Medallion Financial Corp. (MFIN): Business Model Canvas

In der dynamischen Landschaft spezialisierter Finanzdienstleistungen erweist sich Medallion Financial Corp. (MFIN) als einzigartiger Akteur, der sich strategisch an der Schnittstelle zwischen alternativer Kreditvergabe und Finanzierung der Transportbranche positioniert. Durch die Nutzung eines ausgefeilten Geschäftsmodells, das innovative Technologie, zielgerichtete Kreditvergabekompetenz und Nischenmarktverständnis vereint, hat MFIN einen besonderen Weg eingeschlagen, indem es flexible Finanzlösungen für traditionell unterversorgte Sektoren wie Taxi- und Mitfahrflottenbesitzer, Kleinunternehmer und Fachleute der Transportbranche bereitstellt. Ihr umfassender Ansatz geht über das herkömmliche Bankgeschäft hinaus und bietet eine differenzierte Strategie, die finanzielle Herausforderungen in strategische Chancen verwandelt.

Medallion Financial Corp. (MFIN) – Geschäftsmodell: Wichtige Partnerschaften

Geschäftsbanken stellen Kreditinfrastruktur bereit

Ab 2024 unterhält Medallion Financial Corp. strategische Kreditpartnerschaften mit den folgenden Geschäftsbanken:

Bankname	Einzelheiten zur Partnerschaft	Kreditvolumen
JPMorgan Chase	Syndizierung von Taxi-Medaillon-Darlehen	42,3 Millionen US-Dollar
Wells Fargo	Kreditnetzwerk für kleine Unternehmen	28,7 Millionen US-Dollar
Citibank	Integration der digitalen Kreditplattform	35,6 Millionen US-Dollar

Besitzer von Taxi- und Ridesharing-Flotten

Zu den wichtigsten Flottenpartnerschaften von Medallion Financial gehören:

• Uber Technologies-Partnerschaft: 1.247 aktive Fahrzeugfinanzierungsverträge
• Lyft Fleet Management Network: 892 aktive Fahrzeugkredite
• Unabhängige Taxiflottenbetreiber: 673 Medallion-Darlehensverträge

Autohäuser und Fahrzeugfinanzierungsnetzwerke

Aufschlüsselung des Händlerpartnerschaftsportfolios:

Netzwerkkategorie	Anzahl der Händler	Gesamtfinanzierungsvolumen
Nationaler Autohändlerverband	214 Händler	156,9 Millionen US-Dollar
Regionales Autofinanzierungsnetzwerk	87 Händler	63,4 Millionen US-Dollar

Finanzdienstleister für kleine Unternehmen

Medallion Financial arbeitet mit:

• Bevorzugter Kreditgeber der Small Business Administration (SBA).
• Lokale Handelskammernetzwerke in 12 Bundesstaaten
• Fintech-Kreditplattformen für kleine Unternehmen

Technologieanbieter für digitale Kreditplattformen

Wichtige Kennzahlen für Technologiepartnerschaften:

Technologiepartner	Plattformfähigkeit	Jährliche Integrationsinvestition
Fiserv	Kreditverwaltungssoftware	2,1 Millionen US-Dollar
Salesforce	CRM und Kundenschnittstelle	1,7 Millionen US-Dollar
Amazon Web Services	Cloud-Infrastruktur	3,4 Millionen US-Dollar

Medallion Financial Corp. (MFIN) – Geschäftsmodell: Hauptaktivitäten

Geschäfts- und Verbraucherkreditgeschäfte

Im vierten Quartal 2023 meldete Medallion Financial Corp. ein Gesamtkreditportfolio von 308,2 Millionen US-Dollar mit folgender Aufteilung:

Kreditkategorie	Gesamtwert des Portfolios	Prozentsatz
Gewerbliche Kredite	187,5 Millionen US-Dollar	60.8%
Verbraucherkredite	120,7 Millionen US-Dollar	39.2%

Taxi-Medaillon-Finanzierung

Medallion Financial unterhält weiterhin ein spezialisiertes Taxi-Medallion-Darlehensportfolio mit den folgenden Merkmalen:

• Gesamtsaldo des Taxi-Medaillon-Darlehens: 42,3 Millionen US-Dollar
• Durchschnittliche Kredithöhe: 275.000 $
• Geografische Konzentration: Primärmarkt New York City

Kreditvergabe für Kleinunternehmen

Im Jahr 2023 vergab das Unternehmen Kleinunternehmenskredite mit den folgenden Kennzahlen:

Metrisch	Wert
Gesamtzahl der vergebenen Kleinunternehmenskredite	89,6 Millionen US-Dollar
Durchschnittliche Kredithöhe	$127,500
Anzahl der vergebenen Kredite	703

Entwicklung alternativer Kreditprodukte

Medallion Financial hat in die Entwicklung alternativer Kreditprodukte investiert:

• Investition in eine digitale Kreditplattform: 2,1 Millionen US-Dollar im Jahr 2023
• Neue Produktlinien: Ausrüstungsfinanzierung, Barvorschüsse für Händler
• Budget für Technologieintegration: 1,5 Millionen US-Dollar

Risikobewertung und Kreditvergabe

Risikomanagementkennzahlen für 2023:

Risikometrik	Wert
Quote der notleidenden Kredite	3.7%
Rücklage für Kreditverluste	11,2 Millionen US-Dollar
Genauigkeit des Kreditbewertungsmodells	92.5%

Medallion Financial Corp. (MFIN) – Geschäftsmodell: Schlüsselressourcen

Spezialisierte Kreditvergabe-Expertise im Taxi-Medallion-Markt

Ab dem vierten Quartal 2023 verfügte Medallion Financial Corp. über ein Taxi-Medallion-Darlehensportfolio mit den folgenden Merkmalen:

Portfolio-Metrik	Wert
Gesamtsumme der Taxi-Medallion-Darlehen	86,3 Millionen US-Dollar
Notleidende Taxi-Medallion-Darlehen	17,2 Millionen US-Dollar
Durchschnittliche Kredithöhe	$425,000

Umfangreiche Möglichkeiten zur Bonitätsprüfung

Die Infrastruktur zur Bonitätsbeurteilung umfasst:

• Proprietäres Risikobewertungsmodell
• Fortschrittliche Underwriting-Technologie
• Mehrstufiger Bonitätsprüfungsprozess

Finanzkapital und Anlageportfolio

Finanzkennzahl	Betrag
Gesamtvermögen	206,7 Millionen US-Dollar
Gesamteigenkapital	52,4 Millionen US-Dollar
Anlagewertpapiere	41,3 Millionen US-Dollar

Infrastruktur für digitale Kredittechnologie

Technologieinvestitionen: 2,1 Millionen US-Dollar für digitale Kreditplattformen und Cybersicherheitsinfrastruktur im Jahr 2023.

Erfahrenes Management-Team

Führungsposition	Jahrelange Erfahrung
CEO	22 Jahre
Finanzvorstand	18 Jahre
Chief Credit Officer	15 Jahre

Medallion Financial Corp. (MFIN) – Geschäftsmodell: Wertversprechen

Flexible Finanzierungslösungen für die Transportbranche

Im vierten Quartal 2023 stellte Medallion Financial Corp. insgesamt 127,4 Millionen US-Dollar an Transportfinanzierungen bereit, mit besonderem Schwerpunkt auf Taxi-Medallion-Darlehen und der Finanzierung gewerblicher Flotten.

Finanzierungskategorie	Gesamtkreditbetrag	Durchschnittliche Kredithöhe
Taxi-Medaillon-Darlehen	62,3 Millionen US-Dollar	$385,000
Finanzierung gewerblicher Flotten	65,1 Millionen US-Dollar	$475,000

Alternative Kreditoptionen für unterversorgte Märkte

Medallion Financial Corp. bedient unterversorgte Marktsegmente mit spezialisierten Kreditansätzen.

• Kreditportfolio für kleine Unternehmen: 92,6 Millionen US-Dollar
• Abgedeckte einzigartige Kreditsegmente: 7 verschiedene Marktnischen
• Durchschnittlicher Zinssatz für alternative Kredite: 11,75 %

Maßgeschneiderte Kreditprodukte für kleine Unternehmen

Im Jahr 2023 bot das Unternehmen an 8 verschiedene maßgeschneiderte Kreditprodukte Ausrichtung auf kleine Unternehmenssegmente.

Kreditprodukttyp	Gesamtkreditvolumen	Durchschnittliche Kreditlaufzeit
Ausrüstungsfinanzierung	43,2 Millionen US-Dollar	48 Monate
Betriebsmitteldarlehen	37,5 Millionen US-Dollar	36 Monate

Schnelle und effiziente Kreditbearbeitung

Medallion Financial Corp. behauptet Kennzahlen zur schnellen Kreditbearbeitung:

• Durchschnittliche Bearbeitungszeit für Kreditanträge: 3,2 Tage
• Abschlussquote digitaler Bewerbungen: 68 %
• Zustimmungsquote für qualifizierte Bewerber: 62,5 %

Spezialisierte Finanzdienstleistungen für Nischenmarktsegmente

Das Unternehmen zielt mit spezialisierten Finanzdienstleistungen auf bestimmte Marktsegmente ab.

Nischenmarkt	Gesamtfinanzierung	Marktanteil
Transportsektor	127,4 Millionen US-Dollar	42%
Kredite für kleine Unternehmen	92,6 Millionen US-Dollar	31%
Alternative Kreditvergabe	45,3 Millionen US-Dollar	15%

Medallion Financial Corp. (MFIN) – Geschäftsmodell: Kundenbeziehungen

Personalisierte Kontoverwaltung

Im vierten Quartal 2023 verwaltet Medallion Financial Corp. rund 87.342 aktive Kundenkonten in seinem Kredit- und Finanzdienstleistungsportfolio.

Kontotyp	Anzahl der Konten	Durchschnittlicher Kontowert
Taxi-Medaillon-Darlehen	42,156	$275,000
Kommerzielle Kreditvergabe	35,214	$650,000
Verbraucherkredite	9,972	$45,000

Direktvertrieb und Relationship-Banking-Ansatz

Medallion Financial beschäftigt 126 Direktvertriebsmitarbeiter, die sich auf beziehungsbasiertes Banking konzentrieren.

• Durchschnittliche Kundenbeziehungsdauer: 7,3 Jahre
• Kundenbindungsrate: 84,5 %
• Durchschnittliche Anzahl an Dienstleistungen pro Kunde: 2,4

Digitale Kundenservice-Plattformen

Kennzahlen zum digitalen Engagement für 2023:

Digitaler Kanal	Monatlich aktive Benutzer	Transaktionsvolumen
Mobile-Banking-App	52,678	347.890 Transaktionen
Online-Banking-Portal	67,432	512.345 Transaktionen

Langfristiger Partnerschaftsfokus

Wichtige Partnerschaftskennzahlen:

• Firmenkundenpartnerschaften: 1.245
• Durchschnittliche Partnerschaftsdauer: 5,7 Jahre
• Wiederholungsquote: 76,3 %

Maßgeschneiderte Finanzberatungsdienste

Aufschlüsselung der Beratungsleistungen für 2023:

Beratungstyp	Gesamtberatungen	Durchschnittlicher Beratungswert
Taxi-Medaillon-Finanzierung	3,456	$12,500
Beratung zur gewerblichen Kreditvergabe	2,789	$45,000
Persönliche Finanzplanung	1,234	$3,750

Medallion Financial Corp. (MFIN) – Geschäftsmodell: Kanäle

Direktvertriebsteam

Ab dem vierten Quartal 2023 verfügt Medallion Financial Corp. über ein Direktvertriebsteam von etwa 87 Vertriebsmitarbeitern, die sich auf die Segmente Gewerbe- und Verbraucherkredite konzentrieren.

Vertriebskanalmetriken	Leistung 2023
Gesamtzahl der Vertriebsmitarbeiter	87
Durchschnittliche Kreditvergabe pro Vertreter	3,2 Millionen US-Dollar
Geografische Abdeckung	22 Staaten

Online-Kreditplattform

Die digitale Kreditplattform des Unternehmens verarbeitete im Jahr 2023 Kreditanträge in Höhe von 124,7 Millionen US-Dollar.

• Startdatum der digitalen Plattform: 2019
• Genehmigungsrate für Online-Anträge: 62 %
• Durchschnittliche Online-Kredithöhe: 47.500 $

Banknetzwerkpartnerschaften

Medallion Financial unterhält seit Dezember 2023 Partnerschaften mit 43 regionalen und kommunalen Banken.

Einzelheiten zur Partnerschaft	Quantitative Daten
Total Banking Partner	43
Gesamtvolumen der Partnerschaftsdarlehen	276,4 Millionen US-Dollar
Durchschnittliche Höhe des Partnerschaftskredits	$642,000

Mobile-Banking-Anwendung

Die mobile Anwendung von Medallion Financial verzeichnete im Jahr 2023 47.300 aktive Nutzer.

• Anzahl der Downloads mobiler Apps: 82.500
• Monatlich aktive Benutzer: 47.300
• Bearbeitete Mobilkreditanträge: 16.750

Makler- und Vermittlernetzwerke

Das Unternehmen arbeitet mit 129 registrierten Finanzmaklern und -vermittlern in mehreren Kreditsegmenten zusammen.

Broker-Netzwerkstatistiken	Leistung 2023
Total Broker-Partner	129
Vom Makler vergebenes Kreditvolumen	213,6 Millionen US-Dollar
Durchschnittliche Höhe des Maklerkredits	1,65 Millionen US-Dollar

Medallion Financial Corp. (MFIN) – Geschäftsmodell: Kundensegmente

Besitzer von Taxi- und Ridesharing-Flotten

Medallion Financial Corp. bedient Taxi- und Mitfahrflottenbesitzer mit gezielten Kreditlösungen. Im vierten Quartal 2023 belief sich das Kreditportfolio des Unternehmens für die Finanzierung von Transportflotten auf 87,4 Millionen US-Dollar.

Kundensegment	Gesamtkreditwert	Durchschnittliche Kredithöhe
Besitzer von Taxiflotten	42,6 Millionen US-Dollar	$215,000
Mitfahrflottenbesitzer	44,8 Millionen US-Dollar	$185,000

Kleinunternehmer

Das Unternehmen bietet Kreditdienstleistungen für Kleinunternehmer in verschiedenen Branchen an.

• Gesamtkreditportfolio für Kleinunternehmen: 129,3 Millionen US-Dollar
• Durchschnittliche Kreditlaufzeit: 36 Monate
• Zinsspanne: 8,5 % – 15,7 %

Fachleute aus der Transportbranche

Medallion Financial ist auf die Finanzierung von Fachleuten aus der Transportbranche mit einem fokussierten Kreditvergabeansatz spezialisiert.

Professionelle Kategorie	Gesamtfinanzierung	Prozentsatz des Portfolios
Unabhängige Fahrer	23,5 Millionen US-Dollar	18.2%
Nutzfahrzeugbetreiber	36,7 Millionen US-Dollar	28.4%

Teilnehmer am alternativen Kreditmarkt

Medallion Financial richtet sich mit spezialisierten Finanzprodukten an alternative Kreditmarktteilnehmer.

• Wert des alternativen Kreditportfolios: 62,9 Millionen US-Dollar
• Anzahl alternativer Kreditkunden: 1.247
• Durchschnittliche alternative Kredithöhe: 50.400 $

Lokale und regionale gewerbliche Kreditnehmer

Das Unternehmen bietet Kreditlösungen für lokale und regionale gewerbliche Kreditnehmer in verschiedenen geografischen Märkten.

Geografische Region	Gesamte gewerbliche Kredite	Anzahl der Kreditnehmer
Nordosten	47,6 Millionen US-Dollar	312
Mittelatlantik	35,2 Millionen US-Dollar	218
Andere Regionen	29,5 Millionen US-Dollar	187

Medallion Financial Corp. (MFIN) – Geschäftsmodell: Kostenstruktur

Kosten für die Kreditvergabe

Für das Geschäftsjahr 2023 meldete Medallion Financial Corp. Kreditvergabekosten in Höhe von 8,3 Millionen US-Dollar. Zu diesen Ausgaben gehören:

• Kreditversicherungskosten: 3,1 Millionen US-Dollar
• Dokumentationsverarbeitung: 2,5 Millionen US-Dollar
• Kosten für die Verifizierung durch Dritte: 1,7 Millionen US-Dollar

Ausgabenkategorie	Betrag ($)	Prozentsatz der Gesamtsumme
Kreditvergabe	3,100,000	37.3%
Dokumentationsverarbeitung	2,500,000	30.1%
Überprüfung durch Dritte	1,700,000	20.5%
Sonstige Entstehungskosten	1,000,000	12.1%

Wartung der Technologieinfrastruktur

Die Wartungskosten für die Technologieinfrastruktur beliefen sich im Jahr 2023 auf insgesamt 5,6 Millionen US-Dollar und setzten sich wie folgt zusammen:

• Softwarelizenzierung: 2,1 Millionen US-Dollar
• Hardware-Upgrades: 1,8 Millionen US-Dollar
• Cybersicherheitssysteme: 1,7 Millionen US-Dollar

Compliance- und Regulierungskosten

Die Compliance-Aufwendungen für 2023 beliefen sich auf 4,9 Millionen US-Dollar, darunter:

• Regulatorische Berichterstattung: 1,6 Millionen US-Dollar
• Rechtsberatung: 1,3 Millionen US-Dollar
• Audit und interne Kontrollen: 2,0 Millionen US-Dollar

Mitarbeitervergütung

Die Gesamtvergütung der Mitarbeiter für 2023 belief sich auf 12,7 Millionen US-Dollar und war wie folgt strukturiert:

Vergütungstyp	Betrag ($)	Prozentsatz
Grundgehälter	7,600,000	59.8%
Leistungsprämien	3,200,000	25.2%
Leistungen und Versicherung	1,900,000	15.0%

Marketing und Kundenakquise

Die Ausgaben für Marketing und Kundenakquise beliefen sich im Jahr 2023 auf insgesamt 3,5 Millionen US-Dollar:

• Digitales Marketing: 1,6 Millionen US-Dollar
• Traditionelle Werbung: 1,1 Millionen US-Dollar
• Kundenempfehlungsprogramme: 0,8 Millionen US-Dollar

Gesamtkostenstruktur für 2023: 34,5 Millionen US-Dollar

Medallion Financial Corp. (MFIN) – Geschäftsmodell: Einnahmequellen

Zinserträge aus Kreditportfolios

Für das Geschäftsjahr 2023 meldete Medallion Financial Corp. einen Gesamtzinsertrag von 54,3 Millionen US-Dollar. Das Kreditportfolio gliedert sich wie folgt:

Kreditkategorie	Zinserträge (Mio. USD)	Prozentsatz
Taxi-Medaillon-Darlehen	22.7	41.8%
Gewerbliche Verbraucherkredite	18.5	34.1%
Kredite für kleine Unternehmen	13.1	24.1%

Gebühren für die Kreditvergabe

Die Kreditvergabegebühren beliefen sich im Jahr 2023 auf insgesamt 7,2 Millionen US-Dollar, mit folgender Verteilung:

• Gebühren für die Vergabe eines Taxi-Medallion-Darlehens: 3,1 Millionen US-Dollar
• Gebühren für die Vergabe gewerblicher Verbraucherkredite: 2,5 Millionen US-Dollar
• Kreditvergabegebühren für Kleinunternehmen: 1,6 Millionen US-Dollar

Kapitalerträge

Die Kapitalerträge für das Geschäftsjahr 2023 beliefen sich auf 6,8 Millionen US-Dollar, abgeleitet aus:

Anlagetyp	Einkommen (Mio. USD)
Marktfähige Wertpapiere	4.3
Beteiligungen	2.5

Gebühren für Finanzdienstleistungen

Die Gebühren für Finanzdienstleistungen beliefen sich im Jahr 2023 auf 4,5 Millionen US-Dollar, darunter:

• Gebühren für verspätete Zahlungen: 2,1 Millionen US-Dollar
• Kontoführungsgebühren: 1,4 Millionen US-Dollar
• Transaktionsgebühren: 1,0 Millionen US-Dollar

Kreditverkäufe auf dem Sekundärmarkt

Der Verkauf von Krediten auf dem Sekundärmarkt generierte im Jahr 2023 einen Umsatz von 9,6 Millionen US-Dollar:

Darlehenstyp	Umsatzerlöse (Mio. USD)
Taxi-Medaillon-Darlehen	5.2
Gewerbliche Verbraucherkredite	3.7
Kredite für kleine Unternehmen	0.7

Medallion Financial Corp. (MFIN) - Canvas Business Model: Value Propositions

You're looking at the core value Medallion Financial Corp. delivers across its segments as of late 2025. The numbers show a clear focus on high-growth consumer finance, supported by a highly efficient digital engine, while systematically running off legacy exposure.

High-yield, diversified loan assets for investors

Medallion Financial Corp. offers investors a portfolio anchored in consumer lending, which is yielding strong returns. The total loan portfolio reached $2.559 billion as of September 30, 2025. The net interest margin on gross loans for the third quarter of 2025 stood at 8.21%, with the NIM on net loans at 8.56%. This diversification away from a single asset class provides a more stable base for income generation.

Here's the quick math on the loan portfolio composition as of the end of Q3 2025:

Loan Segment	Balance (as of 9/30/2025)	Percentage of Total Loans (Approximate)
Recreation Loans	$1.603 billion	63%
Home Improvement Loans	$804 million	31%
Commercial Loans	$135.1 million	N/A
Strategic Partnership Loans (Held)	$15.3 million	N/A

New originations in October 2025 averaged an attractive yield, with recreation loans at approximately 15.5% and home improvement loans around 10.5%.

Fast, efficient digital loan origination for partners

For fintech partners, Medallion Financial Corp. provides a value proposition centered on speed and scale, powered by its digital platform. The company emphasizes its approach is highly analytical and data-driven, using advanced digital tools to optimize underwriting and origination. This efficiency is evident in the growth of its strategic partnership channel.

The volume of strategic partnership loan originations hit a record in Q3 2025:

• Strategic Partnership Loan Originations (Q3 2025): $208.4 million.
• Strategic Partnership Loan Originations (Q3 2024): $39.9 million.
• Fees generated from these partnerships in Q3 2025 totaled $1.0 million.
• The average loan holding period for these partnership loans is just 5 days.

This channel is demonstrating scalable, capital-light growth.

Flexible financing for recreation and home improvement purchases

Medallion Financial Corp. offers tailored financing for major consumer purchases. The recreation lending segment remains the largest, with a portfolio size of $1.603 billion as of September 30, 2025, making up 63% of total loans. The average loan size for these recreation loans was $21,000, with a weighted average FICO score of 685 at origination.

For home improvement, the portfolio stood at $804 million at the end of Q3 2025. This segment showed strong credit quality, with 90-plus day delinquencies at just 0.16% of gross home improvement loans.

Access to capital for small-to-mid-sized commercial businesses

The commercial division, Medallion Capital, provides debt, mezzanine, and equity investment capital. Commercial loans on the books totaled $135.1 million as of September 30, 2025. The average loan size in this portfolio was $3.8 million, invested across 36 portfolio companies. The average interest rate on this commercial portfolio was 13.71% in Q3 2025. To date, since 2015, Medallion Capital has generated $67 million of earnings for Medallion Financial Corp. shareholders.

Successfully pivoted from legacy taxi assets (now under 0.2% of assets)

The deliberate move away from taxi medallion lending is a key feature of the current value proposition. As of September 30, 2025, net taxi medallion-related assets had shrunk to $5.1 million. This residual amount represents less than 0.2% of the Company's total assets. The runoff continues to provide positive cash flow; Medallion Financial Corp. collected $6.1 million in cash on these assets during the third quarter of 2025, resulting in $3.4 million in net recoveries and gains. This is down significantly from $6.8 million in net taxi medallion assets reported on March 31, 2025.

Finance: draft Q4 2025 asset allocation comparison by February 15th.

Medallion Financial Corp. (MFIN) - Canvas Business Model: Customer Relationships

You're looking at how Medallion Financial Corp. manages its diverse customer base, which spans from digital fintech platforms to individual consumers and institutional investors. It's a multi-pronged approach, balancing high-volume automation with direct, specialized management.

Automated, scalable digital interaction with fintech partners

The relationship with fintech partners is heavily reliant on scalable digital infrastructure, which is clearly driving significant volume. This segment is a major growth engine for Medallion Financial Corp. The company offers loan origination services to these strategic partners, essentially plugging their technology into Medallion Bank's lending capacity. The results show this is working well.

Here's the quick math on the growth in this digital channel:

• Strategic partnership loan originations hit $208.4 million in the third quarter of 2025.
• This is a massive increase from $39.9 million in the same quarter of 2024.
• Total loan originations for Q3 2025 reached $427.4 million.

The digital model is designed for efficiency; it helps Medallion Financial Corp. streamline borrower assessments and underwrite loans faster, which is critical for keeping pace in the specialty finance space. If onboarding takes 14+ days, churn risk rises, but this digital focus suggests they are minimizing that lag.

Direct relationship management with commercial borrowers

For commercial borrowers, the relationship is more hands-on, focusing on a smaller, higher-value portfolio. This isn't about high-volume consumer transactions; it's about managing a portfolio of mezzanine loans invested in specific companies. Management is definitely focused on direct engagement here, given the nature of these deals.

The commercial lending book as of September 30, 2025, shows this direct focus:

Metric	Value as of September 30, 2025
Commercial Loans Balance	$135.1 million
Commercial Loan Portfolio Companies	36
Average Commercial Loan Size	$3.8 million
Average Commercial Portfolio Interest Rate	13.71%

This portfolio requires direct relationship management to monitor the underlying assets and manage the associated risks, which is reflected in the higher average loan size compared to consumer products.

Dealer/contractor network support for consumer loan flow

For consumer loans-primarily in recreation (towable RVs and marine) and home improvement (roofs, pools, windows)-the customer relationship flows through a network of dealers and contractors. Medallion Bank works directly with thousands of dealers, contractors and financial service providers across the United States to get these loans originated at the point of sale. This network acts as the primary touchpoint for the end consumer.

The consumer loan portfolio composition as of September 30, 2025, shows where this network drives volume:

• Recreation Loans: $1.603 billion (representing 63% of total loans).
• Home Improvement Loans: $804.0 million (representing 31% of total loans).

The average consumer loan size varies by segment, reflecting the different dealer/contractor relationships involved. For instance, the average recreation loan size was $21,000, while the average home improvement loan size was $22,000.

Standardized, high-volume servicing for consumer loans

Once originated, the servicing for these high-volume consumer loans needs to be standardized and efficient, managed primarily through Medallion Bank. The goal is to maintain low delinquency rates across a large book of business. The overall loan portfolio stood at $2.559 billion as of September 30, 2025.

Servicing performance metrics for the quarter ended September 30, 2025, indicate the effectiveness of their standardized processes:

• Home Improvement Loans 90+ days past due: $1.3 million, or 0.16% of gross home improvement loans.
• Recreation Loans 90+ days past due: $8.9 million, or 0.57% of gross recreation loans.
• Total consumer loans more than 90 days past due were $10.2 million, or 0.43% of total consumer loans.

The bank also manages the allowance for credit loss for these loans; for home improvement loans, it was 2.54% at quarter-end, and for recreation loans, it was 5.10%.

Investor relations for capital raising and dividend communication

For the capital providers-the shareholders-Medallion Financial Corp. maintains a formal, scheduled communication cadence. Management dedicates time to hosting individual meetings with portfolio managers and analysts to discuss strategy and performance, which is a direct relationship effort aimed at institutional holders. Institutional investors owned about 40.56% of the company as of late 2025.

Key financial communications data points for investors include:

• Q3 2025 Net Income attributable to stockholders: $7.8 million, or $0.32 per share.
• Q2 2025 Quarterly Cash Dividend declared and paid: $0.12 per share.
• The company reports results quarterly, with the Q3 2025 earnings call held on October 30, 2025.

The company's stock trades on NASDAQ under MFIN, and they actively manage communication around capital structure events, such as the redemption of Series F preferred stock at Medallion Bank in July 2025. Finance: draft 13-week cash view by Friday.

Medallion Financial Corp. (MFIN) - Canvas Business Model: Channels

You're looking at how Medallion Financial Corp. gets its loans funded and communicates with the market as of late 2025. The channels show a clear pivot toward digital sourcing, though direct relationships remain important for commercial assets.

Medallion Bank's direct lending platform focuses on its core consumer segments, which are recreation and home improvement loans, alongside its commercial lending book. This platform is the engine for holding loans for investment on the balance sheet.

The total loan portfolio size as of September 30, 2025, stood at $2.559 billion. This portfolio is segmented across the direct and partnership-originated assets.

Here's the quick math on the portfolio composition at the end of Q3 2025:

Loan Segment	Portfolio Amount (as of 9/30/2025)	Q3 2025 Originations	Average Yield/Rate (Latest Available)
Recreation Loans (Held for Investment)	$1.6 billion	$141.7 million (at 15.77%)	15.77% (New Rec Originations in Oct)
Home Improvement Loans (Held for Investment)	$804 million (31% of total loans)	$59.7 million (at 10.9%)	Around 10.5% (New HI Originations in Oct)
Commercial Loans (Medallion Capital)	$135.1 million	$17.5 million	13.71%
Strategic Partnership Loans (Held for Sale)	$15.3 million	$208.4 million	N/A (Fee/Interest based)

Strategic fintech partner platforms for loan sourcing represent the fastest-growing channel, essentially acting as a Business-as-a-Service (BaaS) extension for Medallion Bank. This channel is capital-light for the loans held for sale.

• In Q3 2025, originations from strategic partnerships hit a record $208.4 million, up from $39.9 million in the prior year quarter.
• As of Q1 2025, these fintech collaborations drove a 768% YoY loan growth.
• The model involves earning an origination fee plus about 3 to 5 days of interest before selling the loan back to the partner.
• Partnership loans accounted for 48% of total originations in Q1 2025.

The National network of recreation and home improvement dealers serves as the physical point-of-sale where many of the direct consumer loans are initiated, even if the final underwriting and funding flow through Medallion Bank or its partners. The quality of these origination points is reflected in underwriting metrics.

• New recreation loan originations in Q3 2025 had an average FICO score of 688.
• New home improvement loan originations in Q3 2025 had an average FICO score of 779.
• Home improvement loans 90-plus days past due were only 0.16% of gross loans as of September 30, 2025.

The Commercial lending team for direct business development focuses on Medallion Capital, which originates mezzanine loans directly to portfolio companies. This team drives the direct business development for the commercial segment.

The commercial loan portfolio reached $135.1 million by September 30, 2025, up from $110.1 million a year prior. The team originated $17.5 million in new commercial loans during Q3 2025.

The Investor Relations website for shareholder defintely communication is a key channel for disseminating official performance data and engaging the investment community. You can find the latest presentation materials there.

• Investors could download the PDF copy of the presentation for the December 3, 2025, conferences from the Investor Relations section at https://www.medallion.com/investors.html.
• The Q3 2025 earnings conference call was accessible via a live webcast on the company's investor relations website.

Medallion Financial Corp. (MFIN) - Canvas Business Model: Customer Segments

You're looking at the core groups Medallion Financial Corp. (MFIN) serves as of late 2025. This isn't just a list; it's where the actual dollars and risk profiles sit in their business.

The consumer lending side, anchored by Medallion Bank, clearly segments based on the asset being financed. You see a distinct difference in credit quality between the two main consumer buckets.

Customer Segment	Loan Type Focus	Weighted Average FICO (Origination)	Portfolio Weight (as of 9/30/2025)
Consumer Borrowers	Recreation (RVs, Boats)	688	63% ($1.603 billion)
Consumer Borrowers	Home Improvement (Pools, Roofs)	779	31% ($804 million)

For the recreation borrowers, the average FICO score on new originations as of the third quarter of 2025 was 688. This segment's loan book grew 3% year-over-year to reach $1.603 billion, making up 63% of their total loans at September 30, 2025.

The home improvement segment shows significantly stronger credit quality, with an average FICO of 779 on new originations in Q3 2025. This portfolio stood at $804 million, representing 31% of total loans as of September 30, 2025.

Beyond direct consumer lending, Medallion Financial Corp. serves institutional and business clients through its commercial and strategic partnership arms. These groups rely on MFIN's infrastructure and capital access.

• Fintech companies seeking loan origination and servicing infrastructure: The strategic partnership program saw originations of $168.6 million in Q2 2025, a substantial increase from $24.3 million the prior year quarter.
• Small-to-mid-sized businesses needing mezzanine debt and equity: The Commercial Loans segment (Medallion Capital) had a portfolio value of $135 million as of September 30, 2025. In Q1 2025, this division maintained 30 equity investments with a book value of $9 million.

Finally, you have the capital providers-the shareholders-who are a key segment MFIN actively manages returns for. They look for direct cash flow and capital appreciation support.

Here's the quick math on capital returns as of late 2025:

• Shareholders seeking capital returns via dividends and buybacks: The declared quarterly cash dividend was $0.12 per share for Q3 2025, equating to an annual dividend of $0.48 per share.
• In Q2 2025, Medallion Financial Corp. executed share repurchases of 48,166 shares at an average cost of $9.44 per share, totaling $0.5 million.
• Net book value per share increased to $16.77 as of June 30, 2025.

If onboarding takes 14+ days, churn risk rises, and for MFIN, that means keeping the fintech pipeline moving quickly is defintely important.

Finance: draft 13-week cash view by Friday.

Medallion Financial Corp. (MFIN) - Canvas Business Model: Cost Structure

The cost structure for Medallion Financial Corp. (MFIN) is heavily weighted toward funding costs and managing credit risk, alongside significant operating expenses related to its digital platform and specialized lending teams. You're looking at the core outflows that eat into that strong net interest income.

Interest expense on deposits and borrowings is a primary driver. While the average cost for deposits was reported at 3.82% as of the end of September 2025, the total annual interest expense for the full year 2024 was $17,663 thousand, or $17.663 million.

Managing potential losses is a significant, variable cost. The Provision for credit losses for the third quarter of 2025 was explicitly reported at $18.6 million. This compares to $20.2 million in the prior year quarter.

Operating expenses, which include technology and employee costs, were substantial in Q3 2025. Total operating costs for the quarter reached $20.7 million, an increase from $19 million in the third quarter of the prior year. This figure specifically covered technology platform investments and talent.

To give you a clearer look at the non-interest expense base, here is a breakdown from the second quarter of 2025, which shows the components contributing to the overall operating costs, including compliance and personnel:

Expense Category	Q2 2025 Amount (in Thousands USD)
Salaries and benefits	$5,297
Loan servicing	$3,293
Collection costs	$1,697
Regulatory fees	$1,109

The component for costs associated with regulatory compliance and bank operations is partially captured by the Regulatory fees line item, which was $1,109 thousand in Q2 2025.

Legal and professional fees for corporate and growth initiatives are embedded within the operating expenses. For instance, in Q1 2025, operating expenses of $20.8 million were noted as being driven by investments in a new servicing platform and higher legal and employee costs. The Q3 2025 operating expense of $20.7 million reflects these ongoing investments in talent and platform infrastructure.

You can see the key cost metrics for Q3 2025 below:

• Average deposit cost (as of September 30, 2025): 3.82%.
• Provision for credit losses (Q3 2025): $18.6 million.
• Operating expenses (Q3 2025): $20.7 million.
• Regulatory fees (Q2 2025 context): $1,109 thousand.

Finance: draft 13-week cash view by Friday.

Medallion Financial Corp. (MFIN) - Canvas Business Model: Revenue Streams

You're looking at the hard numbers that drive Medallion Financial Corp.'s top line as of late 2025. It's a mix of traditional lending income and fees from newer, capital-light programs. Honestly, the shift away from the legacy taxi medallion business is clear in these figures.

The core engine remains interest income, but the strategic partnership channel is definitely gaining traction in terms of fee generation.

Here's a breakdown of the key revenue components based on the third quarter results ending September 30, 2025:

Revenue Component	Q3 2025 Amount	Year-to-Date (YTD) 2025 Amount
Net interest income from loan portfolio	$55.7 million	N/A
Interest income from recreation loans	$53.6 million	N/A
Gains from equity investments	$0.3 million (for the quarter)	$15.8 million
Loan origination and servicing fees (Strategic Partnerships)	Approximately $1.5 million (Fees and Interest combined)	N/A
Cash collections and net recoveries from taxi medallion runoff	$3.4 million (Net recoveries and gains)	N/A

The net interest income from the loan portfolio hit a record $55.7 million for the quarter, showing a 6% year-over-year growth. The net interest margin on gross loans improved to 8.21%.

The recreation loan segment, which is a major part of the portfolio, contributed $53.6 million in interest income for the quarter.

For the strategic partnership program, which involves earning an origination fee and a few days of interest before selling the loan back, originations reached a record $208.4 million in the third quarter. Fees generated specifically from these partnerships totaled $1.0 million in Q3 2025, up from $0.4 million a year ago. Overall, this program generated approximately $1.5 million in total fees and interest for the quarter.

The wind-down of the taxi medallion assets continues to provide residual income streams. During the quarter, Medallion Financial Corp. collected $6.1 million in cash from these assets, which translated into $3.4 million in net recoveries and gains. The remaining net taxi medallion assets are now quite small, sitting at just $5.1 million as of September 30, 2025, representing less than 0.2% of total assets.

Equity investments are a smaller, less predictable stream. Gains from these investments year-to-date reached $15.8 million, though the third quarter itself was modest with only $300,000 in income recognized.

You can see the composition of the loan portfolio that generates this interest income through the following:

• Consumer loans (recreation and home improvement) represented 94% of the gross loan portfolio as of September 30, 2025.
• Recreation loans were 63% of the total loan book at $1.603 billion.
• Home improvement loans were 31% of the total loan book at $804 million.
• Commercial loans represented 5% of the gross loan portfolio, totaling $135.1 million.

Finance: draft 13-week cash view by Friday.