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Merchants Bancorp MBIN Mortgage Warehousing — Interest Income Expense Net

Other segment segments

Banking
$86.8M-3.4%
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$1.1M-2.1%

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Other financials

Income statement

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Revenue$182.2M+1.7%
Net income$78.3M+106%
EPS (diluted)$1.48+147%

Balance sheet

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Cash & equivalents$314.7M-51.4%
Total debt$4.3B+7.0%
Total equity$2.4B+9.6%
Total assets$21.2B+10.9%

Cash flow

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Operating cash flow-$597.3M-503%
CapEx$2.4M-45.8%
Free cash flow-$598.5M-524%

Valuation

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Market cap$2.48B+75.9%
Enterprise value$6.47B+35.2%
P/E9.3×+3.7×
P/S3.5×+1.4×

Profitability

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Net margin37.6%-0.2pp
FCF margin-155%-376pp

Returns & leverage

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Return on equity11.7%-0.7pp
Debt / equity1.8×0.0×

Where this comes from

Reported directly by Merchants Bancorp in its filing.

Tagged under the XBRL concept us-gaap:InterestIncomeExpenseNet.

The source filing: Merchants Bancorp’s 10-Q, filed August 7, 2026.

Filed
Aug 7, 2026, 4:10 PM EDT
Fiscal quarter
Q2 FY2026
Calendar quarter
Q2 2026
Accession
0001104659-26-092702
Line itemThree Months Ended / June 30, 2026Three Months Ended / June 30, 2025Six Months Ended / June 30, 2026Six Months Ended / June 30, 2025
Short-term borrowings37,60836,98166,54570,345
Long-term borrowings3,0897,3246,16615,027
Total interest expense157,536175,680299,399340,688
Net Interest Income136,536128,719265,184250,915
Provision for credit losses9,18453,02724,48360,754
Net Interest Income After Provision for Credit Losses127,35275,692240,701190,161
Noninterest Income
Gain on sale of loans13,16023,34226,66634,961

Item 1. Interim Financial Statements (Unaudited)

FAQ

What is Merchants Bancorp's mortgage warehousing — interest income expense net?
Merchants Bancorp (MBIN) reported mortgage warehousing — interest income expense net of $44.11M in Q2 2026.
How has Merchants Bancorp's mortgage warehousing — interest income expense net changed year-over-year?
Merchants Bancorp's mortgage warehousing — interest income expense net increased by 33.9% year-over-year, from $32.95M to $44.11M.
What is the long-term trend for Merchants Bancorp's mortgage warehousing — interest income expense net?
Over 4 years (2021 to 2025), Merchants Bancorp's mortgage warehousing — interest income expense net has grown at a 2.8% compound annual growth rate (CAGR), from $125.19M to $139.63M.
What does mortgage warehousing — interest income expense net mean?
Calculated as the difference between interest income earned and interest expense incurred within the mortgage warehousing segment. This metric represents the core net interest spread generated by the segment's lending activities. It is a key measure of the profitability of the warehouse financing business before accounting for credit losses or operating expenses.

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