Updated
The most significant concentration Merchants Bancorp discloses is Fannie Mae, Freddie Mac, and Ginnie Mae, classified HIGH by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Source: Merchants Bancorp’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
“10-K Item 1A: 'our ability to sell mortgage loans readily is dependent upon our ability to remain eligible for the programs offered by the agency, such as Fannie Mae, Freddie Mac, and Ginnie Mae'”
The company's sole disclosed concentration is regulatory in nature: the ability to sell mortgage loans readily is dependent on maintaining eligibility for the programs offered by the agencies — specifically Fannie Mae, Freddie Mac, and Ginnie Mae. By disclosed size this is a high-share exposure, and the character is mixed — structural in that agency-backed mortgage origination and sale is the core business model, but also a dependency in that eligibility for those programs is governed by formal seller/servicer agreements whose terms can be modified by the agencies and whose maintenance requires ongoing compliance with guidelines that can change. There are no disclosed customer, geographic, or supplier concentrations on record alongside this regulatory dependency. The risk profile is therefore concentrated on a single counterparty category: the three named agencies collectively represent the gateway through which the company accesses the liquid secondary mortgage market. Any adverse change in agency eligibility requirements, fee structures, or participation terms would flow directly through the mortgage sale economics without disclosed offsets from non-agency channels. On balance, the disclosed profile is narrow but the exposure operates through regulatory and counterparty mechanisms rather than market-cycle ones. The primary variables to monitor are agency policy changes, seller/servicer compliance requirements, and any developments affecting the company's standing with Fannie Mae, Freddie Mac, and Ginnie Mae specifically.
For the engine’s reasoning on MBIN’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| ASB | Associated Banc-Corp | 2 | 3 | 0 | 5 |
| BANC | Banc of California, Inc. | 2 | 0 | 0 | 2 |
| AX | Axos Financial, Inc. | 1 | 1 | 0 | 2 |
| MBIN● | Merchants Bancorp | 1 | 0 | 0 | 1 |
| AUB | Atlantic Union Bankshares Corpo | 0 | 3 | 0 | 3 |
| ABCB | Ameris Bancorp | 0 | 0 | 0 | 0 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.