Who owns Merchants Bancorp (MBINN)
Which tracked institutional funds hold MBINN, how they are positioned, and who is buying versus exiting — from SEC Form 13F-HR filings. See MBINN company fundamentals →
Ownership as of the 2026-Q1 13F filings (latest filed 2026-05-18). 13F is disclosed up to 45 days after quarter-end, so the most recent quarter fills in over the following weeks.
How the tape is positioned
55 tracked funds added or opened MBINN while 27 trimmed or exited it between 2025-Q4 and 2026-Q1 — the tape is split. When large holders disagree on a name, the funds moving first are sometimes ahead of the story.
A prompt to read the filings, not a verdict. 13F is a quarter-end snapshot disclosed up to 45 days late; a fund adds or exits for mandate, benchmark, and timing reasons that have nothing to do with a view on the stock. This is a starting question, not a signal to trade.
Conviction spread
MBINN’s largest tracked holder by dollar value, Elser Financial Planning, Inc, sizes it at 57.2% of its own reported 13F book, while the median holder sizes it at 0.0% of theirs — a 57.2pp conviction gap — its largest holder concentrates the name more heavily than the typical one.
Book-share is each fund’s reported value in MBINN divided by its whole reported 13F book, so it is comparable across funds of different sizes and is unaffected by stock splits. A higher share means a fund has committed more of its book to the name — a starting question about conviction, not a verdict or a signal to trade.
Institutional & insider positioning
Between 2025-Q4 and 2026-Q1, across 176 tracked filers holding MBINN, 105 increased or opened the position and 73 reduced or closed it; over the same quarter, there were no open-market insider Form 4s.
This fuses two public signals for the same quarter — how tracked institutions changed their positions and whether insiders bought or sold in the open market. It describes what was filed; it is a starting question, not a verdict or a signal to trade.
New buyers & exits
Funds opening or closing a position in MBINN between the 2025-Q4 and 2026-Q1 13F filings, and the largest changes among funds holding it in both. New buyers and exits are counted on fund presence (split-invariant); adds and trims are measured on reported value.
New buyers 17
- Elser Financial Planning, Inc$1.2B
- VANGUARD CAPITAL MANAGEMENT LLC$43M
- VANGUARD PORTFOLIO MANAGEMENT LLC$20M
- VANGUARD FIDUCIARY TRUST CO$8M
- PRINCIPAL FINANCIAL GROUP INC$6M
- Public Sector Pension Investment Board$5M
Full exits 14
- VANGUARD GROUP INC$41M
- MARSHALL WACE, LLP$5M
- Qube Research & Technologies Ltd$5M
- MILLENNIUM MANAGEMENT LLC$4M
- Black Maple Capital Management LP$3M
- Y-Intercept (Hong Kong) Ltd$2M
Largest adds
- BlackRock, Inc.$110M
- STATE STREET CORP$25M
- DIMENSIONAL FUND ADVISORS LP$19M
- Doma Perpetual Capital Management LLC$10M
- NOMURA ASSET MANAGEMENT INTERNATIONAL INC.$9M
- AMERICAN CENTURY COMPANIES INC$9M
Largest trims
- D. E. Shaw & Co., Inc.$5M
- ROYCE & ASSOCIATES LP$3M
- JPMORGAN CHASE & CO$2M
- FMR LLC$2M
- BARCLAYS PLC$1M
- Trexquant Investment LP$1M
Institutional holders
One row per tracked fund, largest reported value first. “% of value” is the fund’s share of this security’s tracked institutional value — not of shares outstanding. Rows marked stale are from an earlier filing than the security’s latest quarter — that fund is absent from the newest snapshot (position exited, or reported under a different name).
| Fund | Shares | Reported value | % of value | Quarter |
|---|---|---|---|---|
| Elser Financial Planning, Inc trimmed | 26,983,101 | $1.2B | 56.5% | 2026-Q1 |
| BlackRock, Inc. added | 4,050,918 | $174M | 8.3% | 2026-Q1 |
| DIMENSIONAL FUND ADVISORS LP added | 1,758,985 | $75M | 3.6% | 2026-Q1 |
| Doma Perpetual Capital Management LLC | 1,115,594 | $48M | 2.3% | 2026-Q1 |
| NOMURA ASSET MANAGEMENT INTERNATIONAL INC. trimmed | 1,093,004 | $47M | 2.2% | 2026-Q1 |
| STATE STREET CORP added | 1,034,632 | $45M | 2.1% | 2026-Q1 |
| VANGUARD CAPITAL MANAGEMENT LLC new | 1,000,776 | $43M | 2.1% | 2026-Q1 |
| AMERICAN CENTURY COMPANIES INC added | 742,635 | $32M | 1.5% | 2026-Q1 |
| GEODE CAPITAL MANAGEMENT, LLC added | 725,435 | $31M | 1.5% | 2026-Q1 |
| ROYCE & ASSOCIATES LP trimmed | 567,267 | $24M | 1.2% | 2026-Q1 |
| VANGUARD PORTFOLIO MANAGEMENT LLC new | 464,663 | $20M | 1.0% | 2026-Q1 |
| HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC trimmed | 302,408 | $13M | 0.6% | 2026-Q1 |
| MORGAN STANLEY added | 298,060 | $13M | 0.6% | 2026-Q1 |
| NORTHERN TRUST CORP added | 287,093 | $12M | 0.6% | 2026-Q1 |
| BANC FUNDS CO LLC added | 281,062 | $12M | 0.6% | 2026-Q1 |
| BASSWOOD CAPITAL MANAGEMENT, L.L.C. | 273,747 | $12M | 0.6% | 2026-Q1 |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC added | 248,082 | $11M | 0.5% | 2026-Q1 |
| Bank of New York Mellon Corp added | 236,146 | $10M | 0.5% | 2026-Q1 |
| Valeo Financial Advisors, LLC trimmed | 235,100 | $10M | 0.5% | 2026-Q1 |
| ROYAL BANK OF CANADA added | 212,852 | $9M | 0.4% | 2026-Q1 |
| DENALI ADVISORS LLC trimmed | 194,710 | $8M | 0.4% | 2026-Q1 |
| VANGUARD FIDUCIARY TRUST CO new | 181,876 | $8M | 0.4% | 2026-Q1 |
| Invesco Ltd. added | 155,067 | $7M | 0.3% | 2026-Q1 |
| PRINCIPAL FINANCIAL GROUP INC added | 142,616 | $6M | 0.3% | 2026-Q1 |
| Ballast Asset Management, LP added | 136,586 | $6M | 0.3% | 2026-Q1 |
| GOLDMAN SACHS GROUP INC trimmed | 126,561 | $5M | 0.3% | 2026-Q1 |
| FIRST TRUST ADVISORS LP trimmed | 116,355 | $5M | 0.2% | 2026-Q1 |
| SEI INVESTMENTS CO added | 108,975 | $5M | 0.2% | 2026-Q1 |
| FRANKLIN RESOURCES INC added | 107,571 | $5M | 0.2% | 2026-Q1 |
| BANK OF AMERICA CORP /DE/ added | 106,357 | $5M | 0.2% | 2026-Q1 |
| Public Sector Pension Investment Board new | 105,057 | $5M | 0.2% | 2026-Q1 |
| DEUTSCHE BANK AG\ added | 102,958 | $4M | 0.2% | 2026-Q1 |
| MACKENZIE FINANCIAL CORP added | 87,093 | $4M | 0.2% | 2026-Q1 |
| Russell Investments Group, Ltd. trimmed | 85,842 | $4M | 0.2% | 2026-Q1 |
| UBS Group AG added | 80,275 | $3M | 0.2% | 2026-Q1 |
| RHUMBLINE ADVISERS added | 77,434 | $3M | 0.2% | 2026-Q1 |
| AMERIPRISE FINANCIAL INC added | 72,752 | $3M | 0.1% | 2026-Q1 |
| NEW YORK STATE COMMON RETIREMENT FUND trimmed | 60,734 | $3M | 0.1% | 2026-Q1 |
| SAPIENT CAPITAL LLC trimmed | 60,521 | $3M | 0.1% | 2026-Q1 |
| Legal & General Group Plc added | 58,447 | $3M | 0.1% | 2026-Q1 |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM added | 57,240 | $2M | 0.1% | 2026-Q1 |
| RENAISSANCE TECHNOLOGIES LLC added | 49,089 | $2M | 0.1% | 2026-Q1 |
| Nuveen, LLC added | 47,878 | $2M | 0.1% | 2026-Q1 |
| RAYMOND JAMES FINANCIAL INC trimmed | 43,403 | $2M | 0.1% | 2026-Q1 |
| TWO SIGMA INVESTMENTS, LP trimmed | 41,621 | $2M | 0.1% | 2026-Q1 |
| Swiss National Bank | 40,700 | $2M | 0.1% | 2026-Q1 |
| AQR CAPITAL MANAGEMENT LLC trimmed | 37,195 | $2M | 0.1% | 2026-Q1 |
| Quantinno Capital Management LP added | 34,926 | $1M | 0.1% | 2026-Q1 |
| LPL Financial LLC trimmed | 34,881 | $1M | 0.1% | 2026-Q1 |
| Wakefield Asset Management LLLP added | 29,530 | $1M | 0.1% | 2026-Q1 |
| PRUDENTIAL FINANCIAL INC new | 29,415 | $1M | 0.1% | 2026-Q1 |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC trimmed | 29,329 | $1M | 0.1% | 2026-Q1 |
| Trexquant Investment LP trimmed | 29,191 | $1M | 0.1% | 2026-Q1 |
| JPMORGAN CHASE & CO trimmed | 29,161 | $1M | 0.1% | 2026-Q1 |
| Pacific Ridge Capital Partners, LLC added | 28,753 | $1M | 0.1% | 2026-Q1 |
| D. E. Shaw & Co., Inc. trimmed | 28,275 | $1M | 0.1% | 2026-Q1 |
| PRICE T ROWE ASSOCIATES INC /MD/ added | 27,778 | $1M | 0.1% | 2026-Q1 |
| Formidable Asset Management, LLC | 34,400 | $1M | 0.1% | 2026-Q1 |
| Verdence Capital Advisors LLC new | 25,849 | $1M | 0.1% | 2026-Q1 |
| CANADA LIFE ASSURANCE Co added | 24,083 | $1M | 0.0% | 2026-Q1 |
| JAMES INVESTMENT RESEARCH, INC. | 23,770 | $1M | 0.0% | 2026-Q1 |
| Twelve Points Wealth Management LLC trimmed | 22,916 | $983K | 0.0% | 2026-Q1 |
| PICTON MAHONEY ASSET MANAGEMENT added | 22,530 | $967K | 0.0% | 2026-Q1 |
| ALLIANCEBERNSTEIN L.P. added | 27,618 | $941K | 0.0% | 2026-Q1 |
| XTX Topco Ltd trimmed | 19,647 | $843K | 0.0% | 2026-Q1 |
| Thrivent Financial for Lutherans new | 19,605 | $841K | 0.0% | 2026-Q1 |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM trimmed | 19,149 | $822K | 0.0% | 2026-Q1 |
| FEDERATED HERMES, INC. added | 17,844 | $766K | 0.0% | 2026-Q1 |
| State of Alaska, Department of Revenue added | 16,452 | $705K | 0.0% | 2026-Q1 |
| Vanguard Global Advisers, LLC new | 16,237 | $697K | 0.0% | 2026-Q1 |
| STIFEL FINANCIAL CORP trimmed | 16,198 | $695K | 0.0% | 2026-Q1 |
| BCGM Wealth Management, LLC | 15,477 | $664K | 0.0% | 2026-Q1 |
| BNP PARIBAS FINANCIAL MARKETS trimmed | 15,198 | $652K | 0.0% | 2026-Q1 |
| Illinois Municipal Retirement Fund new | 15,132 | $649K | 0.0% | 2026-Q1 |
| VANGUARD GROUP INC trimmed | 1,200,033 | $41M | 2.0% | 2025-Q4 stale |
| MACQUARIE GROUP LTD added | 897,066 | $29M | 1.4% | 2025-Q3 stale |
| FJ Capital Management LLC added | 297,156 | $9M | 0.5% | 2025-Q3 stale |
| PL Capital Advisors, LLC | 188,294 | $6M | 0.3% | 2025-Q3 stale |
| MARSHALL WACE, LLP added | 140,168 | $5M | 0.2% | 2025-Q4 stale |
| Qube Research & Technologies Ltd added | 139,256 | $5M | 0.2% | 2025-Q4 stale |
| MILLENNIUM MANAGEMENT LLC trimmed | 128,011 | $4M | 0.2% | 2025-Q4 stale |
| JACOBS LEVY EQUITY MANAGEMENT, INC trimmed | 134,928 | $4M | 0.2% | 2025-Q3 stale |
| Black Maple Capital Management LP trimmed | 82,092 | $3M | 0.1% | 2025-Q4 stale |
| Y-Intercept (Hong Kong) Ltd added | 66,816 | $2M | 0.1% | 2025-Q4 stale |
| HRT FINANCIAL LP added | 59,224 | $2M | 0.1% | 2025-Q4 stale |
| JANE STREET GROUP, LLC added | 61,351 | $2M | 0.1% | 2025-Q3 stale |
| DARK FOREST CAPITAL MANAGEMENT LP added | 57,154 | $2M | 0.1% | 2025-Q4 stale |
| Walleye Capital LLC added | 60,835 | $2M | 0.1% | 2025-Q3 stale |
| Man Group plc added | 55,832 | $2M | 0.1% | 2025-Q4 stale |
| Brandywine Global Investment Management, LLC trimmed | 53,926 | $2M | 0.1% | 2025-Q4 stale |
| ExodusPoint Capital Management, LP added | 53,323 | $2M | 0.1% | 2025-Q3 stale |
| Knights of Columbus Asset Advisors LLC trimmed | 45,480 | $2M | 0.1% | 2025-Q1 stale |
| Jackson Creek Investment Advisors LLC added | 37,507 | $1M | 0.1% | 2025-Q1 stale |
| AlphaQuest LLC added | 35,063 | $1M | 0.1% | 2025-Q4 stale |
| TWO SIGMA ADVISERS, LP added | 37,200 | $1M | 0.1% | 2025-Q3 stale |
| EJF Capital LLC trimmed | 36,297 | $1M | 0.1% | 2025-Q3 stale |
| Rosenthal | Henry Capital Advisors, Inc. | 32,602 | $1M | 0.1% | 2025-Q2 stale |
| ALGERT GLOBAL LLC added | 29,303 | $932K | 0.0% | 2025-Q3 stale |
| CITADEL ADVISORS LLC trimmed | 25,225 | $859K | 0.0% | 2025-Q4 stale |
| Advisor Resource Council trimmed | 23,876 | $830K | 0.0% | 2025-Q1 stale |
Ownership over time
Tracked institutional holder count and total shares held by filing quarter (independent scales). The curated-era tail and any mid-ingest latest quarter are handled honestly — a partial quarter is not drawn as a collapse.
Reading this table
Funds hold the same stock for different reasons — an index fund “holds” almost everything, an active manager sizes a name to a mandate and a benchmark, and each fund entered at its own price and time. Because 13F is filed up to 45 days after quarter-end, every row is a backward-looking snapshot; a manager may have traded since. Share-class siblings (a company’s A and C shares) are rolled up to one line so a dual-class name is never double-counted. Compare like-for-like. A large holder is not an endorsement, and a fund exiting is not a warning — this is a starting question, not a verdict.
About 13F filings
A Form 13F is a quarterly disclosure that institutional investment managers with over $100 million in US-listed equities must file with the SEC. In plain English: it is a snapshot of the long stock positions a fund held at the end of a quarter. It covers long US-listed equities only — not short positions, options, cash, or private holdings — and the funds shown are the large sample we track, not the complete 13F universe.