How has Merchants Bancorp's repayments of credit linked notes changed year-over-year?

Merchants Bancorp's repayments of credit linked notes increased by 501.9% year-over-year, from $12.78M to $76.95M.

What does repayments of credit linked notes mean?

Cash outflows associated with the redemption or maturity of credit-linked notes previously issued by the bank. This reflects the reduction of debt obligations and the settlement of risk-transfer arrangements.

Merchants Bancorp MBIN Repayments Of Credit Linked Notes

Repayments Of Credit Linked Notes at other companies

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$500M+567%

The Baldwin Insurance Group, Inc.BWIN

$161M+1,689%

Trex CompanyTREX

$65M+314%

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$0—

Ondas, Inc. ONDS

$305K+4,107%

StepStone Group Inc.STEP

$18.75M-57.1%

Other financials

Income statement

See full

Revenue$175.2M+20.1%

Net income$67.7M+16.3%

EPS (diluted)$1.25+34.4%

Balance sheet

See full

Cash & equivalents$83.2M-84.0%

Total debt$4.8B+19.4%

Total equity$2.3B+7.8%

Total assets$20.3B+8.1%

Cash flow

See full

Operating cash flow-$597.3M-503%

CapEx$1.1M-83.3%

Free cash flow-$598.5M-524%

Valuation

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Market cap$2.29B+16.3%

Enterprise value$7B+28.8%

P/E10×+3.3×

P/S3.2×+0.2×

Profitability

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Net margin32.1%-12.8pp

FCF margin-155%-376pp

Returns & leverage

See full

Return on equity10.2%-4.6pp

Debt / equity2.1×+0.2×

Where this comes from

Reported directly by Merchants Bancorp in its filing.

Tagged under the XBRL concept mbin:RepaymentsOfCreditLinkedNotes.

The official record: Merchants Bancorp’s 10-K, filed February 27, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Merchants Bancorp's repayments of credit linked notes?: Merchants Bancorp (MBIN) reported repayments of credit linked notes of $76.95M in Q4 2025.
How has Merchants Bancorp's repayments of credit linked notes changed year-over-year?: Merchants Bancorp's repayments of credit linked notes increased by 501.9% year-over-year, from $12.78M to $76.95M.
What does repayments of credit linked notes mean?: Cash outflows associated with the redemption or maturity of credit-linked notes previously issued by the bank. This reflects the reduction of debt obligations and the settlement of risk-transfer arrangements.