{"schema_version":"secwatch.filing_event.v1","accession":"0001104659-25-103169","form_type":"8-K","ticker":"MBIN","cik":"0001629019","company_name":"Merchants Bancorp","filed_at":"2025-10-28T23:59:59+00:00","discovered_at":"2026-05-14T18:02:39.982120+00:00","generated_at":"2026-05-17T01:56:36.747614+00:00","sec_items":["2.02","9.01"],"event_type":"earnings","sentiment":"positive","materiality_score":0.7,"calibrated_materiality_score":0.7,"confidence":"high","headline":"Merchants Bancorp Q3 net income $54.7M ($0.97 EPS); provision down 45% QoQ; tangible book value record $36.31","bullets":["Net income $54.7M ($0.97 diluted EPS) vs $61.3M ($1.17) in Q3 2024; up 44% from Q2 2025.","Total provision for credit losses decreased 45% ($23.8M) from Q2 2025; charge-offs $29.5M in Q3.","Gain on sale of loans increased $7.9M (47%) YoY; included Freddie Mac Q-Series securitization.","Record tangible book value per share $36.31, up 12% YoY; increased 3% from Q2 2025.","Core deposits $12.8B, up 12% from Q2, represent 92% of total deposits; executed credit default swap on $557.1M healthcare loan pool."],"urls":{"canonical":"https://secwatch.observer/filing/0001104659-25-103169","json":"https://secwatch.observer/filing/0001104659-25-103169.json","markdown":"https://secwatch.observer/filing/0001104659-25-103169.md","text":"https://secwatch.observer/filing/0001104659-25-103169.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1629019/000110465925103169/0001104659-25-103169-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1629019/000110465925103169/tm2529591d1_8k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-05-17T01:56:36.747614+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}