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MBIN · Merchants Bancorp · Holdings

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$48.97 -0.09 (-0.17%) At close · Oct 23
S&P 600 member Russell 2000 member Rebalance outlook locked
Market Cap
$2.25B
Shares
45.94M
Volume · Oct 23 115.48K Avg daily vol (3M) 185.24K

Institutional ownership from SEC Form 13F filings. Investment managers with more than $100 million in U.S. equities must disclose their positions every quarter, within 45 days of quarter-end, so the holdings shown can lag the market by up to a quarter.

Use institutional holdings through the 13F API or MCP → See every holder of MBIN: 13F, 13D and 13G, insiders and funds →
Recent SEC filings are still being reconciled. Holder totals and changes may be incomplete until processing catches up.
The Sep 30, 2026 filing window is still open — showing the latest known positions. Funds that have not filed yet carry their prior-quarter positions; a fund that filed without this stock counts as sold out. Each fund's Change is measured against its own previous reported quarter, shown in the Reported column. Pick a completed quarter in the Quarter selector below to put every fund on one quarter and see the stock-wide activity breakdown.
Holders: 200
Total Value: $2,237,666,933
Total Shares: 45,323,903
Showing 1–100 of 203 holdings by value · page 1 of 3

Institutional Ownership Trend

27 quarters

Superinvestors Holding MBIN

All superinvestors →
Mario Gabelli $250,000

Holder Concentration

Across 192 13F filers
Top Holder
59.3%
Sep 2023 → Jun 2026 · range 9.9% – 64.9%
of institutional value
Top 5
77.1%
Sep 2023 → Jun 2026 · range 33.2% – 77.1%
of institutional value
Top 10
85.8%
Sep 2023 → Jun 2026 · range 47.1% – 85.8%
of institutional value
HHI
3,646
Sep 2023 → Jun 2026 · range 345 – 4,263
Highly concentrated

Who Holds MBIN

Last 8 quarters through Sep 30, 2026 (filing window open)

Each kind of 13F filer's share of the common shares 13F filers report. Holder type comes from regulatory records, never the filer's name; style, turnover and horizon are measured from each filer's own 13F book. The quarter selector does not change this card.

Jun 30, 2026, the newest closed quarter: 189 filers, like-for-like change -0.8%; actively managed books -1.2%; index-like books +1.2%.

Holder type Share Filers Change
Registered adviser 75.9% 92 -1.6%
Adviser 3.4% 7 +2.2%
Bank 4.7% 14 +4.3%
Insurer 0.4% 2 0.0%
Broker-dealer 0.1% 1 -2.6%
Benefit plan 0.2% 4 +2.2%
Non-US 0.6% 8 -0.6%
Holding company 10.1% 6 -1.0%
Exempt adviser 0.0% 0 -100.0%
Unknown 4.7% 55 +7.2%

The Sep 30, 2026 filing window is still open, so its bar carries the Jun 30, 2026 positions of filers that have not filed yet.

How the mix is measured

Shares are 13F common shares restated to today's split basis; options and principal amounts are left out. The change compares only filers with a 13F in both quarters and keeps each filer in its bucket of the later quarter on both sides; a filer that continues under a new CIK is compared through its successor. Holder type comes from each filer's current regulatory profile; client base and private funds come from the Form ADV roster current at each quarter end (rosters from December 2019, so an earlier quarter reads Unknown). Style, turnover, horizon and book size are measured from each filer's 13F book in the newest measured quarter, and Not measured means none was. Actively managed books are those measured systematic-like, concentrated or diversified active.

Excluded 3 holders with no observed 2026-03-31 13F and 3 holders with no observed 2026-06-30 13F. Compared across CIK changes: JANUS HENDERSON GROUP PLC continues as Jupiter Topco LLC.

Conviction and Crowding

188 13F filers, quarter ended Jun 30, 2026

Measured across every 13F filer's common-share book once the quarter's filing window closed. Crowding counts filers with high turnover or that advise private funds on Form ADV.

Conviction holders
4
2.13% of filers hold it in their top 10
Mar 31, 2026: 4
Holders above 5%
2
median weight 0.001%
Mar 31, 2026: 2
Crowding
9.96%
of shares outstanding, 30th percentile
Mar 31, 2026: 10.9%
Private-fund advisers
9.77%
of shares outstanding
Institutional ownership
98.3%
183.0% of the estimated free float above 100%: filers can report lent or client shares more than once
Top 10 holders
85.9%
of 13F shares, Herfindahl 0.365
Active holders
-1.2%
like-for-like share change of active filers
5% stakes on record
3
0 13D, 3 13G (1 institutional, 0 passive, 2 exempt)
How long holders have held it value-weighted 7.2 quarters
Under 1 year 67.0% 1 to 3 years 13.6% 3 years or more 19.4% Since coverage start 0.000%

Managers in the top fifth by current three-year FundScore alpha were net buyers of $0 (0 buying, 0 selling).

Estimated Holder Cost Basis

Quarter ended Jun 30, 2026, on that quarter's share basis

Estimated, never filed: each 13F buy is costed at its quarter's average traded price and each sale keeps the average cost, so this is what holders paid on average if they traded evenly through each quarter.

Estimated avg cost
$40.35
estimated per share
Mar 31, 2026: $40.17
Quarter-end price
$50.00
implied by 13F values
Estimated gain or loss
+23.9%
price against the estimated cost
Estimated at a loss
0.000%
of costed 13F value

Estimated cost covers 66.7% of the 13F shares; positions already held when a filer's 13F history starts, or bought in a quarter without a trusted average price, have no estimate.

Shared Holders

Companies MBIN's active holders also own, quarter ended Jun 30, 2026
# Company Shared holders
1 USCB Uscb Financial Holdings, Inc. 3
2 KE Kimball Electronics, Inc. 3
3 MCB Metropolitan Bank Holding Corp. 3
4 CBNK Capital Bancorp Inc 3
5 TCBX Third Coast Bancshares, Inc. 3
6 SYBT Stock Yards Bancorp, Inc. 3
7 RJF Raymond James Financial Inc 3
8 LLY ELI LILLY & Co 14
9 FITB Fifth Third Bancorp 4
10 STLD Steel Dynamics Inc 3

Shareholder Targets

13F filers that own its peers but not MBIN, quarter ended Jun 30, 2026

Found through its holder-overlap peers: USCB, KE, MCB, CBNK, TCBX, SYBT, RJF, LLY, FITB, STLD, JPM, CVX, TPL, MCD, WMT, FCX, HBAN, VRT, PLTR, MSFT. 6,610 filers in all.

# Filer In peers
1 LILLY ENDOWMENT INC Unknown, Unknown $108,400,867,760 1 held
2 NORGES BANK Non-US, Index-like $84,791,868,151 12 held
3 Capital Research Global Investors Adviser, Diversified active $75,958,973,136 9 held
4 Capital World Investors Adviser, Diversified active $49,498,496,886 8 held
5 WELLINGTON MANAGEMENT GROUP LLP Holding company, Diversified active $42,423,155,923 18 held
6 Amundi Holding company, Index-like $35,242,901,257 14 held
7 Fisher Asset Management, LLC Adviser, Diversified active $33,614,269,596 13 held
8 Capital International Investors Adviser, Diversified active $32,782,745,214 9 held
9 STATE FARM MUTUAL AUTOMOBILE INSURANCE CO Insurer, Diversified active $23,396,283,519 4 held
10 HSBC HOLDINGS PLC Unknown, Index-like $18,790,197,857 16 held

Fund Ownership of MBIN by Fund Type

Registered funds' Form N-PORT reports for the quarter ended Jun 30, 2026

Index funds and index ETFs hold 17.66% of shares outstanding.

Fund type Of shares outstanding Shares
Index funds 2.76% 1,266,881
Index ETFs 14.90% 6,843,861
Active ETFs 1.79% 823,533
Active funds 6.31% 2,900,961
Unclassified 1.77% 811,990
All registered funds 27.53% 12,647,226
How fund types are measured

Each fund series counts once, with its latest Form N-PORT report dated inside the quarter; only long share positions count, restated to today's split basis. The fund type is the series' latest Form N-CEN answer on or before the quarter end (the index-fund box and the exchange-traded flag), never its name. Unclassified funds have no usable N-CEN; unit investment trusts are among them, so index ownership is a floor. Funds sit inside their advisers' 13F reports, so these shares overlap the 13F figures and are never added to them.

Holder type: Registered adviser 100 Adviser 7 Bank 14 Insurer 2 Broker-dealer 1 Benefit plan 4 Non-US 8 Holding company 6 Unknown 58
Showing 100 of 203
All Common Calls Puts
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Holder Value (USD) % of 13F Shares Open
Elser Financial Planning, Inc $1,311,997,129 58.63% 26,797,327
BlackRock, Inc. $205,259,650 9.17% 4,105,193
DIMENSIONAL FUND ADVISORS LP $91,357,200 4.08% 1,827,144
STATE STREET CORP $53,348,600 2.38% 1,066,972
NOMURA ASSET MANAGEMENT INTERNATIONAL INC. $52,249,600 2.34% 1,044,992
VANGUARD CAPITAL MANAGEMENT LLC $50,790,650 2.27% 1,015,813
AMERICAN CENTURY COMPANIES INC $41,852,600 1.87% 837,052
Doma Perpetual Capital Management LLC $40,504,100 1.81% 810,082
GEODE CAPITAL MANAGEMENT, LLC $37,016,300 1.65% 740,326
ROYCE & ASSOCIATES LP $26,352,350 1.18% 527,047
VANGUARD PORTFOLIO MANAGEMENT LLC $24,411,050 1.09% 488,221
MORGAN STANLEY $15,438,750 0.69% 308,775
NORTHERN TRUST CORP $15,090,100 0.67% 301,802
HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC $14,921,900 0.67% 298,438
BANC FUNDS CO LLC $14,253,100 0.64% 285,062
BASSWOOD CAPITAL MANAGEMENT, L.L.C. $13,687,350 0.61% 273,747
CHARLES SCHWAB INVESTMENT MANAGEMENT INC $12,627,400 0.56% 252,548
Invesco Ltd. $12,019,750 0.54% 240,395
Bank of New York Mellon Corp $11,718,900 0.52% 234,378
ROYAL BANK OF CANADA $11,032,050 0.49% 220,641
Valeo Financial Advisors, LLC $10,882,535 0.49% 222,274
VANGUARD FIDUCIARY TRUST CO $9,531,200 0.43% 190,624
DENALI ADVISORS LLC $8,728,800 0.39% 174,576
PRINCIPAL FINANCIAL GROUP INC $7,123,800 0.32% 142,476
Ballast Asset Management, LP $6,763,500 0.30% 135,270
WASATCH ADVISORS LP $6,226,439 0.28% 127,174
BANK OF AMERICA CORP /DE/ $6,057,100 0.27% 121,142
Russell Investments Group, Ltd. $5,601,050 0.25% 112,021
DEUTSCHE BANK AG\ $5,283,650 0.24% 105,673
FIRST TRUST ADVISORS LP $5,045,800 0.23% 100,916
Public Sector Pension Investment Board $5,038,150 0.23% 100,763
FRANKLIN RESOURCES INC $4,943,700 0.22% 98,874
GOLDMAN SACHS GROUP INC $3,561,950 0.16% 71,239
AMERIPRISE FINANCIAL INC $3,522,950 0.16% 70,459
RHUMBLINE ADVISERS $3,337,800 0.15% 66,756
XTX Topco Ltd $3,249,250 0.15% 64,985
Legal & General Group Plc $3,219,250 0.14% 64,385
UBS Group AG $3,088,600 0.14% 61,772
SAPIENT CAPITAL LLC $2,963,108 0.13% 60,521
NEW YORK STATE COMMON RETIREMENT FUND $2,906,700 0.13% 58,134
SEI INVESTMENTS CO $2,736,100 0.12% 54,722
STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM $2,711,750 0.12% 54,235
Nuveen, LLC $2,548,750 0.11% 50,975
Quantinno Capital Management LP $2,508,150 0.11% 50,163
CITIGROUP INC $2,118,050 0.09% 42,361
Swiss National Bank $2,075,000 0.09% 41,500
AQR CAPITAL MANAGEMENT LLC $2,014,000 0.09% 40,280
RAYMOND JAMES FINANCIAL INC $1,925,150 0.09% 38,503
TWO SIGMA INVESTMENTS, LP $1,731,050 0.08% 34,621
LPL Financial LLC $1,698,900 0.08% 33,978
PRICE T ROWE ASSOCIATES INC /MD/ $1,689,900 0.08% 33,798
Formidable Asset Management, LLC $1,660,000 0.07% 33,200
PRUDENTIAL FINANCIAL INC $1,480,750 0.07% 29,615
UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC $1,466,450 0.07% 29,329
Pacific Ridge Capital Partners, LLC $1,421,250 0.06% 28,425
ALLIANCEBERNSTEIN L.P. $1,380,900 0.06% 27,618
PICTON MAHONEY ASSET MANAGEMENT $1,345,750 0.06% 26,915
ExodusPoint Capital Management, LP $1,283,500 0.06% 25,670
MILLENNIUM MANAGEMENT LLC $1,275,050 0.06% 25,501
Verdence Capital Advisors LLC $1,250,950 0.06% 25,019
FEDERATED HERMES, INC. $1,249,500 0.06% 24,990
CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM $1,199,650 0.05% 23,993
JAMES INVESTMENT RESEARCH, INC. $1,163,779 0.05% 23,770
CANADA LIFE ASSURANCE Co $1,143,350 0.05% 22,867
WELLS FARGO & COMPANY/MN $1,097,850 0.05% 21,957
Twelve Points Wealth Management LLC $1,023,300 0.05% 20,466
Thrivent Financial for Lutherans $965,250 0.04% 19,305
CAPSTONE INVESTMENT ADVISORS, LLC $950,900 0.04% 19,018
JPMORGAN CHASE & CO $889,950 0.04% 17,799
Vanguard Global Advisers, LLC $852,500 0.04% 17,050
D. E. Shaw & Co., Inc. $817,950 0.04% 16,359
STIFEL FINANCIAL CORP $808,700 0.04% 16,174
SUSQUEHANNA INTERNATIONAL GROUP, LLP $760,000 0.03% 15,200
LJI Wealth Management, LLC $750,000 0.03% 15,000
Illinois Municipal Retirement Fund $743,650 0.03% 14,873
VANGUARD ASSET MANAGEMENT, Ltd $737,350 0.03% 14,747
MetLife Investment Management, LLC $735,400 0.03% 14,708
STRS OHIO $710,000 0.03% 14,200
Curry Webb Wealth Management LLC $691,217 0.03% 14,118
BNP PARIBAS ARBITRAGE, SA $682,300 0.03% 13,646
Inspire Investing, LLC $637,508 0.03% 13,021
ACADIAN ASSET MANAGEMENT LLC $626,600 0.03% 12,532
SUSQUEHANNA INTERNATIONAL GROUP, LLP $620,000 0.03% 12,400
COMMONWEALTH EQUITY SERVICES, LLC $592,800 0.03% 11,856
MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. $582,900 0.03% 11,658
OXFORD FINANCIAL GROUP, LTD. LLC $556,850 0.02% 11,137
Louisiana State Employees Retirement System $528,768 0.02% 10,800
Aldebaran Capital, LLC $506,250 0.02% 10,125
BCGM Wealth Management, LLC $504,850 0.02% 10,097
PNC FINANCIAL SERVICES GROUP, INC. $499,550 0.02% 9,991
CITADEL ADVISORS LLC $495,000 0.02% 9,900
MANUFACTURERS LIFE INSURANCE COMPANY, THE $436,000 0.02% 8,720
NEW YORK STATE TEACHERS RETIREMENT SYSTEM $433,589 0.02% 8,856
BARCLAYS PLC $431,450 0.02% 8,629
JANE STREET GROUP, LLC $415,000 0.02% 8,300
SG Americas Securities, LLC $400,350 0.02% 8,007
Cetera Investment Advisers $381,400 0.02% 7,628
Meeder Advisory Services, Inc. $375,000 0.02% 7,500
Impact Partnership Wealth, LLC $365,950 0.02% 7,319
TEACHERS RETIREMENT SYSTEM OF THE STATE OF KENTUCKY $365,000 0.02% 7,300

Showing the top 100 of 203 holders. Create a free account to see every holder, past quarters, search, filters and CSV export.

Key facts CIK 1629019 CUSIP 58844R108 13F (30d) 36 filings 36 filers Visit website Investor relations