Awards and Recognition

CARMEL, Ind. (May 1, 2023) – Leading financial services provider Merchants Capital today announces the company has earned a top-ranking position on the prestigious Affordable Housing Finance (AHF) Top Lenders listing, ranking in as the #2 lender nationwide for 2022 – up from #8 last year. Recently, Merchants Capital announced that the firm closed $8.95 billion in debt production in 2022, shattering 2021’s previous record of $7 billion, a 27% increase in a year the industry contracted by 11%, according to the Mortgage Bankers Association. Throughout 2022, Merchants Capital saw significant growth despite a turbulent year for the industry. This included a 77% increase in Merchants Bank balance sheet lending with over $7 billion, a 48% increase in Freddie Mac Targeted Affordable Housing (TAH) production, and a total affordable debt production of $5.9 billion (a 90% increase from 2021). “This recognition would not have been possible without the determination of our team members and the confidence our clients have in Merchants,” said Dwayne George, Executive Vice President, National Head of Production at Merchants Capital. “Being recognized by Affordable Housing Finance as the #2 lender in the nation further solidifies our place in this industry. We are humbled by the accolade and look forward to another year of executing for our clients and counterparties.” Merchants Capital’s innovative and tailored financing solutions help bring critical multifamily housing projects to life across the country. In addition to expertise in tax credit equity syndications and affordable housing, the firm also specializes in bridge and agency financing to support market-rate developments. “The work we do at Merchants Capital helps provide individuals and families with the high-quality, safe and affordable housing they deserve,” said Mathew Wambua, Merchants Capital’s Vice Chair & Head of Agency Lending. “This honorable ranking as the #2 affordable housing lender in the country is a direct result of our dedication to our mission. We’re incredibly grateful to our team all across the U.S., as well as to our valued partners who have entrusted us with the financing of key developments throughout the nation. We look forward to continued success in affordable housing finance for years to come.” AHF Top Lenders is a comprehensive ranking of the top 25 affordable lenders. The annual list was compiled through surveys submitted by lenders in early 2022, detailing the organizations’ 2022 total volumes in affordable debt production. The full ranking can be found here. To learn more about Merchants Capital and its services, visit www.merchantscapital.com or find Merchants Capital on Facebook, Twitter, LinkedIn and Instagram.

CARMEL, Ind. – Leading financial services provider Merchants Capital today announces the company has earned a top-ranking position on the prestigious Mortgage Bankers Association (MBA) Commercial/Multifamily Originators listing, ranking in as the #3 affordable multifamily lender nationwide in 2021 – up from #4 last year. In total, Merchants Capital closed $3.7 billion in multifamily and affordable loans across 300 transactions, with an average transaction size of $12.3 million. This ranking follows suit with a historic year for the company, closing nearly $7 billion in debt financing across its six regional offices in 2021 and shattering the firm’s previous record of $4.7 billion set in 2020. Merchants’ affordable housing debt production comprised $3.7 billion of the total $7 billion, representing a 50% increase year over year. In New York specifically, the firm provided approximately $1.15 billion in debt financing in 2021 for affordable housing development and preservation within the region, earning the company recognition as a top multifamily affordable housing financier in the area. The MBA report is a comprehensive set of listings of 141 different commercial/multifamily mortgage originators, their 2021 volumes and the different roles they play. The report presents origination volumes in more than 140 categories, including by role, investor group, property type, financing structure type and the location of the originating office. It is available for purchase through MBA’s Online Store. To learn more about Merchants Capital and its services, visit www.merchantscapital.com or find Merchants Capital on Facebook, Twitter, LinkedIn and Instagram.

CARMEL, Ind. – Mortgage banking company Merchants Capital today announces that it has earned two high-ranking positions on the prestigious Mortgage Bankers Association (MBA) 2020 Commercial/Multifamily Originator Listing. Merchants Capital placed #4 in multifamily affordable lending nationally for 2020. In total, the company closed $2.2 billion in affordable loans across 188 transactions, with an average transaction size of $11.8 million. Merchants Capital also ranked #1 for the originating office location of Indianapolis, where it is headquartered. Out of this office, it closed $3.2 billion across 287 transactions in 2020, with an average loan size of $11.3 million. Merchants Capital Indianapolis is one of Merchants’ four production hubs nationwide, in addition to Chicago, Saint Paul and New York. Across locations, Merchants Capital provided an estimated $4.8 billion in financing in 2020, approximately half of which was dedicated to supporting affordable housing preservation and development across the country. That achievement marked a historic company milestone, as Merchants Capital’s total year-over-year production saw an increase of 106%. In New York specifically, approximately $1.2 billion in debt financing was originated in 2020 for affordable housing preservation and development within the region, ranking Merchants as a top multifamily affordable housing financier in the area. The milestone reflected Merchants Capital New York’s steep growth trajectory due to its ever expanding and diverse base of offerings, including on-book, Freddie Mac, Fannie Mae and FHA loan products. “We are incredibly proud to be named to this leading industry list. Achievements like this would not be possible without the support of our clients and our team members every day,” said Mathew Wambua, Merchants Capital Vice Chair & Head of Agency Lending. “The national rankings reinforce our strategic decision to support much-needed public benefit projects as one of the top full-service financing providers for affordable housing in the U.S., and we look forward to seeing what we can accomplish in the future.” The report is the only one of its kind to present a comprehensive set of listings of 141 different commercial/multifamily mortgage originators, their 2020 volumes, and the different roles they play. The report presents origination volumes in more than 140 categories, including by role, investor group, property type, financing structure type and the location of the originating office. It is available for purchase through MBA’s Online Store. To learn more about Merchants Capital and its services, visit www.merchantscapital.com or find Merchants Capital on Facebook, Twitter and LinkedIn and Instagram.

Merchants Capital is proud to support a safe, value-based environment for our staff and clients that extends out into the community, where many of us who are based at the company’s Indianapolis headquarters live and work. That’s why, when we were presented with the opportunity to partner with Indianapolis college and career preparatory high school Providence Cristo Rey (PCR), we jumped in headfirst. Providence Cristo Rey High School offers a “transformational educational experience to students with economic need” to those living in Indianapolis. The coeducational high school prepares students for the job world by enrolling each student in a corporate work study. This experience at PCR is unique in that all students work one day each week for their designated company, and the money that they earn goes directly towards tuition – keeping costs low for families. Industries that students can work in include law offices, accounting firms, hospitals, universities, nonprofits and financial services like Merchants Capital. Every student receives a Career Mentor at their company, one who guides them and trains them in professional and soft skills to prepare them for life after school. After four years, a graduate of PCR will have earned over 1,000 hours of professional work experience. PCR partners with more than 60 companies from Indianapolis and Carmel, and Merchants Capital is honored to be one of them. We are currently in our fifth year of our partnership together. We started with just one participant, and we’ve now grown to host two incredibly dedicated, smart and talented PCR students each school year. Every Monday and Wednesday, one of the students comes to our offices to learn about a career in the mortgage banking industry. The students are educated on everything from lending, insurance and public speaking to affordable housing, underwriting and critical thinking. Merchants Capital is proud to open our doors to play a lasting and instrumental role in the lives of these students. It has been an enlightening experience to witness the immense personal growth, increased self-confidence and enhanced education our students have received here at Merchants Capital. We’ve provided them a platform and an opportunity, and they have taken it and run with it. Additionally, during the 2020 holiday season, Merchants Capital provided our PCR students with support to spread a little Christmas cheer and thank them for their hard work throughout this unprecedented year. We understand the importance of making an MPACT like this one. Launched in 2018, our MPACT Program supports the initiative of Positively Advancing Communities Together to make an impact in our communities. Our goal with PCR is that the young adults of today can make an MPACT on our future. We are proud to partner with Providence Cristo Rey and look forward to what we can continue to do together in the years to come.

Carmel-based mortgage banking company Merchants Capital today announces that President and CEO Michael Dury was selected by the Junior Achievement of Central Indiana as Indy’s Best and Brightest in the category of banking and financial services. Dury was recognized for his notable professional accomplishments in his career, his impact on the Indianapolis community and his overall commitment to leadership. Following graduation from Notre Dame University in 2007, Dury was named Vice President of Merchants Capital and rose through the ranks as one of the youngest executives in the history of the company. In 2017, shortly after the Merchants initial public offering (IPO) and merger with RICHMAC Funding, Dury was named President of Merchants Capital, and three years later, was promoted to CEO at the age of 35. Under Dury’s leadership, Merchants Capital became one of the top mortgage lenders in the country. In 2018, the company was named No. 10 on the Top 25 U.S. Affordable Lenders list by Affordable Housing Finance. Additionally, Dury is one of the top loan originators nationwide. His personal loan production value is on par with some of the top lending firms in the U.S., with $6.4 billion in total loan production since 2010. Dury has also greatly impacted the surrounding community with the Merchants MPACT (Positively Advancing Communities Together) program. The program is focused on advancing affordable housing, connecting people in their communities, promoting and improving education and financial literacy, and stimulating economic development within local communities. “I am elated that Mike was selected as Indy’s Best and Brightest, as I chose Mike to personally mentor at the start of his career in 2007. I’ve seen him grow and thrive so quickly in this industry, and he is incredibly deserving of this honor,” said Michael F. Petrie, Merchants Bancorp Co-Founder, Chairman and CEO. “Mike is a highly respected champion in multifamily finance, a distinguished and accomplished colleague at Merchants Capital, and a proven innovator in developing new solutions within the industry.” The Indy’s Best and Brightest Award was created by Junior Achievement of Central Indiana to recognize up-and-coming talent and the next generation of leaders in the Indianapolis area. The event honors 100 of central Indiana’s most outstanding young professionals, age 40 and under, across 10 different industries. All 100 finalists in each category are judged on professional accomplishments, civic contributions, character and leadership qualities. At the awards program, which took place on March 11 at the Hilbert Circle Theatre, 10 outstanding individuals received additional recognition as Indy’s best from their respective categories. For a complete list of winners and finalists, visit www.indysbestandbrightest.org. ###

We are thrilled to announce that Merchants Capital CEO Michael Dury has been named to the Indianapolis Business Journal’s 40 Under 40 list. This list consists of local business and professional leaders who have achieved success and excelled in their field before the age of 40. Those who have demonstrated leadership, initiative and dedication in pursuing their careers, and who are likely to continue such achievements in the future, all make up this prestigious group of recipients. Dury received his MBA from Indiana University’s Kelley School of Business and started working at Merchants Capital shortly after graduation. At just 35, Dury is one of the top loan originators nationwide. His personal loan production value is on par with some of the top lending firms in the U.S. Our CEO is a pillar in the Indianapolis community and the state as a whole. His efforts have been highly influential in the financing and creation of many notable market-rate and affordable multifamily properties around Indiana, including a recent first-of-its-kind loan to preserve and renovate affordable housing for the low-income residents of Carriage House, a Section 8 housing development in Evansville. A local powerhouse who has spent his entire career at Merchants Capital, Dury has helped grow the company from a humble team of eight to 100 employees across four offices (Carmel, New York City, St. Paul and Chicago), in addition to leading acquisitions and bringing in talent to establish those high-production locations. In September, we cut the ribbon on our $25 million, 120,000-square-foot headquarters in the City of Carmel’s Midtown district – a commitment to the long-term, sustainable growth in the state that Dury played a pivotal role in. One of his most notable triumphs was announcing that we were named No. 10 on the Top 25 U.S. Affordable Lenders of 2018 list by Affordable Housing Finance. Additionally, we have been named one of the Best Places to Work in Indiana four years in a row. Dury’s career in the Indianapolis market has been one of immense growth and leadership. From his first role overseeing a small team to helping Merchants Capital become the billion-dollar corporation it is today, he is unstoppable. Above all, his ability to build relationships with developers, keep promises to bring safe, new and affordable housing to low-income individuals around the nation, and seeing opportunity when others see obstacles separates our CEO from all others. Read his IBJ profile here. To see the full list of nominees, click here.