Company Release

April Moreland WASHINGTON, D.C. (May 13, 2026)—Leading financial services provider Merchants Capital today announced the addition of April Moreland as SVP, GSE Chief Underwriter, based in the company’s Washington, D.C. office. The hire supports the expansion of Merchants’ Government Sponsored Enterprise (GSE) platform with an elevated focus on operational consistency, transparency in underwriting decisions and efficient transaction execution. “April has established a legacy of driving growth, client engagement and risk management in commercial real estate and community banking,” said Naureen Dhanani, Executive Vice President of Credit and Operations at Merchants Capital. “Her leadership and proficiency at balancing credit discipline with diverse stakeholders’ needs will enable Merchants’ GSE platform to support more complex and scalable opportunities, adding greater value for our clients.” Moreland brings more than 15 years of leadership in GSE and affordable housing underwriting to her role, with expertise in low‑income housing tax credit (LIHTC), workforce housing, targeted affordable housing and complex agency executions. Previously, Moreland served as Director of Specialty Products at Citibank Community Capital, where she led agency strategy and execution, as well as balance sheet conversion initiatives, within its national affordable housing platform. She played a key role in strengthening credit quality, enhancing risk management frameworks and deepening agency relationships. Prior to that, she worked at Freddie Mac where, over six years, she progressed from Underwriting Professional within the Multifamily Specialty Products platform to Senior Director of Specialty Products. In that role, she directed the agency’s national Targeted Affordable Housing (TAH) underwriting platform and a staff of 40 specialists. Moreland holds a Bachelor of Science in Finance from the University of Illinois Chicago and a Master of Professional Studies (MPS) in Real Estate from Georgetown University. As one of the largest affordable lenders, Merchants Capital leverages Merchants Bank’s balance sheet and agency relationships to provide integrated, streamlined financing solutions for developers and owners. The company has achieved top GSE rankings, including: Freddie Mac: #3 Optigo® Targeted Affordable Housing Lender in 2025   Fannie Mae: #5 Producers for Multifamily Affordable Housing in 2025   To learn more about Merchants Capital and its services, visit www.MerchantsCapital.com or find Merchants Capital on Facebook, X, LinkedIn and Instagram.

CARMEL, Ind. (March 23, 2026)—Leading financial services provider Merchants Capital today announced more than $7 billion in financing provided in 2025, with assets under management reaching $30 billion. Marking its 35th anniversary, the company continued to leverage Merchants Bank’s robust balance sheet, LIHTC syndication platform and long-established agency lending relationships to deliver impactful financing solutions for its clients nationwide. "Merchants offers a comprehensive mix of solutions that support market rate, workforce and affordable lending,” said Andy Weil, Executive Vice President of Originations at Merchants Capital. “By pairing these solutions, with the flexibility to lend from Merchants Bank’s balance sheet, Merchants can deliver an expanding range of creative structures with greater speed and efficiency.” "With a renewed focus on our West Coast operations, Merchants continues to expand its national footprint, and the strength of our agency relationships is creating meaningful opportunities with new and existing sponsors,” said Justin Ginsberg, Executive Vice President of Originations at Merchants Capital. “We are carrying the energy and momentum of 2025 into the year ahead.” Merchants Capital also closed more than $700 million in equity investments across multi-investor, proprietary and state credit offerings—further strengthening the firm’s year-long performance and delivering innovative solutions to meet our clients’ needs. Merchants Capital achieved top government sponsored entity (GSE) lender rankings in 2025, including: Freddie Mac: #3 Optigo® Targeted Affordable Housing Lender in 2025  Fannie Mae: #5 Producers for Multifamily Affordable Housing in 2025  HUD: Top 10 HUD Lender in 2025  Other notable rankings include:   Freddie Mac: Top Lender of Forward Rate-Locks for 2024  AHF: #4 Affordable Housing Lender of 2024   MHN: #6 Top Multifamily Finance Firms of 2026  CPE:  #10 Top Commercial Real Estate Finance Firms of 2026  MBA: #2 Multifamily Affordable Total Originations for 2024  Commercial Observer: #33 on the Power Finance 2025 List; among the 50 most influential players in commercial real estate "Merchants Capital’s performance underscores the power of a collaborative and mission-driven culture,” said Mat Wambua, Vice Chairman and Executive Vice President of Agency Lending at Merchants Capital. “We are proud of the longstanding partnerships Merchants has built with developer partners and the shared commitment to improving the quality of life within the communities we serve.” To learn more about Merchants Capital and its services, visit www.merchantscapital.com or find Merchants Capital on Facebook, X, LinkedIn and Instagram.

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.” "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. "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."   To learn more about Merchants Capital and its services, visit www.merchantscapital.com or find Merchants Capital on Facebook, X, LinkedIn and Instagram.

NEW YORK (Feb. 6, 2026)—The New York office of leading financial services provider Merchants Capital today announced a total production volume of $2.65 billion for 2025, setting a new benchmark for debt investments in multifamily affordable housing. This milestone reflects Merchants’ commitment to financing the construction and preservation of affordable, multifamily and senior housing nationwide. Merchants Capital New York office's debt investments included government-sponsored enterprise (GSE) and Merchants Bank balance sheet loans, underscoring its ability to deliver flexible, tailored financing solutions. "Merchants continues to demonstrate resilience in a dynamic market through our unique business model, strong collaborative culture, community focus and longstanding partnerships,” said Mat Wambua, Vice Chairman and EVP, Agency Lending at Merchants Capital. “We are well positioned for the year ahead to support our clients with expansive financing solutions and an innovative approach that enhances affordable housing development.” Nationally, Merchants Capital was recently named: Freddie Mac: #3 Optigo® Targeted Affordable Housing Lender in 2025 Freddie Mac: Top Lender of Forward Rate-Locks for 2024 Fannie Mae: #5 Producers for Multifamily Affordable Housing in 2025 AHF: #4 Affordable Housing Lender of 2024 MHN: #6 Top Multifamily Finance Firms of 2026 CPE:  #10 Top Commercial Real Estate Finance Firms of 2026 MBA: #2 Multifamily Affordable Total Originations for 2024 Commercial Observer: #33 on the Power Finance 2025 List; among the 50 most influential players in commercial real estate Merchants Capital regularly collaborates with the New York City Housing Authority (NYCHA), New York City Housing Development Corporation (HDC), Department of Housing Preservation & Development (HPD), New York State Housing Finance Agency (HFA), New York State Homes and Community Renewal (HCR), Freddie Mac and Fannie Mae. To learn more about Merchants Capital and its services, visitwww.merchantscapital.com or find Merchants Capital on Facebook, X, LinkedIn and Instagram.

NEW YORK (Dec. 15, 2025)—Leading financial services provider Merchants Capital today announced the completion of its third Freddie Mac-sponsored Q-Series transaction in 2025, a $173 million securitization backed by five properties in Indiana, Pennsylvania and Illinois. Merchants Capital securitized $783 million in 2025, including the first single asset securitization via the Freddie Mac Q program.  As one of the most active Freddie Mac Q-Series issuers, Merchants Capital has securitized 93 loans totaling $2.2 billion across eight Freddie Mac Q-Series transactions since April 2021, when the company entered the program. "Our production this year and over the last five years continues to demonstrate the tremendous collaboration between Merchants Capital and Freddie Mac,” said Darren King, Senior Vice President of Capital Markets at Merchants Capital. “We are proud to leverage our internal resources and relationships with the investor community to deliver efficient, cost-effective debt financing to Merchants’ borrowing clients.”  The Freddie Mac Q-Deal Program supports affordable multifamily housing by providing liquidity to small financial institutions, sponsors and originators of affordable taxable collateral. To learn more about Merchants Capital and its services, visit www.MerchantsCapital.com or find Merchants Capital on Facebook, X, LinkedIn and Instagram.

Naureen Dhanani CARMEL, Ind. (Aug. 21, 2025)—Leading financial services provider Merchants Capital today announced the appointment of Naureen Dhanani as Executive Vice President of Credit and Operations, a newly established role reporting directly to the president and chief executive officer. Dhanani will oversee Merchants Capital’s Fannie Mae, Freddie Mac and FHA credit and closing teams, including the chief appraiser. She will ensure seamless collaboration across Merchants’ platforms and with external stakeholders, manage key agency relationships and resolve credit and production-related challenges alongside borrowers, originators, underwriters and agency counterparts. “This new position reflects our commitment to advancing housing through leadership that is both visionary and grounded in execution,” said Michael R. Dury, President and CEO of Merchants Capital. “Naureen’s deep expertise and passion for impact-driven finance make her an ideal fit for this critical role.” Dhanani brings more than a decade of experience in affordable housing finance to Merchants. Most recently, she served as a senior manager at Freddie Mac Multifamily, where she led a high-performing team responsible for more than $6 billion in annual originations, addressing critical affordable housing needs nationwide. Dhanani’s career is distinguished by her drive to innovate; she designed mission-aligned loan products under FHFA’s Duty to Serve, modernized underwriting processes and expanded impact financing in underserved markets. Her collaborative approach with Optigo® lenders, capital markets teams and housing sponsors has consistently delivered meaningful results. She holds a Master of Business Administration in Innovation, Leadership and Management, as well as a Bachelor of Business Administration in Finance, Economics and Humanitarian Affairs from James Madison University. Dhanani’s appointment marks a strategic step forward for Merchants Capital as it continues to scale its platform and reimagine the future of affordable housing finance. Consistently ranked among the top agency lenders in the United States, Merchants Capital was named the #4 Affordable Housing Lender of 2024 by Affordable Housing Finance and #2 in 2024 Multifamily Affordable Originations by Mortgage Bankers Association (MBA). To learn more about Merchants Capital and its services, visit www.MerchantsCapital.com or find Merchants Capital on Facebook, X, LinkedIn and Instagram.

CARMEL, Ind. (July 31, 2025)—Leading financial services provider Merchants Capital today announced the completion of its sixth Freddie Mac-sponsored Q-Series transaction, a $373.3 million securitization of 18 stabilized multifamily mortgage loans—the largest number of loans Merchants Capital has securitized in a single Q-Series transaction. It is also Merchants Capital’s largest Q-Series closing to date. The loans comprise 3,047 multifamily units with significant concentrations in Indiana, Iowa, Florida and South Carolina. More than 64% of the units are designated as affordable housing, reserved for households earning at or below 80% of the area median income (AMI). Merchants Capital is among the most active Freddie Mac Q-Series issuers. Since April 2021 when it entered the program, Merchants has securitized 87 loans totaling $1.76 billion. Freddie Mac products and Q-Series transactions have increased Merchants’ lending capacity and innovation in devising multifamily and affordable housing financing solutions,” said Evan Gibson, Merchants Capital’s Executive Vice President of Capital Markets. “We are grateful for our partnership and shared commitment in support of affordable housing development.” Gibson launched Merchants’ capital markets platform in 2020 and has since built it into a high performing team responsible for executing more than $5 billion in securitizations; four credit risk transfer (CRT) transactions totaling $3.5 billion are included among these securitizations. To learn more about Merchants Capital and its services, visit www.MerchantsCapital.com or find Merchants Capital on Facebook, X, LinkedIn and Instagram.

NEW YORK (July 1, 2025)—Leading financial services provider Merchants Capital today announced the addition of Serah Lee as Senior Vice President of Originations. Based in the company’s New York office, Lee joins the sales team of Andrew Weil and Justin Ginsberg, both Executive Vice Presidents of Originations, and Senior Vice President of Originations Pete Nichol. The new team will enhance Merchants Capital’s national multifamily and affordable housing debt and equity footprint. Lee brings more than 12 years of experience from Grandbridge Real Estate Capital, where she originated, structured and closed agency debt financing via Freddie Mac, Fannie Mae and U.S. Department of Housing and Urban Development (HUD). As a key member of the Affordable Housing team, Lee worked in tandem with Grandbridge’s affiliated tax credit equity group and provided leadership in forward agency financing. Serah Lee Lee also served on the Investments team at a commercial real estate hedge fund. She holds a Master of Business Administration from The Wharton School and a Bachelor of Business Administration from The University of Michigan Ross School of Business. “Having worked with Serah previously at Grandbridge, we have a cohesive process and a high regard for her talent and accomplishments,” said Andrew Weil, Executive Vice President of Originations at Merchants Capital. “We’re very excited to bring her into Merchants’ ecosystem, where we are leveraging the bank balance sheet, agency products and tax credit equity platform to provide end-to-end financing solutions.”   Merchants Capital consistently ranks among the top agency lenders in the United States. It was recently named the #4 Affordable Housing Lender of 2024 by Affordable Housing Finance and #2 in 2024 Multifamily Affordable Originations by Mortgage Bankers Association (MBA). To learn more about Merchants Capital and its services, visit www.MerchantsCapital.com or find Merchants Capital on Facebook, X, LinkedIn and Instagram.

Brandon Conway Carmel, Ind. (May 28, 2025)—Leading financial services provider Merchants Capital today announced the appointment of Brandon Conway as Executive Vice President of Tax Credit Equity Asset Management. The addition reflects the growth of Merchants’ tax credit equity platform, which has raised more than $2.1 billion in capital since its inception in 2021. Brandon will be based in Merchants Capital’s Carmel headquarters. Conway brings more than 20 years of low-income housing tax credit (LIHTC) asset management experience, including seven years of special assets and dispositions experience to his role. Most recently he served as Senior Vice President at CREA, LLC, where he established a new department to resolve complex asset management issues. "Brandon’s deep experience and expertise in navigating the entire life cycle of a LIHTC transaction is a huge asset to our platform,” said Julie Sharp, Executive Vice President of Tax Credit Equity at Merchants Capital. “We could not be more proud to have him lead our asset management division into the future.” In January, Merchants announced the closing of $1.08 billion in fund investments across multi-investor, proprietary and state credit offerings for the year ended Dec. 31, 2024. The company was recently ranked #4 Affordable Housing Lender of 2024 by Affordable Housing Finance. To learn more about Merchants Capital and its services, visit www.MerchantsCapital.com or find Merchants Capital on Facebook, X, LinkedIn and Instagram.

Pete Nichol SAN FRANSISCO (April 9, 2025)—Leading financial services provider Merchants Capital today announced the addition of Pete Nichol as Senior Vice President of Originations to expand its footprint to the West Coast. Based in San Franciso, Nichol joins the sales team of Andrew Weil and Justin Ginsberg, both Executive Vice Presidents of Originations. Nichol previously served as Managing Director at Grandbridge, a subsidiary of Truist Bank, Director of Affordable Housing at The Reliant Group and Director at Centerline Capital Group. Nichol brings a broad affordable housing background comprising debt and tax credit equity to his position, along with longstanding relationships with Weil and Ginsberg. The trio has worked together for more than 20 years. "We’re excited to be working together once again—particularly with the opportunities that exist in leveraging Merchants Bank’s balance sheet to better support clients’ financing needs," said Justin Ginsberg, Executive Vice President of Originations at Merchants Capital. “Pete’s knowledge of affordable housing is expansive—he’s very experienced in the nuances that exist on the equity and debt sides of the industry,” said Andrew Weil, Executive Vice President of Originations at Merchants Capital. “With Pete on board, Merchants is strengthening its reach westward to ensure that it is well positioned as a national affordable housing financing platform,” said Michael Dury, President and CEO of Merchants Capital. “He has an impressive background, and we look forward to adding his expertise to the team.”  Merchants Capital consistently ranks among the top agency lenders in the United States. It was recently named #2 in Multifamily Affordable Originations by Mortgage Bankers Association (MBA). To learn more about Merchants Capital and its services, visit www.MerchantsCapital.com or find Merchants Capital on Facebook, X, LinkedIn and Instagram.