# Merchants Bancorp: overview

MBIN · Nasdaq · CIK 1629019 · [Financials](/sectors/financials.md) · fiscal year ends Dec 31

Pages: [Overview](/companies/mbin.md) · [Financials](/companies/mbin/financials.md) · [Filings](/companies/mbin/filings.md) · [Insiders](/companies/mbin/insiders.md)

Revenue is not reported in this company’s XBRL financial statements.

## Last eight quarters

| Line item | Unit | Q3 FY2024 (2024-09-30) | Q4 FY2024 (2024-12-31) | Q1 FY2025 (2025-03-31) | Q2 FY2025 (2025-06-30) | Q3 FY2025 (2025-09-30) | Q4 FY2025 (2025-12-31) | Q1 FY2026 (2026-03-31) | Q2 FY2026 (2026-06-30) |
| --- | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | $m | not reported | not reported | not reported | not reported | not reported | not reported | not reported | not reported |
| Gross margin | % | not reported | not reported | not reported | not reported | not reported | not reported | not reported | not reported |
| Operating margin | % | not reported | not reported | not reported | not reported | not reported | not reported | not reported | not reported |
| Net margin | % | not reported | not reported | not reported | not reported | not reported | not reported | not reported | not reported |
| Diluted EPS | $ per share | [1.17](/filings/0001104659-25-108470.md) | not reported | [0.93](/filings/0001104659-26-057107.md) | [0.60](/filings/0001104659-26-092702.md) | [0.97](/filings/0001104659-25-108470.md) | not reported | [1.25](/filings/0001104659-26-057107.md) | [1.48](/filings/0001104659-26-092702.md) |
| Free cash flow | $m | [(497) d](/filings/0001104659-25-108470.md) | [(16.3) d](/filings/0001104659-26-021549.md) | [141](/filings/0001104659-26-057107.md) | [(126) d](/filings/0001104659-26-092702.md) | [24.0 d](/filings/0001104659-25-108470.md) | [(402) d](/filings/0001104659-26-021549.md) | [(598)](/filings/0001104659-26-057107.md) | [211 d](/filings/0001104659-26-092702.md) |

- Revenue. XBRL not reported.
- Gross margin (gross profit / revenue). XBRL not reported.
- Operating margin (operating income / revenue). XBRL not reported.
- Net margin (net income / revenue). XBRL Net income: us-gaap:NetIncomeLoss. Derived values: 12-month figure less the 9-month figure.
- Diluted EPS. XBRL Diluted EPS: us-gaap:EarningsPerShareDiluted.
- Free cash flow (operating cash flow − capital expenditure). XBRL Operating cash flow: us-gaap:NetCashProvidedByUsedInOperatingActivities; Capital expenditure: us-gaap:PaymentsToAcquirePropertyPlantAndEquipment. Derived values: 9-month figure less the 6-month figure; 12-month figure less the 9-month figure; 6-month figure less the 3-month figure.

## Last five fiscal years

| Line item | Unit | FY2021 (2021-12-31) | FY2022 (2022-12-31) | FY2023 (2023-12-31) | FY2024 (2024-12-31) | FY2025 (2025-12-31) |
| --- | --- | ---: | ---: | ---: | ---: | ---: |
| Revenue | $m | not reported | not reported | not reported | not reported | not reported |
| Gross margin | % | not reported | not reported | not reported | not reported | not reported |
| Operating margin | % | not reported | not reported | not reported | not reported | not reported |
| Net margin | % | not reported | not reported | not reported | not reported | not reported |
| Diluted EPS | $ per share | [4.76](/filings/0001558370-24-003005.md) | [4.47](/filings/0001558370-25-001941.md) | [5.64](/filings/0001104659-26-021549.md) | [6.30](/filings/0001104659-26-021549.md) | [3.78](/filings/0001104659-26-021549.md) |
| Free cash flow | $m | [(52.9)](/filings/0001558370-24-003005.md) | [969](/filings/0001558370-25-001941.md) | [(364)](/filings/0001104659-26-021549.md) | [(854)](/filings/0001104659-26-021549.md) | [(362)](/filings/0001104659-26-021549.md) |

- Revenue. XBRL not reported.
- Gross margin (gross profit / revenue). XBRL not reported.
- Operating margin (operating income / revenue). XBRL not reported.
- Net margin (net income / revenue). XBRL Net income: us-gaap:NetIncomeLoss.
- Diluted EPS. XBRL Diluted EPS: us-gaap:EarningsPerShareDiluted.
- Free cash flow (operating cash flow − capital expenditure). XBRL Operating cash flow: us-gaap:NetCashProvidedByUsedInOperatingActivities; Capital expenditure: us-gaap:PaymentsToAcquirePropertyPlantAndEquipment.

Each value links to the filing it came from. d marks a derived value. A ratio is not reported when any input is missing.

## Insider purchases and sales

The last 20 open-market transactions on Form 4 (codes P and S). Reported price is as stated on the form, not a market price. [All insider transactions](/companies/mbin/insiders.md)

None in coverage.

## Funds that report holding it

From each manager’s latest Form 13F, largest reported value first. Reported value is as filed: filing data, not a price. [All funds](/funds.md)

| Fund | Quarter ended | Reported value | Shares | Put or call | Change on the quarter before |
| --- | --- | ---: | ---: | --- | --- |
| [Elser Financial Planning, Inc](/funds/2028202.md) | 2026-06-30 | $1.34bn | 26,808,625 |  | Reduced −174,476 |
| [BlackRock, Inc.](/funds/2012383.md) | 2026-06-30 | $205.3m | 4,105,193 |  | Added +54,275 |
| [DIMENSIONAL FUND ADVISORS LP](/funds/354204.md) | 2026-06-30 | $91.4m | 1,827,144 |  | Added +68,159 |
| [STATE STREET CORP](/funds/93751.md) | 2026-06-30 | $53.5m | 1,066,972 |  | Added +32,340 |
| [NOMURA ASSET MANAGEMENT INTERNATIONAL INC.](/funds/921739.md) | 2026-06-30 | $52.3m | 1,044,992 |  | Reduced −48,012 |
| [VANGUARD CAPITAL MANAGEMENT LLC](/funds/2100119.md) | 2026-06-30 | $50.8m | 1,015,813 |  | Added +15,037 |
| [AMERICAN CENTURY COMPANIES INC](/funds/748054.md) | 2026-06-30 | $41.9m | 837,052 |  | Added +94,417 |
| [Doma Perpetual Capital Management LLC](/funds/1962221.md) | 2026-06-30 | $40.5m | 810,082 |  | Reduced −305,512 |
| [GEODE CAPITAL MANAGEMENT, LLC](/funds/1214717.md) | 2026-06-30 | $37.0m | 740,326 |  | Added +14,891 |
| [ROYCE & ASSOCIATES LP](/funds/906304.md) | 2026-06-30 | $26.4m | 527,047 |  | Reduced −40,220 |

## Recent filings

[All 790 filings](/companies/mbin/filings.md)

| Filed | Accepted | Form | What it is | Accession |
| --- | --- | --- | --- | --- |
| 2026-08-20 | 16:08 ET | [8-K](/filings/0001104659-26-099226.md) | 8.01 Other events; 9.01 Financial statements and exhibits | 0001104659-26-099226 |
| 2026-08-07 | 16:10 ET | [10-Q](/filings/0001104659-26-092702.md) | Quarterly report, period 2026-06-30 | 0001104659-26-092702 |
| 2026-07-28 | 16:05 ET | [8-K](/filings/0001104659-26-087529.md) | 2.02 Results of operations; 9.01 Financial statements and exhibits | 0001104659-26-087529 |
| 2026-05-21 | 16:05 ET | [8-K](/filings/0001104659-26-065139.md) | 5.07 Shareholder vote results; 8.01 Other events; 9.01 Financial statements and exhibits | 0001104659-26-065139 |
| 2026-05-07 | 16:07 ET | [10-Q](/filings/0001104659-26-057107.md) | Quarterly report, period 2026-03-31 | 0001104659-26-057107 |
| 2026-04-28 | 16:05 ET | [8-K](/filings/0001104659-26-050319.md) | 2.02 Results of operations; 9.01 Financial statements and exhibits | 0001104659-26-050319 |
| 2026-04-10 | 16:22 ET | [DEF 14A](/filings/0001104659-26-042047.md) | Proxy statement, period 2026-05-21 | 0001104659-26-042047 |
| 2026-02-27 | 16:07 ET | [10-K](/filings/0001104659-26-021549.md) | Annual report, period 2025-12-31 | 0001104659-26-021549 |
| 2026-02-19 | 16:06 ET | [8-K](/filings/0001104659-26-017537.md) | 8.01 Other events; 9.01 Financial statements and exhibits | 0001104659-26-017537 |
| 2026-01-28 | 16:05 ET | [8-K](/filings/0001104659-26-007407.md) | 2.02 Results of operations; 9.01 Financial statements and exhibits | 0001104659-26-007407 |

## Latest annual report

[Form 10-K for the fiscal year ended Dec 31, 2025](/filings/0001104659-26-021549.md), filed Feb 27, 2026.

## Forecast league

Not in this season’s league. [This season’s league](/leagues.md)

## About the filer

- CIK: 1629019
- Tickers: MBIN, MBINL, MBINM, MBINN
- Exchange: Nasdaq
- SIC code: 6022 State Commercial Banks
- State of incorporation: IN
- Filer category: Large accelerated filer

Source: SEC EDGAR, XBRL company facts, the filing index and Forms 4. Last ingested by Listed: Oct 24, 2026, 15:44 ET. No prices; not investment advice.