Merchants Bancorp reported net income of $54.7 million for the three months ended September 30, 2025, down from $61.3 million in the same period of 2024. For the nine months ended September 30, 2025, net income was $150.9 million, compared to $224.7 million a year earlier. The Banking segment's net income for the quarter was $29.6 million, a decrease of 34% from $45.0 million in the prior year quarter, primarily due to an increase in provision for credit losses. Single-family residential loan volumes rose by 42% to $45.6 billion for the nine months ended September 30, 2025, outpacing the industry's 20% increase for the same period, according to the Mortgage Bankers Association. As of September 30, 2025, Merchants Bancorp and Merchants Bank remained well capitalized under regulatory requirements.