PART I [Our Business](index=5&type=section&id=ITEM%201.%20OUR%20BUSINESS) Medallion Financial Corp. is a specialty finance company with total assets of **$2.9 billion** as of December 31, 2024, focusing on consumer and commercial lending through diversified segments and strategic partnerships - The company's strategic focus is on growing its consumer finance and commercial lending businesses, with total assets reaching **$2.9 billion** at the end of 2024, up from **$2.6 billion** in 2023[11](index=11&type=chunk) Net Loans Receivable by Segment (December 31, 2024) | Loan Segment | Net Loans (in thousands) | Percentage of Total | | :--- | :--- | :--- | | Recreation | $1,351,301 | 56.4% | | Home improvement | $806,675 | 33.7% | | Commercial | $106,083 | 4.4% | | Taxi medallion | $1,369 | 0.1% | | **Total Loans Held for Investment** | **$2,265,428** | **94.6%** | | Loans Held for Sale | $128,226 | 5.4% | | **Total Net Loans** | **$2,393,654** | **100.0%** | [Lending Segments](index=6&type=section&id=Lending%20Segments) The company's lending activities are diversified across recreation, home improvement, and commercial segments, with recreation being the largest and a growing fintech partnership program - Recreation lending is the company's most significant segment, accounting for **57%** of loans receivable and **67%** of interest income for the year ended December 31, 2024[15](index=15&type=chunk) - Home improvement loans, offered through contractors and FSPs, comprised **33%** of the company's loans receivable as of December 31, 2024[18](index=18&type=chunk) - The strategic partnership program with fintech companies originated **$203.6 million** in loans in 2024, a significant increase from **$118.3 million** in 2023[25](index=25&type=chunk) [Our Strategy](index=8&type=section&id=Our%20Strategy) The company's core strategy focuses on dominating profitable niche markets by leveraging relationships, disciplined underwriting, experienced management, and expanding fintech partnerships - A key strategy is to capitalize on relationships with dealers, contractors, and Financial Service Providers (FSPs), which generated all consumer loans retained in the portfolio in 2024[28](index=28&type=chunk) - The company emphasizes disciplined underwriting and rigorous portfolio monitoring, imposing more restrictive standards to mitigate concentration risks[30](index=30&type=chunk) - Expansion of the strategic partnership program is a core growth driver, with two new partnerships launched in 2024 and others being evaluated[32](index=32&type=chunk) [Sources of Funds](index=10&type=section&id=Sources%20of%20Funds) Operations are primarily funded by brokered certificates of deposit, supplemented by privately placed notes and SBA debentures, with a strategy to optimize debt structure Sources of Funds (December 31, 2024) | Source | Amount (in thousands) | Avg. Interest Rate | | :--- | :--- | :--- | | Cash, cash equivalents, and federal funds sold | $169,572 | N/A | | Brokered certificates of deposit & other funds | $2,094,663 | 3.71% | | Privately placed notes | $146,500 | 8.12% | | SBA debentures and borrowings | $70,250 | 3.53% | | Trust preferred securities | $33,000 | 6.83% | | Federal reserve and other borrowings | $35,000 | 4.50% | | **Total Debt Outstanding** | **$2,379,413** | N/A | [Human Capital Resources](index=11&type=section&id=Human%20Capital%20Resources) As of December 31, 2024, the company employed 174 people, primarily at Medallion Bank, emphasizing equal opportunity and comprehensive employee incentives - Total employees increased to **174** at year-end 2024 from **169** at year-end 2023, with the majority (**135**) employed at Medallion Bank[45](index=45&type=chunk) [Supervision and Regulation](index=11&type=section&id=SUPERVISION%20AND%20REGULATION) The company operates in a highly regulated environment, with Medallion Bank subject to extensive federal and state banking laws, and SBIC subsidiaries regulated by the SBA - Medallion Bank is subject to extensive regulation by the FDIC and the Utah Department of Financial Institutions, intended primarily for the protection of depositors[51](index=51&type=chunk)[52](index=52&type=chunk) - As a condition of its FDIC insurance, Medallion Bank must maintain a **15%** Tier 1 leverage ratio, which it met as of year-end 2024[63](index=63&type=chunk) - The company's subsidiaries, Medallion Funding and Medallion Capital, are licensed and regulated by the Small Business Administration (SBA) as Small Business Investment Companies (SBICs)[90](index=90&type=chunk) [Risk Factors](index=23&type=section&id=ITEM%201A.%20RISK%20FACTORS) The company faces significant risks from its concentrated consumer lending portfolio, funding dependence on brokered deposits, pending SEC litigation, and intense market competition [Risks Related to Our Loan Portfolios and Business](index=23&type=section&id=Risks%20Related%20to%20Our%20Loan%20Portfolios%20and%20Business) The business is highly susceptible to economic downturns due to its concentrated consumer lending, particularly in non-prime recreation loans, and relies on limited third-party relationships for originations - The business is heavily concentrated in consumer lending, making it highly sensitive to macroeconomic conditions like recession risk, inflation, and interest rate changes that impact consumer spending[107](index=107&type=chunk)[108](index=108&type=chunk) - As of December 31, 2024, **37%** of recreation loans originated were non-prime, which are expected to have higher default rates than prime loans[115](index=115&type=chunk) - The company's ability to originate loans depends on relationships with a limited number of dealers and FSPs; in 2024, the top ten relationships accounted for **48%** of home improvement and **38%** of recreation loan originations[122](index=122&type=chunk) [Financing and Related Risks](index=27&type=section&id=Financing%20and%20Related%20Risks) Key financial risks include debt covenant compliance, the critical reliance on brokered deposits for Medallion Bank's funding, and the holding company's dependence on subsidiary dividends - Medallion Bank relies heavily on brokered deposits for funding, and its ability to accept them is contingent on maintaining a "well-capitalized" status under FDIC regulations; loss of this status would materially impair its funding capabilities[132](index=132&type=chunk)[133](index=133&type=chunk)[134](index=134&type=chunk) - As a holding company, it depends on dividends from subsidiaries to fund its operations and debt payments; in 2024, it received **$24.0 million** in dividends from Medallion Bank and **$1.6 million** from Medallion Capital[136](index=136&type=chunk) [Legal and Regulatory Risks](index=28&type=section&id=Legal%20and%20Regulatory%20Risks) Significant legal and regulatory risks include pending SEC litigation, the highly regulated banking environment, and compliance with various financial protection and anti-money laundering laws - The company faces pending litigation with the SEC regarding alleged violations from 2015-2017; an agreement in principle to settle was reached in December 2024, but it remains subject to approval by SEC Commissioners and the court[137](index=137&type=chunk)[138](index=138&type=chunk) - The banking industry is highly regulated, and failure to comply with laws from the FDIC and Utah DFI could result in sanctions, civil money penalties, or reputational damage[144](index=144&type=chunk) - The company's SBIC subsidiaries are subject to SBA regulations, and non-compliance could lead to penalties, including loss of access to SBA debentures[153](index=153&type=chunk)[154](index=154&type=chunk) [Risk Relating to Our Growth and Operations](index=34&type=section&id=Risk%20Relating%20to%20Our%20Growth%20and%20Operations) Growth and operations face risks from intense market competition, new uncertainties from strategic partnerships, cybersecurity threats, and reliance on key senior management and third-party vendors - The consumer lending market is highly competitive, with rivals including banks, credit unions, and finance companies that may have greater resources or less restrictive regulations[158](index=158&type=chunk) - The Strategic Partnership Program with fintech companies exposes the company to new and potentially uncertain legal and regulatory risks, including "true lender" challenges[159](index=159&type=chunk) - The business is vulnerable to security breaches and cyber-attacks, which could compromise sensitive data and lead to liability, regulatory penalties, and reputational damage[166](index=166&type=chunk) [Unresolved Staff Comments](index=43&type=section&id=ITEM%201B.%20UNRESOLVED%20STAFF%20COMMENTS) The company reports that there are no unresolved staff comments - None[198](index=198&type=chunk) [Cybersecurity](index=43&type=section&id=ITEM%201C.%20CYBERSECURITY) Cybersecurity risks are managed through an enterprise risk management program, overseen by the Audit Committee, with subsidiary programs guided by the NIST framework - Cybersecurity risk is managed as part of the enterprise risk management program, overseen by the Audit Committee, which receives quarterly reports from the Information Security Director[199](index=199&type=chunk)[202](index=202&type=chunk) - The company's cybersecurity programs are guided by the National Institute of Standards and Technology (NIST) Cybersecurity Framework and include safeguards like employee training, incident response programs, and third-party risk management[200](index=200&type=chunk) [Properties](index=45&type=section&id=ITEM%202.%20PROPERTIES) The company leases all its primary office spaces in New York City, Salt Lake City, and Excelsior, Minnesota, owning no real property other than foreclosed assets - The company leases all its primary office spaces, with key locations in New York, NY; Salt Lake City, UT; and Excelsior, MN[205](index=205&type=chunk) [Legal Proceedings](index=45&type=section&id=ITEM%203.%20LEGAL%20PROCEEDINGS) The company refers to Note 10 of its consolidated financial statements for details regarding legal proceedings, including the pending SEC litigation - Details of legal proceedings, including the pending SEC litigation, are provided in Note 10 to the consolidated financial statements[206](index=206&type=chunk) [Mine Safety Disclosures](index=45&type=section&id=ITEM%204.%20MINE%20SAFETY%20DISCLOSURES) This item is not applicable to the company - Not applicable[207](index=207&type=chunk) PART II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=46&type=section&id=ITEM%205.%20MARKET%20FOR%20REGISTRANT'S%20COMMON%20EQUITY%2C%20RELATED%20STOCKHOLDER%20MATTERS%20AND%20ISSUER%20PURCHASES%20OF%20EQUITY%20SECURITIES) The company's common stock trades on NASDAQ, paid increased quarterly dividends in 2024, and repurchased shares under its authorized program - The company reinstated its quarterly dividend in March 2022 and increased it from **$0.10** to **$0.11** per share in October 2024[210](index=210&type=chunk) - During FY2024, the company repurchased **570,404** shares of its common stock at an aggregate cost of **$4.6 million**; as of year-end, **$15.4 million** remained available under the repurchase authorization[212](index=212&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=47&type=section&id=ITEM%207.%20MANAGEMENT'S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) In FY2024, total assets grew to **$2.9 billion**, but net income declined to **$35.9 million** due to higher credit loss provisions and increased interest expenses, compressing the net interest margin Key Financial Highlights (FY2024 vs. FY2023) | Metric | 2024 | 2023 | | :--- | :--- | :--- | | Total Assets | $2.9 billion | $2.6 billion | | Net Income (attributable) | $35.9 million | $55.1 million | | Diluted EPS | $1.52 | $2.37 | | Net Interest Income | $202.5 million | $188.1 million | | Provision for Credit Losses | $76.5 million | $37.8 million | | Net Interest Margin (gross) | 8.05% | 8.38% | - The increase in the allowance for credit losses to **$97.4 million** was primarily driven by rising loss rates and elevated delinquencies in the recreation loan portfolio[226](index=226&type=chunk)[250](index=250&type=chunk) [Critical Accounting Estimates](index=48&type=section&id=CRITICAL%20ACCOUNTING%20ESTIMATES) Critical accounting estimates involve significant judgment for the allowance for credit losses and goodwill valuation, both assessed using historical data, economic factors, and expert analysis - The allowance for credit losses is a critical estimate, based on historical data, economic conditions, and qualitative factors; a **50** basis point change in the qualitative loss factor would change the recreation and home improvement reserves by **$7.1 million** and **$4.1 million**, respectively[224](index=224&type=chunk)[225](index=225&type=chunk) - Goodwill of **$150.8 million** was assessed for impairment at year-end 2024 by a third-party expert using a discounted cash flow analysis (**50%** weight) and market approaches (**50%** weight); the assessment concluded that the fair value of the lending segments exceeded their carrying value[230](index=230&type=chunk)[231](index=231&type=chunk)[232](index=232&type=chunk) [Loans](index=54&type=section&id=LOANS) The total gross loan portfolio grew to **$2.49 billion** in 2024, driven by **$1.04 billion** in new originations primarily in recreation and home improvement segments, consisting mostly of fixed-rate loans Loan Portfolio Activity (Year Ended Dec 31, 2024) | (in thousands) | Recreation | Home Improvement | Commercial | Strategic Partnership | Total | | :--- | :--- | :--- | :--- | :--- | :--- | | Gross Loans (Start) | $1,336,226 | $760,617 | $114,827 | $553 | $2,215,886 | | Loan Originations | $526,634 | $298,642 | $14,300 | $203,627 | $1,043,453 | | Gross Loans (End) | $1,543,243 | $827,211 | $111,273 | $7,386 | $2,491,022 | [Allowance for Credit Losses](index=55&type=section&id=ALLOWANCE%20FOR%20CREDIT%20LOSSES) The allowance for credit losses increased to **$97.4 million** at year-end 2024, driven by a **$76.5 million** provision and higher expected losses, particularly in the recreation loan portfolio Allowance for Credit Losses Activity (Year Ended Dec 31, 2024) | (in thousands) | Recreation | Home Improvement | Commercial | Taxi Medallion | Total | | :--- | :--- | :--- | :--- | :--- | :--- | | Balance at Dec 31, 2023 | $57,532 | $21,019 | $4,148 | $1,536 | $84,235 | | Provision (Benefit) | $67,995 | $13,458 | $1,084 | ($6,035) | $76,502 | | Net Charge-offs | ($54,425) | ($13,941) | ($42) | ($5,039) | ($63,369) | | Balance at Dec 31, 2024 | $71,102 | $20,536 | $5,190 | $540 | $97,368 | - Loans **90** days or more past due increased to **$27.7 million** (**1.1%** of total loans) at the end of 2024, up from **$16.8 million** (**0.8%** of total loans) at the end of 2023[255](index=255&type=chunk) [Segment Results](index=57&type=section&id=SEGMENT%20RESULTS) In 2024, Recreation Lending remained the primary earnings driver despite a higher credit loss provision, while Home Improvement and Commercial Lending segments saw increased net income Net Income by Segment (FY2024 vs. FY2023) | Segment (in thousands) | Net Income 2024 | Net Income 2023 | | :--- | :--- | :--- | | Recreation Lending | $32,460 | $42,281 | | Home Improvement Lending | $12,759 | $7,273 | | Commercial Lending | $7,827 | $6,791 | | Taxi Medallion Lending | $1,996 | $17,011 | | Corporate and Other Investments | ($13,117) | ($12,230) | [Consolidated Results of Operations](index=63&type=section&id=CONSOLIDATED%20RESULTS%20OF%20OPERATIONS) Net income attributable to shareholders decreased to **$35.9 million** in FY2024, primarily due to a doubling of the provision for credit losses and a **40%** increase in interest expense Consolidated Statement of Operations Summary | (in millions) | FY 2024 | FY 2023 | | :--- | :--- | :--- | | Net Interest Income | $202.5 | $188.1 | | Provision for Credit Losses | $76.5 | $37.8 | | Net Interest Income after Provision | $126.0 | $150.3 | | Total Other Income, net | $11.3 | $11.3 | | Total Other Expenses | $74.4 | $75.6 | | Net Income (attributable) | $35.9 | $55.1 | [Asset/Liability Management](index=64&type=section&id=ASSET%2FLIABILITY%20MANAGEMENT) The company manages interest rate risk from fixed-rate assets and variable-rate liabilities, with a negative **$0.6 billion** one-year interest rate gap, and actively manages capital through debt issuances - The one-year cumulative interest rate sensitivity gap was negative **$0.6 billion**, or **22%** of interest rate sensitive assets, as of December 31, 2024[313](index=313&type=chunk) - A hypothetical immediate **1%** increase in interest rates would increase net income by **$2.2 million** on an annualized basis as of December 31, 2024[333](index=333&type=chunk) - The company actively manages its capital resources, completing a **$5.0 million** private placement in August 2024 and amending notes in June 2024 to increase principal and extend maturity[316](index=316&type=chunk)[317](index=317&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=70&type=section&id=ITEM%207A.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) The company's primary market risks are interest rate fluctuations and portfolio valuations, with a hypothetical **1%** rate increase estimated to increase net income by **$2.2 million** annually - The principal market risks are fluctuations in interest rates and portfolio valuations[343](index=343&type=chunk) - A hypothetical immediate **1%** increase in interest rates would result in an estimated increase to net income of **$2.2 million** on an annualized basis as of December 31, 2024[344](index=344&type=chunk) [Financial Statements and Supplementary Data](index=70&type=section&id=ITEM%208.%20FINANCIAL%20STATEMENTS%20AND%20SUPPLEMENTARY%20DATA) This section incorporates by reference the company's audited consolidated financial statements and accompanying notes for the fiscal year ended December 31, 2024 - This section contains the audited consolidated financial statements and supplementary data for Medallion Financial Corp. for the fiscal year ended December 31, 2024[345](index=345&type=chunk) [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](index=70&type=section&id=ITEM%209.%20CHANGES%20IN%20AND%20DISAGREEMENTS%20WITH%20ACCOUNTANTS%20ON%20ACCOUNTING%20AND%20FINANCIAL%20DISCLOSURE) The company reported no changes in or disagreements with its accountants on accounting and financial disclosure - None[346](index=346&type=chunk) [Controls and Procedures](index=70&type=section&id=ITEM%209A.%20CONTROLS%20AND%20PROCEDURES) Management and independent auditors concluded that the company's disclosure controls and internal control over financial reporting were effective as of December 31, 2024 - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of December 31, 2024[347](index=347&type=chunk) - Management assessed internal control over financial reporting as effective as of December 31, 2024, based on the COSO framework[351](index=351&type=chunk) - The independent auditor, Plante & Moran, PLLC, issued an unqualified opinion on the effectiveness of the company's internal control over financial reporting as of December 31, 2024[357](index=357&type=chunk) [Other Information](index=73&type=section&id=ITEM%209B.%20OTHER%20INFORMATION) No director or officer trading plans under Rule 10b5-1 were adopted, modified, or terminated during the fourth quarter of 2024 - No director or officer trading plans under Rule 10b5-1 were adopted, modified, or terminated during the fourth quarter of 2024[364](index=364&type=chunk) PART III [Directors, Executive Compensation, Security Ownership, and Principal Accountant Fees](index=73&type=section&id=ITEM%2010%2C%2011%2C%2012%2C%2013%2C%2014) Information for Items 10 through 14 is incorporated by reference from the company's forthcoming 2025 Definitive Proxy Statement - Information required for Items 10, 11, 12, 13, and 14 is incorporated by reference from the company's forthcoming 2025 Definitive Proxy Statement[366](index=366&type=chunk)[367](index=367&type=chunk)[368](index=368&type=chunk) PART IV [Exhibits and Financial Statement Schedules](index=74&type=section&id=ITEM%2015.%20EXHIBITS%20AND%20FINANCIAL%20STATEMENT%20SCHEDULES) This section lists the financial statements, schedules, and various exhibits filed as part of the Form 10-K, including corporate documents and certifications - This section contains the index to financial statements and a list of all exhibits filed with the 10-K report[369](index=369&type=chunk)

[Financial & Operational Highlights](index=1&type=section&id=Financial%20%26%20Operational%20Highlights) [Executive Commentary](index=1&type=section&id=Executive%20Commentary) Medallion's President highlights record annual loan originations over $1 billion and strong year-end financial performance - For the first time in company history, annual loan originations exceeded **$1 billion**, with over half being high-yielding recreation loans[5](index=5&type=chunk) - The commercial lending group, Medallion Capital, generated net gains of **$3.8 million** in Q4 and **$6.9 million** for the full year from exiting a portfolio investment[6](index=6&type=chunk) - An agreement in principle was reached regarding the SEC matter, resulting in a **$3.0 million** charge for the settlement and a **$5.5 million** benefit from insurance coverage for legal costs[7](index=7&type=chunk) - The company achieved record year-end figures for total interest income, net interest income, assets, strategic partnership loan volume, and total equity[8](index=8&type=chunk) [2024 Fourth Quarter Highlights](index=1&type=section&id=2024%20Fourth%20Quarter%20Highlights) Q4 2024 net income decreased to $10.1 million due to lower taxi medallion recoveries, despite net interest income growth Q4 2024 vs Q4 2023 Financial Performance (in millions) | Metric | Q4 2024 | Q4 2023 | Change | | :--- | :--- | :--- | :--- | | Net Income | $10.1M | $14.3M | -29.4% | | Diluted EPS | $0.43 | $0.60 | -28.3% | | Net Interest Income | $52.0M | $49.0M | +6.1% | | Loan Originations | $285.7M | $169.1M | +69.0% | | Credit Loss Provision | $20.6M | $10.8M | +90.8% | | Taxi Medallion Recoveries | $1.3M | $12.5M | -89.6% | - The Board of Directors approved a **10% increase** in the quarterly dividend to **$0.11 per share**[8](index=8&type=chunk) [2024 Full-Year Highlights](index=1&type=section&id=2024%20Full-Year%20Highlights) Full-year 2024 net income decreased to $35.9 million due to lower taxi medallion recoveries, despite record net interest income Full-Year 2024 vs 2023 Financial Performance (in millions/billions) | Metric | FY 2024 | FY 2023 | Change | | :--- | :--- | :--- | :--- | | Net Income | $35.9M | $55.1M | -34.8% | | Diluted EPS | $1.52 | $2.37 | -35.9% | | Net Interest Income | $202.5M | $188.1M | +7.7% | | Loan Originations | $1.0B | $960.0M | +4.2% | | Credit Loss Provision | $76.5M | $37.8M | +102.4% | | Total Assets | $2.9B | $2.6B (Dec 31, 2023) | +11% | - The company repurchased **570,404 shares** of common stock for a total of **$4.6 million** during the year[8](index=8&type=chunk) [Business Segment & Capital Allocation](index=3&type=section&id=Business%20Segment%20%26%20Capital%20Allocation) [Business Segment Highlights](index=3&type=section&id=Business%20Segment%20Highlights) Recreation and Home Improvement lending segments show strong portfolio growth, while the Taxi Medallion segment significantly reduced [Recreation Lending Segment](index=3&type=section&id=Recreation%20Lending%20Segment) Recreation Lending reported strong Q4 originations, 15% portfolio growth to $1.5 billion, and stable asset quality Recreation Lending Segment Q4 2024 Metrics (in millions/billions) | Metric | Q4 2024 | YoY Change | | :--- | :--- | :--- | | Originations | $72.2M | +15.2% | | Total Portfolio | $1.5B | +15.0% | | Average Interest Rate | 15.07% | +28 bps | | 90+ Days Past Due | 0.67% | -3 bps | - In December 2024, the company signed a letter of intent to sell up to **$121 million** of recreation loans at a premium to par value[13](index=13&type=chunk) [Home Improvement Lending Segment](index=3&type=section&id=Home%20Improvement%20Lending%20Segment) Home Improvement Lending saw Q4 originations of $82.5 million, 9% portfolio growth to $827.2 million, and improved credit quality Home Improvement Lending Segment Q4 2024 Metrics (in millions) | Metric | Q4 2024 | YoY Change | | :--- | :--- | :--- | | Originations | $82.5M | +25.0% | | Total Portfolio | $827.2M | +8.8% | | Average Interest Rate | 9.81% | +30 bps | | 90+ Days Past Due | 0.17% | -3 bps | [Commercial Lending Segment](index=3&type=section&id=Commercial%20Lending%20Segment) Commercial Lending portfolio remained stable at $111.3 million with a slight increase in average interest rate to 12.97% - Commercial loans totaled **$111.3 million** at year-end 2024, with an average interest rate of **12.97%**[13](index=13&type=chunk) [Taxi Medallion Lending Segment](index=3&type=section&id=Taxi%20Medallion%20Lending%20Segment) The Taxi Medallion portfolio continues to wind down, with net assets reduced by 37% to $7.7 million - Collected **$2.6 million** of cash on taxi medallion-related assets during Q4 2024[13](index=13&type=chunk) - Total net taxi medallion assets were reduced by **37%** year-over-year to **$7.7 million**, representing less than **0.5%** of total company assets[13](index=13&type=chunk) [Capital Allocation](index=3&type=section&id=Capital%20Allocation) Medallion Financial actively returns capital to shareholders through increased dividends and a $4.6 million stock repurchase program [Quarterly Dividend](index=3&type=section&id=Quarterly%20Dividend) The Board declared a quarterly cash dividend of $0.11 per share, a 10% increase, payable on March 31, 2025 - The Board declared a quarterly dividend of **$0.11 per share**, payable on March 31, 2025[11](index=11&type=chunk) [Stock Repurchase Plan](index=3&type=section&id=Stock%20Repurchase%20Plan) In 2024, the company repurchased 570,404 shares for $4.6 million, with $15.4 million remaining under the program - In 2024, the Company purchased **570,404 shares** for **$4.6 million**, with **$15.4 million** remaining under the repurchase program[12](index=12&type=chunk) [Financial Statements](index=5&type=section&id=Financial%20Statements) [Consolidated Balance Sheets](index=5&type=section&id=Consolidated%20Balance%20Sheets) Total assets increased 11% to $2.87 billion, driven by loan growth and funded by a 12% rise in deposits, with total equity also increasing Consolidated Balance Sheet Highlights (in thousands) | Account | Dec 31, 2024 | Dec 31, 2023 | Change | | :--- | :--- | :--- | :--- | | Total Assets | $2,868,606 | $2,587,827 | +10.8% | | Net Loans Receivable | $2,265,428 | $2,131,651 | +6.3% | | Total Liabilities | $2,429,648 | $2,176,053 | +11.7% | | Deposits | $2,090,071 | $1,866,657 | +11.9% | | Total Equity | $438,958 | $411,774 | +6.6% | | Book Value Per Share | $16.00 | $14.63 | +9.4% | [Consolidated Statements of Operations](index=6&type=section&id=Consolidated%20Statements%20of%20Operations) Full-year 2024 net interest income grew 8% to $202.5 million, but net income declined to $35.9 million due to higher credit loss provisions Consolidated Statement of Operations Highlights (in thousands) | Account | Year Ended Dec 31, 2024 | Year Ended Dec 31, 2023 | Change | | :--- | :--- | :--- | :--- | | Net Interest Income | $202,535 | $188,094 | +7.7% | | Provision for Credit Losses | $76,502 | $37,810 | +102.3% | | Total Other Income, net | $11,330 | $11,320 | +0.1% | | Total Other Expenses | $74,427 | $75,568 | -1.5% | | Net Income Attributable to MFIN | $35,878 | $55,079 | -34.9% | | Diluted EPS | $1.52 | $2.37 | -35.9% | [Conference Call & Company Information](index=4&type=section&id=Conference%20Call%20%26%20Company%20Information) [Conference Call Information](index=4&type=section&id=Conference%20Call%20Information) The company will host a conference call on March 5, 2025, at 9:00 a.m. ET to discuss Q4 and full-year 2024 results Earnings Call Details | Item | Detail | | :--- | :--- | | Date | Wednesday, March 5, 2025 | | Time | 9:00 a.m. Eastern time | | U.S. Dial-in | (833) 816-1412 | | International Dial-in | (412) 317-0504 | [About Medallion Financial Corp.](index=4&type=section&id=About%20Medallion%20Financial%20Corp.) Medallion Financial Corp. is a specialty finance company focusing on consumer and mezzanine loans in recreation and home improvement - Medallion Financial Corp. originates and services consumer and mezzanine loans, with a focus on the recreation and home improvement industries[17](index=17&type=chunk) [Forward-Looking Statements](index=4&type=section&id=Forward-Looking%20Statements) This press release contains forward-looking statements subject to risks and uncertainties, including the pending SEC litigation settlement approval - The press release contains forward-looking statements that involve risks and uncertainties. Actual results may differ significantly. The settlement of the pending SEC litigation remains subject to SEC and court approval[18](index=18&type=chunk)

```markdown PART I – FINANCIAL INFORMATION [Financial Statements](index=3&type=section&id=ITEM%201.%20FINANCIAL%20STATEMENTS) The company's financial statements for the period ended September 30, 2024, show significant growth in total assets, primarily driven by an increase in the loan portfolio, while net income decreased year-over-year due to higher provisions for credit losses and increased interest expenses [Consolidated Balance Sheets](index=4&type=section&id=Consolidated%20Balance%20Sheets) As of September 30, 2024, total assets increased to **$2.88 billion** from **$2.59 billion** at year-end 2023, driven by a **12.1%** growth in net loans receivable, primarily funded by a **12.9%** increase in deposits, with total equity rising to **$431.2 million** and book value per share increasing to **$15.70** from **$14.63** Consolidated Balance Sheet Highlights (in thousands) | Metric | Sep 30, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | **Total Assets** | **$2,880,052** | **$2,587,827** | | Net Loans Receivable | $2,388,761 | $2,131,651 | | **Total Liabilities** | **$2,448,876** | **$2,176,053** | | Deposits | $2,108,132 | $1,866,657 | | **Total Equity** | **$431,176** | **$411,774** | | Book Value per Share | $15.70 | $14.63 | [Consolidated Statements of Operations](index=5&type=section&id=Consolidated%20Statements%20of%20Operations) For the third quarter of 2024, net income attributable to the company was **$8.6 million** (**$0.37**/share), a decrease from **$11.2 million** (**$0.48**/share) in Q3 2023, with the nine-month net income at **$25.7 million** (**$1.09**/share), down from **$40.8 million** (**$1.77**/share) year-over-year, primarily due to a significant increase in the provision for credit losses and higher interest expenses Key Operating Results (in thousands, except per share data) | Metric | Q3 2024 | Q3 2023 | 9M 2024 | 9M 2023 | | :--- | :--- | :--- | :--- | :--- | | Net Interest Income | $52,737 | $48,784 | $150,522 | $139,076 | | Provision for Credit Losses | $20,151 | $14,532 | $55,929 | $27,045 | | **Net Income Attributable to MFIN** | **$8,611** | **$11,230** | **$25,736** | **$40,761** | | Diluted EPS | $0.37 | $0.48 | $1.09 | $1.77 | [Consolidated Statements of Cash Flows](index=9&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) For the nine months ended September 30, 2024, net cash provided by operating activities was **$87.1 million**, with **$311.1 million** used in investing activities primarily for loan originations, and **$262.0 million** provided by financing activities, resulting in a net increase in cash and cash equivalents of **$38.1 million** Nine-Month Cash Flow Summary (in thousands) | Cash Flow Category | 9M 2024 | 9M 2023 | | :--- | :--- | :--- | | Net Cash from Operating Activities | $87,148 | $94,141 | | Net Cash used for Investing Activities | ($311,086) | ($328,226) | | Net Cash from Financing Activities | $262,022 | $256,129 | | **Net Increase in Cash** | **$38,084** | **$22,044** | [Notes to Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes detail the company's accounting policies and provide breakdowns of key financial statement items, including loan portfolio composition, debt structure, segment performance, and ongoing SEC litigation, with the adoption of the CECL accounting standard on January 1, 2023, resulting in a **$13.7 million** increase to the allowance for credit losses - The company's primary operating subsidiary is Medallion Bank, an FDIC-insured industrial bank that originates consumer loans and raises deposits[34](index=34&type=chunk) - Upon adopting the CECL standard (ASC 326) on January 1, **2023**, the company increased its allowance for credit losses by **$13.7 million**, with a corresponding **$9.9 million** net-of-tax reduction to retained earnings[57](index=57&type=chunk) [Management's Discussion and Analysis (MD&A)](index=36&type=section&id=ITEM%202.%20MANAGEMENT%27S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) Management attributes the year-over-year decrease in net income to higher provisions for credit losses driven by loan growth and increased charge-offs, alongside rising interest expenses that have compressed net interest margins, while the company's strategic focus remains on growing its consumer and commercial loan portfolios, funded primarily by bank certificates of deposit, and is considering strategic alternatives for Medallion Bank - The company's strategic focus is on growing its consumer finance (recreation and home improvement loans) and commercial lending businesses[217](index=217&type=chunk) - Net interest margin has tightened as the cost of funds, particularly deposits, has risen faster than the yield on the fixed-rate loan portfolio can be increased through new originations[312](index=312&type=chunk) - The company is considering various strategic alternatives for Medallion Bank, which could include an IPO, sale, or spin-off[222](index=222&type=chunk) [Loan Portfolio and Credit Quality](index=45&type=section&id=Loan%20Portfolio%20and%20Credit%20Quality) The total loan portfolio grew to **$2.5 billion** as of September 30, 2024, a **12%** increase from year-end 2023, led by the recreation segment, with the provision for credit losses increasing significantly to **$55.9 million** for the first nine months of 2024 from **$27.0 million** in the prior-year period due to loan growth, higher charge-offs, and lower recoveries, while the overall allowance for credit losses stood at **3.88%** of total loans Loan Portfolio Composition (in millions) | Loan Segment | Sep 30, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | Recreation | $1,554.6 | $1,336.2 | | Home Improvement | $814.1 | $760.6 | | Commercial | $110.1 | $114.8 | | **Total Gross Loans** | **$2,485.3** | **$2,215.9** | Allowance for Credit Losses Activity (9M 2024 vs 9M 2023, in millions) | Metric | 9M 2024 | 9M 2023 | | :--- | :--- | :--- | | Provision for Credit Losses | $55.9 | $27.0 | | Net Charge-offs | $43.6 | $25.5 | | **Ending Allowance** | **$96.5** | **$79.1** | - Loans **90+** days past due as a percentage of the total loan portfolio decreased slightly to **0.7%** at Q3 2024 from **0.8%** at year-end 2023[265](index=265&type=chunk) [Segment Results](index=49&type=section&id=Segment%20Results) The Recreation and Home Improvement segments drove loan growth, with portfolios increasing **16%** and **7%** respectively in the first nine months of 2024, though both saw lower net income due to higher provisions for credit losses, while the Commercial Lending segment's net income grew, and the Taxi Medallion segment continued to wind down, contributing income through recoveries at a lower level than the prior year Net Income (Loss) by Segment (9M 2024 vs 9M 2023, in millions) | Segment | 9M 2024 Net Income | 9M 2023 Net Income | | :--- | :--- | :--- | | Recreation Lending | $19.6 | $33.0 | | Home Improvement Lending | $7.5 | $6.6 | | Commercial Lending | $4.7 | $4.0 | | Taxi Medallion Lending | $1.7 | $11.1 | | Corporate and Other | ($3.2) | ($9.5) | - Recreation loan originations increased to **$454.4 million** in 9M 2024 from **$384.3 million** in 9M 2023, despite more restrictive underwriting[278](index=278&type=chunk) - Home Improvement loan originations decreased to **$216.1 million** in 9M 2024 from **$291.3 million** in 9M 2023, partly due to restrictive underwriting and efforts to mitigate concentration risk[287](index=287&type=chunk) [Liquidity and Capital Resources](index=57&type=section&id=Liquidity%20and%20Capital%20Resources) The company's primary sources of liquidity are brokered certificates of deposit, SBA debentures, and private debt placements, with recent capital raises including a new **$5.0 million** note issuance and an increase to a prior note placement, while the board increased the quarterly dividend to **$0.11** per share and continued its stock repurchase program, buying back **$1.0 million** in shares during Q3 2024 - Primary funding sources are brokered CDs (**$2.1B**), privately placed notes (**$146.5M**), and SBA debentures (**$70.3M**) as of Sep 30, 2024[336](index=336&type=chunk) - Recent financing activities in **2024** include a **$5.0M** private placement of **8.625%** senior notes and an amendment increasing a prior placement by **$5.0M** to **$17.5M**[326](index=326&type=chunk)[327](index=327&type=chunk) - The quarterly dividend was increased to **$0.11** per share in October **2024**, and the company repurchased **122,344 shares** for **$1.0 million** in Q3 **2024** under its authorized plan[349](index=349&type=chunk)[350](index=350&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=58&type=section&id=ITEM%203.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) The company states there have been no material changes in its market risk disclosures since its 2023 Annual Report on Form 10-K - There has been no material change in disclosure regarding quantitative and qualitative disclosures about market risk since the Annual Report on Form 10-K for the year ended December **31**, **2023**[351](index=351&type=chunk) [Controls and Procedures](index=58&type=section&id=ITEM%204.%20CONTROLS%20AND%20PROCEDURES) Management, including the CEO and CFO, concluded that the company's disclosure controls and procedures were effective as of September 30, 2024, and confirmed that no changes occurred during the quarter that materially affected, or are reasonably likely to materially affect, the company's internal control over financial reporting - The CEO and CFO evaluated and concluded that the company's disclosure controls and procedures are effective as of September **30**, **2024**[352](index=352&type=chunk) - No changes in internal control over financial reporting occurred during the quarter ended September **30**, **2024**, that have materially affected or are likely to materially affect internal controls[353](index=353&type=chunk) PART II—OTHER INFORMATION [Legal Proceedings](index=59&type=section&id=ITEM%201.%20LEGAL%20PROCEEDINGS) The company is involved in a civil complaint filed by the SEC in December 2021 against the company and its President, alleging violations of federal securities laws between 2015 and 2017, with the court largely denying the company's motion to dismiss on September 18, 2024, and the company intends to defend itself vigorously but acknowledges that an adverse outcome could be material - The SEC filed a civil complaint against the Company and its President in December **2021** regarding issues from **2015-2017** related to anti-fraud, books and records, internal controls, and anti-touting provisions[179](index=179&type=chunk) - On September **18**, **2024**, the Court largely denied the Company's motion to dismiss the amended complaint[179](index=179&type=chunk) [Risk Factors](index=59&type=section&id=ITEM%201A.%20RISK%20FACTORS) The company reports no material changes to its risk factors from those disclosed in its Annual Report on Form 10-K for the fiscal year ended December 31, 2023 - There have been no material changes in risk factors from those disclosed in the Annual Report on Form 10-K for the fiscal year ended December **31**, **2023**[356](index=356&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=59&type=section&id=ITEM%202.%20UNREGISTERED%20SALES%20OF%20EQUITY%20SECURITIES%20AND%20USE%20OF%20PROCEEDS) Under its stock repurchase program, the company repurchased **122,344 shares** of its common stock during the third quarter of 2024 at an average price of **$7.89** per share, for a total cost of approximately **$1.0 million**, with approximately **$15.4 million** remaining authorized for future repurchases as of September 30, 2024 Q3 2024 Stock Repurchase Activity | Period | Total Shares Purchased | Average Price Paid | Total Amount Paid | | :--- | :--- | :--- | :--- | | July 2024 | 0 | N/A | $0 | | August 2024 | 122,344 | $7.89 | $965,530 | | September 2024 | 0 | N/A | $0 | | **Total Q3** | **122,344** | **$7.89** | **$965,530** | - As of September **30**, **2024**, up to **$15,392,299** of shares remained authorized for repurchase under the company's stock repurchase program[357](index=357&type=chunk) [Other Information](index=59&type=section&id=ITEM%205.%20OTHER%20INFORMATION) The company disclosed that none of its directors or officers adopted, modified, or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement during the third quarter of 2024 - No directors or officers adopted, modified, or terminated a Rule **10b5-1** or non-Rule **10b5-1** trading arrangement during the fiscal quarter ended September **30**, **2024**[359](index=359&type=chunk) [Exhibits](index=60&type=section&id=ITEM%206.%20EXHIBITS) This section lists the exhibits filed with the Form 10-Q, including amended bylaws, an amendment to a cooperation agreement, officer certifications (pursuant to Sarbanes-Oxley Sections 302 and 906), and XBRL data files ```

[Financial Highlights and Executive Commentary](index=1&type=section&id=2024%20Third%20Quarter%20Highlights) Medallion Financial reported Q3 2024 net income of $8.6 million, achieving record highs in total assets, interest income, and net interest income, driven by consumer lending growth Q3 2024 Key Financial Metrics vs. Q3 2023 | Metric | Q3 2024 | Q3 2023 | Change | | :--- | :--- | :--- | :--- | | Net Income | $8.6 million | $11.2 million | -23.2% | | Diluted EPS | $0.37 | $0.48 | -22.9% | | Net Interest Income | $52.7 million | $48.8 million | +8.0% | | Loan Originations | $275.6 million | $217.4 million | +26.8% | | Total Loans | $2.5 billion | $2.2 billion | +13.0% | | Provision for Credit Losses | $20.2 million | $14.5 million | +39.3% | - The company achieved record highs for **total interest income ($76.4 million)**, **net interest income ($52.7 million)**, and **total assets ($2.9 billion)**[5](index=5&type=chunk) - Earnings included an additional **$0.07 per share** in allowance for credit losses tied to the growth in consumer lending segments[3](index=3&type=chunk) - The fintech strategic partnership program at Medallion Bank had its highest volume quarter ever with **$40 million of new loans**, a significant increase from **$24 million in Q2 2024**[5](index=5&type=chunk) [Business Segment Performance](index=2&type=section&id=Business%20Segment%20Highlights) Consumer lending segments, particularly recreation and home improvement, drove performance, while the taxi medallion segment continued its strategic wind-down [Recreation Lending Segment](index=2&type=section&id=Recreation%20Lending%20Segment) The largest segment, Recreation Lending, showed strong growth in its loan portfolio and net interest income, despite a slight rise in delinquencies Recreation Lending Segment Performance (as of Sep 30, 2024) | Metric | Q3 2024 | YoY Change | | :--- | :--- | :--- | | Originations | $139.1 million | +50.2% | | Loan Portfolio | $1.6 billion | +15% | | Net Interest Income (Quarter) | $38.9 million | +9% | | Average Interest Rate | 14.92% | +19 bps | | 90+ Days Past Due | 0.50% | +5 bps | [Home Improvement Lending Segment](index=2&type=section&id=Home%20Improvement%20Lending%20Segment) The Home Improvement segment demonstrated solid growth in its loan portfolio and net interest income, maintaining low delinquency rates Home Improvement Lending Segment Performance (as of Sep 30, 2024) | Metric | Q3 2024 | YoY Change | | :--- | :--- | :--- | | Originations | $96.5 million | +21.7% | | Loan Portfolio | $814.1 million | +8% | | Net Interest Income (Quarter) | $12.0 million | +5% | | Average Interest Rate | 9.76% | +38 bps | | 90+ Days Past Due | 0.19% | +6 bps | [Commercial Lending Segment](index=2&type=section&id=Commercial%20Lending%20Segment) The commercial loan portfolio expanded year-over-year, with its average interest rate remaining stable - Commercial loans grew to **$110.1 million**, up from **$100.3 million** a year ago[9](index=9&type=chunk) - The average interest rate on the portfolio was **12.90%**, nearly unchanged from **12.91%** a year ago[9](index=9&type=chunk) [Taxi Medallion Lending Segment](index=2&type=section&id=Taxi%20Medallion%20Lending%20Segment) The company significantly reduced its exposure to taxi medallion assets, which now represent a minimal portion of total assets - Total net taxi medallion assets declined to **$8.8 million**, a **46% reduction** from the prior year[9](index=9&type=chunk) - The company collected **$4.1 million** of cash on taxi medallion-related assets during the third quarter[9](index=9&type=chunk) [Capital Allocation](index=2&type=section&id=Capital%20Allocation) Medallion Financial demonstrated commitment to shareholder returns through increased dividends and active share repurchases [Quarterly Dividend](index=2&type=section&id=Quarterly%20Dividend) The Board of Directors authorized a 10% increase in the quarterly cash dividend to $0.11 per share, payable in November 2024 - The Board of Directors increased the quarterly cash dividend by **10%** to **$0.11 per share**[6](index=6&type=chunk) - The dividend is payable on November 27, 2024, to shareholders of record at the close of business on November 15, 2024[7](index=7&type=chunk) [Stock Repurchase Plan](index=2&type=section&id=Stock%20Repurchase%20Plan) The company repurchased 122,344 shares for $1.0 million during the quarter, with $15.4 million remaining under its $40 million repurchase program - Repurchased **122,344 shares** of common stock at an average cost of **$7.89 per share**, totaling **$1.0 million**[6](index=6&type=chunk)[9](index=9&type=chunk) - As of September 30, 2024, **$15.4 million** remained under the company's **$40 million** share repurchase program[9](index=9&type=chunk) [Financial Statements](index=4&type=section&id=Financial%20Statements) Consolidated financial statements show a growing balance sheet driven by loan growth, alongside mixed profitability due to higher credit loss provisions [Consolidated Balance Sheets](index=4&type=section&id=CONSOLIDATED%20BALANCE%20SHEETS) The balance sheet strengthened as of September 30, 2024, with total assets and net loans receivable increasing, leading to higher total equity and book value per share Key Balance Sheet Items (in thousands) | Account | Sep 30, 2024 | Sep 30, 2023 | | :--- | :--- | :--- | | Total Assets | $2,880,052 | $2,558,627 | | Net Loans Receivable | $2,388,761 | $2,123,905 | | Total Liabilities | $2,448,876 | $2,161,365 | | Total Equity | $431,176 | $397,262 | | Book Value Per Share | $15.70 | $14.06 | [Consolidated Statements of Operations](index=5&type=section&id=CONSOLIDATED%20STATEMENTS%20OF%20OPERATIONS) Q3 2024 saw an increase in net interest income, but a higher provision for credit losses and equity investment losses led to a decline in net income Key Income Statement Items - Three Months Ended Sep 30 (in thousands) | Account | 2024 | 2023 | | :--- | :--- | :--- | | Net Interest Income | $52,737 | $48,784 | | Provision for Credit Losses | $20,151 | $14,532 | | Total Other Income, Net | $587 | $4,306 | | Net Income Attributable to MFIN | $8,611 | $11,230 | | Diluted Net Income Per Share | $0.37 | $0.48 | [Conference Call and Other Information](index=3&type=section&id=Conference%20Call%20Information) A conference call is scheduled for October 30, 2024, to discuss financial results, with webcast availability and standard forward-looking statement disclaimers - A conference call to discuss Q3 results is scheduled for Wednesday, October 30, 2024, at **9:00 a.m. Eastern time**[10](index=10&type=chunk)[15](index=15&type=chunk) - The press release contains forward-looking statements and directs investors to the 'Risk Factors' in the company's 2023 Form 10-K for a discussion of potential risks[14](index=14&type=chunk)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q MEDALLION FINANCIAL CORP. (Exact Name of Registrant as Specified in Its Charter) DELAWARE 04-3291176 (State of Incorporation) (IRS Employer (Mark One) Identification No.) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ...

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, 2024 OR ☐ 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 (212) 328-2100 (Regis ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended December 31, 2023 OR ☐ 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) ( ...

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) (Exact Name of Registrant as Specified in Its Charter) (State of Incorporation) (IRS Employer DELAWARE 04-3291176 Identification No.) Commission file n ...

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 June 30, 2023 OR ☐ 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 Incorporatio ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended December 31, 2022 OR ☐ 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) (State of Incorporation) DELAWARE 04-3291176 ( ...