Merchants Bancorp Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	218.77	320.39	279.23	219.72	227.1
Depreciation & Amortization	3.47	3.01	2.85	2.49	2.19
Provision for Credit Losses	117.75	24.28	40.23	17.3	5.01
Net Change in Loans Held-for-Sale	-431.66	-1,016	-533.21	845.16	-180.95
Other Adjustments	-220.92	-133.35	-101.85	-92.4	-99.78
Changes in Accrued Interest and Accounts Receivable	-31.67	-20.78	-85.18	-37.26	-6.62
Changes in Accounts Payable	3.01	-12.98	41.52	20.78	3.82
Operating Cash Flow	-341.25	-835.28	-356.4	975.77	-49.22
Net Change in Short-Term Interbank Lending and Reverse Repurchase Agreements	0.04	1.79	0.12	2.42	0.69
Net Change in Loans Held-for-Investment	-378.42	-702.06	-2,341	-1,692	-456.95
Net Change in Securities and Investments	210.23	4.74	-914.11	-1,169	-14.74
Payments for Business Acquisitions	-	-	-	-	-0.46
Proceeds from Business Divestments	-	-170.59	-	-	-
Capital Expenditures	-20.94	-18.39	-7.53	-6.76	-3.65
Purchases of Intangible Assets	-14.48	-	-	-2.03	-
Proceeds from Sale of Intangible Assets	-	-	-	-	0.44
Other Investing Activities	7.9	10.24	1.94	4.4	0.4
Investing Cash Flow	-195.67	-874.28	-3,260	-2,863	-474.26
Net Change in Deposits	878.65	-1,912	3,990	1,089	1,572
Long-Term Debt Issued	323,575	166,324	95,789	65,782	31,473
Long-Term Debt Repaid	-324,121	-162,903	-95,756	-65,885	-31,788
Net Long-Term Debt Issued (Repaid)	-546.72	3,421	33.13	-103.56	-314.3
Issuance of Common Stock	-	97.66	-	-	-
Repurchase of Common Stock	-	-	-	-3.94	-
Net Common Stock Issued (Repurchased)	-	97.66	-	-3.94	-
Issuance of Preferred Stock	-	222.75	-	137.46	191.08
Repurchase of Preferred Stock	-	-177.04	-	-	-41.63
Net Preferred Stock Issued (Repurchased)	-	45.7	-	137.46	149.46
Common Dividends Paid	-59.42	-51.17	-48.51	-38.07	-31.24
Financing Cash Flow	272.51	1,602	3,975	1,081	1,376
Net Cash Flow	-264.41	-107.81	358.26	-806.45	852.89
Free Cash Flow	-362.19	-853.67	-363.93	969.01	-52.86
FCF Margin	-64.25%	-132.05%	-69.65%	226.83%	-12.28%
Free Cash Flow Per Share	-7.88	-18.97	-8.40	22.37	-1.22
Levered Free Cash Flow	-419.31	3,656	229.36	69.41	-112.32
Unlevered Free Cash Flow	-46.14	-49.14	-48.34	-20.76	-4.25

Updated Dec 31, 2025. Data Source: Fiscal.ai. Banks template. Financial Sources.

SEC Filings: 10-K · 10-Q