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INVESTOR PRESENTATION October 2025 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. COMMERCIAL HOME IMPROVEMENT RECREATION FINTECH (Nasdaq: MFIN)
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Medallion Financial Corp. 2Investor Presentation Important Information This presentation contains certain forward-looking statements, including statements with regard to the future performance of Medallion Financial Corp. (“MFIN” or the “Company”). Words such as “believes,” “expects,” “projects,” “anticipates” and “future” or similar expressions are intended to identify forward-looking statements. These forward-looking statements are based on information available to us at the time of this presentation and are subject to the inherent uncertainties in predicting future results and conditions. Certain factors could cause actual results to differ materially from those projected in these forward-looking statements, including but not limited to: our future operating results; our business prospects and the prospects of our portfolio companies; expectations regarding our loan portfolio, including collections on our taxi medallion loans, the impact of investments that we make; our contractual arrangements and relationships with third parties; the dependence of our future success on the general economy (including the current inflationary environment, the risk of recession, and the impact of tariffs) and its impact on the industries in which we invest; the ability of our portfolio companies to achieve their objectives; our expected financings and investments; the adequacy of our cash resources and working capital; the timing of cash flows, if any, from the operations of our portfolio companies; the adequacy of our internal controls; and the presentation of our financial statements. These and other factors are identified from time to time in our Annual Report on Form 10-K and Medallion Financial Corp.’s other filings with the Securities and Exchange Commission. MFIN undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. This presentation is neither an offer to sell nor a solicitation of an offer to purchase securities of the Company. Such an offer or solicitation can only be made by way of a Company prospectus and otherwise in accordance with applicable securities laws. The summary descriptions and other information included herein, and any other materials provided to you by the Company or its representatives are intended only for informational purposes and convenient reference. The information contained herein is not intended to provide, and should not be relied upon for, accounting, legal or tax advice or investment recommendations. Before making an investment decision with respect to the Company, investors are advised to carefully review our current Annual Report on Form 10-K, our Quarterly Reports on Form 10-Q, and our other reports filed with the SEC to review the risk factors and other disclosures described therein, and to consult with their tax, financial, investment and legal advisors. These materials do not purport to be complete and are qualified in their entirety by reference to the more detailed disclosures contained in such filings. No representation or warranty, express or implied, is made as to the accuracy or completeness of the information contained herein, and nothing shall be relied upon as a promise or representation as to the future performance of the Company. Any market and competitive position data, including market forecasts and statistical data, referred to throughout this presentation was obtained from internal surveys, market research, independent consultant reports, publicly available information, governmental agencies and industry publications. Although we have no reason to believe that any of this information or these reports are inaccurate in any material respect, we have not independently verified such data. No representations are made as to the accuracy of such information.
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About Medallion Financial Medallion Financial Corp. Investor Presentation 3 Medallion Financial Corp Exchange: NASDAQ Ticker: MFIN Industry: Specialty Finance Subsidiaries: Medallion Bank (MBNKO) / Medallion Capital As of October 28, 2025 Market Cap $226.3 M Share Price $9.72 52-week Range $7.71 - $10.98 Total Dividend Payout TTM $0.46 Latest Quarterly Dividend $0.12 Analyst Coverage Ladenburg Thalmann Northland Capital
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We Are A Specialty Finance Company Medallion Financial Corp. • Commercial lending with equity investments that enhance returns • Strategic Partnership Program with momentum • Cash collections from taxi medallion business runoff • More than doubled consumer loan portfolio over past 5 years to $2.41 billion • Total Company Net Interest Margin of 8.05% in FY24 • Strong ROE and ROA Core Consumer Lending Business is Performing Well Other Differentiators that Generate Cash • “In Niches there are Riches” - long history of niche lending excellence • Significant alignment with shareholders - insider ownership of ~20+% • Coveted Utah Industrial Bank Charter Strong Foundation 4Investor Presentation
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Company Overview Medallion Financial Corp. 5Investor Presentation Primary Business Lines Consumer Lending Commercial Lending Recreation • $1,603.2M of loans at 9/30/2025 • $371.3M loan originations in 9 months ended 9/30/25 • 15.17% avg. interest rate at 9/30/2025 • 685 average FICO score (1) • Approximately 3,300 dealers and FSPs Home Improvement • $804.0M of loans at 9/30/2025 • $162.8M loan originations in 9 months ended 9/30/25 • 9.87% avg. interest rate at 9/30/2025 • 767 average FICO score (1) • Approximately 700 contractors and FSPs • $135.1M of loans at 9/30/2025 • 13.71% avg. interest rate at 9/30/2025 • Equity component in most deals • No real estate Other Business Lines Strategic Partnership Program Taxi Medallion • Fintech partners; new partnerships to grow originations • Fees from originations • $513.2M loan originations in 9M ended 9/30/25 • Hold period typically < 5 days • Net assets of $5.1M at 9/30/2025 • $6.1M of cash collections in Q3 2025 (1) Scores are measured at the time of origination of the loans. For loans originated during 2025, average FICO scores were 688 for recreation loans and 779 for home improvement loans.
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Company Overview Medallion Financial Corp. 6Investor Presentation Specialty finance company that originates and services loans in various consumer and commercial industries, primarily through its subsidiaries Commercial lending segment - SBIC; headquartered in Minnesota - Subordinated debt solutions to lower middle market companies - Typical investments ranging from $2.5 million to $6.0 million. Consumer lending segment - Utah Industrial bank; founded in 2003 - Possesses a Utah industrial bank charter - Portfolio of recreational vehicle loans (since 2004) - Financing home improvement projects (since 2012) - Strategic partnerships via banking-as-a-service (BaaS) lending (since 2020) Medallion Financial Corp. Medallion Bank Medallion Capital
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Recreation • ~3,300 dealers and FSPs • $1,603.2M of loans at 9/30/2025 • 63% of the total loan portfolio • $371.3M loan originations in the 9 months ended 9/30/2025 • 15.17% average interest rate on loans as of 9/30/2025 • $21,000 average loan size at 9/30/2025 • 685 average FICO score(1) across loan book Consumer Lending Segment Medallion Financial Corp. 7Investor Presentation (1) Scores are measured at the time of origination of the loans. For loans originated during 2025, average FICO scores were 688 for recreation loans. $1,004.1 $1,096.7 $1,171.8 $1,183.5 $1,213.4 $1,331.1 $1,346.4 $1,336.2 $1,365.2 $1,497.4 $1,554.6 $1,543.2 $1,545.8 $1,546.3 $1,603.1 $900 $1,200 $1,500 $1,800 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 Recreation Loan Book Size ($ in millions) Financing of recreational vehicles such as RVs, boats, jet skis, etc.
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Consumer Lending Segment Medallion Financial Corp. 8Investor Presentation Home Improvement • ~700 contractors and FSPs • $804.0M of loans 9/30/2025 • 31% of the total loan portfolio • $162.8M loan originations in the 9 months ended 9/30/2025 • 9.87% average interest rate on loans at 9/30/2025 • $22,000 average loan size at 9/30/2025 • 767 average FICO score(1) across loan book (1) Scores are measured at the time of origination of the loans. For loans originated during 2025, average FICO scores were 779 for home improvement loans. $473.4 $526.3 $575.2 $626.4 $669.6 $728.5 $750.5 $760.6 $752.3 $773.2 $814.1 $827.2 $812.4 $803.5 $804.0 $400 $500 $600 $700 $800 $900 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 Home Improvement Loan Book Size ($ in millions) Financing of home improvement projects at the point of sale for consumers
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Commercial Lending Segment Medallion Financial Corp. 9Investor Presentation Commercial Lending • Loans support organic and inorganic growth • Most deals include an equity component • No real estate investments in portfolio • $135.1M of loans at 9/30/2025 – record level • 13.71% average interest rate at 9/30/2025 • $3.8M average loan size at 9/30/2025 • 36 portfolio companies at 9/30/2025 $77.9 $96.9 $93.7 $92.9 $95.3 $92.6 $100.3 $114.8 $106.6 $110.2 $110.1 $111.3 $116.1 $121.4 $135.1 $75 $90 $105 $120 $135 $150 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 Commercial Lending Loan Book Size ($ in millions) Lending through SBIC license to lower middle market companies in the U.S.
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Current P/E is significantly below other specialty finance companies Average loan portfolio growth rate of ~13%+ for the past 3 years Repurchased 3.3M shares since 2022 + increased dividend 50% over past 3 yrs ROE of ~13% and ROA of ~2% over the past 3 years Trading under Book Value ($17.07) and Adjusted TBV(1) ($11.64) Best 4-year period of performance in Company’s history Why Now Is a Good Time to Look at MFIN Medallion Financial Corp. (1) Adjusted tangible book value (TBV) of $11.64 equals book value of $17.07 less goodwill and intangible assets of $7.25, adjust ed for the correlated deferred tax liability associated with those assets of $1.82. Total shares outstanding as of September 30, 2025 were 23,279,435. 10Investor Presentation
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Overview of Loan Portfolio Medallion Financial Corp. Total Gross Loans as of September 30, 2025 Home Improvement ($804M) 31.4% Avg. interest rate: 9.87%¹ Recreation ($1,603M) 62.6% Avg. interest rate: 15.17%¹ Commercial ($135M) 5.3% Avg. interest rate: 13.71%¹ Total Gross Loans: $2.56B (1) At September 30, 2025 11 Strategic Partnerships & Other ($16.8M) 0.7% Investor Presentation
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Loan Portfolio Medallion Financial Corp. 12 $1,569 $1,735 $1,856 $1,917 $1,984 $2,157 $2,203 $2,216 $2,228 $2,386 $2,485 $2,491 $2,486 $2,485 $2,559 $1,400 $1,600 $1,800 $2,000 $2,200 $2,400 $2,600 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 Loan Balance (1) (1) Includes both loans held for investment and loans held for sale. ($ in millions) Investor Presentation
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Strong Consumer Loan Economics Medallion Financial Corp. Loan Yield ($680) 4% ($672) 3.36% ($440) 2.2% $1,308 $3,100 15.5% 44% Pretax ROE Interest Costs Loan Losses Operating Expenses Pretax Profit $3,000 Equity $17,000 Deposits $1,292 / $3,000 Illustrative/Sample Recreation Lending Return for a New Incremental $20,000 Loan 13Investor Presentation
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Origination Activity Medallion Financial Corp. 14 $0.0 $50.0 $100.0 $150.0 $200.0 $250.0 $300.0 $350.0 $400.0 $450.0 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 Loan Originations Recreation Home Improvement Commercial Other Strategic Partnership FY 2022: $983.9 FY 2023: $960.0 FY 2024: $1,043.5 YTD 3Q25: $1,084.1 ($ in millions) Investor Presentation
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Financial Performance Medallion Financial Corp. 15 $35.9 $38.9 $42.0 $43.6 $43.6 $46.7 $48.8 $49.0 $47.9 $49.9 $52.7 $52.0 $51.4 $53.4 $55.7 $30.0 $35.0 $40.0 $45.0 $50.0 $55.0 $60.0 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 Net Interest Income Quarterly Performance $160.4 $188.1 $202.5 $160.5 $0.0 $50.0 $100.0 $150.0 $200.0 $250.0 2022 2023 2024 YTD 3Q25 Net Interest Income ($ in millions) ($ in millions) Investor Presentation
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$9.8 $13.3 $7.6 $13.1 $15.4 $14.2 $11.2 $14.3 $10.0 $7.1 $8.6 $10.1 $12.0 $11.1 $7.8 $0.0 $5.0 $10.0 $15.0 $20.0 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25* Net Income (1) Quarterly Performance $43.8 $55.1 $35.9 $30.9 $0.0 $10.0 $20.0 $30.0 $40.0 $50.0 $60.0 2022 2023 2024 YTD 3Q25* Net Income (1) Financial Performance Medallion Financial Corp. 16 ($ in millions) ($ in millions) (1) Reflects Net Income Attributable to Medallion Financial Corp. shareholders * 3Q25 net income includes a non-recurring charge of $3.5 million related to the redemption of Medallion Bank’s series F preferred stock. Excluding this charge, net income was $11.3 million. Investor Presentation
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Driving Net Interest Income Medallion Financial Corp. 0.0 10.0 20.0 30.0 40.0 50.0 60.0 70.0 80.0 90.0 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 Interest Income vs. Interest Expense 17 ($ in millions) 3Q 24 3Q 25 Interest income $76.4 $80.8 Interest expense 23.7 25.1 Interest income, net $52.7 $55.7 Net interest margin – gross 8.11% 8.21% Net interest margin – net 8.42% 8.56% Interest Income Interest Expense Net Interest Income ($ in millions) Investor Presentation
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30% 40% 50% 60% Pct. of NII Focus on Enhanced Operating Efficiency Medallion Financial Corp. 0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 45,000 50,000 55,000 60,000 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 NII Operating Costs Quarterly Net Interest Income (NII) vs. Operating Costs(1) ($ in millions) 18 ($ in millions) FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 YTD 3Q25 NII $110.8 $127.8 $160.4 $188.1 $202.5 $160.5 Operating Costs(1) $55.7 $56.4 $72.1 $75.6 $74.4 $63.0 Pct. of NII 50% 44% 45% 40% 37% 39% Trendline Operating Costs as a Pct. of NII (1) 2020 2021 2022 2023 2024 2025 (1) FY 2020 and FY 2021 exclude operating costs of a division which was divested on December 1, 2021. Investor Presentation
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Performance and Shareholder Value Medallion Financial Corp. 19 $0.0 $2.0 $4.0 $6.0 $8.0 $10.0 $12.0 $14.0 $16.0 $18.0 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25* $0 $2 $4 $6 $8 $10 $12 $14 $16 $18 Net Income vs Book Value per Share (1) Net Income BV/Share Net Income ($ millions) Book Value/Share Book value per share has exhibited steady growth, reflecting a strengthening of equity base (1) Reflects Net Income Attributable to Medallion Financial Corp * 3Q25 net income includes a non-recurring charge of $3.5 million related to the redemption of Medallion Bank’s series F preferred stock. Excluding this charge, net income was $11.3 million. Investor Presentation
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MFIN Capital Structure Medallion Financial Corp. 20 31% 30% 29% 29% 29% 26% 17% 14% 13% 12% 11% 15% 52% 56% 58% 59% 60% 59% 0.0 100.0 200.0 300.0 400.0 500.0 600.0 700.0 800.0 12/31/20 12/31/21 12/31/22 12/31/23 12/31/24 9/30/2025 Equity and Borrowings Medallion Financial Borrowings Non-Controlling Interest Common Equity $676 $441 $525 $619$584 $510 ($ in millions) Investor Presentation
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Dividend History Medallion Financial Corp. 21 $0.08 $0.08 $0.08 $0.08 $0.08 $0.08 $0.08 $0.10 $0.10 $0.10 $0.10 $0.11 $0.11 $0.12 $0.12 $0.12 $0.00 $0.02 $0.04 $0.06 $0.08 $0.10 $0.12 $0.14 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Quarterly Dividend Quarterly Dividend • Reinstated quarterly dividend in Q1 2022. • Increased 50% since it was reinstated. • Annualized dividend yield of 4.75% (based on MFIN’s stock price of $10.10 per share on 9/30/2025) Investor Presentation
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Dividend History Medallion Financial Corp. 22 Ex-Dividend Date Record Date Payment Date Cash Amount Nov 12, 2025 Nov 12, 2025 Nov 24, 2025 $0.12 Aug 15, 2025 Aug 15, 2025 Aug 29, 2025 $0.12 May 15, 2025 May 15, 2025 May 30, 2025 $0.12 Mar 17, 2025 Mar 17, 2025 Mar 31, 2025 $0.11 Nov 15, 2024 Nov 15, 2024 Nov 27, 2024 $0.11 Aug 15, 2024 Aug 15, 2024 Aug 30, 2024 $0.10 May 14, 2024 May 15, 2024 May 31, 2024 $0.10 Mar 14, 2024 Mar 15, 2024 Mar 28, 2024 $0.10 Nov 14, 2023 Nov 15, 2023 Nov 30, 2023 $0.10 Aug 14, 2023 Aug 15, 2023 Aug 31, 2023 $0.08 May 12, 2023 May 15, 2023 May 31, 2023 $0.08 Mar 14, 2023 Mar 15, 2023 Mar 31, 2023 $0.08 Nov 14, 2022 Nov 15, 2022 Nov 30, 2022 $0.08 Aug 12, 2022 Aug 15, 2022 Aug 31, 2022 $0.08 May 13, 2022 May 16, 2022 May 31, 2022 $0.08 Mar 11, 2022 Mar 14, 2022 Mar 31, 2022 $0.08 Investor Presentation
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Compelling Investment Opportunity Medallion Financial Corp. Strategic Capital Allocation Coveted Industrial Bank Charter Long History of Excellence in Niche Lending and Growth Strong Profitability and ROE Insider Ownership of ~20+% Bridge the Current Valuation Gap 23Investor Presentation
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(Dollars in thousands, except share and per share data) September 30, 2025 December 31, 2024 September 30, 2024 Assets Cash, cash equivalents, and federal funds sold $ 150,978 $ 169,572 $ 187,929 Investment securities 61,081 54,805 56,754 Equity investments 9,305 9,198 9,897 Loans held for sale, at lower of amortized cost or fair value 72,918 128,226 — Loans 2,486,163 2,362,796 2,485,279 Allowance for credit losses (111,053 ) (97,368 ) (96,518 ) Net loans receivable 2,375,110 2,265,428 2,388,761 Goodwill and intangible assets, net 168,866 169,949 170,311 Property, equipment, and right-of-use lease asset, net 10,839 13,756 14,172 Accrued interest receivable 16,973 15,314 14,108 Loan collateral in process of foreclosure 8,235 9,932 8,818 Other assets 26,082 32,426 29,302 Total assets $ 2,900,387 $ 2,868,606 $ 2,880,052 Liabilities Deposits $ 2,055,802 $ 2,090,071 $ 2,108,132 Long-term debt 215,698 232,159 232,037 Short-term borrowings 80,250 49,000 49,000 Deferred tax liabilities, net 19,019 20,995 20,598 Operating lease liabilities 3,459 5,128 5,534 Accrued interest payable 5,290 8,231 6,888 Accounts payable and accrued expenses 23,992 24,064 26,687 Total liabilities 2,403,510 2,429,648 2,448,876 Total stockholders’ equity 397,448 370,170 362,388 Non-controlling interest in consolidated subsidiaries 99,429 68,788 68,788 Total equity 496,877 438,958 431,176 Total liabilities and equity $ 2,900,387 $ 2,868,606 $ 2,880,052 Number of shares outstanding 23,279,435 23,135,624 23,084,277 Book value per share $ 17.07 $ 16.00 $ 15.70 Consolidated Balance Sheet Medallion Financial Corp. MEDALLION FINANCIAL CORP. CONSOLIDATED BALANCE SHEETS (UNAUDITED) 24Investor Presentation
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Consolidated Statements of Operations Medallion Financial Corp. MEDALLION FINANCIAL CORP. CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) 25 Three Months Ended September 30, Nine Months Ended September 30, (Dollars in thousands, except share and per share data) 2025 2024 2025 2024 Total interest income $ 80,771 $ 76,409 $ 233,637 $ 214,183 Total interest expense 25,085 23,672 73,170 63,661 Net interest income 55,686 52,737 160,467 150,522 Provision for credit losses 18,556 20,151 62,132 55,929 Net interest income after provision for credit losses 37,130 32,586 98,335 94,593 Other income Gain (loss) on equity investments, net 257 (519 ) 15,783 3,136 Gain on taxi medallion assets, net 1,767 340 3,359 1,170 Strategic partnership fees 990 400 2,461 1,206 Gain on sale of recreation loans — — 1,304 — Other income 34 366 951 1,577 Total other income, net 3,048 587 23,858 7,089 Other expenses Salaries and employee benefits 10,145 9,456 30,286 28,347 Loan servicing fees 2,852 2,790 8,568 7,951 Collection costs 1,660 1,673 4,947 4,799 Regulatory fees 680 961 2,610 2,826 Professional fee costs, net 1,073 818 4,010 3,434 Rent expense 680 664 2,036 2,019 Amortization of intangible assets 361 361 1,084 1,084 Other expenses 3,251 2,272 9,465 6,755 Total other expenses 20,702 18,995 63,006 57,215 Income before income taxes 19,476 14,178 59,187 44,467 Income tax provision 5,862 4,055 18,380 14,196 Net income after taxes 13,614 10,123 40,807 30,271 Less: income attributable to the non-controlling interest 2,336 1,512 6,446 4,535 Less: redemption of non-controlling interest 3,515 — 3,515 — Total net income attributable to Medallion Financial Corp. $ 7,763 $ 8,611 $ 30,846 $ 25,736 Basic net income per share $ 0.34 $ 0.38 $ 1.36 $ 1.14 Diluted net income per share $ 0.32 $ 0.37 $ 1.28 $ 1.09 Weighted average common shares outstanding Basic 22,854,836 22,490,792 22,737,572 22,576,446 Diluted 24,437,133 23,447,929 24,131,840 23,555,065 Dividends declared per common share $ 0.12 $ 0.10 $ 0.36 $ 0.30 Investor Presentation
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Medallion Financial Corp. InvestorRelations@medallion.com (212) 328-2176 Investor Relations The Equity Group Inc. Lena Cati lcati@theequitygroup.com (212) 836-9611 Val Ferraro vferraro@theequitygroup.com (212) 836-9633 Contact Us 26