Medallion Bank Preferred Stock (Non-controlling Interest)	6 Months Ended
Jun. 30, 2025
Medallion Bank Preferred Stock (Non-controlling Interest)	(14) MEDALLION BANK PREFERRED STOCK (Non-controlling interest) On May 29, 2025, the Bank closed an initial public offering of 3,100,000 shares of its Fixed Rate Reset Non-Cumulative Perpetual Preferred Stock, Series G, with a $77.5 million aggregate liquidation amount, or $25 per share, yielding net proceeds of $73.1 million. Dividends are payable quarterly from the date of issuance to, but excluding July 1, 2030, at a fixed rate equal to 9.00% per annum, and from and including July 1, 2030, during each reset period at a rate equal to the five-year U.S. Treasury rate plus a spread of 4.94% per annum. The proceeds from this offering are for general corporate purposes, which may include, among other things, increasing capital levels, growing consumer loan portfolios, and redeeming outstanding Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series F, or Series F Preferred Stock. On December 17, 2019, the Bank closed an initial public offering of 1,840,000 shares of its Series F Preferred Stock with a $46.0 million aggregate liquidation amount, or $25 per share, yielding net proceeds of $42.5 million. Dividends are payable quarterly from the date of issuance to, but excluding, April 1, 2025, at a rate of 8% per annum, and from and including April 1, 2025, at a floating rate equal to three-month Term 90-day SOFR plus a spread of 6.46% per annum. On May 29, 2025, the Bank announced that it will redeem all outstanding shares of Series F Preferred Stock on July 1, 2025, at the redemption price of $25 per share. Additionally, the regular quarterly dividend will be paid separately on July 1, 2025, to holders of record on the record date. Upon redemption, the Company will incur a charge of approximately $3.5 million in calculating earnings attributable to common shareholders representing the excess of the redemption price over the carrying amount of $42.5 million. On July 21, 2011, the Bank issued, and the U.S. Treasury purchased, 26,303 shares of Senior Non-Cumulative Perpetual Preferred Stock, Series E for an aggregate purchase price of $26.3 million under the Small Business Lending Fund Program, or SBLF, with a liquidation amount of $1,000 per share. The SBLF is a voluntary program intended to encourage small business lending by providing capital to qualified smaller banks at favorable rates. The Bank pays a dividend rate of 9% on the Series E.

Medallion Bank Preferred Stock (Non-controlling Interest)

6 Months Ended

Jun. 30, 2025

Medallion Bank Preferred Stock (Non-controlling Interest)

(14) MEDALLION BANK PREFERRED STOCK (Non-controlling interest)

On May 29, 2025, the Bank closed an initial public offering of 3,100,000 shares of its Fixed Rate Reset Non-Cumulative Perpetual Preferred Stock, Series G, with a $77.5 million aggregate liquidation amount, or $25 per share, yielding net proceeds of $73.1 million. Dividends are payable quarterly from the date of issuance to, but excluding July 1, 2030, at a fixed rate equal to 9.00% per annum, and from and including July 1, 2030, during each reset period at a rate equal to the five-year U.S. Treasury rate plus a spread of 4.94% per annum. The proceeds from this offering are for general corporate purposes, which may include, among other things, increasing capital levels, growing consumer loan portfolios, and redeeming outstanding Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series F, or Series F Preferred Stock.

On December 17, 2019, the Bank closed an initial public offering of 1,840,000 shares of its Series F Preferred Stock with a $46.0 million aggregate liquidation amount, or $25 per share, yielding net proceeds of $42.5 million. Dividends are payable quarterly from the date of issuance to, but excluding, April 1, 2025, at a rate of 8% per annum, and from and including April 1, 2025, at a floating rate equal to three-month Term 90-day SOFR plus a spread of 6.46% per annum. On May 29, 2025, the Bank announced that it will redeem all outstanding shares of Series F Preferred Stock on July 1, 2025, at the redemption price of $25 per share. Additionally, the regular quarterly dividend will be paid separately on July 1, 2025, to holders of record on the record date. Upon redemption, the Company will incur a charge of approximately $3.5 million in calculating earnings attributable to common shareholders representing the excess of the redemption price over the carrying amount of $42.5 million.

On July 21, 2011, the Bank issued, and the U.S. Treasury purchased, 26,303 shares of Senior Non-Cumulative Perpetual Preferred Stock, Series E for an aggregate purchase price of $26.3 million under the Small Business Lending Fund Program, or SBLF, with a liquidation amount of $1,000 per share. The SBLF is a voluntary program intended to encourage small business lending by providing capital to qualified smaller banks at favorable rates. The Bank pays a dividend rate of 9% on the Series E.