Exhibit 21

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List of Subsidiaries of Merchants Bancorp

As of December 31, 2024

Subsidiary

Organized Under the Laws of:

Merchants Asset Management, LLC

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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 Manager, LLC

​

Indiana

--MCI Fund 20 Manager, LLC

​

Indiana

--MCI Fund 21 Manager, LLC

​

Indiana

--MCI Fund 22 GP, LLC

​

Indiana

--MCI Fund 24 GP, LLC

​

Indiana

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