Medallion Financial Corp. (MFIN): Business Model Canvas [Jan-2025 Mis à jour]

Dans le paysage dynamique des services financiers spécialisés, Medallion Financial Corp. (MFIN) émerge comme un acteur unique, se positionnant stratégiquement à l'intersection des prêts alternatifs et du financement de l'industrie du transport. En tirant parti d'un modèle commercial sophistiqué qui mélange la technologie innovante, l'expertise des prêts ciblés et la compréhension du marché des niches, MFIN a élaboré une voie distinctive pour fournir des solutions financières flexibles à des secteurs traditionnellement mal desservis comme les propriétaires de flotte de taxi et de covoiturage, les petites entreprises entrepreneurs et l'industrie du transport professionnels. Leur approche globale va au-delà de la banque conventionnelle, offrant une stratégie nuancée qui transforme les défis financiers en opportunités stratégiques.

Medallion Financial Corp. (MFIN) - Modèle d'entreprise: partenariats clés

Banques commerciales offrant une infrastructure de prêt

En 2024, Medallion Financial Corp. maintient des partenariats de prêt stratégiques avec les banques commerciales suivantes:

Nom de banque	Détails du partenariat	Volume de prêt
JPMorgan Chase	Syndication des prêts au médaillon de taxi	42,3 millions de dollars
Wells Fargo	Réseau de prêts aux petites entreprises	28,7 millions de dollars
Citibank	Intégration de la plate-forme de prêt numérique	35,6 millions de dollars

Propriétaires de flotte de taxi et de covoiturage

Les partenariats clés de la flotte de Medallion Financial comprennent:

• Partenariat Uber Technologies: 1 247 accords de financement de véhicules actifs
• Lyft Fleet Management Network: 892 Prêts de véhicules actifs
• Opérateurs indépendants de la flotte de taxi: 673 Contrats de prêts au médaillon

Concessionnaires automobiles et réseaux de financement des véhicules

Répartition du portefeuille de partenariat de concessionnaire:

Catégorie de réseau	Nombre de concessionnaires	Volume de financement total
Association nationale des concessionnaires automobiles	214 concessionnaires	156,9 millions de dollars
Réseau régional de financement automobile	87 concessionnaires	63,4 millions de dollars

Fournisseurs de services financiers de petites entreprises

Medallion Financial collabore avec:

• Administration des petites entreprises (SBA) Prêteur préféré
• Réseaux locaux de la Chambre de commerce dans 12 États
• Plateformes de prêt de petite entreprise fintech

Vendeurs technologiques pour les plateformes de prêt numérique

Métriques de partenariat technologique clés:

Partenaire technologique	Capacité de plate-forme	Investissement d'intégration annuelle
Finerv	Logiciel de gestion des prêts	2,1 millions de dollars
Salesforce	CRM et interface client	1,7 million de dollars
Services Web Amazon	Infrastructure cloud	3,4 millions de dollars

Medallion Financial Corp. (MFIN) - Modèle d'entreprise: Activités clés

Opérations de prêt commercial et de consommation

Au quatrième trimestre 2023, Medallion Financial Corp. a déclaré un portefeuille total de prêts de 308,2 millions de dollars, avec la ventilation suivante:

Catégorie de prêt	Valeur totale du portefeuille	Pourcentage
Prêts commerciaux	187,5 millions de dollars	60.8%
Prêts à la consommation	120,7 millions de dollars	39.2%

Financement du médaillon de taxi

Medallion Financial continue de maintenir un portefeuille de prêts à médaillon de taxi spécialisé avec les caractéristiques suivantes:

• Total Taxi Medallion Loan Solde: 42,3 millions de dollars
• Taille moyenne du prêt: 275 000 $
• Concentration géographique: marché primaire de New York City

Origination des prêts aux petites entreprises

En 2023, la société a obtenu des prêts aux petites entreprises avec les mesures suivantes:

Métrique	Valeur
Le total des prêts aux petites entreprises est originaire	89,6 millions de dollars
Taille moyenne du prêt	$127,500
Le nombre de prêts à l'origine	703

Développement de produits de prêt alternatif

Medallion Financial a investi dans le développement de produits de prêt alternatifs:

• Investissement de plateforme de prêt numérique: 2,1 millions de dollars en 2023
• Nouvelles gammes de produits: financement de l'équipement, avances de fonds marchands
• Budget d'intégration technologique: 1,5 million de dollars

Évaluation des risques et souscription du crédit

Mesures de gestion des risques pour 2023:

Métrique à risque	Valeur
Ratio de prêts non performants	3.7%
Réserve de perte de prêt	11,2 millions de dollars
Précision du modèle de notation du crédit	92.5%

Medallion Financial Corp. (MFIN) - Modèle d'entreprise: Ressources clés

Expertise spécialisée sur les prêts sur le marché des médaillons de taxi

Depuis le quatrième trimestre 2023, Medallion Financial Corp. a maintenu un portefeuille de prêts sur le médaillon de taxi avec les caractéristiques suivantes:

Métrique de portefeuille	Valeur
Prêts totaux de médaillon de taxi	86,3 millions de dollars
Prêts de médaillon de taxi non performants	17,2 millions de dollars
Taille moyenne du prêt	$425,000

Capacités étendues d'évaluation du crédit

L'infrastructure d'évaluation du crédit comprend:

• Modèle de notation des risques propriétaires
• Technologie de souscription avancée
• Processus de vérification du crédit en plusieurs étapes

Portefeuille de capital financier et d'investissement

Métrique financière	Montant
Actif total	206,7 millions de dollars
Total des capitaux propres	52,4 millions de dollars
Titres d'investissement	41,3 millions de dollars

Infrastructure de technologie de prêt numérique

Investissement technologique: 2,1 millions de dollars en plates-formes de prêt numériques et infrastructures de cybersécurité en 2023.

Équipe de gestion expérimentée

Poste de direction	Années d'expérience
PDG	22 ans
Directeur financier	18 ans
Chef de crédit	15 ans

Medallion Financial Corp. (MFIN) - Modèle d'entreprise: propositions de valeur

Solutions de financement flexibles pour l'industrie du transport

Depuis le quatrième trimestre 2023, Medallion Financial Corp. a fourni 127,4 millions de dollars en financement total lié aux transports, avec un accent spécifique sur les prêts en taxi et le financement commercial de la flotte.

Catégorie de financement	Montant total du prêt	Taille moyenne du prêt
Prêts au médaillon de taxi	62,3 millions de dollars	$385,000
Financement commercial de la flotte	65,1 millions de dollars	$475,000

Options de prêt alternatives pour les marchés mal desservis

Medallion Financial Corp. dessert des segments de marché mal desservis avec des approches de prêt spécialisées.

• Portfolio de prêts aux petites entreprises: 92,6 millions de dollars
• Segments de prêt uniques couverts: 7 niches de marché distinctes
• Taux d'intérêt moyen pour les prêts alternatifs: 11,75%

Produits de prêt personnalisés pour les petites entreprises

En 2023, la société a offert 8 produits de prêt personnalisés distincts ciblant les segments de petites entreprises.

Type de produit de prêt	Volume total des prêts	Terme de prêt moyen
Financement de l'équipement	43,2 millions de dollars	48 mois
Prêts de fonds de roulement	37,5 millions de dollars	36 mois

Traitement de crédit rapide et efficace

Medallion Financial Corp. maintient Métriques de traitement rapide du crédit:

• Temps de traitement de la demande de prêt moyen: 3,2 jours
• Taux d'achèvement de l'application numérique: 68%
• Taux d'approbation pour les candidats qualifiés: 62,5%

Services financiers spécialisés pour les segments de marché de niche

La société cible des segments de marché spécifiques avec des services financiers spécialisés.

Marché de niche	Financement total	Part de marché
Secteur des transports	127,4 millions de dollars	42%
Prêts aux petites entreprises	92,6 millions de dollars	31%
Prêts alternatifs	45,3 millions de dollars	15%

Medallion Financial Corp. (MFIN) - Modèle d'entreprise: relations avec les clients

Gestion de compte personnalisée

Depuis le quatrième trimestre 2023, Medallion Financial Corp. gère environ 87 342 comptes clients actifs dans son portefeuille de prêts et de services financiers.

Type de compte	Nombre de comptes	Valeur moyenne du compte
Prêts au médaillon de taxi	42,156	$275,000
Prêts commerciaux	35,214	$650,000
Prêts à la consommation	9,972	$45,000

Approche directe des ventes et des relations avec les relations

Medallion Financial emploie 126 représentants des ventes directes axées sur la banque basée sur les relations.

• Durée moyenne de la relation client: 7,3 ans
• Taux de rétention de la clientèle: 84,5%
• Nombre moyen de services par client: 2,4

Plateformes de service client numérique

Métriques d'engagement numérique pour 2023:

Canal numérique	Utilisateurs actifs mensuels	Volume de transaction
Application bancaire mobile	52,678	347 890 transactions
Portail bancaire en ligne	67,432	512 345 transactions

Focus de partenariat à long terme

Métriques de partenariat clés:

• Partenariats des clients d'entreprise: 1 245
• Durée du partenariat moyen: 5,7 ans
• Répéter le taux d'entreprise: 76,3%

Services de consultation financière sur mesure

Répartition des services de consultation pour 2023:

Type de consultation	Consultations totales	Valeur de consultation moyenne
Financement du médaillon de taxi	3,456	$12,500
Conseil des prêts commerciaux	2,789	$45,000
Planification des finances personnelles	1,234	$3,750

Medallion Financial Corp. (MFIN) - Modèle d'entreprise: canaux

Équipe de vente directe

Depuis le quatrième trimestre 2023, Medallion Financial Corp. maintient une équipe de vente directe d'environ 87 représentants commerciaux axés sur les segments de prêt commercial et de consommation.

Métriques du canal de vente	Performance de 2023
Représentants des ventes totales	87
Origination moyenne du prêt par représentant	3,2 millions de dollars
Couverture géographique	22 États

Plateforme de prêt en ligne

La plate-forme de prêt numérique de la société a traité 124,7 millions de dollars de demandes de prêt au cours de 2023.

• Date de lancement de la plate-forme numérique: 2019
• Taux d'approbation des applications en ligne: 62%
• Taille moyenne du prêt en ligne: 47 500 $

Partenariats du réseau bancaire

Medallion Financial maintient des partenariats avec 43 banques régionales et communautaires en décembre 2023.

Détails du partenariat	Données quantitatives
Partenaires bancaires totaux	43
Volume total de prêts en partenariat	276,4 millions de dollars
Taille moyenne du prêt de partenariat	$642,000

Application bancaire mobile

L'application mobile de Medallion Financial a enregistré 47 300 utilisateurs actifs en 2023.

• Nombre de téléchargement d'application mobile: 82 500
• Utilisateurs actifs mensuels: 47 300
• Applications de prêt mobile traitées: 16 750

Réseaux de courtier et d'intermédiaire

La société travaille avec 129 courtiers financiers et intermédiaires enregistrés sur plusieurs segments de prêt.

Statistiques du réseau de courtiers	Performance de 2023
Partners du courtier total	129
Volume de prêt originaire du courtier	213,6 millions de dollars
Taille moyenne du prêt du courtier	1,65 million de dollars

Medallion Financial Corp. (MFIN) - Modèle d'entreprise: segments de clientèle

Propriétaires de flotte de taxi et de covoiturage

Medallion Financial Corp. dessert les propriétaires de flotte de taxi et de covoiturage avec des solutions de prêt ciblées. Au quatrième trimestre 2023, le portefeuille de prêts de la société pour le financement de la flotte de transport était de 87,4 millions de dollars.

Segment de clientèle	Valeur totale du prêt	Taille moyenne du prêt
Propriétaires de flotte de taxi	42,6 millions de dollars	$215,000
Propriétaires de flotte de covoiturage	44,8 millions de dollars	$185,000

Entrepreneurs de petites entreprises

L'entreprise fournit des services de prêt aux entrepreneurs de petites entreprises dans divers secteurs.

• Portfolio total de prêts aux petites entreprises: 129,3 millions de dollars
• Terme du prêt moyen: 36 mois
• Réduction des taux d'intérêt: 8,5% - 15,7%

Professionnels de l'industrie du transport

Medallion Financial est spécialisée dans le financement des professionnels de l'industrie du transport, avec une approche de prêt ciblée.

Catégorie professionnelle	Financement total	Pourcentage de portefeuille
Moteurs indépendants	23,5 millions de dollars	18.2%
Opérateurs de véhicules commerciaux	36,7 millions de dollars	28.4%

Participants du marché des prêts alternatifs

MEDALLION FINANCE cible des alternatifs de prêts aux acteurs du marché avec des produits financiers spécialisés.

• Valeur du portefeuille de prêt alternatif: 62,9 millions de dollars
• Nombre de clients de prêts alternatifs: 1 247
• Taille moyenne du prêt alternative: 50 400 $

Emprunteurs commerciaux locaux et régionaux

La société fournit des solutions de prêt aux emprunteurs commerciaux locaux et régionaux sur différents marchés géographiques.

Région géographique	Prêts commerciaux totaux	Nombre d'emprunteurs
Nord-est	47,6 millions de dollars	312
Moyen-atlantique	35,2 millions de dollars	218
Autres régions	29,5 millions de dollars	187

Medallion Financial Corp. (MFIN) - Modèle d'entreprise: Structure des coûts

Frais d'origine du prêt

Pour l'exercice 2023, Medallion Financial Corp. a déclaré des frais de création de prêt de 8,3 millions de dollars. Ces dépenses comprennent:

• Coûts de souscription de crédit: 3,1 millions de dollars
• Traitement de la documentation: 2,5 millions de dollars
• Dépenses de vérification des tiers: 1,7 million de dollars

Catégorie de dépenses	Montant ($)	Pourcentage du total
Souscription de crédit	3,100,000	37.3%
Traitement de la documentation	2,500,000	30.1%
Vérification des tiers	1,700,000	20.5%
Autres coûts d'origine	1,000,000	12.1%

Maintenance des infrastructures technologiques

Les coûts de maintenance des infrastructures technologiques pour 2023 ont totalisé 5,6 millions de dollars, en panne comme suit:

• Licence logicielle: 2,1 millions de dollars
• Mises à niveau matériel: 1,8 million de dollars
• Systèmes de cybersécurité: 1,7 million de dollars

Contacments de conformité et de réglementation

Les dépenses de conformité pour 2023 s'élevaient à 4,9 millions de dollars, notamment:

• Représentation réglementaire: 1,6 million de dollars
• Consultation juridique: 1,3 million de dollars
• Audit et contrôles internes: 2,0 millions de dollars

Compensation des employés

La rémunération totale des employés pour 2023 était de 12,7 millions de dollars, structurée:

Type de compensation	Montant ($)	Pourcentage
Salaires de base	7,600,000	59.8%
Bonus de performance	3,200,000	25.2%
Avantages et assurance	1,900,000	15.0%

Marketing et acquisition de clients

Les frais de marketing et d'acquisition des clients pour 2023 ont totalisé 3,5 millions de dollars:

• Marketing numérique: 1,6 million de dollars
• Publicité traditionnelle: 1,1 million de dollars
• Programmes de référence client: 0,8 million de dollars

Structure totale des coûts pour 2023: 34,5 millions de dollars

Medallion Financial Corp. (MFIN) - Modèle d'entreprise: Strots de revenus

Revenu des intérêts des portefeuilles de prêts

Pour l'exercice 2023, Medallion Financial Corp. a déclaré un revenu total d'intérêts de 54,3 millions de dollars. La répartition du portefeuille de prêts est la suivante:

Catégorie de prêt	Revenu des intérêts ($ m)	Pourcentage
Prêts au médaillon de taxi	22.7	41.8%
Prêts à la consommation commerciale	18.5	34.1%
Prêts aux petites entreprises	13.1	24.1%

Frais d'origine du prêt

Les frais d'origine du prêt pour 2023 ont totalisé 7,2 millions de dollars, la distribution suivante:

• Frais d'origine des prêts sur le médaillon de taxi: 3,1 millions de dollars
• Frais d'origine des prêts aux consommateurs commerciaux: 2,5 millions de dollars
• Frais d'origine des prêts aux petites entreprises: 1,6 million de dollars

Revenus de placement

Le revenu de placement pour l'exercice 2023 était de 6,8 millions de dollars, dérivé de:

Type d'investissement	Revenus ($ m)
Titres commercialisables	4.3
Investissements en actions	2.5

Frais de service financier

Les frais de service financier en 2023 s'élevaient à 4,5 millions de dollars, notamment:

• Frais de paiement en retard: 2,1 millions de dollars
• Frais de gestion du compte: 1,4 million de dollars
• Frais de transaction: 1,0 million de dollars

Ventes de prêts sur le marché secondaire

Les ventes de prêts sur le marché secondaire ont généré 9,6 millions de dollars de revenus pour 2023:

Type de prêt	Revenus de vente ($ m)
Prêts au médaillon de taxi	5.2
Prêts à la consommation commerciale	3.7
Prêts aux petites entreprises	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.