Medallion Financial (MFIN) Investor presentation summary

Company overview and business model

• Operates as a specialty finance company with a focus on consumer and commercial lending, leveraging a Utah industrial bank charter and strategic fintech partnerships.

• Main subsidiaries include Medallion Bank and Medallion Capital, with a diversified loan portfolio across recreation, home improvement, and commercial sectors.

• Consumer lending is the core business, with significant growth in recreational vehicle and home improvement loans.

• Commercial lending targets lower middle market companies, often including equity components to enhance returns.

• Strategic partnerships with fintech firms provide additional loan origination and servicing fee income.

Loan portfolio and origination trends

• Total gross loans reached $2.62B as of March 31, 2026, with recreation loans comprising 63.8%, home improvement 31.1%, and commercial 4.6%.

• Recreation loan book stood at $1.67B, with a 15.11% average interest rate and 686 average FICO score.

• Home improvement loans totaled $814.9M, with a 9.82% average interest rate and 768 average FICO score.

• Commercial loans amounted to $119.6M, averaging a 14.18% interest rate and $4.2M per loan.

• Loan originations in Q1 2026 were $376.9M, with $170M from strategic partnerships.

Financial performance and profitability

• Net interest income reached $54.1M in Q1 2026, with a net interest margin of 8.04%.

• Net income attributable to shareholders was $12.0M in Q1 2026, with annualized net income of $55.1M for 2025.

• Operating costs as a percentage of net interest income have trended downward, reaching 39% in 2025.

• Book value per share increased to $17.10 as of March 31, 2026.

• Quarterly dividend increased to $0.14 per share in May 2026, up 75% since 2022.