Merchants Bancorp Set to Join S&P SmallCap 600

Rhea-AI Summary

Merchants Bancorp (MBIN) will be added to the S&P SmallCap 600 and will replace TreeHouse Foods (THS) prior to market open on Feb 11, 2026. The change reflects a regular index reconstitution by S&P Dow Jones Indices.

Investindustrial and affiliates are acquiring TreeHouse Foods in a transaction expected to close soon, pending final closing conditions.

Positive

• Index addition effective Feb 11, 2026
• Potential increased passive demand from index-tracking funds

Negative

• TreeHouse Foods (THS) removed from S&P SmallCap 600 on Feb 11, 2026
• Pending acquisition creates short-term uncertainty for THS shareholder float

Market Reality Check

Price: $24.63 Vol: Volume 1,326,306 is 1.9x ...

high vol

$24.63 Last Close

Volume Volume 1,326,306 is 1.9x the 20-day average of 696,895, elevated as the acquisition and index removal approach. high

Technical Price at $24.63 is trading above the 200-day MA of $21.25, reflecting strength versus longer-term trend ahead of delisting.

Peers on Argus

THS slipped -0.36% while peers showed mixed moves: HLF +0.65%, UTZ +0.92%, JBSS ...

THS slipped -0.36% while peers showed mixed moves: HLF +0.65%, UTZ +0.92%, JBSS -1.23%, SENEA -2.47%, SENEB flat. This points to stock-specific trading tied to its pending acquisition and index deletion rather than a sector-wide move.

Historical Context

3 past events · Latest: Nov 10 (Positive)

Pattern 3 events

Date	Event	Sentiment	Move	Catalyst
Nov 10	Acquisition agreement	Positive	+22.7%	Definitive agreement to be acquired by Investindustrial with premium cash and CVR.
Nov 10	Earnings and deal	Positive	+22.7%	Q3 2025 results plus reiterated $2.9B Investindustrial deal and adjusted EBITDA detail.
Oct 22	Earnings preview	Neutral	+1.0%	Announcement of upcoming Q3 2025 results release and conference call schedule.

Pattern Detected

News around the Investindustrial acquisition has previously led to strong positive price reactions, especially when concrete deal terms and financial details were disclosed.

Recent Company History

Over recent months, TreeHouse Foods has been dominated by its sale to Investindustrial. On Nov 10, 2025, the company announced a definitive acquisition at a $2.9 billion enterprise value, with shareholders receiving $22.50 per share plus a CVR, and the stock rose about 22.7%. The same day’s Q3 2025 results highlighted a large goodwill impairment but solid adjusted EBITDA, also coinciding with that strong move. A prior earnings-date announcement on Oct 22, 2025 produced only a modest gain.

Market Pulse Summary

This announcement centers on index mechanics: TreeHouse Foods is slated for removal from a major ben...

Analysis

This announcement centers on index mechanics: TreeHouse Foods is slated for removal from a major benchmark as its sale to Investindustrial nears completion. Earlier disclosures outlined consideration of $22.50 per share plus a CVR and strong shareholder approval on Jan 29, 2026. Investors may focus on remaining closing conditions, timing of delisting from the NYSE, and any further regulatory or litigation updates tied to the merger.

Key Terms

s&p smallcap 600, gics sector, s&p 500, dow jones industrial average

4 terms

s&p smallcap 600 financial

"Merchants Bancorp (NASD: MBIN) will replace TreeHouse Foods Inc. (NYSE: THS) in the S&P SmallCap 600"

A stock market index made up of 600 small-cap U.S. companies chosen to represent the performance of smaller publicly traded firms. It matters to investors because it acts like a temperature gauge for the small-company segment of the market, serving as a benchmark for fund managers, a basis for index funds and ETFs, and a way to compare returns and risk when building a diversified portfolio.

gics sector financial

"Ticker | GICS Sector"

GICS sector is one of the major industry groupings from the Global Industry Classification Standard, a system that sorts companies into consistent categories (like Technology or Health Care) based on the primary business they do. Investors use these sectors like folders in a filing cabinet to compare companies, build diversified portfolios, and track how whole parts of the market are performing rather than focusing on single stocks.

s&p 500 financial

"such as the S&P 500® and the Dow Jones Industrial Average®"

The S&P 500 is a broad stock market index that tracks the performance of 500 large U.S. companies, weighted so bigger firms have a larger impact. Investors use it like a thermometer or benchmark to judge how the overall U.S. stock market or a portfolio is doing; movements in the index influence investor sentiment, fund performance, and many passive investment products that aim to match its returns.

dow jones industrial average financial

"such as the S&P 500® and the Dow Jones Industrial Average®"

A stock market index that tracks the share prices of a small group of large, well-known companies to give a quick snapshot of how the broader market is doing. Think of it like a thermometer for the stock market: it uses a handful of heavyweight firms as representative samples to show whether investor sentiment is rising or falling, which helps investors gauge market trends and compare performance over time.

AI-generated analysis. Not financial advice.

NEW YORK, Feb. 6, 2026 /PRNewswire/ -- Merchants Bancorp (NASD: MBIN) will replace TreeHouse Foods Inc. (NYSE: THS) in the S&P SmallCap 600 effective prior to the opening of trading on Wednesday, February 11. Investindustrial S.A. and its affiliates are acquiring Treehouse Foods in a deal expected to be completed soon, pending final closing conditions.

Following is a summary of the changes that will take place prior to the open of trading on the effective date:

Effective Date	Index Name	Action	Company Name	Ticker	GICS Sector
Feb 11, 2026	S&P SmallCap 600	Addition	Merchants Bancorp	MBIN	Financial
Feb 11, 2026	S&P SmallCap 600	Deletion	TreeHouse Foods	THS	Consumer Staples

ABOUT S&P DOW JONES INDICES

S&P Dow Jones Indices is the largest global resource for essential index-based concepts, data and research, and home to iconic financial market indicators, such as the S&P 500® and the Dow Jones Industrial Average®. More assets are invested in products based on our indices than products based on indices from any other provider in the world. Since Charles Dow invented the first index in 1884, S&P DJI has been innovating and developing indices across the spectrum of asset classes helping to define the way investors measure and trade the markets.

S&P Dow Jones Indices is a division of S&P Global (NYSE: SPGI), which provides essential intelligence for individuals, companies, and governments to make decisions with confidence. For more information, visit www.spglobal.com/spdji/en/.

FOR MORE INFORMATION:

S&P Dow Jones Indices
index_services@spglobal.com

Media Inquiries
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View original content:https://www.prnewswire.com/news-releases/merchants-bancorp-set-to-join-sp-smallcap-600-302681740.html

SOURCE S&P Dow Jones Indices

FAQ

Why is Merchants Bancorp (MBIN) joining the S&P SmallCap 600 on Feb 11, 2026?

MBIN will be added as part of a routine S&P SmallCap 600 reconstitution effective Feb 11, 2026. According to S&P Dow Jones Indices, additions and deletions reflect index eligibility and periodic rebalancing rules.

What does TreeHouse Foods (THS) being removed from the S&P SmallCap 600 mean for shareholders?

THS removal means some index funds may sell shares ahead of Feb 11, 2026, potentially affecting liquidity and price. According to S&P Dow Jones Indices, deletions occur when a company no longer meets index criteria or is acquired.

Will Merchants Bancorp (MBIN) likely see increased trading after the S&P SmallCap 600 addition?

Yes, index inclusion often triggers buying from passive funds and ETFs tracking the SmallCap 600, increasing demand and trading volume. According to S&P Dow Jones Indices, effective date is Feb 11, 2026, when tracking funds typically rebalance.

How does the Investindustrial acquisition affect TreeHouse Foods (THS) and its S&P 600 status?

The planned acquisition by Investindustrial is cited as the reason for THS removal from the index, pending closing conditions. According to S&P Dow Jones Indices, M&A activity that changes eligibility can lead to deletion effective Feb 11, 2026.

When will the index change between MBIN and THS take effect for investors and traders?

The index change takes effect prior to the opening of trading on February 11, 2026, when MBIN is added and THS is removed. According to S&P Dow Jones Indices, that is the scheduled effective date for the reconstitution.