Ranked by reported Q1 2026 13F market value
Share of total reported institutional value in MBIN held by the largest 10 / 25 filers.
| # | Institution | Shares Held | Market Value | QoQ Change | Ownership % | % of Fund |
|---|---|---|---|---|---|---|
| 1 | Elser Financial Planning, Inc | 27.0M | $1.18B | — | 58.707% | 57.21% |
| 2 | BlackRock, Inc. | 4.1M | $173.8M | +115.3% | 8.814% | 0.00% |
| 3 | DIMENSIONAL FUND ADVISORS LP | 1.8M | $75.5M | +6.2% | 3.827% | 0.02% |
| 4 | Doma Perpetual Capital Management LLC | 1.1M | $47.9M | 0.0% | 2.427% | 12.85% |
| 5 | NOMURA ASSET MANAGEMENT INTERNATIONAL INC. | 1.1M | $46.9M | -1.6% | 2.378% | 0.08% |
| 6 | STATE STREET CORP | 1.0M | $44.5M | +80.2% | 2.251% | 0.00% |
| 7 | VANGUARD CAPITAL MANAGEMENT LLC | 1.0M | $42.9M | — | 2.177% | 0.00% |
| 8 | AMERICAN CENTURY COMPANIES INC | 743K | $31.9M | +9.9% | 1.616% | 0.02% |
| 9 | GEODE CAPITAL MANAGEMENT, LLC | 725K | $31.1M | +1.4% | 1.578% | 0.00% |
| 10 | ROYCE & ASSOCIATES LP | 567K | $24.3M | -29.8% | 1.234% | 0.24% |
| 11 | VANGUARD PORTFOLIO MANAGEMENT LLC | 465K | $19.9M | — | 1.011% | 0.00% |
| 12 | HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC | 302K | $13.0M | -22.7% | 0.658% | 0.04% |
| 13 | MORGAN STANLEY | 298K | $12.8M | +17.0% | 0.649% | 0.00% |
| 14 | NORTHERN TRUST CORP | 287K | $12.3M | +12.1% | 0.625% | 0.00% |
| 15 | BANC FUNDS CO LLC | 281K | $12.1M | +15.0% | 0.611% | 2.25% |
| 16 | BASSWOOD CAPITAL MANAGEMENT, L.L.C. | 274K | $11.7M | 0.0% | 0.596% | 0.57% |
| 17 | CHARLES SCHWAB INVESTMENT MANAGEMENT INC | 248K | $10.6M | +5.7% | 0.540% | 0.00% |
| 18 | Bank of New York Mellon Corp | 236K | $10.1M | +43.7% | 0.514% | 0.00% |
| 19 | Valeo Financial Advisors, LLC | 235K | $10.1M | -3.7% | 0.511% | 0.24% |
| 20 | ROYAL BANK OF CANADA | 213K | $9.1M | +3.4% | 0.463% | 0.00% |
| 21 | DENALI ADVISORS LLC | 195K | $8.4M | -18.1% | 0.424% | 0.93% |
| 22 | VANGUARD FIDUCIARY TRUST CO | 182K | $7.8M | — | 0.396% | 0.00% |
| 23 | Invesco Ltd. | 155K | $6.7M | +238.4% | 0.337% | 0.00% |
| 24 | PRINCIPAL FINANCIAL GROUP INC | 143K | $6.1M | — | 0.310% | 0.00% |
| 25 | Ballast Asset Management, LP | 137K | $5.9M | +2.5% | 0.297% | 2.61% |
denotes a marquee investor (Buffett, Burry, ARK, Tiger Global, Pershing Square, Baupost and other widely-followed managers). “% of Fund” shows how much of that investor’s total 13F portfolio is invested in MBIN — a direct measure of their conviction.
Filings activity in MBIN during Q1 2026, grouped by how each filer changed its position.
8 quarters of 13F filings · Δ columns show change vs prior quarter
| Quarter | Inst. Holders | Δ Holders | Ownership % | Δ Ownership | Total 13F Value | Δ Value |
|---|---|---|---|---|---|---|
| Q1 2026 | 173 | +16% | 85.37% | +61.71 pp | $1.97B | +261% |
| Q4 2025 | 149 | 3.9% | 23.66% | +1.98 pp | $545M | +9.1% |
| Q3 2025 | 155 | +2.6% | 21.68% | 40.61 pp | $499M | 65% |
| Q2 2025 | 151 | 5.6% | 62.29% | +38.71 pp | $1.43B | +164% |
| Q1 2025 | 160 | 5.9% | 23.58% | 41.78 pp | $543M | 64% |
| Q4 2024 | 170 | 2.3% | 65.36% | +37.87 pp | $1.51B | +138% |
| Q3 2024 | 174 | +0.0% | 27.49% | +2.99 pp | $633M | +12% |
| Q2 2024 | 174 | — | 24.50% | — | $564M | — |
Source: SEC 13F institutional filings. Ownership % requires market cap data and will show once linked. Δ columns compare to the immediately prior filed quarter.
Quick answers to the most common questions about buying MBIN stock.
Based on Q1 2026 13F filings, institutional ownership of Merchants Bancorp stands at 85.4%, held across 173 reporting institutions.
Elser Financial Planning, Inc is the largest reported institutional holder of MBIN, with approximately 26,983,101 shares worth $1.18B as of Q1 2026.
No marquee "smart money" managers (Berkshire, Burry, ARK, Tiger Global, Pershing Square, Baupost, etc.) currently appear among the top 25 institutional holders of MBIN.
Our composite Smart Money Score for MBIN is 52 out of 100 (Neutral). It combines net institutional buying activity, ownership shift, marquee investor presence, and holder-count growth.
50 institutions opened new positions in MBIN during Q1 2026, while 26 fully exited. 95 added to existing positions and 28 trimmed.
MBIN institutional ownership rose by 61.71 percentage points quarter-over-quarter, with a net change of +24 holders.
The top 10 institutions account for 86.3% of all reported 13F value in MBIN, and the top 25 account for 94.3%.
All data is sourced from SEC Form 13F filings, which institutional investment managers with at least $100M in assets are required to file each quarter. We process every 13F filing from EDGAR and recompute the aggregates after each cycle. Insider transactions are sourced from Form 4 filings.
Merchants Bancorp (MBIN) Institutional Ownership