The Company has five business segments, which include four lending segments and one non-operating segment, which are reflective of how Company management makes decisions about its business and operations.

The four lending segments reflect the main types of lending performed at the Company, which are recreation, home improvement, commercial, and taxi medallion lending. The recreation and home improvement lending segments are operated by the Bank and loans are made to borrowers residing nationwide. The recreation lending segment is a consumer finance business that works with third-party dealers and financial service providers to finance RVs, boats, collector cars, and other consumer recreational equipment, of which RVs, boats, and collector cars make up 53%, 22%, and 13% of the segment portfolio, with no other product lines at or above 10%, as of June 30, 2026. The highest concentrations of recreation loans was in Texas and Florida at 17% and 9% of loans outstanding with no other states at or above 10%, as of June 30, 2026. The home improvement lending segment works with contractors and financial service providers to finance residential home improvement with the largest product lines being swimming pools, roofs, and windows at 40%, 25%, and 10% of total home improvement loans outstanding, and with no other product lines at or above 10% as of June 30, 2026. The highest concentrations of home improvement loans are in Florida and Texas at 15% and 14% of loans outstanding, with no other states at or above 10%, as of June 30, 2026. The commercial lending segment focuses on serving a wide variety of industries, with concentrations in manufacturing and wholesale trade making up 61% and 14%, of the loans outstanding, with no other product lines at or above 10% as of June 30, 2026. The commercial lending segment invests across the United States with concentrations in California, Wisconsin, and New York having 19%, 14%, and 11% of the segment portfolio, with no other states having a concentration at or above 10%, as of June 30, 2026. The taxi medallion lending segment arose in connection with the financing of taxi medallions, taxis, and related assets, primarily all of which are located in the New York City metropolitan area as of June 30, 2026.

The Company's corporate and other investments segment is a non-operating segment that includes items not allocated to the Company's operating segments such as investment securities, equity investments, intercompany eliminations, goodwill, and other corporate elements. The Company allocates portions of centrally incurred costs inclusive of overhead and interest expense formulaically based upon overall capital allocated to the lending segments.

As part of segment reporting, capital ratios for all operating segments have been normalized as a percentage of consolidated total equity divided by total assets, with the net adjustment applied to corporate and other investments. In addition, the commercial segment primarily represents the mezzanine lending business, with certain legacy commercial loans (immaterial to total) allocated to corporate and other investments.

The Company's chief operating decision maker, or CODM, is a group comprised of the Executive Chairman, Chief Executive Officer, and Chief Financial Officer, and other senior members of management. The CODM primarily uses segment information to identify areas to improve efficiency of resources allocation, determine where to reinvest profits, and minimize unnecessary expenses. The CODM assesses segment performance mainly through selected financial ratios such as returns on average assets and net interest margin, which identifies areas requiring action.

The following table presents segment data as of and for the three months ended June 30, 2026.


Three Months Ended June 30, 2026	Consumer Lending
(Dollars in thousands)	Recreation			Home Improvement			Commercial Lending			Taxi Medallion Lending			Corporate and Other Investments			Consolidated
Total interest income	$	57,101		$	20,929		$	3,505		$	167		$	2,675		$	84,377
Total interest expense		15,865			7,273			1,371			29			2,592			27,130
Net interest income		41,236			13,656			2,134			138			83			57,247
Provision (benefit) for credit losses		17,501			4,066			700			(68	)		74			22,273
Net interest income after credit loss provision		23,735			9,590			1,434			206			9			34,974
Other income, net		1,417			3			237			1,332			1,487			4,476
Other expenses:
Salaries		4,073			2,112			1,066			718			3,278			11,247
Loan servicing fees and collection costs		4,951			1,269			—			30			47			6,297
Other costs		3,264			1,598			748			125			1,674			7,409
Total other expenses		12,288			4,979			1,814			873			4,999			24,953
Net income (loss) before taxes		12,864			4,614			(143	)		665			(3,503	)		14,497
Income tax (provision) benefit		(4,187	)		(1,506	)		115			(220	)		1,081			(4,717	)
Net income (loss) after taxes	$	8,677		$	3,108		$	(28	)	$	445		$	(2,422	)	$	9,780
Income attributable to the non-controlling interest																	2,335
Total net income attributable to Medallion Financial Corp.																$	7,445
Balance Sheet Data
Total loans, gross (1)	$	1,760,297		$	885,599		$	126,177		$	1,293		$	21,376		$	2,794,742
Total assets		1,693,668			871,154			117,535			3,535			507,693			3,193,585
Total funds borrowed (2)		1,403,338			721,820			97,387			2,929			420,664			2,646,138
Selected Financial Ratios
Return on average assets		2.11	%		1.49	%		(0.35	)%	NM			NM				1.28	%
Return on average stockholders' equity	*			*			*			*			*				7.31
Return on average equity		12.79			9.04			(2.20	)	NM			NM				7.71
Interest yield		13.45			9.93			11.44		NM			NM				11.71
Net interest margin, gross		9.71			6.48			6.97		NM			NM				7.94
Net interest margin, net of allowance		10.24			6.64			7.56		NM			NM				8.28
Reserve coverage (3)		5.16			2.42			8.10		NM			NM				4.42
Delinquency status (4)		0.57			0.17			10.31		NM			NM				0.89
Charge-off ratio (5)		3.14			1.37			0.24		NM			NM				2.43

(1)

Inclusive of strategic partnership loans held for sale, at lower of amortized cost or fair value.

(2)

Excludes deferred financing costs of $10.2 million as of June 30, 2026.

(3)

Allowance for credit loss as a percent of gross loans held for investment and excludes loans held for sale.

(4)

Loans 90 days or more past due as a percent of total loans.

(5)

Net charge-offs as a percent of average gross loans.

(NM) Not meaningful.

(*) Line item is not applicable to segments.

The following table presents segment data as of and for the six months ended June 30, 2026.


Six Months Ended June 30, 2026	Consumer Lending
(Dollars in thousands)	Recreation			Home Improvement			Commercial Lending			Taxi Medallion Lending			Corporate and Other Investments			Consolidated
Total interest income	$	111,135		$	40,305		$	6,954		$	226		$	4,825		$	163,445
Total interest expense		30,157			14,643			2,763			59			4,517			52,139
Net interest income		80,978			25,662			4,191			167			308			111,306
Provision (benefit) for credit losses		35,946			7,684			1,159			(114	)		74			44,749
Net interest income after credit loss provision		45,032			17,978			3,032			281			234			66,557
Other income, net		1,443			10			685			2,449			2,297			6,884
Other expenses:
Salaries		8,178			4,464			1,805			1,419			6,381			22,247
Loan servicing fees and collection costs		9,241			2,410			—			58			62			11,771
Other costs		5,947			2,976			1,291			159			2,936			13,309
Total other expenses		23,366			9,850			3,096			1,636			9,379			47,327
Net income (loss) before taxes		23,109			8,138			621			1,094			(6,848	)		26,114
Income tax (provision) benefit		(8,004	)		(2,819	)		(195	)		(380	)		2,353			(9,045	)
Net income (loss) after taxes	$	15,105		$	5,319		$	426		$	714		$	(4,495	)	$	17,069
Income attributable to the non-controlling interest																	4,671
Total net income attributable to Medallion Financial Corp.																$	12,398
Balance Sheet Data
Total loans, gross (1)	$	1,760,297		$	885,599		$	126,177		$	1,293		$	21,376		$	2,794,742
Total assets		1,693,668			871,154			117,535			3,535			507,693			3,193,585
Total funds borrowed (2)		1,403,338			721,820			97,387			2,929			420,664			2,646,138
Selected Financial Ratios
Return on average assets		1.88	%		1.30	%		0.61	%	NM			NM				1.14	%
Return on average stockholders' equity	*			*			*			*			*				6.11
Return on average equity		11.26			7.80			3.73		NM			NM				6.76
Interest yield		13.43			9.78			11.48		NM			NM				11.67
Net interest margin, gross		9.78			6.23			6.92		NM			NM				7.94
Net interest margin, net of allowance		10.32			6.38			7.49		NM			NM				8.29
Reserve coverage (3)		5.16			2.42			8.10		NM			NM				4.42
Delinquency status (4)		0.57			0.17			10.31		NM			NM				0.89
Charge-off ratio (5)		3.75			1.40			0.11		NM			NM				2.82

(1)

Inclusive of strategic partnership loans held for sale, at lower of amortized cost or fair value.

(2)

Excludes deferred financing costs of $10.2 million as of June 30, 2026.

(3)

Allowance for credit loss as a percent of gross loans held for investment and excludes loans held for sale.

(4)

Loans 90 days or more past due as a percent of total loans.

(5)

Net charge-offs as a percent of average gross loans.

(NM) Not meaningful.

(*) Line item is not applicable to segments.

The following table presents segment data as of and for the three months ended June 30, 2025.


Three Months Ended June 30, 2025	Consumer Lending
(Dollars in thousands)	Recreation			Home Improvement			Commercial Lending			Taxi Medallion Lending			Corporate and Other Investments			Consolidated
Total interest income	$	51,101		$	20,133		$	3,755		$	72		$	2,381		$	77,442
Total interest expense		12,854			7,325			1,157			38			2,698			24,072
Net interest income (expense)		38,247			12,808			2,598			34			(317	)		53,370
Provision (benefit) for credit losses		15,336			3,934			2,912			(620	)		—			21,562
Net interest income (loss) after credit loss provision		22,911			8,874			(314	)		654			(317	)		31,808
Other income, net		1,366			3			6,358			748			734			9,209
Other expenses:
Salaries		3,008			1,976			1,074			583			3,507			10,148
Loan servicing fees and collection costs		4,056			1,193			—			102			(419	)		4,932
Other costs		2,972			1,541			335			155			1,462			6,465
Total other expenses		10,036			4,710			1,409			840			4,550			21,545
Net income (loss) before taxes		14,241			4,167			4,635			562			(4,133	)		19,472
Income tax (provision) benefit		(4,292	)		(1,232	)		(1,337	)		(168	)		1,224			(5,805	)
Net income (loss) after taxes	$	9,949		$	2,935		$	3,298		$	394		$	(2,909	)	$	13,667
Income attributable to the non-controlling interest																	2,598
Total net income attributable to Medallion Financial Corp.																$	11,069
Balance Sheet Data
Total loans, gross	$	1,546,252		$	803,535		$	121,415		$	1,564		$	12,285		$	2,485,051
Total assets		1,493,721			787,432			111,961			6,009			480,871			2,879,994
Total funds borrowed (2)		1,195,144			630,034			89,581			4,808			384,750			2,304,317
Selected Financial Ratios
Return on average assets		2.67	%		1.49	%		11.94	%	NM			NM				1.93	%
Return on average stockholders' equity	*			*			*			*			*				11.49
Return on average equity		15.59			8.68			69.66		NM			NM				11.13
Interest yield		13.39			9.99			12.97		NM			NM				11.75
Net interest margin, gross		10.02			6.35			8.78		NM			NM				8.09
Net interest margin, net of allowance		10.53			6.52			9.49		NM			NM				8.42
Reserve coverage (3)		5.05			2.54			9.14		NM			NM				4.43
Delinquency status (4)		0.49			0.16			16.78		NM			NM				1.19
Charge-off (recovery) ratio (5)		3.11			1.87			(0.03	)	NM			NM				2.44

(1)

Inclusive of strategic partnership loans held for sale, at lower of amortized cost or fair value.

(2)

Excludes deferred financing costs of $8.5 million as of June 30, 2025.

(3)

Allowance for credit loss as a percent of gross loans held for investment and excludes loans held for sale.

(4)

Loans 90 days or more past due as a percent of total loans.

(5)

Net charge-offs as a percent of average gross loans. Charge-off ratio in the recreation lending segment was 3.25% when excluding loans held for sale.

(NM) Not meaningful.

(*) Line item is not applicable to segments.

The following table presents segment data as of and for the six months ended June 30, 2025.


Six Months Ended June 30, 2025	Consumer Lending
(Dollars in thousands)	Recreation			Home Improvement			Commercial Lending			Taxi Medallion Lending			Corporate and Other Investments			Consolidated
Total interest income	$	101,567		$	39,904		$	7,098		$	152		$	4,146		$	152,867
Total interest expense		24,895			14,289			2,210			50			6,641			48,085
Net interest income (expense)		76,672			25,615			4,888			102			(2,495	)		104,782
Provision (benefit) for credit losses		32,206			6,779			6,026			(1,435	)		—			43,576
Net interest income (loss) after credit loss provision		44,466			18,836			(1,138	)		1,537			(2,495	)		61,206
Other income, net		1,766			5			16,000			1,592			1,445			20,808
Other expenses:
Salaries		6,650			4,353			2,216			1,233			5,689			20,141
Loan servicing fees and collection costs		7,238			1,970			—			251			29			9,488
Other costs		6,112			3,371			666			339			2,186			12,674
Total other expenses		20,000			9,694			2,882			1,823			7,904			42,303
Net income (loss) before taxes		26,232			9,147			11,980			1,306			(8,954	)		39,711
Income tax (provision) benefit		(8,269	)		(2,884	)		(3,773	)		(415	)		2,823			(12,518	)
Net income (loss) after taxes	$	17,963		$	6,263		$	8,207		$	891		$	(6,131	)	$	27,193
Income attributable to the non-controlling interest																	4,110
Total net income attributable to Medallion Financial Corp.																$	23,083
Balance Sheet Data
Total loans, gross	$	1,546,252		$	803,535		$	121,415		$	1,564		$	12,285		$	2,485,051
Total assets		1,493,721			787,432			111,961			6,009			480,871			2,879,994
Total funds borrowed (2)		1,195,144			630,034			89,581			4,808			384,750			2,304,317
Selected Financial Ratios
Return on average assets		2.42	%		1.58	%		15.15	%	NM			NM				1.93	%
Return on average stockholders' equity	*			*			*			*			*				12.21
Return on average equity		14.25			9.31			88.99		NM			NM				11.63
Interest yield		13.34			9.88			12.10		NM			NM				11.70
Net interest margin, gross		10.07			6.34			8.53		NM			NM				8.01
Net interest margin, net of allowance		10.57			6.50			9.10		NM			NM				8.33
Reserve coverage (3)		5.05			2.54			9.14		NM			NM				4.43
Delinquency status (4)		0.49			0.16			16.78		NM			NM				1.19
Charge-off ratio (5)		3.71			1.71			0.21		NM			NM				2.77

(1)

Inclusive of strategic partnership loans held for sale, at lower of amortized cost or fair value.

(2)

Excludes deferred financing costs of $8.5 million as of June 30, 2025.

(3)

Allowance for credit loss as a percent of gross loans held for investment and excludes loans held for sale.

(4)

Loans 90 days or more past due as a percent of total loans.

(5)

Net charge-offs as a percent of average gross loans. Charge-off ratio in the recreation lending segment was 3.94% when excluding loans held for sale.

(NM) Not meaningful.

(*) Line item is not applicable to segments.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details