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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number 001-37747

MEDALLION FINANCIAL CORP.

(Exact Name of Registrant as Specified in Its Charter)

     Delaware

     04-3291176

     (State of Incorporation)

     (IRS Employer
Identification No.)

437 MADISON AVENUE, 38th Floor

NEW YORK, New York 10022

(Address of Principal Executive Offices) (Zip Code)

(212) 328-2100

(Registrant’s Telephone Number, Including Area Code)

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

     Title of each class

     Trading symbols

     Name of each exchange
on which registered

     Common Stock, par value $0.01 per share
 
     MFIN
 
     NASDAQ Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ NO ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ NO ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☐	Accelerated filer	☒

Non-accelerated filer	☐	Smaller reporting company	☒

Emerging growth company	☐

If an emerging growth company, indicate by checkmark 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. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). YES ☐ NO ☒

The number of outstanding shares of registrant’s Common Stock, par value $0.01, as of May 4, 2026, was 23,849,967.

MEDALLION FINANCIAL CORP.

FORM 10-Q

TABLE OF CONTENTS


		Page
PART I – FINANCIAL INFORMATION		3

ITEM 1. FINANCIAL STATEMENTS		3

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS		34

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK		53

ITEM 4. CONTROLS AND PROCEDURES		53

PART II—OTHER INFORMATION		53

ITEM 1. LEGAL PROCEEDINGS		53

ITEM 1A. RISK FACTORS		53

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS		53

ITEM 5. OTHER INFORMATION		53

ITEM 6. EXHIBITS		54

SIGNATURES		55

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

The following discussion should be read in conjunction with our financial statements and the notes to those statements and other financial information appearing elsewhere in this report.

This report contains forward-looking statements relating to future events and future performance applicable to us within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, or the Exchange Act, including, without limitation, statements regarding our expectations, beliefs, intentions, or future strategies that are signified by the words expects, anticipates, intends, believes, or similar language. In connection with certain forward-looking statements contained in this Form 10-Q and those that may be made in the future by or on behalf of the Company, the Company notes that there are various factors that could cause actual results to differ materially from those set forth in any such forward-looking statements. The forward-looking statements contained in this Form 10-Q were prepared by management and are qualified by, and subject to, significant business, economic, competitive, regulatory, and other uncertainties and contingencies, including those relating to the U.S. and global economies, including the current inflationary environment, the impact of tariffs, the risk of recession and the impact of the geopolitical environment (including the conflict with Iran), all of which are difficult or impossible to predict, and many of which are beyond control of the Company.

All forward-looking statements included in this document are based on information available to us on the date hereof, and we assume no obligation to update any forward-looking statements. The statements have not been audited by, examined by, compiled by, or subjected to agreed-upon procedures by independent accountants, and no third-party has independently verified or reviewed such statements. Readers of this Form 10-Q should consider these facts in evaluating the information contained herein. In addition, the business and operations of the Company are subject to substantial risks which increase the uncertainty inherent in the forward-looking statements contained in this Form 10-Q. The inclusion of the forward-looking statements contained in this Form 10-Q should not be regarded as a representation by the Company or any other person that the forward-looking statements contained in this Form 10-Q will be achieved.

In light of the foregoing, readers of this Form 10-Q are cautioned not to place undue reliance on the forward-looking statements contained herein. You should consider these risks and those described under Risk Factors in the Company’s Annual Report on Form 10-K and others that are detailed in the other reports that the Company files from time to time with the SEC.

Page 2 of 55

PART I – FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

BASIS OF PREPARATION

We, Medallion Financial Corp., or the Company, are a specialty finance company organized as a Delaware corporation. Our strategic focus is operating and growing our consumer finance and commercial lending businesses. Our total assets were $2.95 billion and $2.96 billion as of March 31, 2026 and December 31, 2025.

We conduct our business through various wholly-owned subsidiaries including:

•

Medallion Bank, or the Bank, a Federal Deposit Insurance Corporation, or FDIC, insured industrial bank that originates consumer loans, raises deposits and conducts other banking activities;

•

Medallion Capital, Inc., or Medallion Capital, a Small Business Investment Company, or SBIC, which operates a mezzanine financing business; and

•

Freshstart Venture Capital Corp., or Freshstart, which historically originated and serviced taxi medallion and commercial loans.

Our consolidated balance sheets as of March 31, 2026, and the related consolidated statements of operations, consolidated statements of other comprehensive income, consolidated statements of stockholders’ equity and cash flows for the three months then ended included in Item 1 have been prepared by us, without audit, pursuant to the rules and regulations of the SEC. Certain information and note disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the U.S. have been condensed or omitted pursuant to such rules and regulations. In the opinion of management, the accompanying consolidated financial statements include all adjustments, which are of a normal and recurring nature, necessary to present fairly our consolidated financial position and results of operations. The results of operations for the three months ended March 31, 2026 may not be indicative of future performance. These financial statements should be read in conjunction with the financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2025.

Page 3 of 55

MEDALLION FINANCIAL CORP.

CONSOLIDATED BALANCE SHEETS


	(Unaudited)
(Dollars in thousands, except share and per share data)	March 31, 2026			December 31, 2025
Assets
Cash and cash equivalents	$	93,915		$	136,266
Federal funds sold		44,734			65,298
Investment securities		67,934			60,183
Equity investments		8,099			8,099
Loans held for sale, at lower of amortized cost or fair value		10,786			15,144
Loans		2,607,209			2,551,705
Allowance for credit losses		(116,696	)		(114,789	)
Net loans receivable		2,490,513			2,436,916
Goodwill		150,803			150,803
Intangible assets, net		17,340			17,701
Accrued interest receivable		19,261			19,401
Property, equipment, and right-of-use lease assets, net		10,999			11,861
Loan collateral in process of foreclosure		6,418			7,333
Other assets		29,684			26,459
Total assets	$	2,950,486		$	2,955,464
Liabilities
Deposits (1)	$	2,128,568		$	2,084,265
Long-term debt (2)		214,159			215,987
Short-term debt		44,500			95,250
Deferred tax liabilities, net (3)		21,217			19,596
Operating lease liabilities		4,489			5,041
Accrued interest payable		5,635			6,319
Income tax payable		3,310			759
Accounts payable and accrued expenses (4)		21,095			20,201
Total liabilities		2,442,973			2,447,418
Commitments and contingencies (5)
Stockholders’ equity
Preferred stock (1,000,000 shares of $0.01 par value stock authorized-none outstanding)		—			—
Common stock (50,000,000 shares of $0.01 par value stock authorized - 30,145,347 shares at March 31, 2026 and 29,592,592 shares at December 31, 2025 issued)		301			296
Additional paid in capital		297,214			299,458
Treasury stock (6,280,909 shares at March 31, 2026 and December 31, 2025)		(51,130	)		(51,130	)
Accumulated other comprehensive loss		(2,766	)		(2,381	)
Retained earnings		164,465			162,374
Total stockholders’ equity		408,084			408,617
Non-controlling interest in consolidated subsidiaries		99,429			99,429
Total equity		507,513			508,046
Total liabilities and equity	$	2,950,486		$	2,955,464
Number of shares outstanding		23,864,438			23,311,683
Book value per share	$	17.10		$	17.53

(1)

Includes $5.1 million and $5.2 million of deferred financing costs as of March 31, 2026 and December 31, 2025. Refer to Note 5 for more details.

(2)

Includes $3.1 million and $3.3 million of deferred financing costs as of both March 31, 2026 and December 31, 2025. Refer to Note 5 for more details.

(3)

Includes $42.3 million and $42.4 million of deferred tax liabilities related to goodwill and intangible assets as of March 31, 2026 and December 31, 2025. Refer to Note 7 for more details.

(4)

Includes the short-term portion of lease liabilities of $2.2 million as of both March 31, 2026 and December 31, 2025. Refer to Note 6 for more details.

(5)

Refer to Note 10 for more details.

The accompanying notes should be read in conjunction with these consolidated financial statements.

Page 4 of 55

MEDALLION FINANCIAL CORP.

CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)


	Three Months Ended March 31,
(Dollars in thousands, except share and per share data)	2026		2025
Interest and fees on loans	$	77,336	$	73,737
Non-loan interest and dividend income		1,732		1,688
Total interest income		79,068		75,425
Interest on deposits		20,736		19,615
Interest on long-term debt		3,613		3,690
Interest on short-term borrowings		660		708
Total interest expense		25,009		24,013
Net interest income		54,059		51,412
Provision for credit losses		22,476		22,014
Net interest income after provision for credit losses		31,583		29,398
Other income
Gain on equity investments, net		313		9,430
Gain on taxi medallion assets, net		1,099		843
Strategic partnership fees		823		685
Other income		173		641
Total other income, net		2,408		11,599
Other expenses
Salaries and employee benefits		11,000		9,993
Loan servicing fees		3,537		2,817
Collection costs		1,937		1,739
Professional fee costs, net		1,252		1,750
Regulatory fees		979		821
Rent expense		697		675
Depreciation		632		618
Amortization of intangible assets		361		361
Director compensation		432		412
Other expenses		1,547		1,572
Total other expenses		22,374		20,758
Income before income taxes		11,617		20,239
Income tax provision		4,328		6,713
Net income		7,289		13,526
Less: income attributable to the non-controlling interest		2,336		1,512
Net income attributable to Medallion Financial Corp.	$	4,953	$	12,014
Basic earnings per share	$	0.21	$	0.53
Diluted earnings per share	$	0.20	$	0.50
Weighted average common shares outstanding
Basic		23,059,744		22,570,797
Diluted		24,545,801		23,897,167

The accompanying notes should be read in conjunction with these consolidated financial statements.

Page 5 of 55

MEDALLION FINANCIAL CORP.

CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE INCOME

(UNAUDITED)


	Three Months Ended March 31,
(Dollars in thousands)	2026			2025
Net income	$	7,289		$	13,526
Change in unrealized (loss) gains on investment securities		(531	)		886
Tax effect on unrealized (losses) gains on investments		146			(248	)
Total comprehensive income		6,904			14,164
Less: income attributable to the non-controlling interest		2,336			1,512
Total comprehensive income attributable to Medallion Financial Corp.	$	4,568		$	12,652

The accompanying notes should be read in conjunction with these consolidated financial statements.

Page 6 of 55

MEDALLION FINANCIAL CORP.

CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY

(UNAUDITED)


(Dollars in thousands)	Common Stock Shares			Common Stock			Additional Paid In Capital			Treasury Stock Shares			Treasury Stock			Retained Earnings			Accumulated Other Comprehensive (Loss)			Total Stockholders’ Equity			Non- controlling Interest			Total Equity
Balance at December 31, 2025		29,592,592		$	296		$	299,458			(6,280,909	)	$	(51,130	)	$	162,374		$	(2,381	)	$	408,617		$	99,429		$	508,046
Net income		—			—			—			—			—			4,953			—			4,953			2,336			7,289
Distributions to non-controlling interest		—			—			—			—			—			—			—			—			(2,336	)		(2,336	)
Stock-based compensation expense		—			9			2,066			—			—			—			—			2,075			—			2,075
Exercise of stock options		2,224			—			13			—			—			—			—			13			—			13
Issuance of restricted stock, net		344,206			—			—			—			—			—			—			—			—			—
Issuance in connection with vesting of performance stock units		652,577			—			—			—			—			—			—			—			—			—
Withheld restricted stock for employees' tax obligations		(444,683	)		(4	)		(4,323	)		—			—			—			—			(4,327	)		—			(4,327	)
Forfeiture of restricted stock, net		(1,569	)		—			—			—			—			—			—			—			—			—
Purchase of common stock		—			—			—			—			—			—			—			—			—			—
Dividends paid on common stock		—			—			—			—			—			(2,862	)		—			(2,862	)		—			(2,862	)
Other comprehensive loss, net of tax		—			—			—			—			—			—			(385	)		(385	)		—			(385	)
Balance at March 31, 2026		30,145,347		$	301		$	297,214			(6,280,909	)	$	(51,130	)	$	164,465		$	(2,766	)	$	408,084		$	99,429		$	507,513


(Dollars in thousands)	Common Stock Shares			Common Stock		Additional Paid In Capital			Treasury Stock Shares			Treasury Stock			Retained Earnings			Accumulated Other Comprehensive Income (Loss)			Total Stockholders’ Equity			Non- controlling Interest			Total Equity
Balance at December 31, 2024		29,308,182		$	293	$	293,412			(6,172,558	)	$	(50,144	)	$	130,256		$	(3,647	)	$	370,170		$	68,788		$	438,958
Net income		—			—		—			—			—			12,014			—			12,014			1,512			13,526
Distributions to non-controlling interest		—			—		—			—			—			—			—			—			(1,512	)		(1,512	)
Stock-based compensation expense		—			2		1,686			—			—			—			—			1,688			—			1,688
Exercise of stock options		265			—		1			—			—			—			—			1			—			1
Issuance of restricted stock, net		307,059			—		—			—			—			—			—			—			—			—
Withheld restricted stock for employees' tax obligations		(144,360	)		—		(1,202	)		—			—			—			—			(1,202	)		—			(1,202	)
Forfeiture of restricted stock, net		(3,373	)		—		—			—			—			—			—			—			—			—
Purchase of common stock		—			—		—			(60,185	)		(531	)		—			—			(531	)		—			(531	)
Dividends paid on common stock		—			—		—			—			—			(2,554	)		—			(2,554	)		—			(2,554	)
Other comprehensive income, net of tax		—			—		—			—			—			—			638			638			—			638
Balance at March 31, 2025		29,467,773		$	295	$	293,897			(6,232,743	)	$	(50,675	)	$	139,716		$	(3,009	)	$	380,224		$	68,788		$	449,012

The accompanying notes should be read in conjunction with these consolidated financial statements.

Page 7 of 55

MEDALLION FINANCIAL CORP.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)


	Three Months Ended March 31,
(Dollars in thousands)	2026			2025
CASH FLOWS FROM OPERATING ACTIVITIES
Net income resulting from operations	$	7,289		$	13,526
Adjustments to reconcile net income resulting from operations to net cash provided by operating activities:
Provision for credit losses		22,476			22,014
Proceeds from sales of strategic partnership loans held for sale		174,342			133,127
Origination of loans held for sale		(169,984	)		(136,240	)
Paid-in-kind interest income		(303	)		(249	)
Depreciation and amortization		2,041			2,105
Amortization of loan origination costs and fees, net		3,005			2,336
Increase in deferred and other tax liabilities, net		4,172			6,957
Net gains on equity investments		(313	)		(9,430	)
Stock-based compensation expense		2,075			1,688
Increase in accrued interest receivable		140			877
(Decrease) increase in other assets		(3,519	)		1,319
Increase (decrease) in accounts payable and accrued expenses		579			(3,263	)
Decrease in accrued interest payable		(684	)		(1,621	)
Net cash provided by operating activities		41,316			33,146
CASH FLOWS FROM INVESTING ACTIVITIES
Loans originated		(212,270	)		(147,906	)
Proceeds from principal receipts, sales, and maturities of loans		131,066			132,083
Purchases of investments		(9,750	)		(3,873	)
Proceeds from principal receipts, sales, and maturities of investments		1,584			14,943
Proceeds from the sale and principal payments on loan collateral in process of foreclosure		3,344			3,171
Net cash used in investing activities		(86,026	)		(1,582	)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from time deposits and funds borrowed		245,664			582,122
Repayments of time deposits and funds borrowed		(254,120	)		(619,161	)
Cash dividends paid on common stock		(3,099	)		(2,859	)
Distributions to non-controlling interests		(2,336	)		(1,512	)
Payment of withholding taxes on net settlement of vested stock		(4,327	)		(1,202	)
Treasury stock repurchased		—			(531	)
Proceeds from the exercise of stock options		13			1
Net cash used in financing activities		(18,205	)		(43,142	)
NET DECREASE IN CASH AND CASH EQUIVALENTS		(62,915	)		(11,578	)
Cash and cash equivalents, beginning of period (1)		201,564			169,572
Cash and cash equivalents, end of period (1)	$	138,649		$	157,994
SUPPLEMENTAL INFORMATION
Cash paid during the period for interest	$	24,655		$	24,515
Cash paid during the period for income taxes		9			10
NON-CASH INVESTING
Loans transferred to loan collateral in process of foreclosure, net	$	7,641		$	6,483

(1)

Includes federal funds sold.

The accompanying notes should be read in conjunction with these consolidated financial statements.

Page 8 of 55

MEDALLION FINANCIAL CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

March 31, 2026

(1) ORGANIZATION OF MEDALLION FINANCIAL CORP. AND ITS SUBSIDIARIES

Medallion Financial Corp., or the Company, is a specialty finance company organized as a Delaware corporation that reports as a bank holding company but is not a bank holding company for regulatory purposes. The Company conducts its business through various wholly-owned subsidiaries including its primary operating company, Medallion Bank, or the Bank, a Federal Deposit Insurance Corporation, or FDIC, insured industrial bank that originates consumer loans, raises deposits, and conducts other banking activities. The Bank is subject to competition from other financial institutions and to the regulations of certain federal and state agencies and undergoes examinations by those agencies. The Bank was formed in May 2002 for the purpose of obtaining an industrial bank charter pursuant to the laws of the State of Utah. The Bank originates consumer loans on a national basis for the purchase of recreational vehicles, or RVs, boats, collector cars, and other consumer recreational equipment and to finance home improvements such as roofs, swimming pools, and windows. The loans are financed primarily with time certificates of deposit which are originated nationally through a variety of brokered deposit relationships.

The Company also conducts business through its subsidiaries Medallion Capital, Inc., or Medallion Capital, a Small Business Investment Company, or SBIC, which conducts a mezzanine financing business; and Freshstart Venture Capital Corp., or Freshstart, which historically originated and serviced taxi medallion and commercial loans. Medallion Capital, an SBIC, is regulated by the Small Business Administration, or SBA. Medallion Capital is financed in part by the SBA.

The Company established a wholly-owned subsidiary, Medallion Financing Trust I, or Fin Trust, for the purpose of issuing unsecured trust preferred securities to investors. Fin Trust is a separate legal and corporate entity with its own creditors who, in any liquidation of Fin Trust, will be entitled to be satisfied out of Fin Trust’s assets prior to any value in Fin Trust becoming available to Fin Trust’s equity holders. The assets of Fin Trust, aggregating $34.9 million at March 31, 2026, are comprised solely of a subordinated note from the Company and are not available to pay obligations of its affiliates or any other party, and the assets of affiliates or any other party are not available to pay obligations of Fin Trust.

(2) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Use of Estimates

The preparation of the consolidated financial statements in conformity with generally accepted accounting principles in the U.S., or GAAP, requires management to make estimates that affect the amounts reported in the consolidated financial statements and the accompanying notes. Accounting estimates and assumptions are those that management considers to be the most critical to an understanding of the consolidated financial statements because they inherently involve significant judgments and uncertainties. All of these estimates reflect management’s best judgment about current economic and market conditions and their effects based on information available as of the date of these consolidated financial statements. If such conditions change, it is reasonably possible that the judgments and estimates could change, which may result in future impairments of goodwill and intangible assets, and allowance for credit losses, among other effects.

Basis of Presentation

The consolidated financial statements include the accounts of the Company and all of its wholly-owned and controlled subsidiaries. All significant intercompany transactions, balances, and profits (losses) have been eliminated in consolidation.

The consolidated financial statements have been prepared in accordance with GAAP. The Company consolidates all entities it controls through a majority voting interest, a controlling interest through other contractual rights, or as being identified as the primary beneficiary of variable interest entities, or VIEs. The primary beneficiary is the party who has both (1) the power to direct the activities of a VIE that most significantly impact the entity’s economic performance, and (2) an obligation to absorb losses of the entity or a right to receive benefits from the entity that could potentially be significant to the entity. For consolidated entities that are less than wholly owned, the third-party’s holding is recorded as non-controlling interest.

Page 9 of 55

Cash, Cash Equivalents, and Restricted Cash

The Company considers all highly liquid instruments with an original purchased maturity of three months or less, federal funds sold, interest-bearing deposits in other banks, and money market mutual funds to be cash equivalents. A non-interest-bearing compensating balance of $0.8 million and $0.7 million as of March 31, 2026 and December 31, 2025 was maintained at a correspondent bank and considered to be cash equivalents. Cash balances are generally held in accounts at large national or regional banking organizations in amounts that exceed the federally insured limits. Cash also included $0.8 million of interest-bearing funds deposited in other banks with original terms of 5 to 6 years that cannot be withdrawn but are salable on an active secondary market, without penalty, as of both March 31, 2026 and December 31, 2025. As of March 31, 2026, the Company held $0.6 million in a money market account in connection with a letter of credit. Certain of the Company's borrowings require that the Company and its subsidiaries maintain cash at specific levels pursuant to covenants in applicable debt agreements. The Company is compliant with these covenants as of March 31, 2026.

Fair Value of Assets and Liabilities

The Company follows the Financial Accounting Standards Board, or FASB, FASB Accounting Standards Codification, or ASC, Topic 820, Fair Value Measurements and Disclosures, or FASB ASC 820, which defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. FASB ASC 820 defines fair value as an exit price (i.e., a price that would be received to sell, as opposed to acquire, an asset or transfer a liability), and emphasizes that fair value is a market-based measurement. It establishes a fair value hierarchy that distinguishes between assumptions developed based on market data obtained from independent external sources and the reporting entity’s own assumptions. Further, it specifies that fair value measurement should consider adjustment for risk, such as the risk inherent in the valuation technique or its inputs. See also Notes 12 and 13 to the consolidated financial statements.

Equity Investments

The Company follows FASB ASC Topic 321, Investments – Equity Securities, or ASC 321, which requires all applicable investments in equity securities with a readily determinable fair value to be valued as such, and those without a readily determinable fair value, are measured at cost, less any impairment plus or minus any observable price changes. Equity investments were $8.1 million as of both March 31, 2026 and December 31, 2025, which were comprised mainly of nonmarketable stock and stock warrants, are recorded at cost less any impairment plus or minus observable price changes. Substantially all of these equity investments are held by Medallion Capital, our SBIC subsidiary, in connection with its mezzanine lending business. As of March 31, 2026, cumulative impairment of $5.3 million had been recorded with respect to these investments. During the three months ended March 31, 2026, the Company recognized net gains of $0.3 million on equity investments, net of losses, inclusive of $0.4 million of net realized gains.

During 2021, the Company purchased $2.0 million of equity securities with a readily determinable fair value. As a result, all unrealized gains and losses are included in gain (loss) on equity investments. The fair value of these securities were $1.8 million for both March 31, 2026 and December 31, 2025 and are included in other assets on the consolidated balance sheets. For the three months ended March 31, 2026 and 2025, the Company recognized less than $0.1 million of gains related to equity securities.

Investment Securities

The Company follows FASB ASC Topic 320, Investments – Debt Securities, or ASC 320, which requires that all applicable investments in debt securities be classified as trading securities, available-for-sale securities, or held-to-maturity securities. Investment securities are purchased from time-to-time in the open market at prices that are greater or lesser than the par value of the investment. The resulting premium or discount is deferred and recognized using the interest method. ASC 320 further requires that held-to-maturity securities be reported at amortized cost and available-for-sale securities be reported at fair value, with unrealized gains and losses excluded from earnings at the date of the consolidated financial statements, and reported in accumulated other comprehensive income (loss) as a separate component of stockholders’ equity, net of the effect of income taxes, until they are sold. At the time of sale, any gains or losses, calculated by the specific identification method, will be recognized as a component of operating results and any amounts previously included in stockholders’ equity, which were recorded net of the income tax effect, will be reversed. In accordance with ASC 326, the Company does not maintain an allowance for credit losses for accrued interest receivable.

Page 10 of 55

For available-for-sale debt securities in an unrealized loss position, the Company first determines if it intends to sell the security, or if it is more likely than not that the Company will be required to sell it before recovering its amortized cost basis. If either condition is met, the security’s amortized cost basis is written down to its fair value through earnings. If neither condition is met, the Company assesses whether the decline in fair value is the result of credit losses or other factors. This assessment includes reviewing changes in the rating of the security by a rating agency, increases in defaults on the underlying collateral, and the extent to which the securities are issued by the federal government or its agencies, including the amount of the guarantee issued by those agencies, among other factors. If a credit loss exists, the Company compares the present value of expected cash flows from the security to its amortized cost basis. If the present value is less than the amortized cost basis for the security, a credit loss exists and an allowance for credit losses is recorded through earnings, but limited to the amount that the fair value of the security is less than its amortized cost basis. Any impairment not recorded through an allowance for credit losses is recognized in other comprehensive income (loss), net of taxes.

Changes in the allowance for credit losses are recorded as a provision for, or reversal of, credit loss expense. Losses are charged against the allowance when management confirms the uncollectibility of an available-for-sale debt security or when either of the criteria regarding intent or requirement to sell is met. There were no investment securities allowance for credit losses as of March 31, 2026 and December 31, 2025.

Loans

The Company’s loans, classified as held for investment, are currently reported at amortized cost, which is the principal amount outstanding, inclusive of loan origination costs, which primarily includes deferred costs paid to loan originators, and which are amortized to interest income over the life of the loan.

Loan origination fees and certain direct origination costs are deferred and recognized as an adjustment to the yield of the related loans. As of March 31, 2026 and December 31, 2025, net loan origination costs included in loans were $54.3 million and $52.0 million. Net amortization reducing interest income was $3.0 million for the three months ended March 31, 2026 and was $2.3 million for the three months ended March 31, 2025.

Interest income is recorded on the accrual basis. The consumer loan portfolio is typified by a large number of smaller dollar loans that have similar characteristics. When, based on current information and events, it is unlikely the Company will be able to collect all amounts due according to the contractual terms of the original loan agreement, a loan is considered nonperforming. Loans are considered past due when a borrower fails to make a full payment by the payment due date or maturity date. Consumer loans are placed on nonaccrual when they become 90 days past due, and are charged off in their entirety when deemed uncollectible, if they enter bankruptcy, or when they become 120 days past due, whichever occurs first. The Company takes appropriate recovery efforts against both the borrower and the underlying collateral are initiated for nonaccrual loans. For the recreation loan portfolio, the process to repossess the collateral is generally started at 60 days past due. If the collateral is not located and the account reaches 120 days delinquent, the account is charged off. If the collateral is repossessed, a loss is recorded by writing the collateral down to its fair value less selling costs, and the collateral is sent to auction. When the collateral is sold, the net auction proceeds are applied to the account, and any remaining balance is written off. Proceeds collected on charged-off accounts are recorded as recoveries. Commercial loans and taxi medallion loans are placed on nonaccrual status, and all uncollected accrued interest is reversed, when there is doubt as to the collectability of interest or principal, or if loans are 90 days or more past due, unless management has determined that they are both well-secured and in the process of collection. Interest income on nonaccrual loans is generally recognized when cash is received, unless a determination has been made to apply all cash receipts to principal.

The Company may modify the contractual cash flow of loans in situations where borrowers are experiencing financial difficulties. The Company strives to identify borrowers in financial difficulty early and work with them to modify their loans to more affordable terms before they reach nonaccrual status. These modified terms may include interest rate reductions, principal forgiveness, term extensions, payment forbearance and other actions intended to minimize the economic loss to the Company and to avoid foreclosure or repossession of the collateral. For modifications where the Company forgives principal, the entire amount of such principal forgiveness is immediately charged off.

Loan collateral in process of foreclosure includes consumer repossessed collateral in the process of being sold in addition to taxi medallion loans that have reached 120 days past due and have been charged down to the net realizable value of the underlying collateral. For New York City taxi medallion loans in the process of foreclosure, the Company continued to utilize a maximum net value of $79,500 when assessing net realizable value for these taxi medallion loans, despite fluctuating current transfer prices which may exceed that level from time to time. The "loan collateral in the process of foreclosure" designation reflects that the collection activities on these loans have transitioned from working with the borrower to the liquidation of the collateral securing the loans.

Page 11 of 55

Loans Held for Sale

Loans held for sale consist of consumer loans and strategic partnership loans intended to be sold in the secondary market. Loans held for sale are recorded at the lower of amortized cost or fair value. Changes in fair value are recognized in non-interest income. For loans transferred into the held for sale classification from the held for investment classification, any allowance for credit losses previously recorded is reversed at the transfer date, and the loans are transferred at their amortized cost basis (which is reduced by any previous charge-offs, but excludes any allowance for credit losses). For the three months ended March 31, 2026 and 2025, the Company did not recognize any fair value adjustments related to loans held for sale.

Allowance for Credit Losses

The Company follows Accounting Standards Update, or ASU, 2016-13, "Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments", or ASC 326, which requires recognition of lifetime expected losses using "reasonable and supportable" expectations about the future, referred to as the current expected credit loss, or CECL, methodology. For consumer loans, the Company uses historical delinquent loan performance, qualitative adjustments, and actual loss rates modified by quantitative adjustments based on macroeconomic factors over a twelve-month reasonable and supportable forecast period followed by a six month reversion period. For commercial loans, the Company assesses the historical impact that macroeconomic indicators have had on the loan portfolio, to determine an approximate allowance for credit loss. Unlike consumer loans, where loans may have similar performing characteristics, each commercial loan is unique. The Company evaluates each commercial loan for specific impairment with additional allowance for credit losses recognized as necessary. For taxi medallion loans, the Company individually evaluates each loan and establishes a reserve based on fair value of collateral less cost to sell.

The allowance is evaluated on a quarterly basis by management based on the collectability of the loans in light of historical experience, the nature and size of the loan portfolio, adverse situations that may affect the borrowers' ability to repay, estimated value of any underlying collateral, prevailing economic conditions, and excess concentration risks. This evaluation is inherently subjective, as it requires estimates, including those based on changes in economic conditions, that are susceptible to significant revision as more information becomes available. Credit losses are deducted from the allowance, and subsequent recoveries are added back to the allowance. The Company has elected to exclude accrued interest from its measurement of the allowance for credit losses.

Goodwill and Intangible Assets

Goodwill assets arose as a result of the excess of fair value over book value for several of our previously unconsolidated portfolio investment companies as of April 2, 2018. This fair value was brought forward under the Company's requirement to consolidate these previously unconsolidated subsidiaries and was subject to a purchase price accounting allocation process conducted by an independent third-party expert to arrive at the current categories and amounts. Goodwill is not amortized, but is subject to quarterly review by management to determine whether additional impairment testing is needed, and such testing is performed at least on an annual basis.

Other intangible assets with finite useful lives are amortized either on an accelerated or straight-line basis over their estimated useful lives. Other intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable.

As of March 31, 2026 and December 31, 2025, the Company had goodwill of $150.8 million, all of which related to the recreation and home improvement lending segments. As of March 31, 2026 and December 31, 2025, the Company had intangible assets of $17.3 million and $17.7 million. The Company recognized $0.4 million of amortization expense on the intangible assets for the three months ended March 31, 2026 and 2025.

Management engaged an independent third-party expert to perform a quantitative assessment of goodwill for impairment at October 1, 2025. The third-party expert, as of the most recent goodwill impairment testing date, determined that a fair value premium existed in excess of the carrying value of the recreation and home improvement lending segments. During the three months ended March 31, 2026, the Company did not identify any triggering events that would require re-evaluation of goodwill impairment in either segment.

The table below presents the intangible assets as of the dates presented:


(Dollars in thousands)	March 31, 2026		December 31, 2025
Brand-related intellectual property	$	13,200	$	13,475
Home improvement contractor relationships		4,140		4,226
Total intangible assets	$	17,340	$	17,701

Page 12 of 55

Fixed Assets

Fixed assets are carried at cost less accumulated depreciation and amortization, and are depreciated on a straight-line basis over their estimated useful lives of 3 to 10 years. Leasehold improvements are amortized on a straight-line basis over the shorter of the lease term or the estimated economic useful life of the improvement. Depreciation and amortization expense was $0.6 million for the three months ended March 31, 2026 and 2025.

Deferred Costs

Deferred financing costs represent costs associated with obtaining the Company’s borrowing facilities, and are amortized on a straight line basis over the lives of the related financing agreements and life of the respective pool. Amortization expense, included as interest expense in the Consolidated Statements of Operations, was $1.0 million for the three months ended March 31, 2026 and was $1.1 million for the three months ended March 31, 2025. In addition, the Company capitalizes certain costs for transactions in the process of completion (other than business combinations), including those for potential investments, and the sourcing of other financing alternatives. Upon completion or termination of the transaction, any accumulated amounts will be amortized against income over an appropriate period, or written off. The amount on the Company’s balance sheet related to deposits and borrowing facilities were $8.2 million and $8.4 million as of March 31, 2026 and December 31, 2025, and there were no capitalized transaction costs as of March 31, 2026 and December 31, 2025.

Income Taxes

Income taxes are accounted for using the asset and liability approach in accordance with FASB ASC Topic 740, Income Taxes, or ASC 740. Deferred tax assets and liabilities reflect the impact of temporary differences between the carrying amount of assets and liabilities and their tax basis and are stated at the enacted tax rates expected to apply in the year when taxes are actually paid or recovered. Deferred tax assets are also recorded for net operating losses, capital losses and any tax credit carryforwards. A valuation allowance is provided against a deferred tax asset when it is more likely than not that some or all of the deferred tax assets will not be realized. All available evidence, both positive and negative, is considered to determine whether a valuation allowance for deferred tax assets is needed. Items considered in determining the Company’s valuation allowance include expectations of future earnings of the appropriate tax character, recent historical financial results, tax planning strategies, the length of statutory carryforward periods and the expected timing of the reversal of temporary differences. The Company recognizes tax benefits of uncertain tax positions only when the position is more likely than not to be sustained assuming examination by tax authorities. The Company records income tax related interest and penalties, if applicable, within current income tax expense.

Earnings Per Share (EPS)

Basic earnings per share are computed by dividing net income resulting from operations available to common stockholders by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflect the potential dilution that could occur if option contracts to issue common stock were exercised, or if restricted stock vests, and has been computed after considering the weighted average dilutive effect of the Company’s stock options and restricted stock. The Company uses the treasury stock method to calculate diluted EPS, which is a method of recognizing the use of proceeds that could be obtained upon exercise of options and warrants, including unvested compensation expense related to the shares, in computing diluted EPS. It assumes that any proceeds would be used to purchase common stock at the average market price during the period. The table below presents the calculation of basic and diluted EPS.


	Three Months Ended March 31,
(Dollars in thousands, except share and per share data)	2026		2025
Net income attributable to common stockholders	$	4,953	$	12,014
Weighted average common shares outstanding applicable to basic EPS		23,059,744		22,570,797
Effect of performance stock unit grants		729,280		515,645
Effect of restricted stock grants		487,002		576,251
Effect of dilutive stock options		269,775		234,474
Adjusted weighted average common shares outstanding applicable to diluted EPS		24,545,801		23,897,167
Basic earnings per share	$	0.21	$	0.53
Diluted earnings per share		0.20		0.50

Potentially dilutive common shares excluded from the above calculations were 403,858 as of March 31, 2026 and 59,082 shares as of March 31, 2025.

Page 13 of 55

Stock Compensation

The Company follows FASB ASC Topic 718, or ASC 718, Compensation – Stock Compensation, for its equity incentive, stock option, and restricted stock plans, and accordingly, the Company recognizes the expense of these grants as required. Stock-based employee compensation costs pertaining to stock options are reflected in net income resulting from operations for any new grants using the fair values established by usage of the Black-Scholes option pricing model, expensed over the vesting period of the underlying option. Stock-based employee compensation costs pertaining to restricted stock and performance stock units, or PSUs, are reflected in net income resulting from operations for any new grants using the grant date fair value of the shares and units granted, expensed over the vesting period of the underlying stock.

Regulatory Capital

The Bank is subject to various regulatory capital requirements administered by the FDIC and the Utah Department of Financial Institutions. Failure to meet minimum capital requirements can initiate certain mandatory and possible additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Bank’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines that involve quantitative measures of the Bank’s assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices. The Bank’s capital amounts and classifications are also subject to qualitative judgments by the bank regulators about components, risk weightings, and other factors.

FDIC-insured banks, including the Bank, are subject to certain federal laws, which impose various legal limitations on the extent to which banks may finance or otherwise supply funds to certain of their affiliates. In particular, the Bank is subject to certain restrictions on any extensions of credit to, or other covered transactions with, such as certain purchases of assets, the Company or its affiliates.

Quantitative measures established by regulation to ensure capital adequacy require the Bank to maintain minimum amounts and ratios as defined in the regulations (presented in the table below). Additionally, as conditions of granting the Bank’s application for federal deposit insurance, the FDIC ordered that the Tier 1 leverage capital to total assets ratio, as defined, be not less than 15%, a level which could affect the Bank's ability to pay dividends to the Company, and that an adequate allowance for credit losses be maintained. As of March 31, 2026 and December 31, 2025, the Bank’s Tier 1 leverage ratio was considered well-capitalized. The Bank had excess Tier 1 leverage capital of $61.2 million over the 15% minimum required, which was $385.9 million based on our total assets as of March 31, 2026. The Bank’s capital amounts and ratios and the regulatory minimum ratios are presented in the following table.


	Regulatory
(Dollars in thousands)	Adequately Capitalized			Well- Capitalized			March 31, 2026			December 31, 2025
Common equity tier 1 capital							$	347,627		$	356,038
Tier 1 capital								447,056			455,467
Total capital								479,609			487,292
Average assets								2,572,371			2,558,754
Risk-weighted assets								2,529,775			2,472,328
Leverage ratio (1)		4.0	%		5.0	%		17.4	%		17.8	%
Common equity tier 1 capital ratio (2)		4.5			6.5			13.7			14.4
Tier 1 capital ratio (3)		6.0			8.0			17.7			18.4
Total capital ratio (3)		8.0			10.0			19.0			19.7

(1)

Calculated by dividing Tier 1 capital by average assets.

(2)

Calculated by subtracting preferred stock or non-controlling interest from Tier 1 capital and dividing by risk-weighted assets.

(3)

Calculated by dividing Tier 1 or total capital by risk-weighted assets.

In the above table, the minimum risk-based ratios as of March 31, 2026 and December 31, 2025 reflect the capital conservation buffer of 2.5%. The minimum regulatory requirements, inclusive of the capital conservation buffer, were the binding requirements for the risk-based requirements, and the “well-capitalized” requirements were the binding requirements for Tier 1 leverage capital as of both March 31, 2026 and December 31, 2025.

Recently Issued Accounting Standards

In November 2024, the FASB issued ASU 2024-03, Income Statement, Reporting Comprehensive Income - Expense Disaggregation of Income Statement Expenses. This update requires additional disaggregation of specific types of expenses within the notes to consolidated financial statements on an annual and interim basis. In January 2025, the FASB issued ASU 2025-01 to clarify that all public business entities are required to adopt ASU 2024-03 for annual periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. The Company is assessing the impact of the update on the accompanying financial statements.

Page 14 of 55

Reclassifications

Certain reclassifications have been made to prior year balances to conform with the current year presentation. These reclassifications have no effect on the previously reported results of operations.

(3) INVESTMENT SECURITIES

The following tables present details of fixed maturity securities available for sale as of March 31, 2026 and December 31, 2025:


March 31, 2026 (Dollars in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Mortgage-backed securities, principally obligations of U.S. federal agencies	$	51,481	$	60	$	(3,732	)	$	47,809
State and municipalities		21,312		—		(1,315	)		19,997
Agency bonds		137		—		(9	)		128
Total	$	72,930	$	60	$	(5,056	)	$	67,934

December 31, 2025 (Dollars in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Mortgage-backed securities, principally obligations of U.S. federal agencies	$	45,392	$	160	$	(3,381	)	$	42,171
State and municipalities		19,117		14		(1,251	)		17,880
Agency bonds		139		—		(7	)		132
Total	$	64,648	$	174	$	(4,639	)	$	60,183

The amortized cost and estimated fair market value of investment securities at March 31, 2026 by contractual maturity are presented below. Actual maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Mortgage‑backed securities are included in the table based on their contractual maturities and are reflected in the each category below.


March 31, 2026 (Dollars in thousands)	Amortized Cost		Fair Value
Due in one year or less	$	2,402	$	2,387
Due after one year through five years		10,662		10,120
Due after five years through ten years		9,493		9,243
Due after ten years		50,373		46,184
Total	$	72,930	$	67,934

The following tables present information pertaining to securities with gross unrealized losses as of March 31, 2026 and December 31, 2025, aggregated by investment category and length of time that individual securities have been in a continuous loss position.


	Less than Twelve Months					Twelve Months and Over
March 31, 2026 (Dollars in thousands)	Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value
Mortgage-backed securities	$	(236	)	$	7,644	$	(3,496	)	$	29,393
State and municipalities		(29	)		2,914		(1,286	)		14,086
Agency bonds		—			—		(9	)		128
Total	$	(265	)	$	10,558	$	(4,791	)	$	43,607

	Less than Twelve Months					Twelve Months and Over
December 31, 2025 (Dollars in thousands)	Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value
Mortgage-backed securities	$	(13	)	$	3,420	$	(3,368	)	$	26,541
State and municipalities		(3	)		22		(1,248	)		14,840
Agency bonds		—			—		(7	)		132
Total	$	(16	)	$	3,442	$	(4,623	)	$	41,513

Page 15 of 55

As of March 31, 2026 and December 31, 2025, the Company had 56 and 52 securities with unrealized losses that had not been recognized in income. The investments are mortgage-backed securities and similar instruments with conservative risk characteristics, all of which are directly or indirectly guaranteed by the U.S. Government. The municipal bond portfolio consists of bonds purchased from the Utah Housing Corporation, which primarily acquires FHA‑insured loans within the state of Utah. The Company regularly reviews investment securities for impairment resulting from credit loss using both qualitative and quantitative criteria, as necessary based on the composition of the portfolio at period end. Based on the Company's assessment, no material impairments for credit losses were recognized during the period. The Company does not intend to sell its investment securities that are in an unrealized loss position and believes that it is unlikely that it will be required to sell these securities before recovery of the amortized cost. As of March 31, 2026 and December 31, 2025, the Company did not hold investments in any single issuer with an aggregate book value that exceeded 10% of the Company's equity, other than U.S. Government agency residential mortgage-backed securities issued by the Federal National Mortgage Association.

(4) LOANS AND ALLOWANCE FOR CREDIT LOSSES

The following table presents the major classification of loans, inclusive of capitalized loan origination costs, as of March 31, 2026 and December 31, 2025.


	March 31, 2026					December 31, 2025
(Dollars in thousands)	Amount		As a Percent of Total Loans (1)			Amount		As a Percent of Total Loans (1)
Loans held for investment:
Recreation	$	1,671,538		64	%	$	1,617,221		63	%
Home improvement		814,933		31			810,237		32
Commercial		119,612		5			123,068		5
Taxi medallion		1,126	*				1,179	*
Total loans		2,607,209		100			2,551,705		99
Loans held for sale, at lower of amortized cost or fair value:
Strategic partnership		10,786	*				15,144	*
Total loans held for sale, at lower of amortized cost or fair value		10,786		—			15,144		—
Total loans and loans held for sale	$	2,617,995		100	%	$	2,566,849		100	%

(1) Percentage may not foot due to rounding.

(*) Less than 1%.

The following table presents the activity of the gross loans and loans held for sale for the three months ended March 31, 2026.


Three Months Ended March 31, 2026 (Dollars in thousands)	Recreation			Home Improvement			Commercial			Taxi Medallion			Strategic Partnership			Total
Gross loans – December 31, 2025	$	1,617,221		$	810,237		$	123,068		$	1,179		$	15,144		$	2,566,849
Loan originations		142,548			64,402			—			—			169,984			376,934
Principal receipts, sales, and maturities		(59,668	)		(56,093	)		(3,767	)		(15	)		(174,342	)		(293,885	)
Charge-offs		(22,491	)		(4,351	)		—			(38	)		—			(26,880	)
Transfer to loan collateral in process of foreclosure, net		(7,641	)		—			—			—			—			(7,641	)
Amortization of origination fees and costs, net		(3,750	)		737			8			—			—			(3,005	)
Origination fees and costs, net		5,319			1			—			—			—			5,320
Paid-in-kind interest		—			—			303			—			—			303
Gross loans – March 31, 2026	$	1,671,538

MEDALLION FINANCIAL CORP 10-Q