# EDGAR Filing Document

**Accession Number:** 0001000209
**File Stem:** 0000950170-25-100231
**Filing Date:** 2025-7
**Character Count:** 25086
**Document Hash:** 9837b383f56b1db9770028b224541c2f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950170-25-100231.hdr.sgml**: 20250730

**ACCESSION NUMBER**: 0000950170-25-100231

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 12

**CONFORMED PERIOD OF REPORT**: 20250730

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250730

**DATE AS OF CHANGE**: 20250730

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MEDALLION FINANCIAL CORP
- **CENTRAL INDEX KEY:** 0001000209
- **STANDARD INDUSTRIAL CLASSIFICATION:** FINANCE SERVICES [6199]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 043291176
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-37747
- **FILM NUMBER:** 251167125

**BUSINESS ADDRESS:**
- **STREET 1:** 437 MADISON AVE 38TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022
- **BUSINESS PHONE:** 2123282153

**MAIL ADDRESS:**
- **STREET 1:** 437 MADISON AVENUE
- **STREET 2:** 38TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022

?xml version='1.0' encoding='ASCII'? 8-K

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**FORM** 8-K

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**CURRENT REPORT** 

**Pursuant to Section 13 or 15(d) of the** 

**Securities Exchange Act of 1934** 

**Date of Report (Date of earliest event reported):** July 30, 2025

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MEDALLION FINANCIAL CORP.

**(Exact name of registrant as specified in its charter)** 

------

Delaware

**(State or other jurisdiction of incorporation)** 

001-37747

 **(Commission File Number)** 

04-3291176

 **(IRS Employer Identification No.)** 

------

437 MADISON AVENUE**,** **38**<sup>th</sup> **Floor**

NEW YORK**,** New York 10022

**(Address of Principal Executive Offices) (Zip Code)** 

**(**212**)** 328-2100

**(Registrant's Telephone Number, Including Area Code)** 

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | |
|:---|:---|
| <u>Title of each class</u> | &nbsp;&nbsp;<u>Name of each exchange on which registered</u> |
| Common Stock, par value $0.01 per share<br> MFIN | NASDAQ Global Select Market |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

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**Item 2.02 Results of Operations and Financial Condition.** 

Medallion Financial Corp. (the "Company"), issued a press release to the news media announcing, among other things, the Company's results for the quarter ended June 30, 2025.

A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference. The information in the press release is being furnished, not filed, pursuant to Item 2.02. Accordingly, the information in the press release will not be incorporated by reference into any registration statement filed by the Company under the Securities Act of 1933, as amended, unless specifically identified therein as being incorporated therein by reference.

**Item 9.01 Financial Statements and Exhibits** 

(d) Exhibits

The following exhibits are being filed with this Current Report on Form 8-K:

99.1 [<u>Press release, dated July 30, 2025</u>](mfin-ex99_1.htm) <br> 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

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**SIGNATURE** 

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: July 30, 2025

---

| | |
|:---|:---|
| **MEDALLION FINANCIAL CORP.** | **MEDALLION FINANCIAL CORP.** |
| By: | /s/ Anthony N. Cutrone |
|  | Name: Anthony N. Cutrone |
|  | Title: Chief Financial Officer |

---

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## Exhibit 99.1

**Exhibit 99.1**

![img225047079_0.jpg](img225047079_0.jpg)

**<u>FOR IMMEDIATE RELEASE:</u>**

**MEDALLION FINANCIAL CORP. REPORTS 2025 SECOND QUARTER RESULTS**

**Reports 56% Increase in Net Income as Compared to the Prior Year Quarter**

**Announces Third Quarter 2025 Dividend of $0.12 Per Share**

**NEW YORK, NY – July 30, 2025 –** Medallion Financial Corp. (NASDAQ: MFIN, "Medallion" or the "Company"), a specialty finance company that originates and services loans in various consumer and commercial industries, along with offering loan origination services to fintech strategic partners, announced today its financial results for the second quarter ended June 30, 2025.

**2025 Second Quarter Highlights**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Net income grew 56% to $11.1 million, or $0.46 per share, compared to $7.1 million, or $0.30 per share, in the prior year quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Net interest income grew 7% to $53.4 million from $49.9 million in the prior year quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Net interest margin ("NIM") on net loans was 8.42%, consistent with 8.42% in the prior year quarter, and NIM on gross loans was 8.09%, compared to 8.12% in the prior year quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Loan originations grew to $375.0 million, compared to $309.1 million in the prior year quarter, and included $168.6 million of strategic partnership loan originations in the current quarter compared to $24.3 million in the prior year quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The loan portfolio as of June 30, 2025 was $2.485 billion, up 4% compared to $2.386 billion a year ago.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Credit loss provision increased to $21.6 million from $18.6 million in the prior year quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Net book value per share as of June 30, 2025 was $16.77 per share, up 10% from $15.25 a year ago.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Company declared and paid a quarterly cash dividend of $0.12 per share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Company repurchased 48,166 shares of its common stock at an average cost of $9.44 per share for $0.5 million.

**Executive Commentary**

Andrew Murstein, President and Chief Operating Officer of Medallion Financial, commented, "We are pleased with the strong results we delivered in the second quarter of 2025, with a 56% increase in net income year-over-year. This performance reflects the strength of our core lending businesses and disciplined execution across our business lines.

During the quarter, we saw meaningful contributions from our recreation, home improvement and commercial lending segments, supported by solid portfolio originations and higher interest income. Over the past eight quarters, our commercial division has consistently generated net gains from equity investments, totaling $27.6 million for the two-year period, with six of the past eight quarters having significant gains. These equity gains are a result of years of strategic investment and highlight the long-term value embedded in our commercial portfolio. Although we cannot predict when and if these gains will occur, with a portfolio of more than 30 equity investments, represented by $8.1 million on our balance sheet, we believe we will experience additional gains in the future. In addition, we are pleased that our strategic partners loan program in Medallion Bank continues to grow with $169 million in loan originations in the quarter compared to $24 million a year ago.

Overall, we are encouraged by the momentum in our business. With the recent preferred offering at Medallion Bank, we believe we are well-positioned for growth and to continue generating strong returns for our shareholders." <br>

------

**Business Segment Highlights**

*Recreation Lending Segment*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Originations were $142.8 million during the quarter, compared to $209.6 million a year ago.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Recreation loans, including loans held for investment and loans held for sale, grew 3% to $1.546 billion, or 62% of total loans, as of June 30, 2025, compared to $1.497 billion a year ago.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Average loan size was $21,000 with a weighted average FICO score, measured at the time of loan origination, of 684.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Interest income grew 8% to $51.1 million for the quarter, from $47.5 million in the prior year quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The average interest rate was 15.12% at quarter-end, 15.10% excluding loans held for sale, compared to 14.80% a year ago.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Recreation loans 90 days or more past due were $7.3 million, or 0.49% of gross recreation loans, as of June 30, 2025, compared to $5.9 million, or 0.41%, a year ago.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Allowance for credit loss was 5.05% at quarter-end for loans held for investment, compared to 4.35% a year ago.

*Home Improvement Lending Segment*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Originations were $54.3 million during the quarter, compared to $68.0 million a year ago.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Home improvement loans grew 4% to $803.5 million, or 32% of total loans, as of June 30, 2025, compared to $773.2 million a year ago.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Average loan size was $22,000 with a weighted average FICO score, measured at the time of loan origination, of 769.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Interest income grew 14% to $20.1 million for the quarter, from $17.7 million in the prior year quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The average interest rate was 9.87% at quarter-end, compared to 9.71% a year ago.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Home improvement loans 90 days or more past due were $1.3 million, or 0.16% of gross home improvement loans, as of June 30, 2025, compared to $1.3 million, or 0.17%, a year ago.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Allowance for credit loss was 2.54% at quarter-end, compared to 2.38% a year ago.

*Commercial Lending Segment*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Originations were $9.4 million during the quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Commercial loans grew to $121.4 million at June 30, 2025, compared to $110.2 million a year ago.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Average loan size was $3.6 million, invested in 34 portfolio companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•For the quarter ended June 30, 2025, net gains recognized with respect to equity investments were $6.1 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The average interest rate on the portfolio was 13.43%, compared to 13.05% a year ago.

*Strategic Partnerships*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Originations were $168.6 million during the quarter, compared to $24.3 million a year ago.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Total strategic partnership loans held as of quarter end were $12.3 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Fees generated from strategic partnerships totaled $0.8 million for the quarter, as compared to $0.5 million for the quarter ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Average loan holding period of strategic partnership loans was 5 days.

*Taxi Medallion Lending Segment*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Company collected $2.3 million of cash on taxi medallion-related assets during the quarter, which resulted in net recoveries and gains of $1.4 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Total net taxi medallion assets declined to $5.9 million, a 41% reduction from a year ago, and represented less than 0.3% of the Company's total assets, as of June 30, 2025.

------

**Loan Portfolio**

The following table provides information regarding the composition of our loan portfolio for the periods presented:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** |
| *(Dollars in thousands)* | **Amount** | **As a<br>Percent of<br>Total Loans** | **Amount** | **As a<br>Percent of<br>Total Loans** |
| **Loans held for investment:** |  |  |  |  |
| &nbsp;&nbsp;Recreation | $**1486047** | **60%** | $1422403 | 57% |
| &nbsp;&nbsp;Home improvement | **803535** | **32** | 827211 | 33 |
| &nbsp;&nbsp;Commercial | **121415** | **5** | 111273 | 4 |
| &nbsp;&nbsp;Taxi medallion | **1564** | **\*** | 1909 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total loans** | **2412561** | **97** | 2362796 | 95 |
| **Loans held for sale, at lower of amortized cost or fair value:** |  |  |  |  |
| &nbsp;&nbsp;Recreation | **60205** | **2** | 120840 | 5 |
| &nbsp;&nbsp;Strategic partnership | **12285** | **\*** | 7386 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total loans held for sale, at lower of amortized cost or fair value** | **72490** | **3** | 128226 | 5 |
| **Total loans and loans held for sale** | $**2485051** | **100%** | $2491022 | 100% |

---

(\*) Less than 1%.

**Balance Sheet** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Cash and cash equivalents, including investment securities, at June 30, 2025 were $213.5 million, compared to $213.8 million at June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•As of June 30, 2025, total assets amounted to $2.880 billion, up from $2.761 billion at June 30, 2024. The increase is largely due to an increase in prepaid expense which is a result of the redemption of Medallion Bank's Series F preferred stock on July 1, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•As of June 30, 2025, total liabilities amounted to $2.347 billion, up slightly from $2.338 billion a year ago.

**Capital Allocation**

*Quarterly Dividend*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Board of Directors declared a quarterly dividend of $0.12 per share, payable on August 29, 2025, to shareholders of record at the close of business on August 15, 2025. This dividend amount remains unchanged from the $0.12 per share paid in the second quarter of 2025, and 20% higher than the same quarter last year.

---

| | | | |
|:---|:---|:---|:---|
| **Dividends Announced** | **Amount<br>Per Share** | **Record<br>Date** | **Payment<br>Date** |
| &nbsp;&nbsp;**Q3 2025** | $0.12 | 8/15/2025 | 8/29/2025 |
| &nbsp;&nbsp;**Q2 2025** | 0.12 | 5/15/2025 | 5/30/2025 |
| &nbsp;&nbsp;**Q1 2025** | 0.11 | 3/17/2025 | 3/31/2025 |
| &nbsp;&nbsp;**Total: Year 2025 (Year to Date)** | **0.35** |  |  |
| &nbsp;&nbsp;**Total: Year 2024** | **0.41** |  |  |
| &nbsp;&nbsp;**Total: Year 2023** | **0.34** |  |  |
| &nbsp;&nbsp;**Total: Year 2022 \*** | **0.32** |  |  |

---

(\*) Dividend reinstated in Q1 2022.

*Stock Repurchase Plan*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•During the three months ended June 30, 2025, the Company repurchased 48,166 shares of its common stock at an average cost of $9.44 per share for $0.5 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•As of June 30, 2025, the Company had $14.4 million remaining under its $40 million stock repurchase program.

------

**Conference Call Information**

The Company will host a conference call to discuss its second quarter financial results tomorrow, Thursday, July 31, 2025, at 9:00 a.m. Eastern time.

In connection with its earnings release, the Company has updated its quarterly supplement presentation, which is now available at www.medallion.com.

**<u>How to Participate</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Date**: Thursday, July 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Time**: 9:00 a.m. Eastern time

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Dial-in number**: (412) 317-0504

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Live webcast**: Link to Webcast of 2Q25 Earnings Call

A link to the live audio webcast of the conference call will also be available at the Company's IR website.

**<u>Replay Information</u>**

The conference call replay will be available following the end of the call through Thursday, August 7, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Dial-in**: (412) 317-6671

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Passcode**: 1020 1134

Additionally, the webcast replay will be available at the Company's IR website.

**About Medallion Financial Corp.**

Medallion Financial Corp. (NASDAQ: MFIN) and its subsidiaries originate and service a growing portfolio of consumer loans and mezzanine loans in various industries. Key industries served include recreation (towable RVs and marine) and home improvement (replacement roofs, swimming pools, and windows). Medallion Financial Corp. is headquartered in New York City, NY, and its largest subsidiary, Medallion Bank, is headquartered in Salt Lake City, Utah. For more information, please visit www.medallion.com.

**Forward-Looking Statements**

*Please note that this press release contains forward-looking statements that involve risks and uncertainties relating to business performance, cash flow, net interest income and expenses, other expenses, earnings, growth, and our growth strategy. These statements are often, but not always, made using words or phrases such as "will" and "continue" or the negative version of those words or other comparable words or phrases of a future or forward-looking nature. These statements relate to future public announcements of our earnings, expectations regarding our loan portfolio, including collections on our taxi medallion loans, the potential for future asset growth, and market share opportunities. Medallion's actual results may differ significantly from the results discussed in such forward-looking statements. For example, statements about the effects of the current economy, whether inflation or the risk of recession, the effects of tariffs, operations, financial performance and prospects constitute forward-looking statements and are subject to the risk that the actual impacts may differ, possibly materially, from what is reflected in those forward-looking statements due to factors and future developments that are uncertain, unpredictable and in many cases beyond Medallion's control. In addition to risks relating to the current economy, for a description of certain risks to which Medallion is or may be subject, please refer to the factors discussed under the heading "Risk Factors" in Medallion's 2024 Annual Report on Form 10-K.*

**<u>Company Contact:</u>**

*Investor Relations*

InvestorRelations@medallion.com

212-328-2176

*Investor Relations*

The Equity Group Inc.

Lena Cati

<u>lcati@theequitygroup.com</u> 

(212) 836-9611

Val Ferraro

<u>vferraro@theequitygroup.com</u> 

(212) 836-9633

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**MEDALLION FINANCIAL CORP.**

**CONSOLIDATED BALANCE SHEETS**

**(UNAUDITED)**

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| | | | |
|:---|:---|:---|:---|
| *(Dollars in thousands, except share and per share data)* | **June 30, 2025** | **December 31, 2024** | **June 30, 2024** |
| **Assets** |  |  |  |
| &nbsp;&nbsp;Cash, cash equivalents, and federal funds sold | $**151994** | $169572 | $157961 |
| &nbsp;&nbsp;Investment securities | **61529** | 54805 | 55830 |
| &nbsp;&nbsp;Equity investments | **8097** | 9198 | 10795 |
| &nbsp;&nbsp;Loans held for sale, at lower of amortized cost or fair value | **72490** | 128226 |  |
| &nbsp;&nbsp;Loans | **2412561** | 2362796 | 2385590 |
| &nbsp;&nbsp;Allowance for credit losses | **(106896)** | (97368) | (89788) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net loans receivable** | **2305665** | 2265428 | 2295802 |
| &nbsp;&nbsp;Goodwill and intangible assets, net | **169227** | 169949 | 170672 |
| &nbsp;&nbsp;Property, equipment, and right-of-use lease asset, net | **11890** | 13756 | 14094 |
| &nbsp;&nbsp;Accrued interest receivable | **15294** | 15314 | 13299 |
| &nbsp;&nbsp;Loan collateral in process of foreclosure | **9007** | 9932 | 9359 |
| &nbsp;&nbsp;Other assets | **74801** | 32426 | 33064 |
| **Total assets** | $**2879994** | $2868606 | $2760876 |
| **Liabilities** |  |  |  |
| &nbsp;&nbsp;Deposits | $**2009176** | $2090071 | $2006782 |
| &nbsp;&nbsp;Long-term debt | **199928** | 232159 | 230803 |
| &nbsp;&nbsp;Short-term borrowings | **86750** | 49000 | 37500 |
| &nbsp;&nbsp;Deferred tax liabilities, net | **19261** | 20995 | 22394 |
| &nbsp;&nbsp;Operating lease liabilities | **4041** | 5128 | 6071 |
| &nbsp;&nbsp;Accrued interest payable | **5746** | 8231 | 7945 |
| &nbsp;&nbsp;Accounts payable and accrued expenses | **22527** | 24064 | 26592 |
| **Total liabilities** | **2347429** | 2429648 | 2338087 |
| **Total stockholders' equity** | **389896** | 370170 | 354001 |
| Non-controlling interest in consolidated subsidiaries | **142669** | 68788 | 68788 |
| **Total equity** | **532565** | 438958 | 422789 |
| **Total liabilities and equity** | $**2879994** | $2868606 | $2760876 |
| Number of shares outstanding | **23246593** | 23135624 | 23211990 |
| **Book value per share** | $**16.77** | $16.00 | $15.25 |

---

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**MEDALLION FINANCIAL CORP.**

**CONSOLIDATED STATEMENTS OF OPERATIONS**

**(UNAUDITED)**

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| *(Dollars in thousands, except share and per share data)* | **2025** | **2024** | **2025** | **2024** |
| **Total interest income** | $**77442** | $70704 | $**152867** | $137774 |
| **Total interest expense** | **24072** | 20836 | **48085** | 39989 |
| **Net interest income** | **53370** | 49868 | **104782** | 97785 |
| &nbsp;&nbsp;Provision for credit losses | **21562** | 18577 | **43576** | 35778 |
| **Net interest income after provision for credit losses** | **31808** | 31291 | **61206** | 62007 |
| **Other income** |  |  |  |  |
| &nbsp;&nbsp;Gain (loss) on equity investments, net | **6096** | (512) | **15526** | 3655 |
| &nbsp;&nbsp;Gain on sale of recreation loans | **1304** |  | **1304** |  |
| &nbsp;&nbsp;Gain on taxi medallion assets, net | **749** | 242 | **1592** | 830 |
| &nbsp;&nbsp;Strategic partnership fees | **787** | 480 | **1472** | 806 |
| &nbsp;&nbsp;Other income | **273** | 889 | **914** | 1211 |
| **Total other income, net** | **9209** | 1099 | **20808** | 6502 |
| **Other expenses** |  |  |  |  |
| &nbsp;&nbsp;Salaries and employee benefits | **10148** | 9435 | **20141** | 18892 |
| &nbsp;&nbsp;Loan servicing fees | **2899** | 2692 | **5716** | 5162 |
| &nbsp;&nbsp;Collection costs | **1749** | 1659 | **3286** | 3126 |
| &nbsp;&nbsp;Regulatory fees | **1109** | 888 | **1930** | 1865 |
| &nbsp;&nbsp;Professional fee costs, net | **1187** | 1845 | **2937** | 2616 |
| &nbsp;&nbsp;Rent expense | **683** | 698 | **1358** | 1355 |
| &nbsp;&nbsp;Amortization of intangible assets | **362** | 362 | **723** | 723 |
| &nbsp;&nbsp;Other expenses | **3408** | 2416 | **6212** | 4481 |
| **Total other expenses** | **21545** | 19995 | **42303** | 38220 |
| **Income before income taxes** | **19472** | 12395 | **39711** | 30289 |
| &nbsp;&nbsp;Income tax provision | **5805** | 3782 | **12518** | 10140 |
| **Net income after taxes** | **13667** | 8613 | **27193** | 20149 |
| &nbsp;&nbsp;Less: income attributable to the non-controlling interest | **2598** | 1512 | **4110** | 3024 |
| **Total net income attributable to Medallion Financial Corp.** | $**11069** | $7101 | $**23083** | $17125 |
| &nbsp;&nbsp;Basic net income per share | $**0.49** | $0.31 | $**1.02** | $0.76 |
| &nbsp;&nbsp;Diluted net income per share | $**0.46** | $0.30 | $**0.96** | $0.73 |
| **Weighted average common shares outstanding** |  |  |  |  |
| &nbsp;&nbsp;Basic | **22783947** | 22598102 | **22677961** | 22619743 |
| &nbsp;&nbsp;Diluted | **24058084** | 23453162 | **23978214** | 23609104 |
| &nbsp;&nbsp;Dividends declared per common share | $**0.12** | $0.10 | $**0.24** | $0.20 |

---

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