Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K [Mark One] ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______ to _______ Commission file number 001-38258 MERCHANTS BANCORP (Exact name of Registrant as specified in its charter) | INDIANA | 20-57474 ...

Core Viewpoint - Merchants Bancorp has declared quarterly cash dividends for the first quarter of 2026, reflecting its commitment to returning value to shareholders [1] Dividend Announcements - A cash dividend of $0.11 per share on the common stock, payable to shareholders of record on March 13, 2026, and payable on April 1, 2026 [1] - A cash dividend of $15.00 per share on the 6% Series C preferred stock, equivalent to $0.375 per depositary share, also payable on the same dates [1] - A cash dividend of $20.625 per share on the 8.25% Series D preferred stock, equivalent to $0.5156 per depositary share, with the same payment schedule [1]

Exhibit 99.1 PRESS RELEASE Merchants Bancorp Reports Fourth Quarter 2025 Results For Release January 28, 2026 · The Company reported another sequential quarter of higher net income and improved asset quality, reinforcing a positive trajectory for 2026. · Total assets ended the year at $19.4 billion, slightly higher than September 30, 2025, and up $643.2 million, or 3%, compared to December 31, 2024 - setting a new Company milestone. · Tangible book value per common share reached a new record-high of $37.51 ...

Group 1 - The focus is on income-producing asset classes such as REITs, ETFs, Preferreds, and 'Dividend Champions' that target premium dividend yields up to 10% [1][2] - The iREIT®+HOYA Capital service aims to provide sustainable portfolio income, diversification, and inflation hedging for investors [2] - The investment research covers various asset classes including REITs, ETFs, closed-end funds, preferreds, and dividend champions, helping investors achieve dependable monthly income [2]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 10-Q (Mark One) OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________ to _______________ Commission File No. 001-38258 ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 MERCHANTS BANCORP For the quarterly period ended September 30, 2025 (Exact name of registrant as specified in its charter) ...

Exhibit 99.1 Page | 2 PRESS RELEASE Merchants Bancorp Reports Third Quarter 2025 Results For Release October 28, 2025 · Third quarter 2025 net income of $54.7 million, decreased $6.6 million compared to third quarter of 2024 and increased $16.7 million compared to the second quarter 2025. · Third quarter 2025 diluted earnings per common share of $0.97 decreased 17% compared to the third quarter of 2024 and increased 62% compared to the second quarter of 2025. · The total provision for credit losses decrease ...

Financial Performance - Total equity increased to $2,184,632,000 as of June 30, 2025, compared to $1,888,147,000 in 2024, reflecting a growth of 15.7%[485] - Tangible common shareholders' equity rose to $1,625,279,000 from $1,430,652,000, marking an increase of 13.6% year-over-year[485] - The company's assets grew to $19,141,204,000 in 2025, up from $18,212,422,000 in 2024, representing a 5.1% increase[485] - The tangible book value per common share increased to $35.42 in 2025, compared to $31.27 in 2024, indicating a growth of 13.8%[485] Interest Rate Risk Management - Net interest income sensitivity for a +200 basis point shift is projected to increase by $85,982,000, a 16.2% change[478] - Economic Value of Equity (EVE) is expected to decrease by $54,849,000 (2.6%) with a -200 basis point shift in interest rates as of June 30, 2025[480] - The company aims to limit the change in net interest income to 20% for a +/- 100 basis point move in interest rates and 30% for a +/- 200 basis point move[478] - The Asset-Liability Committee (ALCO) meets quarterly to monitor interest rate risk sensitivity and ensure compliance with board-approved risk limits[469] - Interest rate risk management includes monitoring loan and deposit flows and adjusting investment and funding activities accordingly[470] - The company retains adjustable-rate loans as held for investment to mitigate interest rate risk[468]

Exhibit 99.1 PRESS RELEASE Merchants Bancorp Reports Second Quarter 2025 Results For Release July 28, 2025 · Second quarter 2025 net income of $38.0 million, decreased $38.4 million compared to second quarter of 2024 and decreased $20.3 million compared to the first quarter 2025, reflecting an increase in provision for credit losses of $43.1 million and $45.3 million, respectively. · An increase in provision for credit losses was primarily associated with estimated declines on multi-family property values a ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________ to _______________ Commission File No. 001-38258 MERCHANTS BANCORP (Exact name of registrant as specified in its charter) Indi ...

Exhibit 99.1 PRESS RELEASE Merchants Bancorp Reports First Quarter 2025 Results For Release April 28, 2025 · First quarter 2025 net income of $58.2 million, decreased $28.8 million compared to first quarter of 2024 and decreased $37.4 million compared to the fourth quarter 2024, reflecting market uncertainty that delayed origination closings and permanent loan conversions in a growing pipeline, which negatively impacted the recognition of gain on sale and net interest margin. The decrease in net income was ...