Exhibit 21 List of Subsidiaries of Merchants Bancorp As of December 31, 2025 | |||
Subsidiary | Organized Under the Laws of: | ||
Merchants Investment Partners, LLC | | Delaware | |
Merchants Capital 2021-FLI GP, LLC | Indiana | ||
Merchants Capital 2021-FLI LP, LLC | | Indiana | |
Merchants Bank of Indiana (also d/b/a Merchants Mortgage) | | Indiana | |
-MBI Midtown West, LLC | | Indiana | |
-MBI Midtown West II, LLC | | Indiana | |
-MBI Michigan 441, LLC | | Indiana | |
-OneTrust Funding, Inc. | | Indiana | |
-Ash Realty Holdings, LLC | Indiana | ||
-CMG Funding, LLC | Indiana | ||
-MCI PCR NMTC, LLC | | Indiana | |
-Merchants Capital Corp | | Indiana | |
--Merchants Capital Servicing, LLC | Delaware | ||
--RMF Holdings, LLC | | Indiana | |
--Merchants Healthcare Fund I GP, LLC | Indiana | ||
--Merchants Healthcare Fund I Offshore GP, LLC | | Delaware | |
--Merchants Capital Investments, LLC | | Indiana | |
--MCI MTE GP, LLC | | Indiana | |
--MCI SLP, LLC | | Indiana | |
--MCI Social Impact GP, LLC | | Indiana | |
--MCI GP, LLC | | Indiana | |
--MCI Fund IV GP, LLC | | Indiana | |
--MCI Fund V GP, LLC | | Indiana | |
--MCI Fund VI GP, LLC --MCI Fund VII GP, LLC --MCI Fund VIII GP, LLC --MCI Fund IX GP, LLC --MCI Fund X GP, LLC | Indiana Indiana Indiana Indiana Indiana | ||
--MCI Fund 11 Manager, LLC | | Indiana | |
--MCI Fund 12 GP, LLC | | Indiana | |
--MCI Fund 13 GP, LLC | | Indiana | |
--MCI Fund 14 GP, LLC | | Indiana | |
--MCI Fund 15 GP, LLC | | Indiana | |
--MCI Fund 16 Manager, LLC | | Indiana | |
--MCI Fund 18 GP, LLC | | Indiana | |
--MCI Fund 19 GP, LLC | | Indiana | |
--MCI Fund 20 Manager, LLC | | Indiana | |
--MCI Fund 21 Manager, LLC | | Indiana | |
--MCI Fund 22 GP, LLC | | Indiana | |
--MCI Fund 23 GP, LLC | | Indiana | |
--MCI Fund 24 GP, LLC | | Indiana | |
--MCI Fund 25 Manager, LLC | | Indiana | |
--MCI Fund 26 GP, LLC | | Indiana | |
--MCI Fund 27 GP, LLC | | Indiana | |
--MCI Fund 30 GP, LLC | | Indiana | |
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