Medallion Financial Corp. announced its fourth-quarter and full-year results for 2024, highlighting a year of record achievements. For the first time in its history, the company originated over $1 billion of loans in a single year, with more than half being high-yielding recreation loans. The company also achieved record total interest income, net interest income, total assets, strategic partnership loan volume, and total equity.
The commercial lending group, Medallion Capital, contributed significantly by exiting a portfolio investment during the fourth quarter, generating net gains of $3.8 million on equity investments. For the full year, net gains from equity investments totaled $6.9 million, demonstrating the segment's meaningful contribution to earnings over time.
Regarding the SEC matter, Medallion Financial recorded a charge of $3.0 million related to the agreement in principle on settlement terms during the quarter. This charge was partially offset by a recognized benefit of $5.5 million related to insurance coverage for legal costs associated with the matter. The agreement remains subject to approval by the SEC Commissioners and the court.
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