| Merchants Bancorp (MBIN) |
| Q1-CY2026 | Q4-CY2025 | Q3-CY2025 | Q2-CY2025 | Q1-CY2025 | Q4-CY2024 | Q3-CY2024 | Q2-CY2024 | Q1-CY2024 | Q4-CY2023 | Q3-CY2023 | Q2-CY2023 | Q1-CY2023 | Q4-CY2022 | Q3-CY2022 | Q2-CY2022 | Q1-CY2022 | Q4-CY2021 | Q3-CY2021 | Q2-CY2021 | Q1-CY2021 | Q4-CY2020 | Q3-CY2020 | Q2-CY2020 | Q1-CY2020 | Q4-CY2019 | Q3-CY2019 | Q2-CY2019 | Q1-CY2019 | Q4-CY2018 | Q3-CY2018 | Q2-CY2018 | Q1-CY2018 | Q4-CY2017 | Q3-CY2017 | Q2-CY2017 | Q1-CY2017 | Q4-CY2016 | Q3-CY2016 | Q2-CY2016 | Q1-CY2016 | Q4-CY2015 | Q3-CY2015 | Q2-CY2015 | Q1-CY2015 | Q4-CY2014 | Q3-CY2014 | Q2-CY2014 | Q1-CY2014 |
| Balance Sheet Date | | 2025-Dec-31 | 2025-Sep-30 | 2025-Jun-30 | 2025-Mar-31 | 2024-Dec-31 | 2024-Sep-30 | 2024-Jun-30 | 2024-Mar-31 | 2023-Dec-31 | 2023-Sep-30 | 2023-Jun-30 | 2023-Mar-31 | 2022-Dec-31 | 2022-Sep-30 | 2022-Jun-30 | 2022-Mar-31 | 2021-Dec-31 | 2021-Sep-30 | 2021-Jun-30 | 2021-Mar-31 | 2020-Dec-31 | 2020-Sep-30 | 2020-Jun-30 | 2020-Mar-31 | 2019-Dec-31 | 2019-Sep-30 | 2019-Jun-30 | 2019-Mar-31 | 2018-Dec-31 | 2018-Sep-30 | 2018-Jun-30 | 2018-Mar-31 | 2017-Dec-31 | 2017-Sep-30 | | | | | | | | | | | | | | |
| Fiscal Period | | Q4-FY2025 | Q3-FY2025 | Q2-FY2025 | Q1-FY2025 | Q4-FY2024 | Q3-FY2024 | Q2-FY2024 | Q1-FY2024 | Q4-FY2023 | Q3-FY2023 | Q2-FY2023 | Q1-FY2023 | Q4-FY2022 | Q3-FY2022 | Q2-FY2022 | Q1-FY2022 | Q4-FY2021 | Q3-FY2021 | Q2-FY2021 | Q1-FY2021 | Q4-FY2020 | Q3-FY2020 | Q2-FY2020 | Q1-FY2020 | Q4-FY2019 | Q3-FY2019 | Q2-FY2019 | Q1-FY2019 | Q4-FY2018 | Q3-FY2018 | Q2-FY2018 | Q1-FY2018 | Q4-FY2017 | Q3-FY2017 | | | | | | | | | | | | | | |
| Total Revenue | | 185,287,000$ | 171,072,000$ | 179,199,000$ | 145,889,000$ | 193,769,000$ | 149,563,000$ | 159,470,000$ | 167,930,000$ | 158,779,000$ | 153,504,000$ | 135,499,000$ | 114,957,000$ | 118,392,000$ | 114,571,000$ | 111,202,000$ | 100,322,000$ | 113,014,000$ | 109,152,000$ | 97,262,000$ | 115,899,000$ | 111,963,000$ | 103,979,000$ | 77,422,000$ | 58,255,000$ | 60,324,000$ | 43,476,000$ | 37,792,000$ | 27,795,000$ | 38,910,000$ | 35,389,000$ | 33,836,000$ | 31,421,000$ | 33,859,000$ | 26,446,000$ | 32,350,000$ | 21,622,000$ | 22,106,000$ | 26,599,000$ | | | | | | | | | | |
| QoQ% | | 8.31% | (4.54%) | 22.83% | (24.71%) | 29.56% | (6.21%) | (5.04%) | 5.76% | 3.44% | 13.29% | 17.87% | (2.90%) | 3.34% | 3.03% | 10.85% | (11.23%) | 3.54% | 12.23% | (16.08%) | 3.52% | 7.68% | 34.30% | 32.90% | (3.43%) | 38.75% | 15.04% | 35.97% | (28.57%) | 9.95% | 4.59% | 7.69% | (7.20%) | 28.03% | (18.25%) | 49.62% | (2.19%) | (16.89%) | | | | | | | | | | | |
| YoY% | | (4.38%) | 14.38% | 12.37% | (13.13%) | 22.04% | (2.57%) | 17.69% | 46.08% | 34.11% | 33.98% | 21.85% | 14.59% | 4.76% | 4.97% | 14.33% | (13.44%) | .94% | 4.98% | 25.63% | 98.95% | 85.60% | 139.16% | 104.86% | 109.59% | 55.04% | 22.85% | 11.69% | (11.54%) | 14.92% | 33.82% | 4.59% | 45.32% | 53.17% | (.58%) | | | | | | | | | | | | | | |
| Cost Of Revenue | | 27,761,000$ | 29,239,000$ | 53,027,000$ | 7,727,000$ | 2,689,000$ | 6,898,000$ | 9,965,000$ | 4,726,000$ | 6,747,000$ | 4,014,000$ | 22,603,000$ | 6,867,000$ | 6,407,000$ | 2,225,000$ | 6,212,000$ | 2,451,000$ | 6,355,000$ | 1,062,000$ | (315,000$) | 1,663,000$ | (18,911,000$) | 6,560,000$ | 2,849,000$ | 11,336,000$ | (5,590,000$) | 5,110,000$ | 4,065,000$ | 3,264,000$ | (7,156,000$) | 775,000$ | 431,000$ | 3,669,000$ | (5,592,000$) | 592,000$ | 2,123,000$ | 439,000$ | 4,170,000$ | (240,000$) | | | | | | | | | | |
| Gross Profit | | 157,526,000$ | 141,833,000$ | 126,172,000$ | 138,162,000$ | 191,080,000$ | 142,665,000$ | 149,505,000$ | 163,204,000$ | 152,032,000$ | 149,490,000$ | 112,896,000$ | 108,090,000$ | 111,985,000$ | 112,346,000$ | 104,990,000$ | 97,871,000$ | 106,659,000$ | 108,090,000$ | 97,577,000$ | 114,236,000$ | 130,874,000$ | 97,419,000$ | 74,573,000$ | 46,919,000$ | 65,914,000$ | 38,366,000$ | 33,727,000$ | 24,531,000$ | 46,066,000$ | 34,614,000$ | 33,405,000$ | 27,752,000$ | 39,451,000$ | 25,854,000$ | 30,227,000$ | 21,183,000$ | 17,936,000$ | 26,839,000$ | | | | | | | | | | |
| Gross Margin | | 85.02% | 82.91% | 70.41% | 94.70% | 98.61% | 95.39% | 93.75% | 97.19% | 95.75% | 97.39% | 83.32% | 94.03% | 94.59% | 98.06% | 94.41% | 97.56% | 94.38% | 99.03% | 100.32% | 98.57% | 116.89% | 93.69% | 96.32% | 80.54% | 109.27% | 88.25% | 89.24% | 88.26% | 118.39% | 97.81% | 98.73% | 88.32% | 116.52% | 97.76% | 93.44% | 97.97% | 81.14% | 100.90% | | | | | | | | | | |
| Operating Expenses | | 83,642,000$ | 77,250,000$ | 77,337,000$ | 61,664,000$ | 63,202,000$ | 61,318,000$ | 50,380,000$ | 48,912,000$ | 52,579,000$ | 42,930,000$ | 44,320,000$ | 34,772,000$ | 37,109,000$ | 34,951,000$ | 32,957,000$ | 31,033,000$ | 37,646,000$ | 29,472,000$ | 28,183,000$ | 30,084,000$ | 27,465,000$ | 26,384,000$ | 20,282,000$ | 22,293,000$ | 18,836,000$ | 15,522,000$ | 15,920,000$ | 13,035,000$ | 16,181,000$ | 12,449,000$ | 12,000,000$ | 10,270,000$ | 10,800,000$ | 8,942,000$ | 8,261,000$ | 6,641,000$ | 7,384,000$ | 7,173,000$ | | | | | | | | | | |
| Operating Income | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Operating Margin | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Interest Income | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Interest Expenses | | 169,383,000$ | 173,721,000$ | 175,680,000$ | 165,008,000$ | 186,722,000$ | 206,107,000$ | 200,154,000$ | 187,117,000$ | 187,434,000$ | 179,240,000$ | 152,452,000$ | 110,601,000$ | 86,029,000$ | 48,727,000$ | 17,239,000$ | 10,287,000$ | 9,842,000$ | 8,433,000$ | 8,031,000$ | 7,586,000$ | 8,674,000$ | 10,936,000$ | 16,970,000$ | 22,064,000$ | 26,178,000$ | 27,137,000$ | 20,839,000$ | 15,543,000$ | 15,650,000$ | 14,095,000$ | 11,917,000$ | 8,930,000$ | 7,958,000$ | 7,616,000$ | 6,740,000$ | 5,476,000$ | 5,509,000$ | 4,857,000$ | | | | | | | | | | |
| Income Before Tax | | 73,884,000$ | 64,583,000$ | 48,835,000$ | 76,498,000$ | 127,878,000$ | 81,347,000$ | 99,125,000$ | 114,292,000$ | 99,453,000$ | 106,560,000$ | 68,576,000$ | 73,318,000$ | 74,876,000$ | 77,395,000$ | 72,033,000$ | 66,838,000$ | 72,783,000$ | 78,601,000$ | 69,394,000$ | 84,152,000$ | 80,384,000$ | 74,614,000$ | 55,395,000$ | 32,964,000$ | 39,495,000$ | 26,761,000$ | 21,767,000$ | 14,111,000$ | 21,121,000$ | 22,323,000$ | 20,838,000$ | 19,745,000$ | 21,659,000$ | 16,912,000$ | 23,849,000$ | 14,741,000$ | 14,482,000$ | 19,186,000$ | | | | | | | | | | |
| Tax Expenses | | 6,035,000$ | 9,882,000$ | 10,854,000$ | 18,259,000$ | 32,212,000$ | 20,074,000$ | 22,732,000$ | 27,238,000$ | 21,980,000$ | 25,056,000$ | 3,274,000$ | 18,363,000$ | 17,720,000$ | 18,907,000$ | 18,098,000$ | 16,696,000$ | 17,582,000$ | 20,098,000$ | 17,977,000$ | 22,169,000$ | 20,598,000$ | 19,612,000$ | 14,233,000$ | 8,381,000$ | 9,434,000$ | 6,502,000$ | 5,328,000$ | 3,541,000$ | 5,699,000$ | 5,584,000$ | 5,186,000$ | 4,684,000$ | 1,330,000$ | 6,445,000$ | 9,091,000$ | 5,611,000$ | 5,728,000$ | 7,587,000$ | | | | | | | | | | |
| Net Income | | 67,849,000$ | 54,701,000$ | 37,981,000$ | 58,239,000$ | 95,666,000$ | 61,273,000$ | 76,393,000$ | 87,054,000$ | 77,473,000$ | 81,504,000$ | 65,302,000$ | 54,955,000$ | 57,156,000$ | 58,488,000$ | 53,935,000$ | 50,142,000$ | 55,201,000$ | 58,503,000$ | 51,417,000$ | 61,983,000$ | 59,786,000$ | 55,002,000$ | 41,162,000$ | 24,583,000$ | 30,061,000$ | 20,259,000$ | 16,439,000$ | 10,570,000$ | 15,422,000$ | 16,739,000$ | 15,652,000$ | 15,061,000$ | 20,329,000$ | 10,467,000$ | 14,758,000$ | 9,130,000$ | 8,754,000$ | 11,599,000$ | | | | | | | | | | |
| Profit Margin | | 36.62% | 31.98% | 21.20% | 39.92% | 49.37% | 40.97% | 47.90% | 51.84% | 48.79% | 53.10% | 48.19% | 47.81% | 48.28% | 51.05% | 48.50% | 49.98% | 48.84% | 53.60% | 52.86% | 53.48% | 53.40% | 52.90% | 53.17% | 42.20% | 49.83% | 46.60% | 43.50% | 38.03% | 39.64% | 47.30% | 46.26% | 47.93% | 60.04% | 39.58% | 45.62% | 42.23% | 39.60% | 43.61% | | | | | | | | | | |
| TTM | | 32.10% | 35.74% | 37.87% | 44.95% | 47.77% | 47.53% | 50.40% | 50.57% | 49.62% | 49.57% | 48.80% | 48.91% | 49.43% | 49.59% | 50.22% | 51.28% | 52.17% | 53.35% | 53.18% | 53.25% | 51.34% | 50.27% | 48.47% | 45.71% | 45.65% | 42.37% | 42.30% | 42.95% | 45.05% | 50.39% | 48.99% | 48.85% | 47.85% | 42.05% | 43.09% | | | | | | | | | | | | | |
| Earnings to Minority | | 9,051,000$ | 10,265,000$ | 10,266,000$ | 15,636,000$ | 10,728,000$ | 7,757,000$ | 9,580,000$ | 8,667,000$ | 8,667,000$ | 8,668,000$ | 8,668,000$ | 8,667,000$ | 8,797,000$ | 5,729,000$ | 5,729,000$ | 5,728,000$ | 5,728,000$ | 5,729,000$ | 5,659,000$ | 3,757,000$ | 3,618,000$ | 3,618,000$ | 3,619,000$ | 3,618,000$ | 3,618,000$ | 3,022,000$ | 1,743,000$ | 833,000$ | 832,000$ | 833,000$ | 832,000$ | 833,000$ | 833,000$ | 833,000$ | 832,000$ | 832,000$ | 833,000$ | 762,000$ | | | | | | | | | | |
| Earnings to Common Shareholders | | 58,798,000$ | 44,436,000$ | 27,715,000$ | 42,603,000$ | 84,938,000$ | 53,516,000$ | 66,813,000$ | 78,387,000$ | 68,806,000$ | 72,836,000$ | 56,634,000$ | 46,288,000$ | 48,359,000$ | 52,759,000$ | 48,206,000$ | 44,414,000$ | 49,473,000$ | 52,774,000$ | 45,758,000$ | 58,226,000$ | 56,168,000$ | 51,384,000$ | 37,543,000$ | 20,965,000$ | 26,443,000$ | 17,237,000$ | 14,696,000$ | 9,737,000$ | 14,590,000$ | 15,906,000$ | 14,820,000$ | 14,228,000$ | 19,496,000$ | 9,634,000$ | 13,926,000$ | 8,298,000$ | 7,921,000$ | 10,837,000$ | | | | | | | | | | |
| QoQ% | | 32.32% | 60.33% | (34.95%) | (49.84%) | 58.72% | (19.90%) | (14.77%) | 13.93% | (5.53%) | 28.61% | 22.35% | (4.28%) | (8.34%) | 9.45% | 8.54% | (10.23%) | (6.26%) | 15.33% | (21.41%) | 3.66% | 9.31% | 36.87% | 79.08% | (20.72%) | 53.41% | 17.29% | 50.93% | (33.26%) | (8.27%) | 7.33% | 4.16% | (27.02%) | 102.37% | (30.82%) | 67.82% | 4.76% | (26.91%) | | | | | | | | | | | |
| YoY% | | (30.78%) | (16.97%) | (58.52%) | (45.65%) | 23.45% | (26.53%) | 17.97% | 69.35% | 42.28% | 38.05% | 17.48% | 4.22% | (2.25%) | (.03%) | 5.35% | (23.72%) | (11.92%) | 2.71% | 21.88% | 177.73% | 112.41% | 198.10% | 155.46% | 115.31% | 81.24% | 8.37% | (.84%) | (31.57%) | (25.16%) | 65.10% | 6.42% | 71.46% | 146.13% | (11.10%) | | | | | | | | | | | | | | |
| Earnings Per Share, Basic | | 1.28$ | 0.97$ | 0.60$ | 0.93$ | 1.86$ | 1.17$ | 1.50$ | 1.81$ | 1.59$ | 1.68$ | 1.31$ | 1.07$ | 1.12$ | 1.22$ | 1.12$ | 1.03$ | 1.15$ | 1.22$ | 1.06$ | 1.35$ | 0.65$ | 1.79$ | 1.31$ | 0.73$ | 0.31$ | 0.60$ | 0.51$ | 0.34$ | 0.51$ | 0.55$ | 0.52$ | 0.50$ | 0.73$ | 0.45$ | 0.66$ | 0.39$ | | 0.51$ | | | | | | | | | | |
| Earnings Per Share, Diluted | | 1.28$ | 0.97$ | 0.60$ | 0.93$ | 1.85$ | 1.17$ | 1.49$ | 1.80$ | 1.58$ | 1.68$ | 1.31$ | 1.07$ | 1.12$ | 1.22$ | 1.11$ | 1.02$ | 1.14$ | 1.22$ | 1.06$ | 1.35$ | 0.65$ | 1.79$ | 1.31$ | 0.73$ | 0.31$ | 0.60$ | 0.51$ | 0.34$ | 0.51$ | 0.55$ | 0.52$ | 0.50$ | 0.73$ | 0.45$ | 0.66$ | 0.39$ | | 0.51$ | | | | | | | | | | |
| Unlevered FCF Per Share, Basic | | (8.75$) | 0.52$ | (2.74$) | 3.08$ | (0.35$) | (10.86$) | 1.03$ | (8.92$) | 16.93$ | (12.73$) | (5.63$) | (7.01$) | (19.90$) | 22.23$ | (9.77$) | 29.91$ | 7.83$ | (15.26$) | (0.60$) | 6.81$ | 3.84$ | 26.52$ | (38.26$) | (30.35$) | 4.70$ | (23.81$) | (34.53$) | (0.05$) | 3.34$ | 0.86$ | 6.95$ | (4.35$) | (7.78$) | | (4.53$) | (4.17$) | | | | | | | | | | | | |
| Unlevered FCF Per Share, Diluted | | (8.74$) | 0.52$ | (2.74$) | 3.07$ | (0.35$) | (10.83$) | 1.03$ | (8.88$) | 16.86$ | (12.69$) | (5.62$) | (6.99$) | (19.83$) | 22.15$ | (9.74$) | 29.79$ | 7.79$ | (15.22$) | (0.60$) | 6.79$ | 3.83$ | 26.49$ | (38.24$) | (30.33$) | 4.70$ | (23.78$) | (34.48$) | (0.05$) | 3.33$ | 0.86$ | 6.94$ | (4.35$) | (7.78$) | | (4.53$) | (4.17$) | | | | | | | | | | | | |
| Average Shares, Basic | | 45,891,983 | 45,887,143 | 45,883,644 | 45,824,022 | 45,785,403 | 45,759,667 | 44,569,345 | 43,305,985 | 43,242,442 | 43,238,724 | 43,235,398 | 43,179,604 | 43,150,043 | 43,107,975 | 43,209,824 | 43,190,066 | 43,179,658 | 43,176,296 | 43,174,220 | 43,158,138 | 86,230,824 | 28,745,614 | 28,743,894 | 28,734,632 | 86,116,751 | 28,706,438 | 28,705,313 | 28,702,250 | 28,694,159 | 28,694,036 | 28,692,749 | 28,690,876 | 26,666,809 | 21,310,199 | 21,114,400 | 21,114,400 | | 21,111,200 | | | | | | | | | | |
| Average Shares, Diluted | | 45,977,058 | 45,950,216 | 45,929,563 | 45,914,083 | 45,944,121 | 45,910,052 | 44,698,324 | 43,466,647 | 43,431,816 | 43,351,208 | 43,309,393 | 43,290,779 | 43,313,446 | 43,258,925 | 43,335,211 | 43,360,034 | 43,399,348 | 43,314,755 | 43,311,488 | 43,275,621 | 86,368,229 | 28,778,462 | 28,762,349 | 28,759,412 | 86,245,555 | 28,744,953 | 28,746,297 | 28,737,439 | 28,738,569 | 28,727,822 | 28,720,805 | 28,710,480 | 26,693,199 | 21,328,237 | 21,127,923 | 21,123,257 | | 21,113,961 | | | | | | | | | | |
| EBIT | | 243,267,000$ | 238,304,000$ | 224,515,000$ | 241,506,000$ | 314,600,000$ | 287,454,000$ | 299,279,000$ | 301,409,000$ | 286,887,000$ | 285,800,000$ | 221,028,000$ | 183,919,000$ | 160,905,000$ | 126,122,000$ | 89,272,000$ | 77,125,000$ | 82,625,000$ | 87,034,000$ | 77,425,000$ | 91,738,000$ | 89,058,000$ | 85,550,000$ | 72,365,000$ | 55,028,000$ | 65,673,000$ | 53,898,000$ | 42,606,000$ | 29,654,000$ | 36,771,000$ | 36,418,000$ | 32,755,000$ | 28,675,000$ | 29,617,000$ | 24,528,000$ | 30,589,000$ | 20,217,000$ | 19,991,000$ | 24,043,000$ | | | | | | | | | | |
| EBITDA | | 243,267,000$ | 238,304,000$ | 224,515,000$ | 241,506,000$ | 314,600,000$ | 287,454,000$ | 299,279,000$ | 301,409,000$ | 286,887,000$ | 285,800,000$ | 221,028,000$ | 183,919,000$ | 160,905,000$ | 126,122,000$ | 89,272,000$ | 77,125,000$ | 82,625,000$ | 87,034,000$ | 77,425,000$ | 91,738,000$ | 89,058,000$ | 85,550,000$ | 72,365,000$ | 55,028,000$ | 65,673,000$ | 53,898,000$ | 42,606,000$ | 29,654,000$ | 36,771,000$ | 36,418,000$ | 32,755,000$ | 28,675,000$ | 29,617,000$ | 24,528,000$ | 30,589,000$ | 20,217,000$ | 19,991,000$ | 24,043,000$ | | | | | | | | | | |