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Merchants Bancorp MBIN Mortgage Warehousing — Goodwill

Other segment segments

Multi Family Mortgage Banking
$3.79M0.0%
Banking
$522K0.0%

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Other financials

Income statement

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Revenue$175.2M+20.1%
Net income$67.7M+16.3%
EPS (diluted)$1.25+34.4%

Balance sheet

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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

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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

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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 us-gaap:Goodwill.

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 mortgage warehousing — goodwill?
Merchants Bancorp (MBIN) reported mortgage warehousing — goodwill of $3.7M in Q4 2025.
How has Merchants Bancorp's mortgage warehousing — goodwill changed year-over-year?
Merchants Bancorp's mortgage warehousing — goodwill decreased by 0.0% year-over-year, from $3.7M to $3.7M.
What does mortgage warehousing — goodwill mean?
This metric represents the carrying value of goodwill recorded on the balance sheet specifically attributed to the mortgage warehousing segment following past business acquisitions. It reflects the premium paid over the fair value of net identifiable assets acquired. Changes in this balance indicate potential impairment or adjustments related to the segment's long-term valuation.