Merchants Bancorp (NASDAQ: MBIN) is a bank holding company that operates through Merchants Bank of Indiana and its subsidiaries. The company generates revenue through net interest income on loans and deposits, mortgage banking activities, and related financial services. Based on its 10-K filed February 27, 2026 for the fiscal year ended December 31, 2025, the company's subsidiaries include Merchants Capital Corporation (MCC), Merchants Capital Servicing (MCS), Merchants Capital Investments (MCI), and Merchants Investment Partners (MIP). The company operates in mortgage banking and multifamily housing finance, with activities tied to government-sponsored entities including Fannie Mae, Freddie Mac, and Ginnie Mae, as well as low-income housing tax credit (LIHTC) programs administered through HUD. Regulated by the Indiana Department of Financial Institutions (IDFI) and the Office of the Comptroller of the Currency (OCC), among other bodies, Merchants Bancorp is listed on the NASDAQ Capital Market and has issued Series D and Series E Preferred Stock in addition to common equity.

Revenue model

Net interest income from lending and deposit-taking, mortgage banking fees and servicing income through subsidiaries including Merchants Capital Servicing, and investment and asset management activities through Merchants Investment Partners.

Products and services

Commercial banking, multifamily and affordable housing mortgage origination and servicing, low-income housing tax credit (LIHTC) financing, mortgage servicing, asset management, and investment products through wholly owned subsidiaries of Merchants Bank of Indiana.

Customers and end markets

Affordable housing developers, multifamily property owners, government-sponsored enterprise counterparties (Fannie Mae, Freddie Mac, Ginnie Mae), and HUD-related programs. End markets include multifamily housing finance and LIHTC-driven affordable housing development.

Value-chain role

Bank holding company and mortgage banker operating as originator, servicer, and investor in multifamily and affordable housing loans, with agency selling and servicing relationships with GSEs and Ginnie Mae.

Geographic exposure

Headquartered in Indiana; regulated in Indiana and Illinois (IDFI and IDFPR). Broader geographic exposure not specified in the available filing excerpts.

Source: SEC 10-K, filed 2026-02-27

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