Offerings // Merchants Bancorp

MBINL offering history

Every offering-related filing in Merchants Bancorp’s recent SEC record — registrations (announced capacity) kept separate from pricing documents (executed sales). Reviewed 795 filings back to Dec 29, 2014.

Last executed offering

Nov 20, 2024

424B5 — priced deal (shares or notes)

Last registration (announced)

May 23, 2025

S-3 — capacity, not a sale

Executed, last 12 months

424B pricings + 8-K 3.02 sales

Registered, last 12 months

S-1/S-3/F-series registrations

Date	Filing		What it means
Jun 4, 2025	EFFECT →	EFFECTIVE	SEC declared a registration effective — selling can begin
May 23, 2025	S-3 →	REGISTERED	S-3 registration — capacity to sell shares, not a sale yet
Nov 20, 2024	424B5 →	EXECUTED	Shelf takedown priced — shares or notes (small-caps: usually shares; open the filing to confirm)
Nov 18, 2024	424B5 →	EXECUTED	Shelf takedown priced — shares or notes (small-caps: usually shares; open the filing to confirm)
Nov 18, 2024	FWP →	MARKETING	Free-writing prospectus — offering being marketed
May 15, 2024	424B2 →	EXECUTED	Prospectus supplement priced — shares or notes (large filers: often a bond deal)
May 13, 2024	424B5 →	EXECUTED	Shelf takedown priced — shares or notes (small-caps: usually shares; open the filing to confirm)
Sep 26, 2022	424B2 →	EXECUTED	Prospectus supplement priced — shares or notes (large filers: often a bond deal)
Sep 22, 2022	424B5 →	EXECUTED	Shelf takedown priced — shares or notes (small-caps: usually shares; open the filing to confirm)
Sep 22, 2022	FWP →	MARKETING	Free-writing prospectus — offering being marketed
Sep 22, 2022	FWP →	MARKETING	Free-writing prospectus — offering being marketed
Aug 17, 2022	EFFECT →	EFFECTIVE	SEC declared a registration effective — selling can begin
Aug 8, 2022	S-3 →	REGISTERED	S-3 registration — capacity to sell shares, not a sale yet
May 10, 2021	8-K →	EXECUTED	Unregistered share sale disclosed (8-K item 3.02)
Mar 17, 2021	424B2 →	EXECUTED	Prospectus supplement priced — shares or notes (large filers: often a bond deal)
Mar 16, 2021	424B5 →	EXECUTED	Shelf takedown priced — shares or notes (small-caps: usually shares; open the filing to confirm)
Mar 16, 2021	FWP →	MARKETING	Free-writing prospectus — offering being marketed
Jan 9, 2020	EFFECT →	EFFECTIVE	SEC declared a registration effective — selling can begin
Dec 30, 2019	S-3 →	REGISTERED	S-3 registration — capacity to sell shares, not a sale yet
Aug 13, 2019	424B2 →	EXECUTED	Prospectus supplement priced — shares or notes (large filers: often a bond deal)
Aug 12, 2019	424B5 →	EXECUTED	Shelf takedown priced — shares or notes (small-caps: usually shares; open the filing to confirm)
Aug 12, 2019	FWP →	MARKETING	Free-writing prospectus — offering being marketed
Jul 1, 2019	8-K →	EXECUTED	Unregistered share sale disclosed (8-K item 3.02)
Mar 22, 2019	FWP →	MARKETING	Free-writing prospectus — offering being marketed
Mar 22, 2019	424B2 →	EXECUTED	Prospectus supplement priced — shares or notes (large filers: often a bond deal)
Mar 15, 2019	424B5 →	EXECUTED	Shelf takedown priced — shares or notes (small-caps: usually shares; open the filing to confirm)
Mar 15, 2019	FWP →	MARKETING	Free-writing prospectus — offering being marketed
Dec 18, 2018	EFFECT →	EFFECTIVE	SEC declared a registration effective — selling can begin
Dec 7, 2018	S-3 →	REGISTERED	S-3 registration — capacity to sell shares, not a sale yet
Oct 30, 2017	424B4 →	EXECUTED	Final prospectus — offering priced (typical for IPOs and marketed share deals)
Oct 26, 2017	EFFECT →	EFFECTIVE	SEC declared a registration effective — selling can begin
Oct 16, 2017	S-1/A →	REGISTERED	S-1/A registration — capacity to sell shares, not a sale yet
Oct 16, 2017	FWP →	MARKETING	Free-writing prospectus — offering being marketed
Sep 25, 2017	S-1 →	REGISTERED	S-1 registration — capacity to sell shares, not a sale yet

MBINL offering-related filings from SEC EDGAR, newest first (capped at 40). Each links to the original document.

Two honest limits. (1) A 424B takedown can price shares or notes — EDGAR’s metadata doesn’t say which, so open the document: large investment-grade filers use these mostly for bond deals (no dilution), small-caps mostly for shares. (2) At-the-market (ATM) programs sell shares gradually and individual sales are not separately filed — the visible footprint is the enabling shelf and its 424B5; actual ATM share counts surface later in the 10-Q/10-K share count. Educational information from public filings, not investment advice.

Is a shelf active now? →Do they need money? →Red flags →Full MBINL workspace →

MBINL offering FAQ

When did MBINL last execute an offering?

Per SEC filings, Merchants Bancorp's most recent priced offering document is a 424B5 filed 2024-11-20. Note a 424B takedown can price shares or notes (debt) — the linked document says which.

When did MBINL last announce or register an offering?

The most recent registration is a S-3 filed 2025-05-23. A registration is capacity to sell shares — not a sale.

Does an offering always mean dilution?

Registered direct offerings and shelf takedowns issue new shares and dilute existing holders. Resale registrations (424B3/B7) let existing holders sell and do not create new shares. Secondary sales by insiders also do not dilute. Each row here is labeled with what it is.

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