Merchants Bancorp
US ˙ NasdaqCM ˙ US58844R1086

SecurityMBIN / Merchants Bancorp
InstitutionSei Investments Co
Latest Disclosed Ownership55,924 shares
Latest Disclosed Value $ 1,904,771
Sei Investments Co reports 315.14% increase in ownership of MBIN / Merchants Bancorp

On February 13, 2026 - Sei Investments Co filed a 13F-HR form disclosing ownership of 55,924 shares of Merchants Bancorp (US:MBIN) valued at $1,904,771 USD as of December 31, 2025. The entity filed a previous 13F-HR on November 13, 2025 disclosing 13,471 shares of Merchants Bancorp. This represents a change in shares of 315.14% during the quarter. The current value of the position is $2,547,897 USD.

Institutional Ownership: 13F and NPORT Filings

The Security and Class in the table below are shown exactly as filed by the investor. We do our best to track continuity of investments through acquisitions, and this will be reflected in the table as changes in names. In addition to descriptive data, performance of the investment is shown over time. To calculate quarterly performance, we first calculate cost basis of the shares purchased during the quarter, then use that to calculate gross profit. Quarterly return is Gross Profit / Starting Portfolio value.

Note that cost basis is calculated and stored in thousands, so small quarterly changes in shares frequently result in a cost basis of zero.

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Disclosed Equity Positions (from 13F/NPORT Filings)
File
Date		 Effective
Date		Form Security Class ID Avg Price
Paid (Est)		 Reported
Shares		 ΔShares ΔShares
(%)		 Reported
Value
(x1000)		 ΔValue
(%)		 Alloc
(%)		 ΔAlloc ΔAlloc (%) Cost Basis
(x1000)		 Unrealized
Gain/Loss
(x1000)
2026-02-13 2025-12-31 13F MERCHANTS BANCORP IND COM 58844R108 55,924 42,453 315.14 1,905 344.86 0.0019
2025-11-13 2025-09-30 13F MERCHANTS BANCORP IND COM 58844R108 13,471 1,557 13.07 428 8.91 0.0005
2025-08-14 2025-06-30 13F MERCHANTS BANCORP IND COM 58844R108 11,914 -199,802 -94.37 394 -94.98 0.0005
2025-05-14 2025-03-31 13F/A-1 MERCHANTS BANCORP IND COM 58844R108 211,716 1,924 0.92 7,833 2.38 0.0101
2025-05-13 2025-03-31 13F MERCHANTS BANCORP IND COM 58844R108 209,792 0 7,651 0.0083
2025-02-11 2024-12-31 13F MERCHANTS BANCORP IND COM 58844R108 209,792 -129 -0.06 7,651 -18.93 0.0098
2024-11-12 2024-09-30 13F MERCHANTS BANCORP IND COM 58844R108 209,921 201,350 2,349.20 9,438 2,619.88 0.0123
2024-08-13 2024-06-30 13F MERCHANTS BANCORP IND COM 58844R108 8,571 800 10.29 347 3.58 0.0005
2024-05-07 2024-03-31 13F MERCHANTS BANCORP IND COM 58844R108 7,771 -11,667 -60.02 336 -59.49 0.0005
2024-02-14 2023-12-31 13F MERCHANTS BANCORP IND COM 58844R108 19,438 11,667 150.14 828 284.65 0.0013
2023-11-14 2023-09-30 13F MERCHANTS BANCORP IND COM 58844R108 7,771 7,771 215 0.0004
2023-08-11 2023-06-30 13F MERCHANTS BANCORP IND COM 58844R108 0 -8,782 -100.00 0 -100.00
2023-05-12 2023-03-31 13F MERCHANTS BANCORP IND COM 58844R108 8,782 8,782 229 0.0004
2022-08-15 2022-06-30 13F MERCHANTS BANCORP IND COM 58844R108 0 -13,892 -100.00 0 -100.00
2022-05-13 2022-03-31 13F MERCHANTS BANCORP IND COM 58844R108 13,892 4,337 45.39 380 -15.93 0.0008
2022-02-14 2021-12-31 13F MERCHANTS BANCORP IND COM 58844R108 9,555 1,299 15.73 452 38.65 0.0008
2021-11-12 2021-09-30 13F MERCHANTS BANCORP IND COM 58844R108 8,256 8,256 326 0.0007
2021-02-08 2020-12-31 13F MERCHANTS BANCORP IND COM 58844R108 0 -10,184 -100.00 0 -100.00
2020-12-04 2020-09-30 13F/A-1 MERCHANTS BANCORP IND COM 58844R108 10,184 0 0.00 201 6.91 0.0006
2020-11-06 2020-09-30 13F MERCHANTS BANCORP IND COM 58844R108 10,184 0 201 483.9633
2020-08-17 2020-06-30 13F/A-1 MERCHANTS BANCORP IND COM 58844R108 10,184 0 0.00 188 21.29 0.0006
2020-08-11 2020-06-30 13F MERCHANTS BANCORP IND COM 58844R108 13,284 3,100 262 710.6889
2020-05-14 2020-03-31 13F MERCHANTS BANCORP IND COM 58844R108 10,184 -3,100 -23.34 155 -40.84 0.0006
2020-02-06 2019-12-31 13F MERCHANTS BANCORP IND COM 58844R108 13,284 0 0.00 262 19.09 0.0008
2019-11-12 2019-09-30 13F MERCHANTS BANCORP IND COM 58844R108 13,284 0 0.00 220 -2.65 0.0006
2019-08-14 2019-06-30 13F MERCHANTS BANCORP IND COM 58844R108 13,284 3,500 35.77 226 7.62 0.0007
2019-05-15 2019-03-31 13F MERCHANTS BANCORP IND COM 58844R108 9,784 7,433 316.16 210 346.81 0.0007
2019-02-13 2018-12-31 13F MERCHANTS BANCORP IND COM 58844R108 2,351 2,351 47 0.0002
Legend
Shares
The total number of shares held by the institution at the end of the reporting period (the effective date). This is provided in the filing.
Value
The total value of the shares as of the effective date. This is provided in the filing.
Avg. Share Price
The weighted average share price of the shares held by the institution. We use FIFO accounting to determine this price
Class
This is the security class as indicated by the filer. There are a variety of values for this field. Common values include "EC" = equity common, "EP" - equity preferred
Allocation (%)
The percent of the institution's portfolio that this position represents. This is provided in NPORT filings. For 13F filings, we calculate it.
Change in Allocation
The change in allocation from the prior reporting period. This is calculated as current allocation - prior allocation.
Change in Allocation (%)
The percent change in allocation from the prior reporting period. This is calculated as (current allocation - prior allocation) / prior allocation.
Cost Basis
The total cost of the shares held. This is calculated as reported shares * avg. share price
Unrealized Gain/Loss
This is the market value of the position as of the effective date minus the cost basis.