Merchants Bancorp is an Indiana-based bank holding company that operates nationally across three businesses: affordable multi-family housing finance, mortgage warehouse lending, and community banking. The multi-family mortgage banking business originates, sells, and services loans for affordable multi-family rental housing and healthcare facilities under government agency programs — primarily FHA, Fannie Mae, and Freddie Mac. Loans are typically sold to the secondary market within roughly 30 days, with Merchants retaining the mortgage servicing rights. Merchants also syndicates Low-Income Housing Tax Credits, connecting institutional investors with affordable housing projects. The mortgage warehousing business provides short-term financing to independent mortgage bankers, allowing them to fund residential and multi-family loans before selling them into the secondary market — Merchants is one of the largest warehouse lenders in the country. The community banking segment offers traditional banking, agricultural lending, SBA lending, and a single-family mortgage platform, primarily in Indiana. The three segments are designed to be interdependent: the banking segment funds bridge loans referred by multi-family mortgage banking, custodial deposits from multi-family mortgage banking fund the warehouse business, and warehouse relationships generate leads for the correspondent mortgage business. Revenue comes from net interest income on warehouse lines, gain-on-sale from agency loan originations, servicing fees on retained MSRs, and tax credit syndication fees.