19,605	$841.0K	0.00%
Vanguard Global Advisers, LLC	16,237	$696.7K	0.00%
Illinois Municipal Retirement Fund	15,132	$649.3K	0.01%
Vanguard Asset Management, Ltd	14,747	$632.8K	0.00%
Acadian Asset Management LLC	13,721	$587.0K	0.00%
Louisiana State Employees Retirement System	13,000	$557.8K	0.01%
State of Tennessee, Treasury Department	11,263	$483.3K	0.00%
New York State Teachers Retirement System	9,146	$392.0K	0.00%
Landscape Capital Management, L.L.C.	8,388	$359.9K	0.02%
Yousif Capital Management, LLC	7,847	$336.7K	0.00%
Teachers Retirement System of the State of Kentucky	7,300	$313.0K	0.00%
Commonwealth of Pennsylvania Public School Empls Retrmt Sys	7,263	$311.7K	0.00%
Two Sigma Securities, LLC	7,224	$310.0K	0.04%
Brevan Howard Capital Management LP	6,721	$288.4K	0.00%
Oregon Public Employees Retirement Fund	6,700	$287.5K	0.00%
Fifth Third Bancorp	6,292	$270.0K	0.00%
Cerity Partners LLC	5,960	$255.7K	0.00%
Vident Advisory, LLC	5,883	$252.4K	0.00%
Arizona State Retirement System	5,672	$243.4K	0.00%
Vanguard Investments Australia, Ltd.	5,641	$242.1K	0.00%
Engineers Gate Manager LP	5,237	$224.7K	0.00%
Gamco Investors, Inc. Et Al	5,000	$214.6K	0.00%
Voya Investment Management LLC	4,809	$206.4K	0.00%
Salomon & Ludwin, LLC	464	$20.6K	0.00%
Hantz Financial Services, Inc.	379	$16.0K	0.00%
Pinnacle Wealth Planning Services, Inc.	288	$12.4K	0.00%
Bessemer Group Inc	220	$9.00K	0.00%
Owl Creek Wealth Partners LLC	180	$7.72K	0.00%
Public Employees Retirement System of Ohio	107	$4.59K	0.00%
Northwestern Mutual Wealth Management Co	100	$4.29K	0.00%
JPL Wealth Management, LLC	54	$2.32K	0.00%
Quarry LP	54	$2.32K	0.00%
Caitong International Asset Management Co., Ltd	52	$2.23K	0.00%
Jones Financial Companies LLLP	43	$1.82K	0.00%
Root Financial Partners, LLC	19	$815	0.00%
Umb Bank N A	16	$687	0.00%
Farmers & Merchants Investments Inc	15	$644	0.00%
Harbour Investments, Inc.	3	$129	0.00%
SJS Investment Consulting Inc.	3	$129	0.00%
Gilpin Wealth Management, LLC	3	$129	0.00%

Sold out (21)

Institutions that held Merchants Bancorp at the end of Q4 2025 and filed for Q1 2026 without it.

Institutions that sold out of MBIN in Q1 2026
Institution	Shares, Q4 2025	Value, Q4 2025
Marshall Wace, LLP	140,168	$4.77M
Qube Research & Technologies Ltd	139,256	$4.74M
Millennium Management LLC	128,011	$4.36M
Black Maple Capital Management LP	82,092	$2.80M
Y-Intercept (Hong Kong) Ltd	66,816	$2.28M
HRT Financial LP	59,224	$2.02M
Dark Forest Capital Management LP	57,154	$1.95M
Man Group plc	55,832	$1.90M
Quest Partners LLC	35,063	$1.19M
Citadel Advisors LLC	25,225	$859.2K
Verition Fund Management LLC	16,600	$565.4K
Balyasny Asset Management LLC	14,976	$510.1K
Jump Financial, LLC	12,733	$433.7K
Squarepoint Ops LLC	11,927	$406.2K
HSBC Holdings PLC	10,397	$354.7K
HFG Advisors, Inc.	9,267	$315.6K
Inspire Advisors, LLC	7,692	$262.0K
Numerai GP LLC	7,464	$254.2K
Caxton Associates LLP	5,908	$201.2K
Aquatic Capital Management LLC	1,004	$34.2K
Optiver Holding B.V.	198	$6.74K

Not filed for Q1 2026 yet (3)

Institutions that held Merchants Bancorp at the end of Q4 2025 and haven't filed a 13F for Q1 2026. Not filing isn't selling, so they aren't counted as sold out.

Institutions holding MBIN in Q4 2025 that haven't filed for Q1 2026
Institution	Shares, Q4 2025	Value, Q4 2025
Vanguard Group Inc	1,414,584	$48.2M
Brandywine Global Investment Management, LLC	53,926	$1.84M
Comerica Bank	61	$2.06K