Merchants Bancorp is a diversified bank holding company that originates and services loans for multi-family housing, senior living, and healthcare facilities, operating as one of the nation's top affordable housing lenders with licenses including FHA, Fannie Mae, Freddie Mac, and USDA. The company generates revenue primarily through gain-on-sale of loans, mortgage servicing fees, tax credit syndication, and asset management fees across three main segments: multi-family mortgage banking (which originates fixed-rate loans sold to government agencies while retaining servicing rights), mortgage warehousing (which provides financing to other financial institutions funding residential and multi-family loans), and community banking (which offers retail banking, commercial lending, agricultural lending, and SBA lending concentrated in central Indiana and surrounding regions). Merchants funds its business through mortgage custodial deposits, municipal and retail deposits, and short-term borrowings, competing against community banks, large national banks, mortgage banking companies, and online lenders by differentiating on product range, personnel expertise, long-lasting relationships, and a diversified business model that provides insulation from economic cycles.