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Form 8-K

sec.gov

8-K — MEDALLION FINANCIAL CORP

Accession: 0001193125-26-323730

Filed: 2026-07-29

Period: 2026-07-29

CIK: 0001000209

SIC: 6199 (FINANCE SERVICES)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — mfin-20260729.htm (Primary)

EX-99.1 (mfin-ex99_1.htm)

GRAPHIC (img225047079_0.jpg)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: mfin-20260729.htm · Sequence: 1

8-K

0001000209false00010002092026-07-292026-07-29

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

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

MEDALLION FINANCIAL CORP.

(Exact name of registrant as specified in its charter)

Delaware

(State or other jurisdiction of incorporation)

001-37747

(Commission File Number)

04-3291176

(IRS Employer Identification No.)

667 MADISON AVENUE, 22nd Floor

NEW YORK, New York 10065

(Address of Principal Executive Offices) (Zip Code)

(212) 328-2100

(Registrant’s Telephone Number, Including Area Code)

437 MADISON AVENUE, 38th Floor

NEW YORK, New York 10022

(Former Name or Former Address, if Changed Since Last Report)

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

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

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

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

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

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

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, par value $0.01 per share

MFIN

NASDAQ Global Select Market

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

Emerging growth company 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

Item 2.02 Results of Operations and Financial Condition.

Medallion Financial Corp. (the “Company”), issued a press release to the news media announcing, among other things, the Company’s results for the quarter ended June 30, 2026.

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

Item 9.01 Financial Statements and Exhibits

(d) Exhibits

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

99.1

Press release, dated July 29, 2026

104

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

2

SIGNATURE

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

Dated: July 29, 2026

MEDALLION FINANCIAL CORP.

By:

/s/ Anthony N. Cutrone

Name: Anthony N. Cutrone

Title: Chief Financial Officer

3

EX-99.1

EX-99.1

Filename: mfin-ex99_1.htm · Sequence: 2

EX-99.1

Exhibit 99.1

FOR IMMEDIATE RELEASE:

MEDALLION FINANCIAL CORP. REPORTS 2026 SECOND QUARTER RESULTS

Record Assets Surpass $3.0 billion, Loan Originations Increase 63%

NEW YORK, NY – July 29, 2026 – Medallion Financial Corp. (NASDAQ: MFIN) (“Medallion” or the “Company”), a specialty finance company that originates and services loans in various consumer and commercial industries, along with offering loan origination services to fintech strategic partners, today announced its financial results for the quarter ended June 30, 2026.

2026 Second Quarter Highlights

Total net income attributable to stockholders for the second quarter was $7.4 million, or $0.31 per share, compared to $11.1 million, or $0.46 per share, in the prior year quarter. Total net income for the quarter included a $0.2 million gain on equity investments, compared to a $6.1 million gain on equity in the prior year quarter.

Net interest income grew 7% to $57.2 million from $53.4 million in the prior year quarter.

Net interest margin (“NIM”) on gross loans was 7.94%, compared to 8.09% in the prior year quarter, and NIM on net loans was 8.28%, compared to 8.42% in the prior year quarter.

Total assets exceeded $3.0 billion for the first time in company history.

Loan originations grew 63% to $611.6 million, compared to $375.0 million in the prior year quarter, and included $247.1 million of strategic partnership loan originations in the current quarter, compared to $168.6 million in the prior year quarter.

Total loan portfolio as of June 30, 2026 was $2.795 billion, up 12.5% compared to $2.485 billion a year ago.

Credit loss provision was $22.3 million, compared to $21.6 million in the prior year quarter.

Net book value per share at June 30, 2026 was $17.62 compared to $16.77 a year ago.

The Company declared and paid a quarterly cash dividend of $0.14 per share.

The Company repurchased 779,799 shares of its common stock at an average cost of $9.85 per share for $7.7 million.

Executive Commentary

Andrew Murstein, President and Chief Executive Officer of Medallion Financial Corp., commented, “Our second quarter results further demonstrate the strength and scalability of our lending platform. We achieved record assets of more than $3.0 billion, increased loan originations by 63%, grew net interest income by 7%, and continued to build book value while maintaining disciplined underwriting standards.

Demand across our recreation and home improvement lending businesses remains healthy, and our strategic partnership business continues to expand with strategic partnership originations reaching $247 million during the quarter. Additionally, we repurchased nearly 780,000 shares during the quarter at an average price of $9.85 per share, which we believe creates meaningful long-term shareholder value.

Despite the absence of significant gains on equity investments in the quarter, our core lending franchise continued to produce meaningful operating results supporting our earnings. As our loan portfolio expanded, we recorded higher credit provisions to support that growth, reflecting the up front reserve requirements associated with new loan originations. These originations provide visibility into future portfolio and earnings growth.

We believe Medallion is well positioned for continued profitable growth through disciplined underwriting, a strong funding base, expanding strategic partnerships, and prudent capital allocation.”

Business Highlights

Recreation Lending

Originations were $228.5 million during the quarter, up 63.0% compared to $142.8 million a year ago.

Recreation loans, including loans held for investment and loans held for sale, grew 14% to $1.760 billion, or 63% of total loans, as of June 30, 2026, compared to $1.546 billion, or 62%, a year ago.

Average loan size as of June 30, 2026 was $22,300 with a weighted average FICO score, measured at the time of loan origination, of 686.

Interest income grew 12% to $57.1 million for the quarter, from $51.1 million in the prior year quarter.

The average interest rate was 15.06% at quarter-end, compared to 15.12% a year ago.

Recreation loans 90 days or more past due were $9.7 million, or 0.57% of gross recreation loans, as of June 30, 2026, compared to $7.3 million, or 0.49%, a year ago.

Allowance for credit losses as of June 30, 2026 was 5.16%, compared to 5.05% a year ago.

Home Improvement Lending

Originations were $128.6 million during the quarter, up 31.7% compared to $54.3 million a year ago.

Home improvement loans were $885.6 million, or 32% of total loans, as of June 30, 2026, compared to $803.5 million, or 32%, a year ago.

Average loan size as of June 30, 2026 was $24,500 with a weighted average FICO score, measured at the time of loan origination, of 768.

Interest income was $20.9 million for the quarter, compared to $20.1 million in the prior year quarter.

The average interest rate was 9.69% at quarter-end, compared to 9.87% a year ago.

Home improvement loans 90 days or more past due were $1.5 million, or 0.17% of gross home improvement loans, as of June 30, 2026, compared to $1.3 million, or 0.16%, a year ago.

Allowance for credit losses as of June 30, 2026 was 2.42%, compared to 2.54% a year ago.

Commercial Lending

Commercial loans were $126.2 million as of June 30, 2026, compared to $121.4 million a year ago.

Average loan size was $4.1 million as of June 30, 2026, invested across 30 portfolio companies.

Interest income was $3.5 million for the quarter, compared to $3.8 million in the prior year quarter.

The average interest rate on the portfolio was 14.37% as of June 30, 2026, compared to 13.43% a year ago.

We recognized $0.2 million of net equity gains during the quarter, compared to $6.1 million a year ago.

Strategic Partnerships

Originations were $247.1 million during the quarter, compared to $168.6 million a year ago.

Total strategic partnership loans held for sale as of June 30, 2026 were $21.4 million, compared to $12.3 million a year ago.

Fees generated from strategic partnerships were $1.1 million for the quarter, compared to $0.8 million in the prior year quarter.

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

Taxi Medallion Lending

The Company collected $1.8 million of cash on taxi medallion-related assets during the quarter, which resulted in net recoveries and gains of $1.4 million.

Total net taxi medallion-related assets declined to $3.5 million, a 42% reduction from a year ago, and represented 0.1% of the Company’s total assets, as of June 30, 2026.

2

AVERAGE BALANCES AND RATES

The following table presents our consolidated average balance sheets, interest income and expense, and the average interest earning/bearing assets and liabilities and reflects the average yield on assets and average costs on liabilities as of and for the three months ended June 30, 2026 and 2025.

Three Months Ended June 30,

2026

2025

(Dollars in thousands)

Average

Balance

Interest

Average

Yield/Cost

Average

Balance

Interest

Average

Yield/Cost

Interest-earning assets

Interest earning cash equivalents

$

65,222

$

521

3.20

%

$

35,166

$

367

4.19

%

Federal funds sold

67,191

877

5.24

67,533

954

5.67

Investment securities

69,020

694

4.03

60,991

593

3.90

Loans

Recreation

1,702,708

57,101

13.45

1,530,529

51,101

13.39

Home improvement

845,756

20,929

9.93

808,517

20,133

9.99

Commercial

122,878

3,505

11.44

118,735

3,839

12.97

Taxi medallion

1,209

167

55.40

1,607

72

17.97

Strategic partnerships

14,110

583

16.57

10,558

383

14.55

Total loans

2,686,661

82,285

12.28

2,469,946

75,528

12.27

Total interest-earning assets, before allowance

2,888,094

11.71

2,633,636

11.75

Allowance for credit losses

(118,655

)

(103,117

)

Total interest-earning assets, net of allowance

$

2,769,439

$

84,377

12.21

%

$

2,530,519

$

77,442

12.23

%

Non-interest-earning assets

Cash

60,400

58,030

Equity investments

8,425

8,522

Loan collateral in process of foreclosure

6,299

9,010

Goodwill and intangible assets

167,964

169,409

Other assets

59,806

62,360

Total non-interest-earning assets

302,894

307,331

Total assets

$

3,072,333

$

2,837,850

Interest-bearing liabilities

Deposits

$

2,240,678

$

22,122

3.96

%

$

2,047,347

$

19,608

3.84

%

Privately placed notes

171,500

3,689

8.63

146,500

3,172

8.68

SBA debentures and borrowings

73,500

813

4.44

70,500

733

4.17

Trust preferred securities

33,000

506

6.15

33,000

559

6.79

Total interest-bearing liabilities

2,518,678

27,130

4.32

2,297,347

24,072

4.20

Non-interest-bearing liabilities

Deferred tax liability

20,392

19,920

Other liabilities (1)

24,482

28,206

Total non-interest-bearing liabilities

44,874

48,126

Total liabilities

2,563,552

2,345,473

Non-controlling interest

100,013

106,049

Total stockholders’ equity

408,768

386,328

Total liabilities and stockholders’ equity

$

3,072,333

$

2,837,850

Net interest income

$

57,247

$

53,370

Net interest margin, gross

7.94

8.09

Net interest margin, net of allowance

8.28

%

8.42

%

(1)

Includes deferred financing costs of $10.2 million and $8.5 million as of June 30, 2026 and 2025.

3

Loan Portfolio

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

June 30, 2026

December 31, 2025

June 30, 2025

(Dollars in thousands)

Amount

As a

Percent of

Total Loans

Amount

As a

Percent of

Total Loans

Amount

As a

Percent of

Total Loans

Loans held for investment:

Recreation

$

1,760,297

63

%

$

1,617,221

63

%

$

1,486,047

60

%

Home improvement

885,599

32

810,237

32

803,535

32

Commercial

126,177

5

123,068

5

121,415

5

Taxi medallion

1,293

*

1,179

*

1,564

*

Total loans

2,773,366

99

2,551,705

100

2,412,561

98

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

Recreation

60,205

2

Strategic partnership

21,376

*

15,144

*

12,285

*

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

21,376

*

15,144

*

72,490

2

Total loans and loans held for sale

$

2,794,742

100

%

$

2,566,849

100

%

$

2,485,051

100

%

(*) Less than 1%.

Balance Sheet

Cash and cash equivalents, including investment securities, as of June 30, 2026, were $275.9 million, compared to $213.5 million as of June 30, 2025.

As of June 30, 2026, total assets were $3.194 billion, up from $2.880 billion as of June 30, 2025.

As of June 30, 2026, total liabilities were $2.688 billion, up from $2.347 billion as of June 30, 2025.

Capital Allocation

Quarterly Dividend

The Board of Directors declared a quarterly dividend of $0.14 per share, payable on August 31, 2026, to stockholders of record at the close of business on August 17, 2026.

Dividends Announced

Amount

Per Share

Record

Date

Payment

Date

Q3 2026

$

0.14

8/17/2026

8/31/2026

Q2 2026

0.14

5/11/2026

5/21/2026

Q1 2026

0.12

3/19/2026

3/31/2026

Total: Year 2026 (Year to Date)

0.40

Total: Year 2025

0.47

Total: Year 2024

0.41

Total: Year 2023

0.34

Total: Year 2022 *

0.32

(*) Dividend reinstated in Q1 2022.

Stock Repurchase Plan

During the quarter ended June 30, 2026, the Company repurchased 779,799 shares of its common stock at an average cost of $9.85 per share for $7.7 million.

As of June 30, 2026, the Company had $6.7 million remaining under its $40 million stock repurchase program.

4

Conference Call Information

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

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

How to Participate

Date: Thursday, July 30, 2026

Time: 9:00 a.m. Eastern time

Dial-in number: (833) 816-1412 or (412) 317-0504

Live webcast: Link to Webcast of 2Q26 Earnings Call

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

Replay Information

The conference call replay will be available following the end of the call through Thursday, August 6, 2026

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

Passcode: 1021 0218

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

About Medallion Financial Corp.

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

Forward-Looking Statements

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

Investor Relations

InvestorRelations@medallion.com

212-328-2176

5

MEDALLION FINANCIAL CORP.

CONSOLIDATED BALANCE SHEETS

(UNAUDITED)‌

(Unaudited)

(Unaudited)

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

June 30, 2026

December 31, 2025

June 30, 2025

Assets

Cash, cash equivalents, and federal funds sold

$

205,991

$

201,564

$

151,994

Investment securities

69,933

60,183

61,529

Equity investments

8,734

8,099

8,097

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

21,376

15,144

72,490

Loans

2,773,366

2,551,705

2,412,561

Allowance for credit losses

(122,701

)

(114,789

)

(106,896

)

Net loans receivable

2,650,665

2,436,916

2,305,665

Goodwill and intangible assets, net

167,782

168,504

169,227

Accrued interest receivable

20,923

19,401

15,294

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

8,666

11,861

11,890

Loan collateral in process of foreclosure

6,646

7,333

9,007

Other assets

32,869

26,459

74,801

Total assets

$

3,193,585

$

2,955,464

$

2,879,994

Liabilities

Deposits

$

2,293,935

$

2,084,265

$

2,009,176

Long-term debt

287,547

215,987

199,928

Short-term borrowings

54,500

95,250

86,750

Deferred tax liabilities, net

19,973

19,596

19,261

Operating lease liabilities

3,876

5,041

4,041

Accrued interest payable

6,101

6,319

5,746

Accounts payable and accrued expenses

22,206

20,960

22,527

Total liabilities

2,688,138

2,447,418

2,347,429

Total stockholders’ equity

406,018

408,617

389,896

Non-controlling interest in consolidated subsidiaries

99,429

99,429

142,669

Total equity

505,447

508,046

532,565

Total liabilities and equity

$

3,193,585

$

2,955,464

$

2,879,994

Number of shares outstanding

23,041,645

23,311,683

23,246,593

Book value per share

$

17.62

$

17.53

$

16.77

6

MEDALLION FINANCIAL CORP.‌

CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)‌

Three Months Ended June 30,

Six Months Ended June 30,

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

2026

2025

2026

2025

Total interest income

$

84,377

$

77,442

$

163,445

$

152,867

Total interest expense

27,130

24,072

52,139

48,085

Net interest income

57,247

53,370

111,306

104,782

Provision for credit losses

22,273

21,562

44,749

43,576

Net interest income after provision for credit losses

34,974

31,808

66,557

61,206

Other income

Gain on taxi medallion assets, net

1,316

749

2,415

1,592

Strategic partnership fees

1,136

787

1,959

1,472

Gain on sale of recreation loans held for sale

1,281

1,304

1,281

1,304

Gain on equity investments, net

232

6,096

545

15,526

Other income

511

273

684

914

Total other income, net

4,476

9,209

6,884

20,808

Other expenses

Salaries and employee benefits

11,247

10,148

22,247

20,141

Loan servicing fees

4,366

2,899

7,903

5,716

Collection costs

1,931

2,033

3,868

3,772

Professional fee costs, net

2,088

1,187

3,340

2,937

Regulatory fees

1,002

1,109

1,981

1,930

Rent expense

698

683

1,395

1,358

Depreciation

656

628

1,288

1,246

Amortization of intangible assets

362

362

723

723

Director compensation

441

424

873

836

Other expenses

2,162

2,072

3,709

3,644

Total other expenses

24,953

21,545

47,327

42,303

Income before income taxes

14,497

19,472

26,114

39,711

Income tax provision

4,717

5,805

9,045

12,518

Net income

9,780

13,667

17,069

27,193

Less: income attributable to the non-controlling interest

2,335

2,598

4,671

4,110

Net income attributable to Medallion Financial Corp.

$

7,445

$

11,069

$

12,398

$

23,083

Basic net income per share

$

0.32

$

0.49

$

0.53

$

1.02

Diluted net income per share

$

0.31

$

0.46

$

0.51

$

0.96

Weighted average common shares outstanding

Basic

23,288,732

22,783,947

23,174,870

22,677,961

Diluted

24,013,303

24,058,084

24,280,184

23,978,214

7

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The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.

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Address Line 1 such as Attn, Building Name, Street Name

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Address Line 2 such as Street or Suite number

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Name of the City or Town

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Code for the postal or zip code

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Name of the state or province.

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

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-Name Exchange Act

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Indicate if registrant meets the emerging growth company criteria.

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

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

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

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-Section 12

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

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Local phone number for entity.

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

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

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Title of a 12(b) registered security.

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Name of the Exchange on which a security is registered.

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-Number 240

-Section 12

-Subsection d1-1

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

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Trading symbol of an instrument as listed on an exchange.

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

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