FJ Capital Management’s Merchants Bancorp MBIN Stock Holding History

FJ Capital Management’s Portfolio MBIN Stock Details MBIN Fund Activity

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Change in Stake	Trade Value	Portfolio Weight	Portfolio Position
2025 Q4	–	Sell	-297,156	Closed	-$9.45M	–	161
2025 Q3	$9.45M	Buy	297,156 +58,576	+25%	+$1.92M	1.01%	28
2025 Q2	$7.89M	Sell	238,580 -77,610	-25%	-$2.51M	0.84%	29
2025 Q1	$11.7M	Buy	+316,190	New	+$12.5M	1.21%	26
2024 Q3	–	Sell	-276,472	Closed	-$11.2M	–	144
2024 Q2	$11.2M	Buy	+276,472	New	+$11.3M	1.17%	25
2024 Q1	–	Sell	-44,123	Closed	-$1.88M	–	116
2023 Q4	$1.88M	Sell	44,123 -264,978	-86%	-$8.71M	0.19%	67
2023 Q3	$8.57M	Buy	309,101 +12,588	+4%	+$363K	0.97%	34
2023 Q2	$7.58M	Buy	296,513 +109,723	+59%	+$2.72M	0.97%	35
2023 Q1	$4.86M	Buy	+186,790	New	+$5.18M	0.6%	46
2021 Q4	–	Sell	-22,500	Closed	-$574K	–	116
2021 Q3	$574K	Buy	+22,500	New	+$559K	0.05%	91
2018 Q2	–	Sell	-214,950	Closed	-$3.08M	–	111
2018 Q1	$3.08M	Hold	214,950	–	–	0.38%	55
2017 Q4	$2.82M	Buy	+214,950	New	+$2.68M	0.35%	56

Other funds holding MBIN

BlackRock New York $5.72T AUM 30.48% 1-Year Est. Return

Dimensional Fund Advisors Austin, Texas $481B AUM 30.42% 1-Year Est. Return

Vanguard Group Malvern, Pennsylvania $6.9T AUM 27.45% 1-Year Est. Return

DPCM

Doma Perpetual Capital Management Miami, Florida $372M AUM 14.96% 1-Year Est. Return

NAMI

Nomura Asset Management International Philadelphia, Pennsylvania $58.4B AUM

Royce & Associates New York $10.1B AUM 42.88% 1-Year Est. Return

Geode Capital Management Boston, Massachusetts $1.61T AUM 30.72% 1-Year Est. Return

American Century Companies Kansas City, Missouri $194B AUM 35% 1-Year Est. Return

State Street Boston, Massachusetts $2.9T AUM 29.55% 1-Year Est. Return

Hotchkis & Wiley Capital Management Los Angeles, California $32.4B AUM 17.21% 1-Year Est. Return

FJ Capital Management's MBIN Position: Q4 2025 in Review

FJ Capital Management sold out of Merchants Bancorp (MBIN) in Q4 2025, closing a stake of 297,156 shares — an estimated $9.45M sold.

FJ Capital Management first reported a position in MBIN in Q4 2017 and held it in 11 quarters. The position peaked at $11.7M in Q1 2025. 150 funds tracked by Wall St. Rank hold MBIN as of Q4 2025.

FJ Capital Management reported no remaining Merchants Bancorp position as of Q4 2025 after selling out during the quarter.
FJ Capital Management sold 297,156 Merchants Bancorp shares in Q4 2025, an estimated $9.45M.
FJ Capital Management first reported a position in Merchants Bancorp in Q4 2017 and held it in 11 quarters.
FJ Capital Management's Merchants Bancorp position peaked at $11.7M in Q1 2025.
150 funds tracked by Wall St. Rank held Merchants Bancorp as of Q4 2025.

Based on FJ Capital Management's 13F filing for Q4 2025, filed 13 Feb 2026.