BlackRock stake in Merchants Bancorp (NASDAQ: MBIN): 8.8% owner

Rhea-AI Filing Summary

Merchants Bancorp ownership schedule lists 4,033,647 shares of Common Stock beneficially owned by BlackRock, Inc., representing 8.8% of the class as of 03/31/2026. The filing shows sole voting power over 3,997,810 shares and sole dispositive power over 4,033,647 shares. The schedule is signed by a BlackRock Managing Director on 04/27/2026.

Insights

Institutional Ownership Analyst

BlackRock reports an 8.8% passive stake in Merchants Bancorp as of 03/31/2026.

The Schedule 13G lists 4,033,647 shares beneficially owned with sole voting power over 3,997,810 shares. The filing follows passive-investor reporting conventions and attributes holdings to BlackRock's Reporting Business Units.

Ownership at this scale can matter for governance and potential future disclosures; subsequent filings would show any change in status or voting intent.

Key Figures

Beneficially owned shares: 4,033,647 shares Percent of class: 8.8% Sole voting power: 3,997,810 shares +2 more

5 metrics

Beneficially owned shares 4,033,647 shares Amount beneficially owned as reported

Percent of class 8.8% Percent of common stock reported as of 03/31/2026

Sole voting power 3,997,810 shares Shares with sole power to vote

Reporting date 03/31/2026 Date to which ownership is reported

Signature date 04/27/2026 Date the Schedule 13G was signed

Key Terms

Schedule 13G, Beneficially owned, Sole dispositive power

3 terms

Schedule 13G regulatory

"This Schedule 13G reports ownership by BlackRock, Inc."

A Schedule 13G is a formal document that investors file with the government when they acquire a large ownership stake in a company, usually for investment purposes rather than control. It helps keep the public informed about who owns significant parts of a company's shares, which can influence how the company is managed and how investors make decisions. Filing this schedule is important for transparency and understanding the ownership landscape of publicly traded companies.

Beneficially owned market

"Amount beneficially owned: 4033647"

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

Sole dispositive power regulatory

"Sole power to dispose or to direct the disposition of: 4033647"

Sole dispositive power is the exclusive legal authority to decide what happens to a security — for example, whether to sell, transfer, or retain shares — without needing anyone else’s permission. Investors care because it signals who truly controls the economic outcome of an investment: like holding the only key to a safe, the holder can realize gains or losses and may trigger regulatory reporting, insider rules, or influence over corporate ownership.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

Merchants Bancorp

(Name of Issuer)

Common Stock

(Title of Class of Securities)

58844R108

(CUSIP Number)

03/31/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 58844R108

1

Names of Reporting Persons

BlackRock, Inc.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 3,997,810.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 4,033,647.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

4,033,647.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

8.8 %

12

Type of Reporting Person (See Instructions)

HC

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Merchants Bancorp
(b)	Address of issuer's principal executive offices: 410 Monon Boulevard Carmel IN 46032
Item 2.
(a)	Name of person filing: BlackRock, Inc. In accordance with SEC Release No. 34-39538 (January 12, 1998), this Schedule 13G reflects the securities beneficially owned, or deemed to be beneficially owned, by certain business units (collectively, the "Reporting Business Units") of BlackRock, Inc. and its subsidiaries and affiliates. It does not include securities, if any, beneficially owned by other business units whose beneficial ownership of securities are disaggregated from that of the Reporting Business Units in accordance with such release.
(b)	Address or principal business office or, if none, residence: BlackRock, Inc., 50 Hudson Yards New York, NY 10001
(c)	Citizenship: See Item 4 of Cover Page
(d)	Title of class of securities: Common Stock
(e)	CUSIP Number(s): 58844R108
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 4033647
(b)	Percent of class: 8.8 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 3997810
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 4033647
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. Various persons have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of the common stock of Merchants Bancorp. No one person's interest in the common stock of Merchants Bancorp is more than five percent of the total outstanding common shares.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. See Exhibit 99
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

BlackRock, Inc.

Signature:	Spencer Fleming
Name/Title:	Managing Director
Date:	04/27/2026

Exhibit Information

Exhibit 24: Power of Attorney Exhibit 99: Item 7

FAQ

What stake does BlackRock hold in Merchants Bancorp (MBIN)?

BlackRock beneficially owns 4,033,647 shares, representing 8.8% of Merchants Bancorp's common stock as of 03/31/2026. This figure and percentage are reported on the Schedule 13G filed by BlackRock's Reporting Business Units.

Does BlackRock have voting control over the shares of MBIN?

The filing reports sole voting power for 3,997,810 shares and sole dispositive power for 4,033,647 shares. Shared voting and dispositive powers are reported as zero in the Schedule 13G.

What reporting date and signature date are on the Schedule 13G for MBIN?

The ownership is stated as of 03/31/2026, and the Schedule 13G is signed by a BlackRock Managing Director on 04/27/2026. Those dates appear in the filing excerpt provided.

Was this filing made by a passive or active investor for MBIN?

The submission is a Schedule 13G from BlackRock, indicating reporting by institutional/qualified passive holders. The filing notes holdings reflect Reporting Business Units disaggregated per SEC Release No. 34-39538.