MERCHANTS BANCORP IND

Ticker: MBIN CUSIP: 58844R108 Class: Common Stock

Ballast Asset Management, LP's Holding History (CIK: 0001998389)

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

Q4 2025

Shares 133,296 Value ($000) $4,540 Avg Close $32.77 Range $30.29 - $37.36

Q3 2025

Shares 137,887 Value ($000) $4,385 Avg Close $32.65 Range $28.58 - $35.81

Q2 2025

Shares 76,469 Value ($000) $2,529 Avg Close $32.10 Range $27.01 - $37.44

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2025	133,296	$4,540	$32.77	$30.29 - $37.36
Q3 2025	137,887	$4,385	$32.65	$28.58 - $35.81
Q2 2025	76,469	$2,529	$32.10	$27.01 - $37.44