---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-23-039131"
form_type: "8-K"
ticker: "MBIN"
cik: "0001629019"
company_name: "Merchants Bancorp"
filed_at: "2023-03-30T23:59:59+00:00"
generated_at: "2026-06-17T09:15:29.775670+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

# Merchants Bancorp issues $158M senior credit linked notes due 2028

## Summary
- Issued $158M aggregate principal of senior credit linked notes due May 26, 2028.
- Notes accrue interest at SOFR + 15.50%, payable monthly.
- Net proceeds of ~$155M will be used for general corporate purposes.
- Repayment linked to $1.13B reference pool of healthcare CRE loans; not secured by loans.
- Transaction reduces risk-weighted assets and benefits regulatory capital ratios.

## SEC filing metadata
- accession: 0001104659-23-039131
- form_type: 8-K
- ticker: MBIN
- cik: 0001629019
- company_name: Merchants Bancorp
- filed_at: 2023-03-30T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 2.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1629019/000110465923039131/0001104659-23-039131-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1629019/000110465923039131/tm2310994d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-23-039131
- JSON: https://secwatch.observer/filing/0001104659-23-039131.json
- Plain text: https://secwatch.observer/filing/0001104659-23-039131.txt

## Key facts
- Debt Financings
  Merchants Bancorp incurred senior notes of $158 million aggregate principal amount with Computershare Trust Company, N.A. at SOFR plus 15.50% maturing May 26, 2028.
  - Instrument: senior notes
  - Principal: $158 million aggregate principal amount
  - Counterparty: Computershare Trust Company, N.A.
  - Rate: SOFR plus 15.50%
  - Maturity: May 26, 2028
  - Event: incurrence
  source text: On March 30, 2023, Merchants Bank of Indiana (the “Bank”), a wholly owned subsidiary of Merchants Bancorp (the “Company”), issued and sold $158 million aggregate principal amount of senior credit linked notes due May 26, 2028 (the “Notes”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1629019/000110465923039131/0001104659-23-039131-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.