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CARMEL, Ind. (Feb. 19, 2026)—Merchants Capital today announced more than $700 million in fund investments closed across the firm’s multi-investor, proprietary and state credit offerings for the year ended Dec. 31, 2025.
The firm’s capital raise, which has surpassed $2.8 billion since the platform launched in 2021, comprises $1.1 billion in multi-investor offerings, $81 million in state credit syndications and $1.7 billion in proprietary fund investments.
In 2025, the firm’s fund closings included $161.2 million in multi-investor funds and more than $546 million in proprietary and state credit funds with large institutional investors.
“It was a difficult year in the tax credit equity market—the program achieved a landmark legislative victory in 2025 tax legislation that resulted in a large expansion of the affordable housing tax credit,” said Julie Sharp, Executive Vice President at Merchants Capital. “Naturally, the supply demand imbalance resulted in uncertainty in the market. Given these headwinds, I am extremely proud of our ability to continue to execute at a high level and provide solutions to our investor and developer clients.”
“Naturally, the supply demand imbalance resulted in uncertainty in the market. Given these headwinds, I am extremely proud of our ability to continue to execute at a high level and provide solutions to our investor and developer clients.”
“In only five years, we have built a $2.8 billion investment portfolio managed on behalf of more than 40 institutional investors that provides capital for safe, quality affordable housing for more than 21,000 families in 30 states,” said Josh Reed, Executive Vice President at Merchants Capital.
“In only five years, we have built a $2.8 billion investment portfolio managed on behalf of more than 40 institutional investors that provides capital for safe, quality affordable housing for more than 21,000 families in 30 states.”
“The success of this platform is a testament to our people,” said Linda Hill, Executive Vice President at Merchants Capital. “I want to thank our team—along with our investor and developer clients—for their trust and partnership.”
“The success of this platform is a testament to our people. I want to thank our team—along with our investor and developer clients—for their trust and partnership.”
To learn more about Merchants Capital and its services, visit www.merchantscapital.com or find Merchants Capital on Facebook, X, LinkedIn and Instagram.
