Merchants Bancorp Series E Preferred
Finances multifamily housing and mortgage lenders while operating an Indiana community bank.
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Profile
Provides multifamily and healthcare-property finance, mortgage warehouse credit, residential mortgage services, and community banking through a bank and specialist finance subsidiaries. Income combines interest spreads with loan-sale, servicing, and tax-credit syndication fees, while the Series E depositary shares are non-cumulative perpetual preferred stock.
Operates three complementary lines: Multi-family Mortgage Banking originates and services financing for apartments and healthcare facilities while syndicating low-income housing tax credits and managing debt funds. Mortgage Warehousing funds mortgage companies and adds commercial loans and deposit services. Banking combines portfolio lending with residential mortgage banking, agricultural and SBA lending, and community banking.
Pairs national mortgage operations with Indiana community branches. Government-agency lending licenses, bank-funded bridge and construction products, loan sales, retained servicing, and tax-credit funds support financing across a property's lifecycle.
Revenue comes from interest spreads, loan-sale gains, servicing income, and syndication or asset-management fees. Funding relies mainly on deposits and short-term borrowings, while activity depends on housing-credit demand, government-program underwriting, interest rates, borrower credit performance, and federal and Indiana banking supervision. The Series E depositary shares represent non-cumulative perpetual preferred stock whose dividends require board declaration.
Company facts
Categories
Key statistics
Year to date +9.1% · Average volume (30d) 9.7K
Analysts
No analyst consensus on record.
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 28, 2026Q2 FY26 | $1.22 | $1.48 | +21.3% | $179.0M | $182.2M | +1.8% | +0.08% |
| Apr 28, 2026Q1 FY26 | $1.16 | $1.25 | +7.8% | $174.3M | $175.2M | +0.5% | 0.00% |
| Jan 28, 2026Q4 FY25 | $0.94 | $1.28 | +36.2% | $170.8M | $185.3M | +8.5% | +0.29% |
| Nov 7, 2025Q3 FY25 | $0.79 | $1.19 | +50.6% | $163.9M | $128.1M | −21.9% | +1.33% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $310.1M | $353.7M | $343.5M | $354.7M | $317.1M | $294.1M | |
| Gross profit | $137.4M | $125.0M | $140.6M | $157.5M | $159.9M | $136.5M | |
| Operating income | $76.5M | $48.8M | $64.6M | $73.9M | $84.3M | $54.1M | |
| Net income | $58.2M | $38.0M | $54.7M | $67.8M | $67.7M | $78.3M | |
| Diluted EPS | $0.93 | $0.60 | $0.97 | $1.28 | $1.25 | $1.48 | |
| Gross margin | 44.3% | 35.3% | 40.9% | 44.4% | 50.4% | 46.4% | |
| Operating margin | 24.7% | 13.8% | 18.8% | 20.8% | 26.6% | 18.4% |
Fiscal years (4-quarter sums)FY21 $461.6M · FY22 $602.1M · FY23 $1.19B · FY24 $1.45B · FY25 $1.36B
Balance sheet, Jun 30, 2026Cash & short-term investments $17.9M · Total debt $4.28B · Total assets $21.23B · Shareholders' equity $2.39B
Dividends
Last raised to $0.477 from $0.4765 in Sep 2025. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jun 15, 2026 | Jun 15 | Jul 1 | $0.477 | |
| Mar 13, 2026 | Mar 13 | Apr 1 | $0.477 | |
| Dec 15, 2025 | Dec 15 | Jan 2 | $0.477 | |
| Sep 15, 2025 | Sep 15 | Oct 1 | $0.477 | raised from $0.4765 |
| Jun 13, 2025 | Jun 13 | Jul 1 | $0.4765 | |
| Mar 14, 2025 | Mar 14 | Apr 1 | $0.4765 | raised from $0.196 |
| Dec 13, 2024 | Dec 13 | Jan 2 | $0.196 |
Ownership
Shares outstanding — · Float —
Shares outstanding and float — provider count disagrees with the price.
The provider's share count does not square with the market price, so neither it nor anything divided by it is shown.
This issuer lists more than one class and the share count spans them all, so a stake here reads as a share of the whole company, not of this class.
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % of company | Form | Filed |
|---|---|---|---|---|
| Randall D. Jr. Rogers · director | 3.78M | Form 4 | May 21, 2026 | |
| Michael F. Petrie · director, 10 percent owner, officer: Chairman and CEO | 2.58M | Form 4 | Jul 31, 2026 | |
| Julia L. Kaercher · director | 727.1K | Form 4 | Jul 31, 2026 | |
| Michael J. Dunlap · director, officer: President, COO | 212.2K | Form 4 | Feb 3, 2026 | |
| Michael R. Dury · officer: CEO of Merchants Capital | 120.7K | Form 4 | Aug 7, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Jul 30, 2026 | Michael F. Petrie | director, 10 percent owner, officer: Chairman and CEO | −9,000 | $55.20 |
| Jul 30, 2026 | Julia L. Kaercher | director | −9,000 | $55.20 |
| May 5, 2026 | Michael F. Petrie | director, 10 percent owner, officer: Chairman and CEO | −30,696 | $46.75 |
| May 6, 2026 | Michael F. Petrie | director, 10 percent owner, officer: Chairman and CEO | −8,334 | $46.86 |
| Feb 26, 2026 | Michael F. Petrie | director, 10 percent owner, officer: Chairman and CEO | −28,871 | $32.62 |
Peers
Not reported.