Medallion Financial Corp. · NASDAQ:MFIN
Medallion Financial — Proxy Contest (May 2026)
67 slides from Medallion Financial's proxy contest presentation, May 19, 2026
Slide 1: Medallion Financial Corp. Investor Presentation May 2026
RECREATION (Nasdaq: MFIN) HOME IMPROVEMENT A specialty finance company that originates and services loans in various consumer and commercial COMMERCIAL FINTECH industries, along with offering loan origination services to fintech strategic partners. May 2026
Slide 2: Important Information
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 a
Slide 3: Table of Contents
Table of Contents 4 Executive Summary: A Period of Historic Shareholder Value Creation is being Undermined Financial Performance has Strengthened under Current Management and Board Leadership, Resulting in Record Loan Growth 17 and Profitability 28 Our Board Brings the Lending and Governance Experti
Slide 4: Executive Summary: A Period of Historic Shareholder Value Creation is being Undermined
Executive Summary: A Period of Historic Shareholder Value Creation is being Undermined by A Debt Holder Vowing to Wage Proxy Fights if Not Granted Board Seats and/or a Profitable Resolution to his Debt Position 1 Executive Summary: A Period of Historic Shareholder Value Creation is being Undermined
Slide 5: Board and Management have Successfully Transformed Medallion
Board and Management have Successfully Transformed Medallion Medallion is • The current Board and management team have successfully navigated the Company’s transformation from primarily a taxi amid a medallion lender to a thriving specialty finance and consumer lending business historically • We hav
Slide 6: Total Shareholder Return has Significantly Outperformed Peers
Total Shareholder Return has Significantly Outperformed Peers 1 year Total Shareholder Return 3-year Total Shareholder Return 37.7% 33.0% 32.2% 22.6% 21.6% 17.0% 11.7% 7.1% MFIN Proxy Peers Median S&P Small Cap Russell 2000 MFIN Proxy Peers Median S&P Small Cap Russell 2000 600/Financials 600/Financ
Slide 7: TSR Outperformance is Substantial over the Long Run
TSR Outperformance is Substantial over the Long Run Total Shareholder Return Performance Since Announcement of the Business Transformation in 2017 5-year Total Shareholder Return MFIN S&P Small Cap 600 / Financials Russell 2000 85.7% 452.2% 58.5% 53.9% 32.8% 118.9% 78.3 MFIN Proxy Peers Median S&P S
Slide 8: Medallion's Operating Metrics Indicate Exceptional Performance
Medallion’s Operating Metrics Indicate Exceptional Performance Record Profits Record Total Shareholder Robust Capital Allocation Net Income during the last 5 years Return (TSR) Repurchased 3.3M shares for exceeds the combined net income Medallion’s TSR outperformed its $26.2M and paid $35.6M in for
Slide 9: The Successful Transformation has been Driven by a Purpose-built Board
The Successful Transformation has been Driven by a Purpose-built Board that Brings Critical Experience and Expertise Business Recapitalization & Credit Risk and Governance, Legal & Transformation & Taxi Capital Markets Liquidity Management Regulatory Affairs Medallion Recoveries Alvin Murstein John
Slide 10: The Board has Delivered on Promises made in 2024
The Board Delivered has Delivered on Promises made in 2024 Medallion’s Commitment during 2024 Campaign Key Achievements since 2024 Campaign Shareholder Return: 35%1 Net Interest Income: 15.3% (2023-2025) Book Value per share: 19.8% (2023-2025) Quarterly Dividends: 40% ($0.10 per share to $0.
Slide 11: Oversight of the Plan that has Unlocked Shareholder Value Continues
Oversight of the Plan that has Unlocked Shareholder Value Continues 1 Continue growing high-return, scalable, • Leveraging our significant sector expertise to drive asset quality and strong portfolio of high-performing loans and strong cash- • Further expanding our leadership in large and growing ad
Slide 12: ZimCal's Interests are NOT Aligned with Shareholders'
In Contrast, ZimCal’s Interests are NOT Aligned with Shareholders’ and Would Likely Jeopardize our Growth • We believe that based on his buying patterns and our interactions with him individually, Mr. Hodges’ interests are not aligned with those of our shareholders While Mr. Hodges continues to purs
Slide 13: ZimCal Invests in Distressed Credit and Primarily Holds Our Debt
ZimCal Invests in Distressed Credit and Primarily Holds Our Debt “…being a creditor means that our upside is capped while our downside is not, so we are particularly sensitive to the potential risks in a rapidly changing economic environment. Risks that might be better rewarded through a meaningful
Slide 14: ZimCal is Not a Long-Term Shareholder
ZimCal is Not a Long-Term Shareholder and Acquired Most of its Shares after the Record Date in April 20261 ZimCal's Ownership Change 371,090 shares 450,000 acquired 4/13 – 5/7 400,000 350,000 Hodges share ownership just 300,000 prior to record date: 35,910 shares 250,000 200,000 150,000 100,000 50,0
Slide 15: ZimCal's Campaigns are Self-Serving
ZimCal’s Campaigns are Self-Serving 2024 Campaign 2025 Campaign 2026 Campaign Jan 2, 2024: BIMIZCI submitted formal notice of its Dec 30, 2024: BIMIZCI relaunched its activist Dec 31, 2025: BIMIZCI renewed its campaign for a intent to nominate Hodges and another campaign by nominating Hodges, third
Slide 16: Hodges has Consistently Raised False Concerns
Hodges has Consistently Raised False Concerns In 2024, Hodges Said: In 2025, Hodges Said: “Rapid deterioration in Key Operating Metrics Poses “Due to lower Bank earnings, Medallion Financial Significant Risk to Shareholders” may struggle to pay dividends, operating expenses and a possible SEC penalt
Slide 17: Financial Performance has Strengthened under Current Management and Board Leadership
Financial Performance has Strengthened under Current Management and Board Leadership, Resulting in Record Loan Growth and Profitability 2 Financial Performance has Strengthened under Current Management and Board Leadership, Resulting in Record Loan Growth and Profitability
Slide 18: Financial Highlights
Financial Highlights Last year marked the best 5-year period of performance in Company history Achieved solid loan growth with double-digit Net Interest Income growth Developed and maintained robust credit quality processes that helped achieve loan growth while maintaining the overall level of charg
Slide 19: Achieved Robust Loan and Net Interest Income Growth
Achieved Robust Loan and Net Interest Income Growth 1 Loan Balance Net Interest Income (NII) ($ in millions) $2,800 ($ in millions) $2,567 $250.0 $2,600 $2,491 $216.9 $202.5 $2,400 $200.0 $188.1 $2,216 $160.4 $2,200 $150.0 $127.8 $2,000 $1,917 $100.0 $1,800 $50.0 $1,600 $1,489 $1,400 $0.0 2021 2022
Slide 20: Lending is based on Strong Consumer Loan Economics
Lending is based on Strong Consumer Loan Economics Illustrative/Sample Recreation Lending Return for a New Incremental $20,000 Loan $3,022 15.11% $3,000 Equity $17,000 Deposits $978 / $3,000 ($660) 3.88% ($876) $978 4.38% ($508) 33% Pretax 2.54% ROE Loan Interest Loan Operating Pretax Yield Costs Lo
Slide 21: Charge-offs are Largely In-Line with Industry Trends
Charge-offs are Largely In-Line with Industry Trends In the past five years, Medallion’s loan book has grown from $1.5B in FY2021 to $2.6B in FY2026. According to FRED data, charge-offs for consumer lenders have increased to above pandemic levels, reflecting the overall macro environment. Meda
Slide 22: Management Remains Focused on Operational Efficiency
Management Remains Focused on Operational Efficiency Quarterly Net Interest Income (NII) vs. Operating Costs1 ($ in FY FY FY FY FY FY Q1 ($ in millions) millions) 2020 2021 2022 2023 2024 2025 2026 60,000 NII $110.8 $127.8 $160.4 $188.1 $202.5 $216.9 $54.1 55,000 Operating 50,000 $55.7 $56.4 $72.1 $
Slide 23: Achieved over 50% Book Value per Share Growth
Achieved over 50% Book Value per Share Growth through Strong Loan Growth and Operational Efficiencies Book Value per Share 17.53 16.00 14.63 13.08 11.40 2021 2022 2023 2024 2025 Source: SEC filings Medallion Financial Corp. Investor Presentation 23
Slide 24: Dividend Increase Reflects Strong Fundamentals
Dividend Increase Reflects Strong Fundamentals Quarterly Dividend • Reinstated quarterly $0.16 dividend in Q1 2022 $0.14 $0.14 $0.12 $0.12 $0.12 $0.12 • Increased 75% since $0.12 $0.11 $0.11 it was reinstated $0.10 $0.10 $0.10 $0.10 $0.10 $0.08 $0.08 $0.08 $0.08 $0.08 $0.08 $0.08 • Annualized divide
Slide 25: Capital Raise Reaffirms Market Confidence in Strategy
Capital Raise Reaffirms Market Confidence in Strategy Raised $75M from institutional investors led by JP Morgan Investment Management Capital will be used for consumer and commercial lending segments and for general corporate purposes Medallion Financial Corp. Investor Presentation 25
Slide 26: Company Continues to Invest in Technology & Talent
Company Continues to Invest in Technology & Talent “Our approach is increasingly analytical and data driven, Key Highlights: supported by digital tools that help optimize underwriting, origination, servicing, and overall portfolio visibility. Our 2022: Hired a new team lead to investments in techn
Slide 27: Independent Analysts Maintain Positive Rating
Independent Analysts Maintain Positive Rating “Maintain Buy rating. We reiterate our Buy rating “Underneath the headline, the core franchise given MFIN trades below 1.0x tangible book value of performed inline, with net interest income growth, $11.83/sh (vs. $12.12/sh in 4Q25) despite good asset mod
Slide 28: Our Board Brings the Lending and Governance Expertise Medallion Requires
Our Board Brings the Lending and Governance Expertise Medallion Requires 3 Our Board Brings the Lending and Governance Expertise Medallion Requires
Slide 29: Board and Management Continue to Create Significant Value
Board and Management Continue to Create Significant Value • This Board and management team have successfully navigated the Company transformation from taxi medallion lending to a thriving consumer lending business Our Board and • We have delivered significant value for shareholders through: manageme
Slide 30: Our Board is Fit for Building Upon Our Successful Growth Strategy
Our Board is Fit for Building Upon Our Successful Growth Strategy Medallion’s Board has overseen the successful transformation of our business through the right mix of skills, tenure, and perspectives, and has been assembled through thoughtful and regular refreshment Thoughtful Governance Practices
Slide 31: Our Board has the Right Mix of Skills and Perspectives
Our Board has the Right Mix of Skills and Perspectives John Everets Cynthia Brent Robert Independent Hallenbeck Hatch Meyer Director Independent Lead Independent Independent Director Director Director • Partner at Arcturus Capital • CEO of Alercyn, Inc., a private • Founding partner of Utah-based •
Slide 32: Directors' Skillsets are Relevant for Our Business
Directors’ Skillsets are Relevant for Our Business and Fit for Public Company Governance Experience Critical for Continued Skills Critical for Governance Business Success and Oversight Non- Senior Consumer Commercial Banking Financial Risk Leadership Finance & Regulatory/ Other Public Lending Lendi
Slide 33: Medallion Nominee: John Everets
Medallion Nominee: John Everets John Everets Brings Extensive Banking Case Study: Successful Turnaround of The Bank of Maine and Financial Leadership Experience John Everets joined The Bank of Maine in 2010 as part of an investor-led $60M • Mr. Everets brings decades of executive leadership in recap
Slide 34: Medallion Nominee: Cynthia Hallenbeck
Medallion Nominee: Cynthia Hallenbeck Cynthia Hallenbeck Brings Deep Financial and Governance Walker & Dunlop, Inc. Expertise Share Price Performance during Cynthia Hallenbeck’s Tenure as a Director 70.00 • Ms. Hallenbeck brings over 30 years of financial management experience, spanning public compa
Slide 35: Medallion's Nominees Bring Relevant Skills and Proven Leadership
Medallion’s Nominees Bring Relevant Skills and Proven Leadership Case Study: Navigating Medallion’s Successful Turnaround Alvin Murstein Brings Founder Leadership • Alvin Murstein founded Medallion Funding Corp. in 1979 as a taxi medallion lending company and Deep Institutional Knowledge • The emerg
Slide 36: ZimCal has Demonstrated a Flawed Understanding of our Business
ZimCal has Demonstrated a Flawed Understanding of our Business 4 ZimCal has Demonstrated a Flawed Understanding of our Business
Slide 37: 2024: ZimCal's Concerns were Exaggerated
2024: ZimCal’s Concerns were Exaggerated ZimCal Investor Presentation, May 20, 2024 Performance Since 2024 Shareholder Meeting Total shareholder return of 35% since 2024 shareholder meeting1 Highest Net Interest Income in five years Higher Net Interest Margin in FY2025 vs FY2024 Recreation s
Slide 38: 2025: ZimCal's Concerns about Dividends were False
2025: ZimCal’s Concerns about Dividends were False ZimCal Letter, May 19, 2025 Performance Since 2025 Shareholder Meeting Total shareholder return of 11.8% since 2025 shareholder meeting1 Quarterly dividends increased in both FY25 and YTD 2026 The proposed dividend of $0.14 per share for 2Q202
Slide 39: 2026: ZimCal's Comments on Key Financials Lack Context
2026: ZimCal’s Comments on Key Financials Lack Context ZimCal “Medallion’s 1Q26 net income was its lowest quarterly profit since % yoy Claims a loss in 3Q20” (Dollars in thousands) 1Q2026 1Q2025 1Q2026 Net interest income 54,059 51,412 5.1% Reality As disclosed by MFIN, 1Q2026 Net Income was impac
Slide 40: 2026: ZimCal's Comments on Charge-offs Fail to Consider Market Trends
2026: ZimCal’s Comments on Charge-offs Fail to Consider Market Trends ZimCal “Medallion’s consumer loan charge-offs are at 15 Claims year highs” Reality Just in the past five years, Medallion’s loan book has grown from $1.5B in FY2021 to $2.6B in FY2026. Not surprisingly, the charge-off in absolut
Slide 41: 2026: ZimCal's Views on Recreational & Commercial Loans are Misleading
2026: ZimCal’s Views on Recreational & Commercial Loans are Misleading ZimCal Claims “Recreation subprime loans were an estimated Share of Recreation Subprime Loan has Declined while $582 million – an all-time high” Maintaining FICO scores Reality The absolute value of Recreation loans is high 50.
Slide 42: 2026: ZimCal's Understanding of Strategic Partnerships is Flawed
2026: ZimCal’s Understanding of Strategic Partnerships is Flawed ZimCal Claims “Capital continues to be poorly allocated, most recently in the Strategic Partnership business which is losing money by our estimates despite dominating loan originations.” Reality Strategic Partnership is a new busines
Slide 43: 2026: Medallion Expects to Cure the SBA Deficiency Soon
2026: Medallion Expects to Cure the SBA Deficiency Soon ZimCal Claims “The Company announced April 3, 2026 that a subsidiary had defaulted on $73.5 million in Small Business Administration loans for lacking a “qualified management team”. Reality On March 31, 2026, Medallion Capital submitted a man
Slide 44: ZimCal's Nominees do not Possess Skills Additive to the Board
ZimCal’s Nominees do not Possess Skills Additive to the Board 5 ZimCal’s Nominees do not Possess Skills Additive to the Board
Slide 45: Eric Kelly Lacks Relevant Industry Experience
Eric Kelly Lacks Relevant Industry Experience Technology Background Concentrated Outside Medallion’s Core Consumer Lending Business Kelly’s operating background is concentrated in enterprise storage, infrastructure, and hardware technology companies, including Overland Storage and Sphere3D Backg
Slide 46: Eric Kelly has a History of Related Party Transactions
Eric Kelly has a History of Related Party Transactions SPHERE 3D CORP. 125 South Market Street San Jose, California 95113 SECOND SUPPLEMENT TO PROXY STATEMENT FOR THE SPECIAL MEETING OF SHAREHOLDERS TO BE HELD MAY 31, 2018 Eric Kelly, the Chief Executive Officer, President, and board member of May 2
Slide 47: Eric Kelly Oversaw Value Destruction at Sphere 3D
Eric Kelly Oversaw Value Destruction at Sphere 3D UNITED STATES TSR during Eric Kelly's CEO Tenure at Sphere 3D SECURITIES AND EXCHANGE COMMISSION 0.00 Washington, D.C. 20549 FORM 8-K -20.00 Date of Report (Date of earliest event reported): May 29, 2018 -40.00 SPHERE 3D CORP. Item 3.01 Notice of Del
Slide 48: Eric Kelly's Board Tenure at Sabre Coincides with Shareholder Value Destruction
Eric Kelly’s Board Tenure at Sabre Coincides with Significant Shareholder Value Destruction Sabre Corporation - Total Shareholder Return during Eric Kelly's Board Tenure 40.00 20.00 SOUTHLAKE, Texas, Oct. 16, 2024 /PRNewswire/ -- Sabre 0.00 Corporation (NASDAQ: SABR), a leading travel technology com
Slide 49: John Kiernan Lacks Specialty Finance Expertise
John Kiernan Lacks Specialty Finance Expertise Misalignment with Medallion’s Core Operating Needs Kiernan currently leads and is a director at Alico, a Florida agriculture and land company transitioning away from citrus operations toward land sales and development initiatives, which does not align
Slide 50: John Kiernan's Agriculture Experience is Not Relevant to Medallion
John Kiernan’s Agriculture Experience is Not Relevant to Medallion Alico Strategy Centers on Land Monetization, Not Lending • Business model focused on land sales, asset monetization, and agricultural production, rather than loan origination and credit performance • Value creation driven by asset re
Slide 51: Timothy Shanahan is Grossly Under-qualified to Serve on Our Board
Timothy Shanahan is Grossly Under-qualified to Serve on Our Board Crisis-Oriented Background Misaligned with Ongoing Lending Operations No direct experience operating a consumer lending or credit platform Career concentrated in distressed, turnaround, and restructuring situations Majority of r
Slide 52: Timothy Shanahan's Experience at VentureSpring LLC is not Relevant
Timothy Shanahan’s Experience at VentureSpring LLC is not Relevant Boutique, Project-Based Advisory Engagements • VentureSpring operates as a small advisory practice, delivering project-based engagements across unrelated industries • Sample work includes telecom restructuring, tutoring market resear
Slide 53: ZimCal Nominees Are Lacking in Relevant Experience and Expertise
ZimCal Nominees Are Lacking in Relevant Experience and Expertise Nominee Skill Matrix Risk Nominees Consumer Commercial Banking Regulatory/ Other Public Mgmt. Lending Lending Industry Legal Board John Everets Medallion Cynthia Hallenbeck Alvin Murstein Eric L. Kelly
Slide 54: ZimCal's Value Creation Plan Repackages Existing Initiatives
ZimCal’s “Value Creation” Plan Repackages Existing Initiatives and Fails to Offer New Ideas ZimCal’s “Value Creation” Plan Repackages 6 Existing Initiatives and Fails to Offer New Ideas
Slide 55: Medallion's Current Strategy vs ZimCal's Plan
Medallion’s Current Strategy vs ZimCal’s Plan Select Components of ZimCal’s Proposed Plan Medallion’s Current Initiatives Focus on technology Medallion has made significant investments in technology and team since 2022 (see slide 63) Internalize SST servicing/collections and Medallion has been f
Slide 56: Medallion's Initiatives on Technology
Medallion’s Initiatives on Technology Since 2022, Medallion has hired a new team lead to accelerate software engineering activity and migrated internal processes to a new loan servicing system Medallion Bank has a Chief Information Officer who oversees enterprise-wide technology investments Me
Slide 57: Medallion's Focus on Servicing Platforms
Medallion’s Focus on Servicing Platforms Medallion has consistently commented on its investments in “The $1.7 million increase over the prior year included servicing platform and technology initiatives costs associated with technological initiatives surrounding our servicing platform and capabilit
Slide 58: Contact Us
Contact Us Medallion Financial Corp. InvestorRelations@medallion.com (212) 328-2176 Medallion Financial Corp. Investor Presentation 58
Slide 59: Appendix
Appendix Appendix
Slide 60: Business Highlights
Business Highlights • “In Niches there are Riches” - long history of niche lending excellence Strong Foundation • Significant alignment with shareholders - insider ownership of ~20+% • Coveted Utah Industrial Bank Charter Core Consumer • More than doubled consumer loan portfolio over past 5 years to
Slide 61: Company Overview
Company Overview Specialty finance company that originates and services loans in various consumer and commercial industries, primarily through its subsidiaries Medallion Financial Corp. Nasdaq: MFIN Medallion Bank Medallion Nasdaq: MBNKO Capital Nasdaq: MBNKO - $77.5M of publicly traded preferred st
Slide 62: Overview of Loan Portfolio
Overview of Loan Portfolio Total Gross Loans as of March 31, 2026 Recreation ($1,672M) 63.8% Avg. interest rate: Total Gross Loans: Home Improvement 15.11%¹ $2.62B ($814.9M) 31.1% Avg. interest rate: 9.82%¹ Commercial Strategic Partnerships ($119.6M) 4.6% & Other ($10.8M) 0.5% Avg. interest rate: 1A
Slide 63: Background: Medallion's Business Transformation
Background: Medallion’s Business Transformation 2004: 2018: MFIN 2021 to 1998: Recreation 2012: Home de-BDCs and is Present: MFIN Diversification lending begins improvement 2016: no longer an successfully of business with the lending begins 2015: Stopped Consumer investment transformed begins with p
Slide 64: Robust Consumer Lending Portfolio
Robust Consumer Lending Portfolio Financing of recreational products such as RVs, boats, Financing of home improvement projects at the point of collector cars, etc. sale Recreation Home Improvement • ~3,400 dealers and financial service providers (FSPs) • ~700 contractors and FSPs • $1,671.5M of loa
Slide 65: The Board Successfully Navigated Market Disruptions to Achieve Record Profits
The Board Successfully Navigated Market Disruptions to Achieve Record Profits and the Highest Book Value Per Share in its History Book value per share 20 18 17.53 Covid Pandemic + medallion loans put on accrual status 16.00 16 MFIN announces business transformation 14.63 MFIN de-BDCs 14 13.08 UBER l
Slide 66: Executive Compensation Aligned with Shareholders
Executive Compensation Aligned with Shareholders Medallion’s Executive Compensation Plan is designed to: Attract, motivate, reward, and Align the interests of our Promote a culture of integrity retain the colleagues who executives with those of the Enhance shareholder value and accountability lead o
Slide 67: Executive Compensation Aligned with Shareholders
Executive Compensation Aligned with Shareholders Following a decline in Say-on-Pay support in 2020 and 2021, we Say-on-Pay Approval engaged with our shareholders and made significant changes: 90% • Shifted focus from executing on strategic initiatives to evaluating performance 85% measures holistica