Merchants Capital Surpasses $700 Million in Tax Credit Equity Raised in 2025

CARMEL, Ind.- (NASDAQ: MBIN) Merchants Capital today announced more than $700 million in fund investments closed across the firm's multi-investor, proprietary and state credit offerings for the year ended Dec. 31, 2025.

The firm's capital raise, which has surpassed $2.8 billion since the platform launched in 2021, comprises $1.1 billion in multi-investor offerings, $81 million in state credit syndications and $1.7 billion in proprietary fund investments.

In 2025, the firm's fund closings included $161.2 million in multi-investor funds and more than $546 million in proprietary and state credit funds with large institutional investors.

"It was a difficult year in the tax credit equity market-the program achieved a landmark legislative victory in 2025 tax legislation that resulted in a large expansion of the affordable housing tax credit," said Julie Sharp, Executive Vice President at Merchants Capital. "Naturally, the supply demand imbalance resulted in uncertainty in the market. Given these headwinds, I am extremely proud of our ability to continue to execute at a high level and provide solutions to our investor and developer clients."

"In only five years, we have built a $2.8 billion investment portfolio managed on behalf of more than 40 institutional investors that provides capital for safe, quality affordable housing for more than 21,000 families in 30 states," said Josh Reed, Executive Vice President at Merchants Capital.

"The success of this platform is a testament to our people," said Linda Hill, Executive Vice President at Merchants Capital. "I want to thank our team-along with our investor and developer clients-for their trust and partnership."

To learn more about Merchants Capital and its services, visit www.merchantscapital.com or find Merchants Capital on Facebook, X, LinkedIn and Instagram.

ABOUT MERCHANTS BANCORP

Ranked as a top performing U.S. public bank by S&P Global Market Intelligence, Merchants Bancorp is a diversified bank holding company headquartered in Carmel, Indiana operating multiple segments, including Multi-family Mortgage Banking that primarily offers multi-family housing and healthcare facility financing and servicing (through this segment it also serves as a syndicator of low-income housing tax credit and debt funds); Mortgage Warehousing that offers mortgage warehouse financing, commercial loans, and deposit services; and Banking that offers retail and correspondent residential mortgage banking, agricultural lending, and traditional community banking. Merchants Bancorp, with $19.4 billion in assets and $13.0 billion in deposits as of December 31, 2025, conducts its business primarily through its direct and indirect subsidiaries, Merchants Bank of Indiana, Merchants Capital Corp., Merchants Capital Investments, LLC, Merchants Capital Servicing, LLC, Merchants Investment Partners, LLC, and Merchants Mortgage, a division of Merchants Bank of Indiana. For more information and financial data, please visit Merchants' Investor Relations page at investors.merchantsbancorp.com.

ABOUT MERCHANTS CAPITAL

With more than 30 years of success built on putting people first, Merchants Capital is a proven leader in financing for multi-family housing, providing tailored bridge and agency financing across the United States. Our licenses with Fannie Mae, Freddie Mac and HUD, in addition to our bank's balance sheet, allow us to offer custom end-to-end solutions with greater agility and ease of execution to support the construction, acquisition and preservation of safe and stable housing. Recognized as a top five affordable lender, Merchants Capital provides comprehensive debt offerings and in-house tax credit equity, enabling developers and owners to access integrated, streamlined financing solutions. Our talented and trusted staff work alongside our clients to expand access to housing in our communities in meaningful and impactful ways. To learn more about Merchants Capital, visit www.merchantscapital.com.

MEDIA CONTACT: Terra Hoskins, [email protected], 317.843.6035

Forward-Looking Statements

This press release contains forward-looking statements which reflect management's current views with respect to, among other things, future events and financial performance. These statements are often, but not always, made through the use of words or phrases such as "may," "might," "should," "could," "predict," "potential," "believe," "expect," "continue," "will," "anticipate," "seek," "estimate," "intend," "plan," "projection," "goal," "target," "outlook," "aim," "would," "annualized" and "outlook," or the negative version of those words or other comparable words or phrases of a future or forward-looking nature. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about the industry, management's beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. Accordingly, management cautions that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions, estimates and uncertainties that are difficult to predict. Although the Merchants Capital believes that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. A number of important factors could cause actual results to differ materially from those indicated in these forward-looking statements, including the impacts of factors identified in "Risk Factors" or "Management's Discussion and Analysis of Financial Condition and Results of Operations" in Merchants Bancorp's Annual Report on Form 10-K and other periodic filings with the Securities and Exchange Commission. Any forward-looking statements presented herein are made only as of the date of this press release, and neither Merchants Bancorp nor Merchants Capital undertakes any obligation to update or revise any forward-looking statements to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.

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