Merchants Bancorp (MBIN) Registration Filing summary

Company overview and business model

• Diversified bank holding company operating in multi-family housing and healthcare facility financing, mortgage warehouse financing, residential mortgage banking, agricultural lending, SBA lending, and community banking.

• Headquartered in Carmel, Indiana, with $18.8 billion in assets and $12.4 billion in deposits as of March 31, 2025.

• Operates through subsidiaries including Merchants Bank of Indiana, Merchants Capital Corp., and others.

Financial performance and metrics

• Financial data and results of operations are incorporated by reference from recent SEC filings, including the Annual Report on Form 10-K for the year ended December 31, 2024, and the Quarterly Report on Form 10-Q for the period ended March 31, 2025.

Use of proceeds and capital allocation

• Net proceeds from securities sales will be used for general corporate purposes, including financing acquisitions, repurchasing securities, funding subsidiaries, and repaying or refinancing debt.

• Management retains broad discretion over allocation and timing of proceeds, with potential for short-term investments pending use.