Financial Data and Key Metrics Changes - Net sales for Q3 2025 increased by 6% to $976 million, with organic growth contributing over 4% [19][33] - Earnings per diluted share was $1.01, including approximately $0.07 of dilution from convertible notes [19][34] - Total net liquidity at the end of the quarter was $779 million, with no major debt maturities until 2028 [20][35] Business Line Data and Key Metrics Changes - RV revenue increased by 7% to $426 million, representing 44% of consolidated revenue, with content per unit (CPU) on a trailing twelve-month basis at $5,055, up 3% year-over-year [25][34] - Marine revenues increased by 11% to $150 million, with estimated marine content per unit at $4,091, up 4% year-over-year [27][34] - Powersports revenue increased by 12% to $98 million, with growth across all powersports businesses [29][34] - Housing revenues were up 1% to $302 million, representing 31% of consolidated sales, with content per unit at $6,682, up 2% year-over-year [31][34] Market Data and Key Metrics Changes - Estimated RV retail unit shipments were approximately 100,100, with wholesale unit shipments around 76,500, indicating a seasonal dealer inventory destock [25][26] - Marine retail and wholesale powerboat unit shipments were estimated at 42,700 and 32,300 units respectively, with dealer inventory remaining lean at 16 to 18 weeks on hand [28][34] - Estimated MH wholesale unit shipments and total housing starts both decreased by 2% in the quarter [31][34] Company Strategy and Development Direction - The company is focused on investments in aftermarket and new product development, emphasizing model year prototyping and digital tools [21][24] - Strategic initiatives include acquisitions to strengthen the Patrick platform and modernizing processes and technology [21][24] - The company aims to drive growth through M&A, aftermarket expansion, and innovative product development [24][39] Management's Comments on Operating Environment and Future Outlook - Management noted the resilience of the business in a dynamic environment and the potential for upside when retail demand inflects [19][20] - The outlook for 2026 includes expectations for RV wholesale shipments to increase low to mid single digits and improvements in operating margins [39][40] - Management emphasized the importance of consumer confidence and lower interest rates for market recovery [40] Other Important Information - The company reported a decline in industry gross margin to 22.6% from 23.1% year-over-year, attributed to short-term inefficiencies [33][34] - The company has been actively working with supply chain partners to mitigate tariff impacts [36][34] Q&A Session Summary Question: Current production outlook from OEM customers - Management observed slight increases in production numbers from OEMs in October and November, indicating a potential ramp-up [44] Question: Update on aftermarket strategy and new SKUs - The company has integrated several hundred SKUs into the REC Pro platform and is looking to accelerate this process [46][48] Question: Clarification on operating margin expansion - Management indicated that sales leverage and content gains will drive margin improvements, alongside automation efforts [49][50] Question: Insights on dealer inventory levels - Management noted that current dealer inventory levels are low, indicating a need for restocking as the selling season approaches [68][96] Question: Thoughts on composite market opportunities - The company sees significant potential in the composite market, particularly in the RV sector, with a total addressable market estimated at $1.5 billion [76][128]

Core Insights - Medallion Bank reported a net income of $19.8 million for Q3 2025, an increase from $15.5 million in the same quarter last year, driven by growth in recreation loans and stable performance in home improvement loans [3][6] - The bank's total loan portfolio was $2.3 billion as of September 30, 2025, down from $2.4 billion a year earlier, with recreation loans making up 66% of the total [6][7] - Strategic partnership loan originations reached a record $208 million in the quarter, indicating strong demand for consumer loans [3] Financial Performance - Net interest income increased to $55.9 million from $53.2 million year-over-year, with a net interest margin of 8.64%, up from 8.44% [6] - Total non-interest income rose to $2.3 million compared to $0.6 million in the prior year quarter [6] - The provision for credit losses decreased to $17.2 million from $20.2 million in the prior year quarter, reflecting improved asset quality [6] Loan Segments - The recreation loan portfolio was $1.546 billion as of September 30, 2025, with loan originations of $141.7 million, slightly up from $139.1 million in the prior year quarter [7] - Home improvement loan portfolio size was $804.0 million, down from $814.1 million a year earlier, with loan originations of $59.7 million [5][14] - Delinquencies for recreation loans increased to 4.97% from 4.15% year-over-year, while home improvement loans saw a decrease in delinquencies to 0.92% from 1.02% [7][14] Capital and Dividends - The bank's Tier 1 leverage ratio was 17.5% as of September 30, 2025, indicating strong capital position [6] - A quarterly cash dividend of $0.5625 per share on Series G preferred stock was declared, payable on January 2, 2026 [9]

Core Viewpoint - Lazydays Holdings, Inc. has successfully completed the sale of its Tulsa, Oklahoma location to Ron Hoover RV & Marine, which is part of the company's strategy to pay off debt and strengthen its balance sheet [1][2]. Company Overview - Lazydays has been a significant player in the RV industry since 1976, known for exceptional RV sales, service, and ownership experiences, fostering long-term relationships with RV enthusiasts [2]. - The company offers a wide selection of RV brands, state-of-the-art service facilities, and a comprehensive range of accessories, positioning itself as a go-to destination for RV enthusiasts [3]. Transaction Details - The sale of the Tulsa location was executed quickly and smoothly, aligning with the company's focus on its core store footprint [2]. - Ron Hoover RV & Marine, the buyer, is a leading provider of RVs, boats, and outdoor equipment in Texas, established in 1987, and is recognized for its integrity and customer service [4].

Core Viewpoint - Lazydays Holdings, Inc. has entered into a definitive agreement to sell its Tulsa, Oklahoma location to Ron Hoover RV & Marine, which is expected to enhance Lazydays' operational efficiency and improve its financial position by increasing cash reserves and enabling debt repayment [1][2]. Company Overview - Lazydays has been a significant player in the RV industry since 1976, known for exceptional RV sales, service, and ownership experiences, fostering long-term relationships with customers [3]. - The company offers a wide selection of RV brands, state-of-the-art service facilities, and a comprehensive range of accessories, positioning itself as a leading destination for RV enthusiasts [4]. - Lazydays is publicly traded on the Nasdaq stock exchange under the ticker "GORV" [5]. Ron Hoover RV & Marine Overview - Ron Hoover RV & Marine has been serving customers since 1987 and is recognized as Texas's leading provider of RVs, boats, and outdoor equipment, emphasizing integrity and exceptional customer service [5]. - The company operates multiple locations across Texas and Oklahoma, offering a wide selection of top brands and expert service [5].

Company Overview - Medallion Bank is an FDIC-insured bank that specializes in providing consumer loans for recreational vehicles, boats, and home improvements, as well as loan origination services to fintech strategic partners [5] Redemption Announcement - Medallion Bank announced that it will redeem all outstanding shares of its Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series F on July 1, 2025, at a redemption price of $25.00 per share [1] - The redemption price does not include declared and unpaid dividends, which will be paid separately on the same date to holders of record [2] Post-Redemption Details - After the redemption date, the Series F Preferred Stock will no longer be considered outstanding, and dividends will cease to accrue [3] - The shares are held in book-entry form through The Depository Trust Company and will be redeemed according to DTC procedures [3] Contact Information - Investors seeking information about the redemption payment should contact the bank or their broker [4]

Company Overview - Medallion Bank is an FDIC-insured bank that specializes in providing consumer loans for recreational vehicles, boats, and home improvements, as well as loan origination services to fintech strategic partners [5]. Redemption Announcement - Medallion Bank announced that it will redeem all outstanding shares of its Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series F, on July 1, 2025, at a redemption price of $25.00 per share [1]. - The redemption price does not include declared and unpaid dividends, which will be paid separately on the same date to holders of record [2]. Post-Redemption Details - After the redemption date, the Series F Preferred Stock will no longer be considered outstanding, and dividends will cease to accrue [3]. - The shares are held in book-entry form through The Depository Trust Company and will be redeemed according to DTC procedures [3]. Contact Information - Investors seeking information about the redemption payment should contact the bank or their broker [4].

Core Viewpoint - Medallion Bank has successfully closed a public offering of 3,100,000 shares of its Series G Preferred Stock, raising an aggregate liquidation amount of $77.5 million, which includes a partial exercise of the underwriters' option [1][2] Group 1: Offering Details - The Series G Preferred Stock has a par value of $1.00 per share and a liquidation amount of $25 per share [1] - The offering was priced on May 15, 2025, and commenced trading on the Nasdaq Capital Market under the ticker symbol "MBNKO" on May 22, 2025 [2] - The offering was exempt from the registration requirements of the Securities Act of 1933 and was made only by means of an offering circular [5] Group 2: Use of Proceeds - Medallion Bank intends to use the net proceeds from the offering for general corporate purposes, which may include increasing capital levels, growing consumer loan portfolios, or redeeming outstanding Series F Preferred Stock, subject to regulatory approval [3] Group 3: Company Background - Medallion Bank specializes in providing consumer loans for recreational vehicles, boats, and home improvements, and offers loan origination services to fintech partners [7] - The bank is a Utah-chartered, FDIC-insured industrial bank headquartered in Salt Lake City and is a wholly owned subsidiary of Medallion Financial Corp [7] Group 4: Management and Advisors - Piper Sandler & Co. and Lucid Capital Markets, LLC acted as joint book-running managers for the offering, with several other firms serving as lead managers [4]

Core Viewpoint - Medallion Bank reported strong performance in Q1 2025, with net income of $15.6 million, an 8% increase from the previous year, despite economic uncertainties affecting demand in recreation and home improvement lending [3]. Financial Performance - Net income for Q1 2025 was $15.6 million, compared to $14.5 million in Q1 2024 [5]. - Net interest income increased to $52.2 million from $48.2 million year-over-year [5]. - The net interest margin slightly decreased to 8.35% from 8.59% in the prior year [5]. - Total provision for credit losses rose to $19.0 million from $17.0 million in the previous year [5]. - Annualized net charge-offs were 3.41% of average loans outstanding, up from 3.38% in the prior year [5]. - Total loan portfolio grew by 6% to $2.2 billion as of March 31, 2025 [5]. - Total assets were reported at $2.5 billion with a Tier 1 leverage ratio of 16.0% [5]. Lending Segments - The recreation loan portfolio grew by 5% to $1.432 billion, while loan originations decreased to $86.8 million from $105.8 million year-over-year [6]. - Delinquencies for recreation loans increased to $68.2 million (4.76%) from $55.5 million (4.06%) in the prior year [6]. - The home improvement loan portfolio grew by 8% to $812.4 million, with loan originations at $48.8 million, down from $51.6 million [6]. - Delinquencies for home improvement loans rose to $8.3 million (1.02%) from $6.5 million (0.87%) year-over-year [6]. Strategic Initiatives - The bank completed an initial sale of $53 million in recreation loans at a premium to par value, indicating a proactive approach to managing its loan portfolio [3]. - The bank continues to monitor the market for potential loan sale opportunities [3]. Preferred Stock Dividend - The Board of Directors declared a quarterly cash dividend of $0.67982 per share on Series F Preferred Stock, with a dividend rate of 10.75761%, payable on July 1, 2025 [7].