MFIN Q1 net income falls 58% to $5.0M as equity gains collapse; SBA declares default

Filed May 5, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 6, 2025 · ~2 min read

Key Changes

• high

  Net income fell 58% to $5.0M ($0.20/share) from $12.0M ($0.50/share) in Q1 2025, driven by equity investment gains collapsing to $0.3M from $9.4M and operating expenses rising 8% to $22.4M.

  MD&A: Net Income and Equity Gains verify on EDGAR →
• high

  SBA declared an event of default on Medallion Capital's debentures on March 31, 2026, requiring the company to identify and submit at least one qualified full-time principal within 120 days. Management states this does not trigger cross-defaults in parent debt.

  MD&A: SBA Event of Default verify on EDGAR →
• high

  Loan originations surged 34% to $376.9M from $281.7M, with recreation originations up 64% and home improvement up 32%. The company reduced recreation loan rates to 14.74% from 16.06% to align with market competition.

  MD&A: Loan Originations verify on EDGAR →