Merchants Capital Completes Third Freddie Mac Q-Series Transaction in 2025

NEW YORK (Dec. 15, 2025)- (Nasdaq: MBIN) Leading financial services provider Merchants Capital today announced the completion of its third Freddie Mac-sponsored Q-Series transaction in 2025, a $173 million securitization backed by five properties in Indiana, Pennsylvania and Illinois. Merchants Capital securitized $783 million in 2025, including the first single asset securitization via the Freddie Mac Q program.

As one of the most active Freddie Mac Q-Series issuers, Merchants Capital has securitized 93 loans totaling $2.2 billion across eight Freddie Mac Q-Series transactions since April 2021, when the company entered the program.

"Our production this year and over the last five years continues to demonstrate the tremendous collaboration between Merchants Capital and Freddie Mac," said Darren King, Senior Vice President of Capital Markets at Merchants Capital. "We are proud to leverage our internal resources and relationships with the investor community to deliver efficient, cost-effective debt financing to Merchants' borrowing clients."

The Freddie Mac Q-Deal Program supports affordable multifamily housing by providing liquidity to small financial institutions, sponsors and originators of affordable taxable collateral.

To learn more about Merchants Capital and its services, visitwww.merchantscapital.com or find Merchants Capital on Facebook, X, LinkedIn andInstagram.

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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 offers multi-family housing and healthcare facility financing and servicing; Mortgage Warehousing that offers mortgage warehouse financing; 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 $13.9 billion in deposits as of September 30, 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 multifamily housing nationwide. Our licenses with Fannie Mae, Freddie Mac and HUD/FHA, in addition to our bank's balance sheet products, allow us to offer custom solutions with agility and ease of execution, expanding access to housing in meaningful and impactful ways. Recognized as a top five affordable lender, Merchants Capital pairs our comprehensive debt offerings with in-house tax credit equity to provide a one-stop-shop for developers and owners. 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.