Merchants Bancorp (MBIN)

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Institutional Investors' Holdings

Filing Period:

No.	Name	Shares	Value	% Port
1.	Elser Financial Planning, Inc	27,260,950	$994,206,847	59.49%
2.	Blackrock, Inc.	1,525,360	$55,629,879	0%
3.	Dimensional Fund Advisors Lp	1,267,109	$46,211,318	0.01%
4.	Vanguard Group Inc	1,207,854	$44,050,436	0%
5.	Geode Capital Management, Llc	565,661	$20,635,271	0%