MEDALLION FINANCIAL Business Summary

Medallion Financial Corp. (NASDAQ: MFIN) is a specialty finance company that generates revenue primarily through net interest income from its diversified loan portfolio and fee-based income from its strategic partnership program. The company operates through four primary segments: Recreation Lending, which provides high-yield financing for RVs and boats; Home Improvement Lending, focused on contractor-originated consumer loans; Commercial Lending, which offers subordinated debt and equity solutions through its subsidiary Medallion Capital; and a Fintech Strategic Partnership division that provides banking-as-a-service (BaaS) origination for digital partners. While the company historically specialized in taxi medallion loans, it has successfully pivoted to a niche consumer and commercial finance model, with medallion assets now representing less than 1% of its portfolio. Medallion Financial competes directly with other specialty finance and asset management firms such as Virtus Investment Partners (VRTS), SLR Investment (SLRC), Fidus Investment (FDUS), and Gladstone Investment (GAIN), positioning itself as a high-margin niche lender with a unique Utah industrial bank charter. The company is led by the Murstein family, who have overseen its operations for over 60 years. Andrew Murstein serves as the Chief Executive Officer (effective January 31, 2026), President, and Chief Operating Officer, having spearheaded the firm's strategic transition into consumer lending. His father, Alvin Murstein, the company's founder and long-time leader, currently serves as Executive Chairman. The executive team is supported by Anthony N. Cutrone, Executive Vice President and Chief Financial Officer, and the leadership of its primary subsidiary, Medallion Bank, which includes CEO Donald Poulton and President D. Justin Haley. The board of directors features notable figures such as John W. Everets, Jr., a partner at Arcturus Capital and former CEO of the Bank of Maine, and Brent O. Hatch, founder of Hatch Law Group. This leadership team maintains significant alignment with shareholders, holding an insider ownership stake of approximately 20%.