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Merchants Bancorp : Investor Overview - Fourth Quarter 2025
Merchants Bancorp : Investor Overview - Fourth Quarter
About this update from Merchants Bancorp
0.84 Dividend Yield (%) (2) 12.6x Price / 2025 EPS (x) (2) 1.27x Price / TBV (x) (2) $2,186 Market Value ($M) (2) $47.63 Stock Price ($) (2) Carmel, IN Headquarters $19.4 Assets ($B) Business Summary (2) Overview of Merchants Bancorp (MBIN) Overview of Merchants Merchants Bancorp (MBIN) is a diversified bank holding company headquartered in Carmel, IN - $19.4B in assets as of 12/31/2025 $13.0B in deposits as of 12/31/2025 Operates 7 bank branches located in Indianapolis and Richmond, Indiana markets Key business lines include: Multi-family Mortgage Banking Mortgage Warehouse Banking Entrepreneurial management team with significant shareholder alignment; founding families still own ~57% of shares outstanding 2025: Loans: $11.0B Loan Yield: 6.87% 3 Healthcare 9% Gross Loans Held for Investment Composition (2025) (1) Price/Tangible Book Value Per Share vs Peers (3) Mortgage Warehouse 11% Notes: Totals may not sum to 100% due to rounding Source: S&P Global; market data as of February 16, 2026 Peer group source: S&P Global; Includes banks, as of December 2025, between $15-35B in assets that are publicly-traded on a major exchange. Sample includes 45 banks Peers MBIN Residential Real Estate 7% Dec-25 Dec-24 Dec-23 Dec-22 Dec-21 1.20 1.00 0.80 Dec-20 Commerical & Commercial Real Estate 11% Multi-family 36% 2.00 1.80 1.60 1.40 Loans Held for Sale 26% Strong Financial Performance Has Driven Significant Shareholder Value Historical Performance Since 2020 Earnings per Share (4) Tangible Book Value per Share (2)(4) ($, per Share) ($, per share) 37.51 6.30 5.64 4.76 4.47 3.85 3.78 34.15 27.40 20.28 21.66 21.88 20.28 22.43 21.01 17.96 18.84 13.45 2020 2021 2022 2023 2024 2025 2020 2021 2022 2023 2024 2025 Total Assets (4) ($B) Stock Price Performance Since IPO (3) +347% Gain Since IPO vs 25% Peer Growth (5) ($) 18.8 19.4 50 17.0 12.6 9.6 11.3 $47.63 35 20 Leverage Ratio (%) (1) 2020 2021 2022 2023 2024 2025 8.6 10.4 11.7 10.1 12.1 11.5 5 Oct-17 Oct-20 Oct-23 Feb 26 Notes: As defined by regulatory agencies; Tier 1 Leverage Ratio defined as the ratio of bank's core equity capital to its average total assets Non-GAAP financial measure; refer to reconciliations of non-GAAP financial measures in the Appendix of the presentation Source: S&P Global; market data as of February 16, 2026 Peer group source: S&P Global; Includes banks, as of December 2025, between $15-35B in assets that are publicly-traded on a major exchange. Sample includes 45 banks Peer is KBW Nasdaq Regional Bank Price Return Index 4 Merchants Bancorp: Key Franchise Highlights Superior Profitability & Earnings Growth Profile in Every Interest Rate Environment Unique Originate-to-Sell Model with Differentiated Revenue Streams Reduces Earnings Volatility Highly Efficient Cost Structure, Unique Business Model Diversified, Short Duration Loan Portfolio with Strong Organic Growth Product Mix Focused on Low-Risk, Government-Backed Programs Growing Deposit Base with Multiple Sources of Funding Efficient Capital Structure Coupled with Low-Risk Balance Sheet with Optimization via Securitizations High-Quality Securities Portfolio with Minimal Mark-to-Market Impact Significant Room for Growth and History of Delivering Industry Leading Returns 5 1 Superior Profitability & Earnings Growth Profile in Every Interest Rate Environment Profitability Has Been Consistently Above Peers Net Income Over Time ($M) $320 $279 $219 $227 $220 $181 Net Interest Margin (%) Consistent NIM across all interest rate cycles 4.97% 5.19% $320 4.28% 5.00% 2.69% $181 $227 2.86% 2.79% $220 3.43% 2.97% 3.06% $279 3.03% $219 2.86% 4.00% 3.00% 2.59% 0.52% 2020 0.10% 2021 1.92% 2022 1.84% 2023 1.53% 2024 2.32% 2025 2.00% 1.00% -% 2020 2021 2022 2023 2024 2025 Net Interest Margin Market Yield Curve Spread 1-Month SOFR Net Income Return on Average Assets (1)(2) (%) Return on Average Tangible Common Equity (1)(2) (%) 30.1% 22.5% 22.9% 20.2% 15.6% 16.6% 13.6% 11.0% 11.5% 10.5% 11.1% 34.0% 1.99% 1.85% 1.79% 1.33% 1.17% 0.97% 0.95% 1.16% 1.11% 0.95% 2.12% 2.23% 2020 2021 2022 2023 2024 2025 2020 2021 2022 2023 2024 2025 MBIN Peer Median Notes: Peer group source: S&P Global; Includes banks, as of December 2025, between $15-35B in assets that are publicly-traded on a major exchange. Sample includes 45 banks Non-GAAP financial measure; refer to reconciliations of non-GAAP financial measures in the Appendix of the presentation 6 2 Unique Originate-to-Sell Model With Differentiated Revenue Streams Business Mix Revenue Diversification Reduces Earnings Volatility Through the Full Rate Cycle $82 $156 $98 Net Revenue by Business Line (1) ($M) $103 $287 $523 $646 $174 $131 $338 $73 $195 $139 $145 $149 $241 $564 % of Total $340 $430 $427 43% Banking % Fee Based Revenue 38% 2020 $143 37% 2021 $157 29% 2022 $130 22% 2023 23% 2024 $174 29% 2025 26% 31% Mortgage Warehousing Multi-Family Mortgage Banking Multi-Family Mortgage Banking Mortgage Warehousing Banking Lender to developers of multi-family residential and healthcare properties specializing in FHA, FNMA, and FHLMC Affordable permanent loan products Tax credit syndications lead to more originations and noninterest income Revenue primarily from gain on sale of loans originated, as well as servicing fees on loans sold or retained Warehouse and commercial lender to independent mortgage banks Service custodial deposit relationships to match fund Revenue primarily from interest income and fees earned during the time that agency eligible loans are originated to mortgage bankers and are held for resale within 30 days Holds multi-family loans in portfolio Merchants Mortgage operates nationally; now offering jumbo products Merchants SBA operates primarily in the Midwest Traditional community banking in Indiana Revenue primarily from traditional interest income and gain on sale Notes: 1. Net revenue includes net interest income after allowance for credit losses plus noninterest income; totals include revenue from "Other" segment which is not presented. 7 3 Highly Efficient Cost Structure, Unique Business Model Industry Leading Efficiency Driven by a Branch Light Model Non-Interest Expense / Average Assets (1) (%) Efficiency Ratio (1)(2) 54.6% 54.9% 54.6% 57.9% 60.8% 56.4% (%) Merchants' cost structure has been approximately half of peers relative to assets Merchants has been significantly more efficient than peer group 2.2% 2.0% 2.1% 2.2% 2.2% 2.2% 1.1% 1.2% 1.2% 1.2% 1.6% 33.4% 1.3% 27.4% 28.8% 30.6% 31.0% 2020 2021 2022 2023 2024 2025 2020 2021 2022 2023 2024 2025 MBIN Peer Median • 44.0% Credit risk transfer premiums, collateral preservation of nonperforming loans, and addition of production staff had a negative impact of 680 bps Unique Business Model Leads to an Industry Leading Expense Profile Deep relationships with end customers driving economies-of-scale across business lines High concentration of variable costs and diversified business lines and protects profitability through cycles - Low-cost structure allows for superior rates to grow core deposits Modernized infrastructure and efficient, technology-driven operation with significant operational capacity for growth Recent increases in efficiency ratio associated with credit risk transfer activity Notes: Annualized. Peer group source: S&P Global; Includes banks, as of December 2025, between $15-35B in assets that are publicly-traded on a major exchange. Sample includes 45 banks Non-GAAP financial measure; refer to reconciliations of non-GAAP financial measures in the Appendix of the presentation 8 4 Diversified, Short Duration Loan Portfolio with Strong Organic Growth Over Time Low-Risk Loan Composition Across Niche Products $3.1 $0.4 $0.5 $2.3 $0.7 $1.6 Loan Portfolio Growth Over Time (1) $4.6 $1.5 $1.5 $3.8 $14.2 $14.9 $5.3 $1.4 $1.6 $3.9 % of Total (HFI + HFS) $13.3 26% Held-for-Sale $1.3 $4.0 $2.4 $1.6 $3.1 27% SF / Warehouse: $3.5B Multi-Family: $0.4B $8.6 $0.8 $2.7 $0.8 $0.5 $3.3 $9.1 $10.4 10% 10% 33% 11% 9% 36% Commercial and Commercial Real Estate $1.2B represents Warehouse (3) Healthcare Financing Multi-Family Loans HFI + Loans HFS / Deposits (2) $1.3 9% $1.0 $0.8 $0.5 $0.8 $1.4 10% $1.6 $1.2 $3.1 $1.6 $1.0 $2.9 2020 2021 2022 2023 2024 2025 116% 101% 103% 95% 119% 114% 7% 11% Residential Real Estate Mortgage Warehouse Repurchase Agreements Notes: Totals for each bar may not add due to rounding; Consumer & Margin and Agriculture loans not shown for illustrative purposes due to scale Reflects gross Loans (Loans Held for Investment and Loans Held for Sale) to deposits Includes revolving lines of credit collateralized primarily by single-family mortgage servicing rights ("MSR"); MSR lines of credit balances were $0.9 billion as of 2025, $0.9B as of 2024, $1.1B as of 2023, $0.5B as of 2022, and $0.2B as of 2021 9 5 Product Mix Focused on Low-Risk, Government-Backed Programs Asset Quality Net Charge-Offs (Recoveries) / Avg. Loans (1) (%) Merchants NCO's / Avg. Loans have historically been below peer group levels 0.85% 0.13% 0.18% 0.19% 0.06% 0.08% 0.11% 0.07% 0.00% 0.01% 0.01% 0.04% 2020 2021 2022 2023 2024 2025 MBIN Peer Median Differentiated Risk Management Strategy Loans are predominantly underwritten to agency guidelines for take-out, with variable rates or short maturities NCOs / Avg. Loans historically been below peer levels Substantially all commercial real estate (CRE) loans are owner-occupied; office loans are not offered The higher levels of charge-offs in 2025 were primarily related to mortgage fraud or suspected fraud. Notes: 1. Peer group source: S&P Global; Includes banks, as of December 2025, between $15-35B in assets that are publicly-traded on a major exchange. Sample includes 45 banks 10 Reserve Adequacy ACL coverage appropriate for specialized loan portfolio risk No losses on Warehouse or 1 st lien residential loan portfolios since inception Guaranteed loans through government participation programs Credit default swap transactions executed in 2024 and 2025 to reduce risk ACL Coverage ($'s in millions) GROSS UPB (LHFI) ACL Coverage Rationale for Removing Balances from ACL Coverage TOTAL $ 11,034.7 0.75% Less: Mortgage Warehouse $ 1,600.3 No losses since inception; participations in FHA & USDA guaranteed loans Multi-Family Construction 1,698.5 No losses since inception; includes FHLMC & FNMA forwards 1st Lien Res Real Estate (All-in-One© HELOCs) 832.2 No losses since inception & <51% Avg LTV MSR Lines of Credit 944.3 No losses since inception; cross-collateralized to warehouse facility Multi-Family & Healthcare Credit Default Swaps 847.7 CDS provides a minimum 12% loss coverage on full UPB by third party Total removals $ 5,923.0 0.88% Remainder - Total $ 5,111.7 1.63% ACL total at 12/31/25 is $83.3M 11 6 Growing Deposit Base with Multiple Sources of Funding Deposit Growth Has Supported Loan Growth Over Time; Flexible Funding Options Available $1.8 $2.5 $2.8 $2.2 $1.2 $6.0 $6.2 $6.8 $7.3 $8.1 $9.4 $11.3 $7.4 $9.0 21% 42% $10.1 $11.9 $13.0 $14.1 Deposit Growth Over Time ($B, End of Period Deposit Balances) Avg. duration of CDs is 5 months as of 12/31/2025 Liquidity Coverage Relative to Uninsured Deposits ($B, 2025) $0.2 $1.9 $3.4 % of Total 13% Brokered $5.5 1.8x $3.1 Uninsured deposits represent 23% of total Bank deposits 58% 79% 87% Core 2020 2021 2022 2023 2024 2025 Funding Sources and Options Unused Borrowing Capacity Uninsured Deposits Cash Federal Reserve Funding FHLB Funding Core deposits grew 20% in 2025, representing 87% of total deposits as of December 31, 2025 Adjustable and fixed rate CDs < 1 year Core Traditional Bank Deposits Self-funding mechanism in place Warehouse lending custodial deposits generally fund warehouse loans Most accounts have 180 days notice to cancel Merchants Capital's servicing portfolio provides significant deposits Core Custodial Escrow Deposits Short duration brokered deposits available as needed ~$1.8B of brokered deposits as of December 31, 2025 Utilized when most cost-effective option vs LOCs Brokered Deposits $5.3B unused borrowing capacity with the FHLB and FR discount window as of December 31, 2025 FHLB & Federal Reserve Notes: 1. Totals and sub-totals may not foot due to rounding 12 Funding Overview Access to Well-Diversified Funding Sources (Dollars in thousands) Average YTD At 12/31/2025 Deposit Balances at December 31, 2025 Warehouse Multi Family Escrows Brokered Liquidity Solutions (1) Retail & Other Total Non-interest Bearing $ 389,475 $ 604,081 $ 129,280 $ 204,255 $ - $ 111,245 $ 159,301 $ 604,081 Interest Bearing Demand 6,599,331 6,807,814 3,486,267 745,436 600,000 1,537,904 438,207 6,807,814 Money Market/Savings 3,681,726 3,767,533 106,404 38,486 201,010 2,116,535 1,305,098 3,767,533 Certificate of Deposits 2,623,674 1,861,764 4,783 - 956,316 266,995 633,670 1,861,764 Total $ 13,294,206 $ 13,041,192 $ 3,726,734 $ 988,177 $ 1,757,326 $ 4,032,679 $ 2,536,276 $ 13,041,192 % of Total Deposits 28.7% 7.6% 13.4% 30.9% 19.4% 100.0% Notes: 1. Includes Liquidity Solutions and Client Deposit Services which provide solutions for businesses and organizations with large deposits that need strategies to maximize safety, liquidity, and yield. 13 7 Efficient Capital Structure Coupled with Low-Risk Balance Sheet Capital Optimization via Securitizations; Short Duration Balance Sheet with Optimal Asset-Liability Positioning Total Capital to Risk-Weighted Assets (1)(4) (%) 13.9% Low-risk originate to sell business model Primary focus on funding low-risk loans meeting underwriting standards of government programs Adjustable-rate loans held for investment to hedge interest rate risk and protect net interest margin Short duration balance sheet with ~96% of loans repricing within 3 months or less Majority could be sold or securitized within 120 days Mortgage warehouse lines fully collateralized by underlying mortgages until sold to an investor Merchants Mortgage is a risk mitigant to Mortgage Warehousing because it provides us with a ready platform to sell the underlying collateral to secure repayment 13.6% 12.2% 11.6% n/a n/a 2020 2021 2022 2023 2024 2025 Tangible Common Equity / Tangible Assets (2) (%) 6.9% 7.5% 7.0% 6.0% 8.3% 8.9% Loan Portfolio Duration ($M) Loan Type Mortgage Loans in Process of Securitization $ 620 ~30 Days Total Loans Held for Sale $ 3,873 ~30 Days 26% Loans HFI Multi-Family Financing $ 5,333 ~60 Days 36% Healthcare Financing $ 1,385 ~30 Days 9% Commercial and Commercial Real Estate $ 1,604 ~90 Days 11% Residential Real Estate $ 1,019 ~9 Mos 7% Mortgage Warehouse Repurchase Agreements $ 1,600 ~30 Days 11% Agricultural Production and Real Estate $ 92 ~3 Years 0% Consumer and Margin Loans $ 2 ~60 Days 0% As of December 31, 2025 Balance Avg. Days to Reprice % Total n/a Common Equity Tier 1 Ratio Total Loans HFI $ 11,035 ~90 Days 74% Total Loans HFI and Loans HFS $ 14,908 100% (CET1) (%) (3)(4) 2020 2021 n/a 2022 7.7 2023 7.8 2024 9.3 2025 9.9 Notes: As defined by regulatory agencies Non-GAAP financial measure; refer to reconciliations of non-GAAP financial measures in the Appendix of the presentation As defined by regulatory agencies; CET1 Ratio defined as the ratio of bank's core equity capital to its risk-weighted assets Merchants utilized the Community Bank Leverage Ratio (CBLR) framework from 1Q20 through 2Q22 14 Credit Risk Transfer Alternatives Increasing Origination & Balance Sheet Capacity Decreases credit risk Increases origination capacity Increases ROE Provides avenues to drive future noninterest income, incl. MSR/GOS (1) 2021 - 2025 YTD Loan Risk Transfer Activity (1) ($M) 2021 2022 2023 2024 2025 Total Total Off-Balance Sheet: 3,597 Debt Funds 341 884 102 98 - 1,425 Freddie-Q Deals 262 498 304 325 783 2,172 Hybrid-Repacks: ($0.3M Off-Balance Sheet) (3) - 1,161 - 629 - 1,790 1,790 On-Balance Sheet: 4,231 Credit Linked Notes (2) - - 1,130 - - 1,130 Credit Default Swap (2) - - - 1,744 1,357 3,101 Total 603 2,543 1,536 2,796 2,140 9,618 9,618 Increases capacity to originate more loans and generate more GOS Loan Originations MF & HC Bridge Loans Held for Investment Loans Held for Sale Credit Linked Notes Credit Default Swaps Repack Securities (3) Freddie Q Debt Funds $11B On-Balance Sheet (4) $4B Off-Balance Sheet (1) Future Permanent Loans to Sell Average Gain on Sale 50-200bps, net ~$15B UPB >>> ~ $75M-$300M GOS Notes: UPB of risk transfer transactions included from year of initial launch Loans remain on the balance sheet with a reduced risk weight Repack loans are sold off the balance sheet, but the Company replaces a portion of the loans with a security; see the next slide for example Includes LHFS-$3.9B, Multi-family LHFI-$5.3B, Healthcare LHFI-$1.4B, and Repack securities-$0.8B as of December 31, 2025 15 Credit Risk Transfers - Examples (In thousands) As Originated Credit Risk Transfer Options Credit Default Swap Repack Freddie Q / Debt Funds Merchants Merchants Merchants (4) Third Parties Merchants (5) Loan Balances $ 1,000,000 $ 1,000,000 $ - $ - $ - Securities Balances $ - $ - $ 850,000 $ 150,000 $ - Risk Based Capital (%) 100% 20% 20% N/A N/A Capital Required ($) (1) $ 100,000 $ 20,000 $ 17,000 N/A $ - Balance Sheet Capacity Created $ - $ 800,000 $ 830,000 N/A $ 1,000,000 NIM $ $ 30,000 $ 30,000 $ 13,600 N/A N/A Gain on Sale $ - $ - $ 6,000 N/A $ 3,500 Deal Costs/Commissions $ - $ 2,000 $ 5,000 N/A $ 3,000 CRT Premium Expense $ - $ 8,000 $ - N/A $ - NIM % (2) 3.00% 3.00% 1.60% N/A N/A NIM % (if CRT premium expense included) (2) 3.00% 2.20% 1.60% N/A N/A Return on Assets (3) 3.0% 2.0% 1.7% N/A N/A Return on RWA (3) 3.0% 10.0% 8.6% N/A N/A Return on Equity (3) 30.0% 100.0% 85.9% N/A N/A Credit Protection - ACL $ 9,000 $ 9,000 $ - N/A N/A Credit Protection - CRT (Loans) $ - $ 130,000 $ - N/A N/A Credit Protection - CRT (Securities) $ - $ - $ 127,500 N/A N/A Credit Protection - Total $ 9,000 $ 139,000 $ - N/A N/A Eligible to be pledged Yes Yes No N/A N/A Expands opportunity for gain on sale of permanent loans Increases return on equity Higher return on risk weighted assets Increases loan origination capacity Reduces risk-based capital requirements Increases credit protection via off-balance sheet, third party protection Notes: Based on 10% capital requirement 16 Estimated Net Interest Margin (NIM. CRT premium expense not incurred on repack and other credit risk transfer options) Merchants continues to service the loans sold in the repack; recognizing a mortgage servicing asset, an MSR gain, and earning recurring servicing fees not factored in the returns in this example Merchants purchases only the senior, Class A certificates. Unaffiliated, third parties purchase the lower tranche certificates and will absorb the first losses. In this example that would be 15%, or $150M Loans sold, therefore increases capacity to originate new loans 8 High-Quality Securities Portfolio Support Borrowing Capacity No Mark-to-Market Impact; Primarily Variable Rates Security Porfolio Composition - December 31, 2025 ($ in thousands) Securities held to maturity Variable Rates Fixed Rates Total Securitizations: MBS - Originated multi-family bridge loans $ 438,430 Agency $ 11,684 MBS - Originated healthcare bridge loans $ 393,588 MBS - All-in-One, first-lien residential loans originated by Merchants and a warehouse customer $ 699,957 Held to maturity - Total $ 1,531,975 $ 11,684 $ 1,543,659 64% Securities held for sale Variable Rates Fixed Rates Total Treasuries $ 30,680 Federal Agencies $ 259,508 MBS - residential private label security acquired from a warehouse customer with a put option that guarantees a spread to SOFR $ 385,460 MBS - multi-family Agency $ 3,556 MBS - residential Agency securities acquired from a warehouse customer with put options that guarantees a spread to SOFR $ 185,854 Available for sale - Total $ 571,314 $ 293,744 $ 865,058 36% Total securities $ 2,103,289 87% $ 305,428 13% $ 2,408,717 100% Accumulated Other Comprehensive Loss (AOCL) on securities AFS $ (33) 0% Securities pledged and available for borrowing $ 1,547,541 64% 2025 AFS Securities Yield: 5.12% 2025 HTM Securities Yield: 5.86% 17 10 Significant Growth Opportunities History of Delivering Industry Leading Performance and Shareholder Returns Key Future Growth Drivers Sales growth in all segments through existing and new markets, new sales hires Future reductions in interest rates promote higher production and noninterest income from diverse sources and improve asset quality Continue to develop Capital Markets unit to continually reduce credit risk on balance sheet sheet via securitizations, debt funds, and other structures that generate ongoing non-interest income, provide capacity to originate new loans, and increase ROE. Deploy technologies to enhance efficiencies, including deposit gathering systems Effectively manage capital deployment to maximize returns Historical Price Performance (1)(2) Indexed to 100 (%) 500 450 +347% MBIN 400 350 300 +167% S&P 500 250 200 150 100 +25% KRX 50 Oct-2 Oct-17 Oct-19 Oct-21 Oct-23 Feb-26 MBIN KRX S&P 500 Notes: 1. 2. Data is from S&P Global as of February 16, 2026. KRX is KBW Nasdaq Regional Bank Price Return Index 18 History of Merchants Bank of Indiana Merchants History Driven by a Strong Underlying Culture and Commitment to Firm Values Acquired Joy State Bank in January 2018 Rebranded to " Merchants Bank of Indiana" in April 2009 Launched Mortgage Warehouse business line Acquired Symphony Bancorp in January 2009 ($55M in total assets) Established Merchants Mortgage residential origination and servicing Completed $115M IPO in October 2017 Acquired RICHMAC ($43M in total assets) Acquired Famers- Merchants of Paxton in October 2018 ($110M in total assets) Acquired Assets of Merchants Capital Surpasses $2.8B in LIHTC Equity Raised since inception Completed three Acquired Greensfork 2009 2014 Funding , LLC in August 2017 2017 NattyMac in December 2018 to expand warehouse lending 2018 Sold Branches of Farmers-Merchants Bank of Illinois in January 2024 Common stock offering 2.4M shares with net proceeds $98M in May 2024 Completed $325M of Freddie Mac Sponsored Q Series securitization in April 2024 i Completed Private Securitization of $629M 2025 securitizations totaling $783M of 24 MF mortgage loans through Freddie Mac-sponsored Q-Series transactions Executed $1.4B in two credit default swap Township State Bank in March 2002 ($7M in total assets) 2002 Expanded SBA lending in Indiana Opened new corporate HQ in Carmel, Indiana Completed $52M Preferred Offering in March 2019 Completed $125M Preferred Offering in August 2019 2019 Healthcare Loans in September 2024 Completed $230M Preferred Offering in November 2024. Executed $1.7B in two credit default swaps in 2024 2024 transactions in 2025 1990 PR Mortgage is founded by Michael Petrie and Randall Rogers in August 1990 Completed $150M Preferred Offering in March 2021 Completed $262M of Freddie Mac Sponsored Q Series securitizations in May 2021 2021 2022 Completed $130M Preferred Offering in September 2022 Completed Private Securitization of $1.2B Multifamily Loans in September 2022 Completed ~$498M of Freddie Mac-sponsored Q-Series securitization in May/November 2022 2023 Issued and Sold $158M Senior Credit Linked Notes linked to $1B pool of healthcare loans in March 2023 Completed a $304M securitization of 11 multi-family mortgage loans through a Freddie Mac-sponsored Q-Series transaction 20 Attention : This is an excerpt of the original content. To continue reading it, access the original document here .