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Form 8-K

sec.gov

8-K — MEDALLION FINANCIAL CORP

Accession: 0001193125-26-191552

Filed: 2026-04-29

Period: 2026-04-29

CIK: 0001000209

SIC: 6199 (FINANCE SERVICES)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — mfin-20260429.htm (Primary)

EX-99.1 (mfin-ex99_1.htm)

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8-K

8-K (Primary)

Filename: mfin-20260429.htm · Sequence: 1

8-K

0001000209false00010002092026-04-292026-04-29

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 29, 2026

MEDALLION FINANCIAL CORP.

(Exact name of registrant as specified in its charter)

Delaware

(State or other jurisdiction of incorporation)

001-37747

(Commission File Number)

04-3291176

(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)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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

Title of each class

Trading Symbol(s)

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 is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company 

If an emerging growth company, indicate by check mark 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. 

Item 2.02 Results of Operations and Financial Condition.

Medallion Financial Corp. (the “Company”), issued a press release to the news media announcing, among other things, the Company’s results for the quarter ended March 31, 2026.

A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference. The information in the press release is being furnished, not filed, pursuant to Item 2.02. Accordingly, the information in the press release will not be incorporated by reference into any registration statement filed by the Company under the Securities Act of 1933, as amended, unless specifically identified therein as being incorporated therein by reference.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits

The following exhibits are being filed with this Current Report on Form 8-K:

99.1

Press release, dated April 29, 2026

104

Cover Page Interactive Data File (embedded within the Inline XBRL document)

2

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: April 29, 2026

MEDALLION FINANCIAL CORP.

By:

/s/ Anthony N. Cutrone

Name: Anthony N. Cutrone

Title: Chief Financial Officer

3

EX-99.1

EX-99.1

Filename: mfin-ex99_1.htm · Sequence: 2

EX-99.1

Exhibit 99.1

FOR IMMEDIATE RELEASE:

MEDALLION FINANCIAL CORP. REPORTS 2026 FIRST QUARTER RESULTS

NEW YORK, NY – April 29, 2026 – Medallion Financial Corp. (NASDAQ: MFIN) (“Medallion” or the “Company”), a specialty finance company that originates and services loans in various consumer and commercial industries, along with offering loan origination services to fintech strategic partners, today announced its financial results for the quarter ended March 31, 2026.

2026 First Quarter Highlights

Total net income attributable to stockholders for the first quarter was $5.0 million, or $0.20 per share, compared to $12.0 million, or $0.50 per share, in the prior year quarter. Total net income for the prior year quarter included a $9.4 million gain on equity investments, compared to $0.3 million in the current quarter.

Net interest income grew 5% to $54.1 million from $51.4 million in the prior year quarter.

Net interest margin (“NIM”) on gross loans was 8.00%, compared to 7.94% in the prior year quarter, and NIM on net loans was 8.35%, compared to 8.25% in the prior year quarter.

Loan originations grew 34% to $376.9 million, compared to $281.6 million in the prior year quarter, and included $170.0 million of strategic partnership loan originations in the current quarter, compared to $136.2 million in the prior year quarter.

Credit loss provision was $22.5 million, compared to $22.0 million in the prior year quarter.

The loan portfolio, including loans held for sale, as of March 31, 2026, was $2.618 billion, up 5% from $2.486 billion a year ago.

Net book value per share at March 31, 2026 was $17.10 compared to $16.36 a year ago.

The Company declared and paid a quarterly cash dividend of $0.12 per share.

Subsequent to March 31, 2026, the Board of Directors increased the quarterly cash dividend to $0.14 per share.

Executive Commentary

Andrew Murstein, President and Chief Executive Officer of Medallion Financial Corp., commented, “Following the strong results we achieved in 2025, Medallion continued that momentum in the first quarter 2026, demonstrating our ability to achieve growth across our lending segments. Loan originations grew 64% year-over-year in our recreation segment and 32% year-over-year in our home improvement segment, reflecting healthy demand and the strength of our platform. We saw year-over-year increases in our total portfolio, which expanded to a record $2.618 billion, net interest income, which increased to $54.1 million, and net book value per share, which grew to $17.10.

We continue to see both strong consumer demand for our loan products and improved credit performance. Credit losses in our recreation segment fell to 4.38% in the quarter compared to 4.67% in the 2025 quarter, while credit losses in our home improvement segment extended their multi-quarter decline. We continue to closely monitor the economic environment while remaining disciplined in our underwriting and focused on appropriate risk-adjusted returns.

As we continue to invest in our platform, we are implementing significant technological change and adding talented employees. This effort is designed to help create sustained loan origination growth in the coming periods. Ultimately, our business and lending model is designed to perform across cycles, and organic growth in high-quality assets will create resilience in varying market conditions.

We delivered one of our strongest loan volume quarters on record, reflecting exceptional demand for our products and the success of our origination efforts. We’re excited about the underlying business momentum and confident this strong volume positions us well for solid returns ahead.”

Business Highlights

Recreation Lending

Originations were $142.5 million during the quarter, compared to $86.8 million a year ago.

Recreation loans, including loans held for investment and loans held for sale, grew 7.5% to $1.672 billion, or 64% of total loans, as of March 31, 2026, compared to $1.546 billion, or 62%, a year ago.

Average loan size as of March 31, 2026 was $22,600 with a weighted average FICO score, measured at the time of loan origination, of 687.

Interest income grew 7% to $54.0 million for the quarter, from $50.5 million in the prior year quarter.

The average interest rate was 15.11% at quarter-end, compared to 15.01% a year ago.

Recreation loans 90 days or more past due were $9.2 million, or 0.57% of gross recreation loans, as of March 31, 2026, compared to $7.1 million, or 0.48%, a year ago.

Allowance for credit losses as of March 31, 2026 was 5.19%, compared to 5.00% a year ago.

Home Improvement Lending

Originations were $64.4 million during the quarter, compared to $48.8 million a year ago.

Home improvement loans were $814.9 million, or 31% of total loans, as of March 31, 2026, compared to $812.4 million, or 33%, a year ago.

Average loan size as of March 31, 2026 was $22,900 with a weighted average FICO score, measured at the time of loan origination, of 781.

Interest income was $19.4 million for the quarter, compared to $19.8 million in the prior year quarter.

The average interest rate was 9.82% at quarter-end, relatively unchanged as compared to 9.83% a year ago.

Home improvement loans 90 days or more past due were $1.4 million, or 0.17% of gross home improvement loans, as of March 31, 2026, compared to $1.5 million, or 0.19%, a year ago.

Allowance for credit losses as of March 31, 2026 was 2.49%, unchanged from a year ago.

Commercial Lending

Commercial loans were $119.6 million as of March 31, 2026, compared to $116.1 million a year ago.

Average loan size was $4.2 million as of March 31, 2026, invested across 28 portfolio companies.

The average interest rate on the portfolio was 14.18% as of March 31, 2026, compared to 13.14% a year ago.

We recognized $0.3 million of net equity gains during the quarter, compared to $9.4 million a year ago.

Strategic Partnerships

Originations were $170.0 million during the quarter, compared to $136.2 million a year ago.

Total strategic partnership loans held as of March 31, 2026 were $10.8 million, compared to $10.5 million a year ago.

Fees generated from strategic partnerships were $0.8 million for the quarter, compared to $0.7 million in the prior year quarter.

The average holding period of strategic partnership loans was approximately five days.

Taxi Medallion Lending

The Company collected $1.7 million of cash on taxi medallion-related assets during the quarter, which resulted in net recoveries and gains of $1.1 million.

Total net taxi medallion-related assets declined to $3.8 million, a 45% reduction from a year ago, and represented less than 0.2% of the Company’s total assets, as of March 31, 2026.

2

Average Balance Sheet

The following table presents our consolidated average balance sheets, interest income and expense, and the average interest earning/bearing assets and liabilities, and which reflects the average yield on assets and average costs on liabilities as of and for the three months ended March 31, 2026 and 2025.

Three Months Ended March 31,

2026

2025

(Dollars in thousands)

Average

Balance

Interest

Average

Yield/Cost

Average

Balance

Interest

Average

Yield/Cost

Interest-earning assets

Interest earning cash equivalents

$

35,577

$

268

3.06

%

$

37,291

$

352

3.83

%

Federal funds sold

60,605

859

5.75

46,665

817

7.10

Investment securities

62,200

605

3.94

57,960

519

3.63

Loans

Recreation

1,636,409

54,034

13.39

1,542,323

50,466

13.25

Home improvement

812,577

19,376

9.67

820,012

19,771

9.78

Commercial

120,876

3,449

11.57

112,557

3,098

11.16

Taxi medallion

1,171

59

20.43

1,697

80

19.12

Strategic partnerships

10,066

418

16.84

8,050

322

16.22

Total loans

2,581,099

77,336

12.15

2,484,639

73,737

12.04

Total interest-earning assets, before allowance

2,739,481

11.70

2,626,555

11.65

Allowance for credit losses

(115,560

)

(98,261

)

Total interest-earning assets, net of allowance

$

2,623,921

$

79,068

12.21

%

$

2,528,294

$

75,425

12.10

%

Non-interest-earning assets

Cash

59,936

65,941

Equity investments

8,099

9,117

Loan collateral in process of foreclosure

6,972

9,547

Goodwill and intangible assets

168,325

169,770

Other assets

57,196

56,616

Total non-interest-earning assets

300,528

310,991

Total assets

$

2,924,449

$

2,839,285

Interest-bearing liabilities

Deposits

$

2,126,975

$

20,736

3.95

%

$

2,093,173

$

19,617

3.80

%

Privately placed notes

130,875

2,902

8.99

146,500

3,175

8.79

SBA debentures and borrowings

79,250

867

4.44

67,813

660

3.95

Trust preferred securities

33,000

504

6.19

33,000

561

6.89

Total interest-bearing liabilities

2,370,100

25,009

4.28

2,340,486

24,013

4.16

Non-interest-bearing liabilities

Deferred tax liability

19,480

20,510

Other liabilities (1)

25,583

33,036

Total non-interest-bearing liabilities

45,063

53,546

Total liabilities

2,415,163

2,394,032

Non-controlling interest

100,013

69,166

Total stockholders’ equity

409,273

376,087

Total liabilities and stockholders’ equity

$

2,924,449

$

2,839,285

Net interest income

$

54,059

$

51,412

Net interest margin, gross

8.00

7.94

Net interest margin, net of allowance

8.35

%

8.25

%

(1)

Includes deferred financing costs of $8.2 and $8.1 million as of March 31, 2026 and 2025.

3

Loan Portfolio

The following table provides information regarding the composition of our loan portfolio for the dates presented:

March 31, 2026

December 31, 2025

March 31, 2025

(Dollars in thousands)

Amount

As a

Percent of

Total Loans

Amount

As a

Percent of

Total Loans

Amount

As a

Percent of

Total Loans

Loans held for investment:

Recreation

$

1,671,538

64

%

$

1,617,221

63

%

$

1,431,610

58

%

Home improvement

814,933

31

810,237

32

812,381

33

Commercial

119,612

5

123,068

5

116,059

5

Taxi medallion

1,126

*

1,179

*

1,650

*

Total loans

2,607,209

100

2,551,705

100

2,361,700

95

Loans held for sale, at lower of amortized cost or fair value:

Recreation

114,234

5

Strategic partnership

10,786

*

15,144

*

10,499

*

Total loans held for sale, at lower of amortized cost or fair value

10,786

15,144

124,733

5

Total loans and loans held for sale

$

2,617,995

100

%

$

2,566,849

100

%

$

2,486,433

100

%

(*) Less than 1%.

Balance Sheet

Cash and cash equivalents, including investment securities, as of March 31, 2026, were $206.6 million, compared to $218.4 million as of March 31, 2025.

As of March 31, 2026, total assets were $2.950 billion, up from $2.848 billion as of March 31, 2025.

As of March 31, 2026, total liabilities were $2.443 billion, up from $2.399 billion as of March 31, 2025.

Capital Allocation

Quarterly Dividend

The Board of Directors declared a quarterly dividend of $0.14 per share, payable on May 21, 2026, to stockholders of record at the close of business on May 11, 2026.

Dividends Announced

Amount

Per Share

Record

Date

Payment

Date

Q2 2026

$

0.14

5/11/2026

5/21/2026

Q1 2026

0.12

3/19/2026

3/31/2026

Total: Year 2026 (Year to Date)

0.26

Total: Year 2025

0.47

Total: Year 2024

0.41

Total: Year 2023

0.34

Total: Year 2022 *

0.32

(*) Dividend reinstated in Q1 2022.

Stock Repurchase Plan

During the quarter ended March 31, 2026, the Company did not repurchase any shares of its common stock.

As of March 31, 2026, the Company had $14.4 million remaining under its $40 million stock repurchase program.

4

Conference Call Information

The Company will host a conference call to discuss its first quarter financial results tomorrow, Thursday, April 30, 2026, at 9:00 a.m. Eastern time.

In connection with its earnings release, the Company has updated its quarterly supplement presentation, which is now available at www.medallion.com.

How to Participate

Date: Thursday, April 30, 2026

Time: 9:00 a.m. Eastern time

Dial-in number: (877) 407-4018 or (201) 689-8471

Live webcast: Link to Webcast of 1Q26 Earnings Call

A link to the live audio webcast of the conference call will also be available at the Company’s IR website.

Replay Information

The conference call replay will be available following the end of the call through Thursday, May 7, 2026

Dial-in: (844) 512-2921 or (412) 317-6671

Passcode: 1375 9966

Additionally, the webcast replay will be available at the Company’s IR website.

About Medallion Financial Corp.

Medallion Financial Corp. (NASDAQ: MFIN) and its subsidiaries originate and service a portfolio of consumer loans and mezzanine loans in various industries. Key industries served include recreation (towable RVs and marine) and home improvement (replacement roofs, swimming pools, and windows). Medallion Financial Corp. is headquartered in New York City, NY, and its largest subsidiary, Medallion Bank, is headquartered in Salt Lake City, Utah. For more information, please visit www.medallion.com.

Forward-Looking Statements

Please note that this press release contains forward-looking statements that involve risks and uncertainties relating to business performance, cash flow, net interest income and expenses, other expenses, earnings, growth, and our growth strategy. These statements are often, but not always, made using words or phrases such as “will” and “continue” or the negative version of those words or other comparable words or phrases of a future or forward-looking nature. These statements relate to future public announcements of our earnings, expectations regarding our loan portfolio, including collections on our taxi medallion loans, the potential for future asset growth, and market share opportunities. Medallion’s actual results may differ significantly from the results discussed in such forward-looking statements. For example, statements about the effects of the current economy, whether inflation or the risk of recession, the effects of tariffs, the impact of the conflict with Iran, operations, financial performance and prospects constitute forward-looking statements and are subject to the risk that the actual impacts may differ, possibly materially, from what is reflected in those forward-looking statements due to factors and future developments that are uncertain, unpredictable and in many cases beyond Medallion’s control. In addition to risks relating to the current economy, for a description of certain risks to which Medallion is or may be subject, please refer to the factors discussed under the heading “Risk Factors” in Medallion’s 2025 Annual Report on Form 10-K.

Investor Relations

InvestorRelations@medallion.com

212-328-2176

Investor Relations

The Equity Group Inc.

Lena Cati

lcati@theequitygroup.com

(212) 836-9611

Val Ferraro

vferraro@theequitygroup.com

(212) 836-9633

5

MEDALLION FINANCIAL CORP.

CONSOLIDATED BALANCE SHEETS

(UNAUDITED)‌

(Unaudited)

(Unaudited)

(Dollars in thousands, except share and per share data)

March 31, 2026

December 31, 2025

March 31, 2025

Assets

Cash, cash equivalents, and federal funds sold

$

138,649

$

201,564

$

157,994

Investment securities

67,934

60,183

60,424

Equity investments

8,099

8,099

8,997

Loans held for sale, at lower of amortized cost or fair value

10,786

15,144

124,733

Loans

2,607,209

2,551,705

2,361,700

Allowance for credit losses

(116,696

)

(114,789

)

(100,366

)

Net loans receivable

2,490,513

2,436,916

2,261,334

Goodwill and intangible assets, net

168,143

168,504

169,588

Property, equipment, and right-of-use lease asset, net

19,261

11,861

12,814

Accrued interest receivable

10,999

19,401

14,437

Loan collateral in process of foreclosure

6,418

7,333

9,183

Other assets

29,684

26,459

28,234

Total assets

$

2,950,486

$

2,955,464

$

2,847,738

Liabilities

Deposits

$

2,128,568

$

2,084,265

$

2,022,828

Long-term debt

214,159

215,987

199,665

Short-term borrowings

44,500

95,250

111,750

Deferred tax liabilities, net

21,217

19,596

21,538

Operating lease liabilities

4,489

5,041

4,528

Accrued interest payable

5,635

6,319

6,610

Accounts payable and accrued expenses

24,405

20,960

31,807

Total liabilities

2,442,973

2,447,418

2,398,726

Total stockholders’ equity

408,084

408,617

380,224

Non-controlling interest in consolidated subsidiaries

99,429

99,429

68,788

Total equity

507,513

508,046

449,012

Total liabilities and equity

$

2,950,486

$

2,955,464

$

2,847,738

Number of shares outstanding

23,864,438

23,311,683

23,235,030

Book value per share

$

17.10

$

17.53

$

16.36

6

MEDALLION FINANCIAL CORP.‌

CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)‌

Three Months Ended March 31,

(Dollars in thousands, except share and per share data)

2026

2025

Total interest income

$

79,068

$

75,425

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

190

Other expenses

1,547

1,794

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 net income per share

$

0.21

$

0.53

Diluted net income 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

Dividends declared per common share

$

0.14

$

0.12

7

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Name of the City or Town

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Code for the postal or zip code

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Name of the state or province.

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A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.

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Indicate if registrant meets the emerging growth company criteria.

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Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.

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Two-character EDGAR code representing the state or country of incorporation.

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The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.

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The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.

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Local phone number for entity.

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

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Title of a 12(b) registered security.

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Name of the Exchange on which a security is registered.

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

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Trading symbol of an instrument as listed on an exchange.

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

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