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Merchants Bancorp balance sheet

At the end of fiscal 2025, Merchants Bancorp had total assets of $19.45bn, total liabilities of $17.17bn and shareholders' equity of $2.28bn. It held $212m in cash against $3.84bn of debt.

Balance sheet

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2015Dec 20152016Dec 20162017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMJun 2026
Cash and equivalents0.40.40.40.30.50.21.00.20.60.50.20.3
Goodwill0.00.00.00.00.00.00.00.00.00.00.00.0
Total assets2.32.73.43.96.49.611.312.617.018.819.421.2
Long-term debt—0.10.10.20.21.31.0—————
Total debt0.00.10.10.20.21.31.00.910.64.43.84.3
Total liabilities—2.53.03.55.78.810.111.215.316.617.218.8
Shareholders' equity0.10.20.40.40.70.81.21.51.72.22.32.4
Shares outstanding——29m——43m43m43m43m46m46m—

Balances at each fiscal year end (quarter end in the quarterly view). Total debt is short- plus long-term borrowings, including lease debt where the company reports it within debt. Where assets do not equal liabilities plus shareholders' equity, the difference (non-controlling interests, redeemable preferred shares) is shown on its own line.

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Figures from Merchants Bancorp's SEC filings (10-K and 10-Q), retrieved October 26, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Merchants Bancorp.