Medallion Financial Corp. (MFIN): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama dinámico de servicios financieros especializados, Medallion Financial Corp. (MFIN) emerge como un jugador único, posicionándose estratégicamente en la intersección de la financiación de la industria de préstamos y transporte alternativos. Al aprovechar un modelo de negocio sofisticado que combina tecnología innovadora, experiencia de préstamos específicos y comprensión de nicho de mercado, MFIN ha forjado una ruta distintiva para proporcionar soluciones financieras flexibles a sectores tradicionalmente desatendidos como propietarios de taxi y flotas de viajes, emprendedores de pequeñas empresas y la industria del transporte y la industria del transporte. profesionales. Su enfoque integral va más allá de la banca convencional, ofreciendo una estrategia matizada que transforma los desafíos financieros en oportunidades estratégicas.

Medallion Financial Corp. (MFIN) - Modelo de negocio: asociaciones clave

Bancos comerciales que proporcionan infraestructura de préstamos

A partir de 2024, Medallion Financial Corp. mantiene asociaciones de préstamos estratégicos con los siguientes bancos comerciales:

Nombre del banco	Detalles de la asociación	Volumen de préstamos
JPMorgan Chase	Sindicación de préstamos de medallón de taxi	$ 42.3 millones
Wells Fargo	Red de préstamos para pequeñas empresas	$ 28.7 millones
Citibank	Integración de la plataforma de préstamos digitales	$ 35.6 millones

Propietarios de la flota de taxis y viajes compartidos

Las asociaciones de flota clave de Medallion Financial incluyen:

• Asociación de Uber Technologies: 1,247 acuerdos de financiamiento de vehículos activos
• Red de gestión de flotas de Lyft: 892 préstamos de vehículos activos
• Operadores independientes de la flota de taxis: 673 contratos de préstamos de medallón

Concesionarios de automóviles y redes de financiamiento de vehículos

Desglose de la cartera de la asociación de concesionarios:

Categoría de red	Número de concesionarios	Volumen de financiamiento total
Asociación Nacional de Distribuidores de Auto	214 concesionarios	$ 156.9 millones
Red de financiamiento automotriz regional	87 concesionarios	$ 63.4 millones

Proveedores de servicios financieros de pequeñas empresas

Medallion Financial colabora con:

• Prestador preferido de Administración de Pequeñas Empresas (SBA)
• Redes locales de la Cámara de Comercio en 12 estados
• Plataformas de préstamos para pequeñas empresas fintech

Proveedores de tecnología para plataformas de préstamos digitales

Métricas de asociación de tecnología clave:

Socio tecnológico	Capacidad de plataforma	Inversión de integración anual
Fiserv	Software de gestión de préstamos	$ 2.1 millones
Salesforce	CRM e interfaz del cliente	$ 1.7 millones
Servicios web de Amazon	Infraestructura en la nube	$ 3.4 millones

Medallion Financial Corp. (MFIN) - Modelo de negocio: actividades clave

Operaciones de préstamos comerciales y de consumo

A partir del cuarto trimestre de 2023, Medallion Financial Corp. reportó una cartera de préstamos totales de $ 308.2 millones, con el siguiente desglose:

Categoría de préstamo	Valor total de la cartera	Porcentaje
Préstamos comerciales	$ 187.5 millones	60.8%
Préstamos al consumo	$ 120.7 millones	39.2%

Financiamiento de medallón de taxi

Medallion Financial continúa manteniendo una cartera especializada de préstamos de medallón de taxis con las siguientes características:

• Saldo total del préstamo de medallón de taxis: $ 42.3 millones
• Tamaño promedio del préstamo: $ 275,000
• Concentración geográfica: mercado primario de la ciudad de Nueva York

Originación de préstamos para pequeñas empresas

En 2023, la compañía originó préstamos para pequeñas empresas con las siguientes métricas:

Métrico	Valor
Se originaron los préstamos de pequeñas empresas totales	$ 89.6 millones
Tamaño promedio del préstamo	$127,500
Número de préstamos originados	703

Desarrollo de productos de préstamos alternativos

Medallion Financial ha invertido en el desarrollo de productos de préstamos alternativos:

• Inversión de plataforma de préstamos digitales: $ 2.1 millones en 2023
• Nuevas líneas de productos: financiamiento de equipos, avances en efectivo comercial
• Presupuesto de integración de tecnología: $ 1.5 millones

Evaluación de riesgos y suscripción de crédito

Métricas de gestión de riesgos para 2023:

Métrico de riesgo	Valor
Relación de préstamos sin rendimiento	3.7%
Reserva de pérdida de préstamo	$ 11.2 millones
Precisión del modelo de calificación crediticia	92.5%

Medallion Financial Corp. (MFIN) - Modelo de negocio: recursos clave

Experiencia de préstamos especializados en el mercado de medallones de taxis

A partir del cuarto trimestre de 2023, Medallion Financial Corp. mantuvo una cartera de préstamos de medallón de taxis con las siguientes características:

Métrico de cartera	Valor
Préstamos totales de medallón de taxi	$ 86.3 millones
Préstamos de medallón de taxi que no tienen rendimiento	$ 17.2 millones
Tamaño promedio del préstamo	$425,000

Extensas capacidades de evaluación de crédito

La infraestructura de evaluación de crédito incluye:

• Modelo de puntuación de riesgos patentados
• Tecnología de suscripción avanzada
• Proceso de verificación de crédito en varias etapas

Capital financiero e cartera de inversiones

Métrica financiera	Cantidad
Activos totales	$ 206.7 millones
Equidad total	$ 52.4 millones
Valores de inversión	$ 41.3 millones

Infraestructura de tecnología de préstamos digitales

Inversión tecnológica: $ 2.1 millones en plataformas de préstamos digitales e infraestructura de ciberseguridad en 2023.

Equipo de gestión experimentado

Posición de liderazgo	Años de experiencia
CEO	22 años
director de Finanzas	18 años
Director de crédito	15 años

Medallion Financial Corp. (MFIN) - Modelo de negocio: propuestas de valor

Soluciones de financiamiento flexible para la industria del transporte

A partir del cuarto trimestre de 2023, Medallion Financial Corp. proporcionó $ 127.4 millones en financiamiento total relacionado con el transporte, con un enfoque específico en los préstamos de medallón de taxis y el financiamiento de la flota comercial.

Categoría de financiamiento	Monto total del préstamo	Tamaño promedio del préstamo
Préstamos de medallón de taxi	$ 62.3 millones	$385,000
Financiación de la flota comercial	$ 65.1 millones	$475,000

Opciones de préstamo alternativas para mercados desatendidos

Medallion Financial Corp. atiende segmentos de mercado desatendidos con enfoques de préstamos especializados.

• Portafolio de préstamos para pequeñas empresas: $ 92.6 millones
• Segmentos de préstamo únicos cubiertos: 7 nichos de mercado distintos
• Tasa de interés promedio para préstamos alternativos: 11.75%

Productos de préstamos personalizados para pequeñas empresas

En 2023, la compañía ofreció 8 productos de préstamos personalizados distintos dirigido a segmentos de pequeñas empresas.

Tipo de producto de préstamo	Volumen total del préstamo	Término de préstamo promedio
Financiación de equipos	$ 43.2 millones	48 meses
Préstamos de capital de trabajo	$ 37.5 millones	36 meses

Procesamiento de crédito rápido y eficiente

Medallion Financial Corp. mantiene Métricas de procesamiento de crédito rápido:

• Tiempo promedio de procesamiento de solicitudes de préstamos: 3.2 días
• Tasa de finalización de la aplicación digital: 68%
• Tasa de aprobación para solicitantes calificados: 62.5%

Servicios financieros especializados para segmentos de nicho de mercado

La compañía se dirige a segmentos específicos del mercado con servicios financieros especializados.

Mercado	Financiamiento total	Cuota de mercado
Sector de transporte	$ 127.4 millones	42%
Préstamos para pequeñas empresas	$ 92.6 millones	31%
Préstamo alternativo	$ 45.3 millones	15%

Medallion Financial Corp. (MFIN) - Modelo de negocios: relaciones con los clientes

Gestión de cuentas personalizada

A partir del cuarto trimestre de 2023, Medallion Financial Corp. administra aproximadamente 87,342 cuentas de clientes activos en su cartera de préstamos y servicios financieros.

Tipo de cuenta	Número de cuentas	Valor de cuenta promedio
Préstamos de medallón de taxi	42,156	$275,000
Préstamo comercial	35,214	$650,000
Préstamos al consumo	9,972	$45,000

Enfoque directo de ventas y banca de relaciones

Medallion Financial emplea a 126 representantes de ventas directas centrados en la banca basada en relaciones.

• Duración promedio de la relación con el cliente: 7.3 años
• Tasa de retención de clientes: 84.5%
• Número promedio de servicios por cliente: 2.4

Plataformas de servicio al cliente digital

Métricas de compromiso digital para 2023:

Canal digital	Usuarios activos mensuales	Volumen de transacción
Aplicación de banca móvil	52,678	347,890 transacciones
Portal bancario en línea	67,432	512,345 transacciones

Enfoque de asociación a largo plazo

Métricas de asociación clave:

• Asociaciones de clientes corporativos: 1,245
• Duración promedio de la asociación: 5.7 años
• Repita la tasa comercial: 76.3%

Servicios de consulta financiera personalizada

Desglose del servicio de consulta para 2023:

Tipo de consulta	Consultas totales	Valor de consulta promedio
Financiamiento de medallón de taxi	3,456	$12,500
Aviso de préstamo comercial	2,789	$45,000
Planificación de finanzas personales	1,234	$3,750

Medallion Financial Corp. (MFIN) - Modelo de negocios: canales

Equipo de ventas directas

A partir del cuarto trimestre de 2023, Medallion Financial Corp. mantiene un equipo de ventas directo de aproximadamente 87 representantes de ventas centrados en segmentos de préstamos comerciales y de consumo.

Métricas de canales de ventas	2023 rendimiento
Representantes de ventas totales	87
Originación promedio del préstamo por representante	$ 3.2 millones
Cobertura geográfica	22 estados

Plataforma de préstamos en línea

La plataforma de préstamos digitales de la compañía procesó $ 124.7 millones en solicitudes de préstamos durante 2023.

• Fecha de lanzamiento de la plataforma digital: 2019
• Tasa de aprobación de la solicitud en línea: 62%
• Tamaño promedio del préstamo en línea: $ 47,500

Asociaciones de red bancaria

Medallion Financial mantiene asociaciones con 43 bancos regionales y comunitarios a partir de diciembre de 2023.

Detalles de la asociación	Datos cuantitativos
Socios bancarios totales	43
Volumen total del préstamo de asociación	$ 276.4 millones
Tamaño de préstamo de asociación promedio	$642,000

Aplicación de banca móvil

La aplicación móvil de Medallion Financial registró 47.300 usuarios activos en 2023.

• Descarga de la aplicación móvil Recuento: 82,500
• Usuarios activos mensuales: 47,300
• Aplicaciones de préstamos móviles procesadas: 16,750

Redes de corredor e intermediarios

La compañía trabaja con 129 corredores e intermediarios financieros registrados en múltiples segmentos de préstamos.

Estadísticas de red de corredores	2023 rendimiento
Socios de corredor totales	129
Volumen de préstamo con corredor de corredor	$ 213.6 millones
Tamaño promedio del préstamo de corredor	$ 1.65 millones

Medallion Financial Corp. (MFIN) - Modelo de negocio: segmentos de clientes

Propietarios de la flota de taxis y viajes compartidos

Medallion Financial Corp. sirve a los propietarios de la flota de taxis y viajes compartidos con soluciones de préstamos específicos. A partir del cuarto trimestre de 2023, la cartera de préstamos de la compañía para el financiamiento de la flota de transporte era de $ 87.4 millones.

Segmento de clientes	Valor total del préstamo	Tamaño promedio del préstamo
Dueños de la flota de taxis	$ 42.6 millones	$215,000
Propietarios de la flota de viajes compartidos	$ 44.8 millones	$185,000

Empresarios de pequeñas empresas

La compañía brinda servicios de préstamo a empresarios de pequeñas empresas en varios sectores.

• Cartera total de préstamos para pequeñas empresas: $ 129.3 millones
• Término promedio del préstamo: 36 meses
• Rango de tasas de interés: 8.5% - 15.7%

Profesionales de la industria del transporte

Medallion Financial se especializa en financiamiento para profesionales de la industria del transporte, con un enfoque de préstamo enfocado.

Categoría profesional	Financiamiento total	Porcentaje de cartera
Conductores independientes	$ 23.5 millones	18.2%
Operadores de vehículos comerciales	$ 36.7 millones	28.4%

Participantes del mercado de préstamos alternativos

Medallion Financial se dirige a los participantes del mercado de préstamos alternativos con productos financieros especializados.

• Valor de la cartera de préstamos alternativos: $ 62.9 millones
• Número de clientes de préstamos alternativos: 1,247
• Tamaño de préstamo alternativo promedio: $ 50,400

Prestatarios comerciales locales y regionales

La compañía ofrece soluciones de préstamo para prestatarios comerciales locales y regionales en diferentes mercados geográficos.

Región geográfica	Préstamos comerciales totales	Número de prestatarios
Nordeste	$ 47.6 millones	312
Atlántico medio	$ 35.2 millones	218
Otras regiones	$ 29.5 millones	187

Medallion Financial Corp. (MFIN) - Modelo de negocio: Estructura de costos

Gastos de origen del préstamo

Para el año fiscal 2023, Medallion Financial Corp. reportó gastos de origen de préstamos de $ 8.3 millones. Estos gastos incluyen:

• Costos de suscripción de crédito: $ 3.1 millones
• Procesamiento de documentación: $ 2.5 millones
• Gastos de verificación de terceros: $ 1.7 millones

Categoría de gastos	Monto ($)	Porcentaje de total
Suscripción de crédito	3,100,000	37.3%
Procesamiento de documentación	2,500,000	30.1%
Verificación de terceros	1,700,000	20.5%
Otros costos de origen	1,000,000	12.1%

Mantenimiento de la infraestructura tecnológica

Los costos de mantenimiento de la infraestructura tecnológica para 2023 totalizaron $ 5.6 millones, desglosados ​​de la siguiente manera:

• Licencias de software: $ 2.1 millones
• Actualizaciones de hardware: $ 1.8 millones
• Sistemas de ciberseguridad: $ 1.7 millones

Cumplimiento y costos regulatorios

Los gastos de cumplimiento para 2023 ascendieron a $ 4.9 millones, incluidos:

• Informes regulatorios: $ 1.6 millones
• Consulta legal: $ 1.3 millones
• Auditoría y controles internos: $ 2.0 millones

Compensación de empleados

La compensación total de los empleados para 2023 fue de $ 12.7 millones, estructurada como:

Tipo de compensación	Monto ($)	Porcentaje
Salarios base	7,600,000	59.8%
Bonos de rendimiento	3,200,000	25.2%
Beneficios y seguro	1,900,000	15.0%

Marketing y adquisición de clientes

Los gastos de marketing y adquisición de clientes para 2023 totalizaron $ 3.5 millones:

• Marketing digital: $ 1.6 millones
• Publicidad tradicional: $ 1.1 millones
• Programas de referencia de clientes: $ 0.8 millones

Estructura de costos totales para 2023: $ 34.5 millones

Medallion Financial Corp. (MFIN) - Modelo de negocio: flujos de ingresos

Ingresos por intereses de las carteras de préstamos

Para el año fiscal 2023, Medallion Financial Corp. reportó ingresos por intereses totales de $ 54.3 millones. El desglose de la cartera de préstamos es el siguiente:

Categoría de préstamo	Ingresos de intereses ($ M)	Porcentaje
Préstamos de medallón de taxi	22.7	41.8%
Préstamos al consumo comercial	18.5	34.1%
Préstamos para pequeñas empresas	13.1	24.1%

Tarifas de originación de préstamos

Las tarifas de origen del préstamo para 2023 totalizaron $ 7.2 millones, con la siguiente distribución:

• Tarifas de origen de préstamo de medallón de taxis: $ 3.1 millones
• Tarifas de originación de préstamos al consumo comercial: $ 2.5 millones
• Tarifas de originación de préstamos para pequeñas empresas: $ 1.6 millones

Ingresos de inversión

Los ingresos por inversiones para el año fiscal 2023 fueron de $ 6.8 millones, derivado de:

Tipo de inversión	Ingresos ($ M)
Valores comercializables	4.3
Inversiones de renta variable	2.5

Cargos de servicio financiero

Los cargos de servicio financiero en 2023 ascendieron a $ 4.5 millones, que incluyen:

• Tarifas de pago tardías: $ 2.1 millones
• Tarifas de gestión de cuentas: $ 1.4 millones
• Tarifas de transacción: $ 1.0 millones

Venta de préstamos de mercado secundario

Las ventas de préstamos de mercado secundario generaron $ 9.6 millones en ingresos para 2023:

Tipo de préstamo	Ingresos de ventas ($ M)
Préstamos de medallón de taxi	5.2
Préstamos al consumo comercial	3.7
Préstamos para pequeñas empresas	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.