Chuck Royce acquired 782k Merchants Bancorp shares worth $25.8M. That's 0.25% of their equity portfolio (120th largest holding). The investor owns 1.73% of the outstanding Merchants Bancorp stock. The first Merchants Bancorp trade was made in Q4 2018. Since then Chuck Royce bought shares ten more times and sold shares on four occasions. The investor's estimated purchase price is $32M, resulting in a loss of 19%.