MERCHANTS BANCORP IND

Ticker: MBIN CUSIP: 58844R108 Class: Common Stock

DENALI ADVISORS LLC's Holding History (CIK: 0001142941)

Note: Option positions (PUT/CALL) are excluded.

Q4 2025

Shares 237,614 Value ($000) $8,093 Avg Close $32.77 Range $30.29 - $37.36

Q3 2025

Shares 239,414 Value ($000) $7,613 Avg Close $32.65 Range $28.58 - $35.81

Q2 2025

Shares 200,510 Value ($000) $6,631 Avg Close $32.10 Range $27.01 - $37.44

Q1 2025

Shares 170,154 Value ($000) $6,296 Avg Close $39.01 Range $33.76 - $43.31

Q4 2024

Shares 182,606 Value ($000) $6,660 Avg Close $39.88 Range $35.07 - $46.13

Q3 2024

Shares 154,789 Value ($000) $6,959 Avg Close $43.67 Range $37.04 - $52.42

Q2 2024

Shares 129,224 Value ($000) $5,239 Avg Close $40.30 Range $36.36 - $47.74

Q1 2024

Shares 81,313 Value ($000) $3,511 Avg Close $41.00 Range $37.37 - $47.69

Q4 2023

Shares 80,633 Value ($000) $3,433 Avg Close $32.15 Range $25.21 - $43.00

Q3 2023

Shares 80,809 Value ($000) $2,240 Avg Close $28.16 Range $23.85 - $32.74

Q2 2023

Shares 80,809 Value ($000) $2,067 Avg Close $24.07 Range $20.90 - $27.23

Q1 2023

Shares 58,505 Value ($000) $1,523 Avg Close $26.87 Range $23.01 - $30.39

Q4 2022

Shares 59,371 Value ($000) $1,444 Avg Close $23.54 Range $21.80 - $24.92

Q3 2022

Shares 58,555 Value ($000) $1,351 Avg Close $24.69 Range $20.74 - $27.66

Q2 2022

Shares 51,043 Value ($000) $1,157 Avg Close $23.44 Range $21.24 - $26.52

Q1 2022

Shares 51,043 Value ($000) $1,398 Avg Close $28.53 Range $25.90 - $32.17

Q4 2021

Shares 25,829 Value ($000) $1,222 Avg Close $28.72 Range $25.33 - $31.56

Q3 2021

Shares 16,529 Value ($000) $652 Avg Close $23.73 Range $21.48 - $26.14

Q2 2021

Shares 9,229 Value ($000) $362 Avg Close $26.40 Range $23.67 - $28.98

Q1 2021

Shares 5,364 Value ($000) $225 Avg Close $22.04 Range $17.07 - $28.38

Q4 2020

Shares 5,320 Value ($000) $147 Avg Close $15.68 Range $12.33 - $19.53

Q3 2020

Shares 5,900 Value ($000) $116 Avg Close $11.95 Range $9.82 - $13.57

Q2 2020

Shares 9,390 Value ($000) $174 Avg Close $9.93 Range $7.92 - $12.68

Q1 2020

Shares 10,270 Value ($000) $156 Avg Close $11.47 Range $7.74 - $13.64

Q4 2019

Shares 12,138 Value ($000) $239 Avg Close $10.87 Range $9.47 - $12.39

Q3 2019

Shares 183 Value ($000) $3 Avg Close $10.29 Range $9.05 - $11.68

Q2 2019

Shares 328 Value ($000) $6 Avg Close $12.66 Range $9.56 - $15.25

Q1 2019

Shares 145 Value ($000) $3 Avg Close $12.71 Range $11.65 - $13.61

Q4 2018

Shares 115 Value ($000) $2 Avg Close $13.78 Range $11.56 - $15.84

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2025	237,614	$8,093	$32.77	$30.29 - $37.36
Q3 2025	239,414	$7,613	$32.65	$28.58 - $35.81
Q2 2025	200,510	$6,631	$32.10	$27.01 - $37.44
Q1 2025	170,154	$6,296	$39.01	$33.76 - $43.31
Q4 2024	182,606	$6,660	$39.88	$35.07 - $46.13
Q3 2024	154,789	$6,959	$43.67	$37.04 - $52.42
Q2 2024	129,224	$5,239	$40.30	$36.36 - $47.74
Q1 2024	81,313	$3,511	$41.00	$37.37 - $47.69
Q4 2023	80,633	$3,433	$32.15	$25.21 - $43.00
Q3 2023	80,809	$2,240	$28.16	$23.85 - $32.74
Q2 2023	80,809	$2,067	$24.07	$20.90 - $27.23
Q1 2023	58,505	$1,523	$26.87	$23.01 - $30.39
Q4 2022	59,371	$1,444	$23.54	$21.80 - $24.92
Q3 2022	58,555	$1,351	$24.69	$20.74 - $27.66
Q2 2022	51,043	$1,157	$23.44	$21.24 - $26.52
Q1 2022	51,043	$1,398	$28.53	$25.90 - $32.17
Q4 2021	25,829	$1,222	$28.72	$25.33 - $31.56
Q3 2021	16,529	$652	$23.73	$21.48 - $26.14
Q2 2021	9,229	$362	$26.40	$23.67 - $28.98
Q1 2021	5,364	$225	$22.04	$17.07 - $28.38
Q4 2020	5,320	$147	$15.68	$12.33 - $19.53
Q3 2020	5,900	$116	$11.95	$9.82 - $13.57
Q2 2020	9,390	$174	$9.93	$7.92 - $12.68
Q1 2020	10,270	$156	$11.47	$7.74 - $13.64
Q4 2019	12,138	$239	$10.87	$9.47 - $12.39
Q3 2019	183	$3	$10.29	$9.05 - $11.68
Q2 2019	328	$6	$12.66	$9.56 - $15.25
Q1 2019	145	$3	$12.71	$11.65 - $13.61
Q4 2018	115	$2	$13.78	$11.56 - $15.84