Merchants Bancorp operates as a diversified financial holding company throughout the United States, structuring its operations into three primary divisions: Multi-family Mortgage Banking, Mortgage Warehousing, and Banking. The Multi-family Mortgage Banking segment specializes in the origination and servicing of government-backed mortgages for multi-unit residential properties and healthcare facilities. This division also crafts customized loan products tailored for independent living, assisted living, memory care, and skilled nursing projects, alongside its role as a syndicator of low-income housing tax credit and debt funds.