Medallion Financial Corp (NASDAQ: MFIN) is a specialty finance holding company that originates and services consumer loans through its Utah-chartered industrial bank subsidiary, Medallion Bank. The company earns revenue primarily from interest income on its loan portfolio, generating $80.6 million in total interest income for FY2025 from its consumer lending segment. Medallion Bank operates in two consumer lending markets: recreation lending and home improvement lending, both of which are served through dealer, contractor, and financial service provider (FSP) networks. The holding company also carries a legacy taxi medallion loan portfolio that totaled $4.3 million in assets as of December 31, 2025, representing less than 0.2% of total assets, all located in the New York City metropolitan area. Total gross loans across the consumer lending segment were $810.2 million as of December 31, 2025. The company pays a quarterly cash dividend, most recently raised to $0.12 per share in April 2025. Medallion Financial Corp is headquartered in New York and structured as a financial institution holding company regulated under federal and Utah state banking law.

Revenue model

Interest income on consumer loans originated through Medallion Bank, primarily in recreation and home improvement lending. The consumer lending segment produced $80.6 million in total interest income and $51.7 million in net interest income for FY2025. The legacy taxi medallion segment generated $0.4 million in total interest income for FY2025, down from $1.6 million in FY2023, as that portfolio winds down.

Products and services

Recreation loans and home improvement loans originated through Medallion Bank via dealer, contractor, and FSP networks. Legacy taxi medallion loans secured by New York City taxi medallion licenses, all on nonaccrual status as of December 31, 2025. The company also offers a dividend reinvestment plan to common stockholders.

Customers and end markets

Individual consumers financing recreational purchases and home improvement projects through dealer and contractor channel partners. The legacy medallion segment serves taxi medallion owners in the New York City metropolitan area. No customer concentration data is disclosed in the excerpts.

Value-chain role

Indirect lender operating through an origination network of dealers, contractors, and financial service providers. Medallion Bank holds and services the loans on its balance sheet, funding them through segment borrowings of $647.7 million as of December 31, 2025.

Geographic exposure

Primarily United States. The legacy taxi medallion portfolio is concentrated entirely in the New York City metropolitan area. The consumer lending segments do not specify geographic distribution in the excerpts.

Competitors

Banks, Savings and loan associations, Credit unions, Independent finance companies, Financial technology companies

Source: SEC 10-K, filed 2026-03-10

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