{
 "as_of": "2026-11-08",
 "cmr": "us-cm-kg/NASDAQ/MBIN",
 "fence": "The page is the record's research on the issuer — no analyst, no rating, no view.",
 "markdown": "The page is the record's research on the issuer — no analyst, no rating, no view.\n\n# Merchants Bancorp (NASDAQ: MBIN) — research page\n\nAs of 2026-11-08 · us-cm-kg · record version 1\n\n## Identity and listing\n\nThe issuer is Merchants Bancorp, listed on NASDAQ under ticker MBIN, with ISIN US58844R1086 and LEI 54930008Y0GPVLF81889. Its security type is Corporate, its segment is not on the record, its sector is 6022 State Commercial Banks, and its jurisdiction is United States, Indiana. Its listing status is listed, not halted.\n\n## The disclosure read\n\nThe record holds 97 filings in the window from 2025-11-08 to 2026-11-08, across 43 filing days. The median gap between filing days is 4.0 days, against a NASDAQ median of 6.0 days and a sector median of 5.0 days. The median filing count is 52 for NASDAQ and 87.5 for the sector. The latest filing is dated 2026-11-06, two days before the record date, and is a directors_dealings filing. The median latency is 5.0 days for NASDAQ and 3.0 days for the sector.\n\n## Auditor\n\nThe auditor is not on the record, because the latest annual report cover carries no dei:AuditorName tag. The auditor's location is not on the record. The record holds no auditor changes.\n\n## Events and halts\n\nThe record holds no listing, delisting or name change events. The domicile change is not on the record, because EDGAR states no dated change of state of incorporation on a filing line. The segment move is not on the record, because the exchanges' tier transfers are not EDGAR filings. The halt flag reads listed, not halted.\n\n## Orderability\n\nThe outcome is not determinable under rule version acm-68000/us/reasonable-basis-suitability-finra-rule-2111/r1, as of 2026-11-04. The chapter's orderability section carries no client_categories, so the outcome cannot name its client category.\n\n## Coverage\n\nNo research houses were found on the issuer's investor-relations pages read. The count is 0.\n\n## Open research\n\nNo openly published research notes were found on the record. The count is 0.\n\n## Licensed\n\nLicensed research: none loaded. A licensed row is served only to an agent whose firm holds that licence (licensor, entitlement). No licensed row is loaded.\n\n## As-of depth\n\nThe record holds sealed filings for the issuer in the years 2021 through 2026. The market's earliest sealed date is 2021-01-04. The live record began on 2026-09-12.\n\n## Sources\n\n8 source pages are named on this page; every value above carries its own source page and read date in the numbers.\n\n- https://www.sec.gov/files/company_tickers_exchange.json (identity.exchange)\n- https://www.sec.gov/data-research/sec-markets-data/fails-deliver-data (identity.isin)\n- https://data.sec.gov/submissions/CIK0001629019.json (identity.jurisdiction)\n- https://mapping.gleif.org/api/v2/isin-lei/latest/download (identity.lei)\n- https://mcp.us-cm-kg.ai/events/NASDAQ/MBIN (the disclosure lines)\n- https://www.nasdaqtrader.com/rss.aspx?feed=tradehalts (the halt flag)\n- https://mcp.us-cm-kg.ai/book/aio.json (the orderability chapter)\n- https://mcp.us-cm-kg.ai/record/NASDAQ/MBIN (the record)\n",
 "market": "US",
 "node": "us-cm-kg",
 "numbers": {
  "as_of_depth": {
   "issuer_years_sealed": [
    "2021",
    "2022",
    "2023",
    "2024",
    "2025",
    "2026"
   ],
   "live_record_began": "2026-09-12",
   "node_history_from": "2021-01-04",
   "node_years_sealed": [
    "2021",
    "2022",
    "2023",
    "2024",
    "2025",
    "2026"
   ],
   "record_version": 1,
   "sealed": true
  },
  "auditor": {
   "auditor": {
    "market": "US",
    "reason": "no dei:AuditorName tag on the latest annual report cover (foreign private issuers and older filings carry none)",
    "state": "not_on_record"
   },
   "auditor_firm_id": {
    "market": "US",
    "state": "not_on_record"
   },
   "auditor_location": {
    "market": "US",
    "state": "not_on_record"
   },
   "changes": []
  },
  "cmr": "us-cm-kg/NASDAQ/MBIN",
  "coverage": {
   "count": 0,
   "houses": [],
   "pages_checked": [],
   "read_by": "Perplexity sonar (search) · page read by this rail",
   "read_date": "2026-11-11",
   "since": null,
   "state": "none_found"
  },
  "disclosure": {
   "against": {
    "exchange": {
     "issuers": 4359,
     "median_cadence_gap_days": 6,
     "median_filings": 52,
     "median_latency_days": 5,
     "name": "NASDAQ"
    },
    "sector": {
     "issuers": 214,
     "median_cadence_gap_days": 5,
     "median_filings": 87.5,
     "median_latency_days": 3,
     "name": "6022 State Commercial Banks"
    }
   },
   "by_type": {
    "agm_egm": 3,
    "corporate_news": 3,
    "directors_dealings": 71,
    "regulatory_filing": 12,
    "results": 8
   },
   "cadence_median_gap_days": 4,
   "filing_days": 43,
   "filings": 97,
   "latency_days": 2,
   "latest": [
    {
     "category": "4",
     "date": "2026-11-06",
     "source": "https://www.sec.gov/Archives/edgar/data/1629019/000171835626000006/xslF345X06/primarydocument.xml",
     "title": "4 — PRIMARY DOCUMENT",
     "type": "directors_dealings"
    },
    {
     "category": "10-Q",
     "date": "2026-11-06",
     "source": "https://www.sec.gov/Archives/edgar/data/1629019/000110465926123854/mbin-20260930x10q.htm",
     "title": "10-Q — 10-Q",
     "type": "results"
    },
    {
     "category": "4",
     "date": "2026-11-03",
     "source": "https://www.sec.gov/Archives/edgar/data/1629019/000171849526000004/xslF345X06/primarydocument.xml",
     "title": "4 — PRIMARY DOCUMENT",
     "type": "directors_dealings"
    },
    {
     "category": "8-K",
     "date": "2026-10-28",
     "source": "https://www.sec.gov/Archives/edgar/data/1629019/000110465926119617/mbin-20261028x8k.htm",
     "title": "8-K — 8-K (items 2.02,9.01)",
     "type": "results"
    },
    {
     "category": "4",
     "date": "2026-08-24",
     "source": "https://www.sec.gov/Archives/edgar/data/1629019/000213551626000004/xslF345X06/primarydocument.xml",
     "title": "4 — PRIMARY DOCUMENT",
     "type": "directors_dealings"
    }
   ],
   "latest_filing_date": "2026-11-06",
   "read": "the node's event lines (list_events_since), as get_filings serves them",
   "source": "https://mcp.us-cm-kg.ai/events/NASDAQ/MBIN",
   "window": {
    "from": "2025-11-08",
    "to": "2026-11-08"
   }
  },
  "identity": {
   "exchange": {
    "read_by": "EDGAR company_tickers_exchange.json (SEC list of exchange-listed filers)",
    "read_date": "2026-11-08",
    "read_date_basis": "the record version as_of",
    "source": "https://www.sec.gov/files/company_tickers_exchange.json",
    "state": "sourced",
    "value": "NASDAQ"
   },
   "isin": {
    "read_by": "SEC Fails-to-Deliver data (CUSIP for the symbol) · ISIN = US + CUSIP + ISO 6166 check digit",
    "read_date": "2026-10-13",
    "read_date_basis": "last_seen",
    "source": "https://www.sec.gov/data-research/sec-markets-data/fails-deliver-data",
    "state": "sourced",
    "value": "US58844R1086"
   },
   "jurisdiction": {
    "read_by": "EDGAR submissions API (issuer header as filed) (stateOfIncorporation)",
    "read_date": "2026-11-08",
    "read_date_basis": "the record version as_of",
    "source": "https://data.sec.gov/submissions/CIK0001629019.json",
    "state": "sourced",
    "value": "United States — Indiana"
   },
   "lei": {
    "read_by": "GLEIF ISIN-to-LEI mapping file (daily), LEI by exact ISIN",
    "read_date": "2026-11-08",
    "read_date_basis": "the field",
    "source": "https://mapping.gleif.org/api/v2/isin-lei/latest/download (ISIN US58844R1086)",
    "state": "sourced",
    "value": "54930008Y0GPVLF81889"
   },
   "name": {
    "read_by": "EDGAR submissions API (issuer header as filed)",
    "read_date": "2026-11-08",
    "read_date_basis": "the record version as_of",
    "source": "https://data.sec.gov/submissions/CIK0001629019.json",
    "state": "sourced",
    "value": "Merchants Bancorp"
   },
   "sector": {
    "read_by": "EDGAR submissions API (issuer header as filed) (SIC code as assigned by the SEC)",
    "read_date": "2026-11-08",
    "read_date_basis": "the record version as_of",
    "source": "https://data.sec.gov/submissions/CIK0001629019.json",
    "state": "sourced",
    "value": "6022 State Commercial Banks"
   },
   "security_type": {
    "read_by": "EDGAR submissions API (issuer header as filed)",
    "read_date": "2026-11-08",
    "read_date_basis": "the record version as_of",
    "source": "https://data.sec.gov/submissions/CIK0001629019.json",
    "state": "sourced",
    "value": "Corporate"
   },
   "segment": {
    "market": "US",
    "state": "not_on_record"
   },
   "ticker": {
    "read_by": "EDGAR company_tickers_exchange.json (SEC list of exchange-listed filers)",
    "read_date": "2026-11-08",
    "read_date_basis": "the record version as_of",
    "source": "https://www.sec.gov/files/company_tickers_exchange.json",
    "state": "sourced",
    "value": "MBIN"
   },
   "website": {
    "market": "US",
    "state": "not_on_record"
   }
  },
  "licensed": {
   "columns": [
    "licensor",
    "entitlement",
    "title",
    "date",
    "source"
   ],
   "rows": [],
   "rule": "A licensed row is served only to an agent whose firm holds that licence (licensor, entitlement). No licensed row is loaded."
  },
  "lifecycle": {
   "delisting": [],
   "domicile_change": {
    "market": "US",
    "reason": "EDGAR states no dated change of state of incorporation on a filing line",
    "state": "not_on_record"
   },
   "listing": [],
   "name_change": [],
   "segment_move": {
    "market": "US",
    "reason": "the exchanges' tier transfers are not EDGAR filings",
    "state": "not_on_record"
   }
  },
  "market": "US",
  "node": "us-cm-kg",
  "numbers_hash": "sha256:810c0d2a746dc4d52fee6ff82f276b7bdb583e0231dc59c9356f346fdbdf1944",
  "open_research": {
   "read_date": "2026-11-11",
   "rows": [],
   "state": "none_found"
  },
  "orderability": {
   "chapter_as_of": "2026-11-04",
   "client_categories": [],
   "determinable": false,
   "read": {
    "chapter": "https://mcp.us-cm-kg.ai/book/aio.json",
    "door": "https://mcp.us-cm-kg.ai/mcp",
    "tool": "get_orderability"
   },
   "reason": "the chapter's orderability section carries no client_categories: the outcome cannot name its client category",
   "rule_version": "acm-68000/us/reasonable-basis-suitability-finra-rule-2111/r1",
   "section": "us.aio.v8"
  },
  "record": {
   "as_of": "2026-11-08",
   "url": "https://mcp.us-cm-kg.ai/record/NASDAQ/MBIN",
   "version": 1
  },
  "schema": "research-numbers v0.1 (USR-01, 2026-11-11)",
  "status": {
   "read_date": "2026-11-08",
   "source": "https://www.nasdaqtrader.com/rss.aspx?feed=tradehalts",
   "value": "listed, not halted"
  }
 },
 "numbers_hash": "sha256:810c0d2a746dc4d52fee6ff82f276b7bdb583e0231dc59c9356f346fdbdf1944",
 "path": "/us/NASDAQ/MBIN",
 "schema": "research-page v0.1 (USR-02, 2026-11-11)",
 "sections": [
  {
   "id": "identity",
   "text": "The issuer is Merchants Bancorp, listed on NASDAQ under ticker MBIN, with ISIN US58844R1086 and LEI 54930008Y0GPVLF81889. Its security type is Corporate, its segment is not on the record, its sector is 6022 State Commercial Banks, and its jurisdiction is United States, Indiana. Its listing status is listed, not halted.",
   "title": "Identity and listing"
  },
  {
   "id": "disclosure",
   "text": "The record holds 97 filings in the window from 2025-11-08 to 2026-11-08, across 43 filing days. The median gap between filing days is 4.0 days, against a NASDAQ median of 6.0 days and a sector median of 5.0 days. The median filing count is 52 for NASDAQ and 87.5 for the sector. The latest filing is dated 2026-11-06, two days before the record date, and is a directors_dealings filing. The median latency is 5.0 days for NASDAQ and 3.0 days for the sector.",
   "title": "The disclosure read"
  },
  {
   "id": "auditor",
   "text": "The auditor is not on the record, because the latest annual report cover carries no dei:AuditorName tag. The auditor's location is not on the record. The record holds no auditor changes.",
   "title": "Auditor"
  },
  {
   "id": "events",
   "text": "The record holds no listing, delisting or name change events. The domicile change is not on the record, because EDGAR states no dated change of state of incorporation on a filing line. The segment move is not on the record, because the exchanges' tier transfers are not EDGAR filings. The halt flag reads listed, not halted.",
   "title": "Events and halts"
  },
  {
   "id": "orderability",
   "text": "The outcome is not determinable under rule version acm-68000/us/reasonable-basis-suitability-finra-rule-2111/r1, as of 2026-11-04. The chapter's orderability section carries no client_categories, so the outcome cannot name its client category.",
   "title": "Orderability"
  },
  {
   "id": "coverage",
   "text": "No research houses were found on the issuer's investor-relations pages read. The count is 0.",
   "title": "Coverage"
  },
  {
   "id": "open_research",
   "text": "No openly published research notes were found on the record. The count is 0.",
   "title": "Open research"
  },
  {
   "id": "licensed",
   "text": "Licensed research: none loaded. A licensed row is served only to an agent whose firm holds that licence (licensor, entitlement). No licensed row is loaded.",
   "title": "Licensed"
  },
  {
   "id": "depth",
   "text": "The record holds sealed filings for the issuer in the years 2021 through 2026. The market's earliest sealed date is 2021-01-04. The live record began on 2026-09-12.",
   "title": "As-of depth"
  },
  {
   "id": "sources",
   "text": "8 source pages are named on this page; every value above carries its own source page and read date in the numbers.",
   "title": "Sources"
  }
 ],
 "sources": [
  {
   "for": "identity.exchange",
   "source": "https://www.sec.gov/files/company_tickers_exchange.json"
  },
  {
   "for": "identity.isin",
   "source": "https://www.sec.gov/data-research/sec-markets-data/fails-deliver-data"
  },
  {
   "for": "identity.jurisdiction",
   "source": "https://data.sec.gov/submissions/CIK0001629019.json"
  },
  {
   "for": "identity.lei",
   "source": "https://mapping.gleif.org/api/v2/isin-lei/latest/download"
  },
  {
   "for": "the disclosure lines",
   "source": "https://mcp.us-cm-kg.ai/events/NASDAQ/MBIN"
  },
  {
   "for": "the halt flag",
   "source": "https://www.nasdaqtrader.com/rss.aspx?feed=tradehalts"
  },
  {
   "for": "the orderability chapter",
   "source": "https://mcp.us-cm-kg.ai/book/aio.json"
  },
  {
   "for": "the record",
   "source": "https://mcp.us-cm-kg.ai/record/NASDAQ/MBIN"
  }
 ],
 "title": "Merchants Bancorp (MBIN) — research page",
 "writer": {
  "by": "Claude through the platform account, Haiku class; one pass; checked against the numbers",
  "engine": "claude-haiku-5-5"
 }
}