FEBRUARY 17, 2026 SUPPLEMENTAL FINANCIAL REPORT FOURTH QUARTER 2025 1 CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS This presentation may contain forward-looking statements within the meaning of the federal securities laws. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use o ...

UNIONDALE, N.Y., Feb. 17, 2026 (GLOBE NEWSWIRE) -- Arbor Realty Trust, Inc. (NYSE: ABR), a real estate investment trust and national direct lender specializing in loan origination and servicing for multifamily, single-family rental (SFR) portfolios, seniors housing, healthcare, and other diverse commercial real estate assets, is pleased to announce the appointment of Yoni Goodman as its Executive Vice President and Chief Operating Officer. Mr. Goodman will be responsible for expanding Arbor’s reach into var ...

Core Viewpoint - Medallion Financial Corp. will report its financial results for the quarter and year ended December 31, 2025, after market close on February 18, 2026, with a conference call scheduled for February 19, 2026, at 9:00 a.m. ET [1] Group 1 - The company specializes in originating and servicing loans across various consumer and commercial industries, including fintech partnerships [5] - Key industries served by the company include recreation (such as towable RVs and marine) and home improvement (including replacement roofs, swimming pools, and windows) [5] - Medallion Financial Corp. is headquartered in New York City, with its largest subsidiary, Medallion Bank, located in Salt Lake City, Utah [5] Group 2 - A live audio webcast of the conference call will be available on the company's Investor Relations website [2] - The replay of the conference call will be accessible until February 26, 2026 [3] - The webcast replay will also be available on the company's Investor Relations website [4]

Core Viewpoint - NexPoint Real Estate Finance, Inc. has announced the final income allocations for its 2025 dividend distributions on common stock and preferred stock, detailing the taxable income and capital gains for shareholders [1]. Summary by Category Common Shares - The dividend distribution per share is set at $0.50000 for two payment dates: March 31, 2025, and June 30, 2025 - Taxable ordinary income per share is $0.02966 for both payment dates - There are no taxable capital gains or unrecaptured Section 1250 gains, with a return of capital per share of $0.47034 for both distributions [1]. Series A Preferred Shares - The dividend distribution per share is $0.53125 for each of the payment dates: January 27, 2025, April 25, 2025, and July 25, 2025 - The entire amount of $0.53125 is classified as taxable ordinary income, with no taxable capital gains or unrecaptured Section 1250 gains [1]. Series B Preferred Shares - The dividend distribution per share is $0.18750 for payment dates on February 5, 2025, and March 5, 2025 - Similar to Series A, the entire amount is classified as taxable ordinary income, with no taxable capital gains or unrecaptured Section 1250 gains [1]. - It is noted that several CUSIPs for Series B may not have received all listed payments due to issuance after the payable/record dates [1]. Tax Treatment - 98.374% of the taxable ordinary income is treated as a qualified REIT dividend under Section 199A - 1.626% of the taxable ordinary income qualifies as dividend income eligible for the dividends received deduction for corporate taxpayers [1]. Company Overview - NexPoint Real Estate Finance, Inc. is a publicly traded REIT focused on originating and investing in various real estate finance products, including first-lien mortgage loans and multifamily properties, with its common stock and Series A Preferred Stock listed on the NYSE [1].

Core Viewpoint - The Zacks SBIC & Commercial Finance industry is facing challenges due to declining interest rates, which may lead to margin compression and lower investment income, while asset quality remains at risk from prolonged high rates affecting borrowers' repayment ability [1][6]. Industry Overview - The Zacks SBIC & Commercial Finance industry consists of companies providing financing to small and mid-sized privately held firms, often underserved by traditional banks [3]. - These companies offer customized financing solutions, including senior debt instruments and equity capital, targeting firms undergoing ownership changes, buyouts, and growth initiatives [4]. Key Themes Declining Interest Rates - The Federal Reserve reduced interest rates three times in 2025, bringing the current range to 3.50–3.75%, following a 100-basis-point cut in 2024 [5]. - Many industry players have floating-rate loans, leading to lower loan yields and impacting net investment income [5][6]. Asset Quality - The COVID-19 pandemic initially raised concerns about asset quality, but government stimulus and business reopenings helped maintain economic growth and prevent significant delinquency increases [7]. - However, prolonged high interest rates may weaken asset quality as portfolio companies struggle to service their debt, compounded by geopolitical risks and tariff uncertainties [8]. Regulatory Changes - The 2018 amendment to the Investment Company Act of 1940 allowed SBIC companies to increase their debt-to-equity leverage from 1:1 to 2:1, enhancing funding flexibility and growth opportunities [9]. Industry Performance - The Zacks SBIC & Commercial Finance industry ranks 181 out of over 240 Zacks industries, placing it in the bottom 26% [10]. - The industry's earnings estimates for 2025 and 2026 have been revised down by 7.4% and 17.3%, indicating a loss of confidence in growth potential [12]. Market Performance - Over the past year, the industry has underperformed the S&P 500, with a collective loss of 15.6%, while the S&P 500 and Zacks Finance sector gained 17.3% and 14.1%, respectively [14]. - The industry's trailing 12-month price-to-tangible book (P/TB) ratio is 0.90X, significantly lower than the S&P 500's 13.05X and the Zacks Finance sector's 6.19X [16][17]. Company Highlights New Mountain Finance Corp. (NMFC) - NMFC focuses on providing direct lending solutions to upper middle market companies, with corporate investments ranging from $10 million to $125 million [18]. - The company has seen growth in total investment income and is expected to continue this trend, despite potential pressures from lower rates [19]. - As of September 30, 2025, NMFC had total statutory debt of $1.59 billion and cash equivalents of $63.7 million, with a market cap of $940.8 million [20]. Runway Growth Finance Corp. (RWAY) - RWAY provides senior secured loans and equity components to growth-stage companies, primarily in technology, healthcare, and business services [21]. - The company has experienced steady growth in total investment income and is expected to maintain this momentum, supported by a solid balance sheet [22]. - As of September 30, 2025, RWAY had $371.9 million in liquidity and a total investment portfolio valued at $946 million, with a market cap of $339.3 million [23][24].

Industry Overview - The Zacks SBIC & Commercial Finance industry provides financing to small and mid-sized privately held firms, often underserved by traditional banks, focusing on customized financing solutions such as senior debt and equity capital [3] - The industry targets firms in financial distress, offering products like mezzanine loans that typically pay high interest rates and can convert into equity [3] Key Themes - **Declining Interest Rates**: The Federal Reserve has lowered interest rates three times in 2025 to a range of 3.50–3.75%, following a 100-basis-point cut in 2024. This decline is expected to compress loan yields for many industry players with floating-rate loans, negatively impacting net investment income, although loan origination and refinancing activities may improve due to rising demand [4] - **Asset Quality Concerns**: Prolonged high interest rates may weaken asset quality as portfolio companies struggle to service debt. Geopolitical risks and tariff uncertainties further strain asset quality for SBIC & Commercial Finance companies [6] - **Regulatory Changes**: The 2018 amendment to the Investment Company Act eased leverage limits for SBICs, allowing a debt-to-equity ratio increase to 2:1, which provides funding flexibility and growth opportunities for these companies [7] Industry Performance - The Zacks SBIC & Commercial Finance industry ranks 181 out of over 240 Zacks industries, placing it in the bottom 26%, indicating underperformance in the near term [8] - The industry has collectively lost 15.6% over the past year, underperforming the Zacks S&P 500 composite, which has gained 17.3%, and the Zacks Finance sector, which has increased by 14.1% [11] Valuation Metrics - The industry has a trailing 12-month price-to-tangible book (P/TB) ratio of 0.90X, significantly lower than the S&P 500 composite's 13.05X and the Zacks Finance sector's 6.19X, indicating a substantial discount compared to the broader market [14][16] Company Highlights - **New Mountain Finance Corporation (NMFC)**: A specialty finance firm focusing on upper middle market companies, NMFC has seen growth in total investment income and is expected to continue this trend due to regulatory changes and rising demand for customized financing. As of Sept. 30, 2025, NMFC had total statutory debt of $1.59 billion and a market cap of $940.8 million [19][21] - **Runway Growth Finance Corp. (RWAY)**: This company provides senior secured loans to growth-stage companies, showing steady growth in total investment income. As of Sept. 30, 2025, RWAY had $371.9 million in liquidity and a market cap of $339.3 million [23][26]

Core Viewpoint - Medallion Financial Corp. will participate in the Sidoti Conference on January 21-22, 2026, providing opportunities for one-on-one meetings with investors [1][2]. Company Overview - Medallion Financial Corp. (NASDAQ: MFIN) is a specialty finance company that originates and services a diverse portfolio of consumer and mezzanine loans across various industries, including recreation and home improvement [3]. - The company offers loan products and services through fintech strategic partners, with key industries served including towable RVs, marine, replacement roofs, swimming pools, and windows [3]. - Medallion Financial Corp. is headquartered in New York City, NY, with its largest subsidiary, Medallion Bank, located in Salt Lake City, Utah [3].

Company Overview - Medallion Financial Corp. (NASDAQ: MFIN) is a specialty finance company that originates and services loans across various consumer and commercial industries, including loan products and services through fintech strategic partners [3] - The company focuses on key industries such as recreation (towable RVs and marine) and home improvement (replacement roofs, swimming pools, and windows) [3] - Medallion Financial Corp. is headquartered in New York City, with its largest subsidiary, Medallion Bank, located in Salt Lake City, Utah [3] Upcoming Events - Medallion's management team will present at two investor conferences on December 3, 2025: the Raymond James Small Cap Bank Conference in New York City and the Noble Capital Markets Emerging Growth Conference in Boca Raton, Florida [1][4] - The main presentation at the Noble Capital Markets Emerging Growth Conference is scheduled for 10:00 A.M. ET, and a webcast will be available for 90 days following the event [4] - Management will also be available for one-on-one meetings with investors throughout the day [2]

Core Industry Insights - The Zacks SBIC & Commercial Finance industry is facing margin compression and lower investment income due to declining interest rates, as most loans are tied to floating rates [5][6] - Asset quality is at risk as prolonged high rates may strain borrowers' ability to repay, although initial support from stimulus packages helped mitigate delinquency rates post-COVID-19 [7][8] - Regulatory changes, particularly the amendment to the Investment Company Act of 1940, have provided funding flexibility and growth opportunities for industry players [9][10] Industry Performance - The Zacks SBIC & Commercial Finance industry has underperformed the S&P 500 and the broader finance sector, with a collective loss of 13% over the past year compared to gains of 14.2% for the S&P 500 [15] - The industry's Zacks Industry Rank is 209, placing it in the bottom 14% of over 250 Zacks industries, indicating a discouraging earnings outlook [11][12][13] Valuation Metrics - The industry has a trailing 12-month price-to-tangible book (P/TB) ratio of 0.96X, significantly lower than the S&P 500's ratio of 12.55X, indicating a substantial discount compared to the market [17][18] Company Highlights - **Ares Capital Corp. (ARCC)**: A specialty finance firm focused on U.S. middle-market companies, with a market cap of $14.5 billion and total debt of $15.6 billion as of September 30, 2025. The company has seen growth in total investment income and is expected to continue this trend [19][21] - **Hercules Capital, Inc. (HTGC)**: A specialty finance company providing venture capital to technology and life science firms, with a market cap of $3.3 billion. The company maintains a robust balance sheet and is expected to benefit from rising demand for customized financing [22][24][25] - **Runway Growth Finance Corp. (RWAY)**: Focused on providing senior secured loans to growth-stage companies, with a market cap of $357.4 million. The company has posted steady growth in total investment income and is well-positioned to sustain this momentum [26][28][29]

Core Viewpoint - Medallion Financial Corp. will present at the Piper Sandler Financial Services Conference on November 11, 2025, highlighting its role as a specialty finance company that originates and services loans across various consumer and commercial sectors [1]. Company Overview - Medallion Financial Corp. (NASDAQ: MFIN) specializes in originating and servicing a diverse portfolio of consumer loans and mezzanine loans, with a focus on industries such as recreation and home improvement [3]. - The company operates through fintech strategic partners, enhancing its loan products and services [3]. - Medallion Financial Corp. is headquartered in New York City, with its largest subsidiary, Medallion Bank, located in Salt Lake City, Utah [3]. Investor Engagement - The management team will engage with investors throughout the conference, providing opportunities for direct communication and insights into the company's operations [2]. - Investors can access a PDF copy of the presentation via the company's Investor Relations section on its website [2].