MERCHANTS BANCORP IND

Ticker: MBIN CUSIP: 58844R108 Class: Common Stock

EMERALD MUTUAL FUND ADVISERS TRUST's Holding History (CIK: 0001352895)

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

Q3 2019

Shares 434,759 Value ($000) $7,191 Avg Close $10.29 Range $9.05 - $11.68

Q2 2019

Shares 434,759 Value ($000) $7,404 Avg Close $12.66 Range $9.56 - $15.25

Q1 2019

Shares 500,906 Value ($000) $10,769 Avg Close $12.71 Range $11.65 - $13.61

Q4 2018

Shares 503,773 Value ($000) $10,055 Avg Close $13.78 Range $11.56 - $15.84

Q3 2018

Shares 503,773 Value ($000) $12,806 Avg Close $16.40 Range $13.60 - $17.65

Q2 2018

Shares 604,768 Value ($000) $17,254 Avg Close $14.85 Range $12.16 - $17.75

Q1 2018

Shares 715,370 Value ($000) $15,380 Avg Close $12.86 Range $11.87 - $14.47

Q4 2017

Shares 722,399 Value ($000) $14,217 Avg Close $11.33 Range $9.85 - $13.31

Period	Shares	Value ($000)	Average Close	Price Range
Q3 2019	434,759	$7,191	$10.29	$9.05 - $11.68
Q2 2019	434,759	$7,404	$12.66	$9.56 - $15.25
Q1 2019	500,906	$10,769	$12.71	$11.65 - $13.61
Q4 2018	503,773	$10,055	$13.78	$11.56 - $15.84
Q3 2018	503,773	$12,806	$16.40	$13.60 - $17.65
Q2 2018	604,768	$17,254	$14.85	$12.16 - $17.75
Q1 2018	715,370	$15,380	$12.86	$11.87 - $14.47
Q4 2017	722,399	$14,217	$11.33	$9.85 - $13.31