MFIN raises $77.5M via preferred offering; SBA default cured; margin compresses 15bp

Filed August 5, 2026 · Period ending June 30, 2026 · Compared to 10-Q Aug 5, 2025 · ~2 min read

Key Changes

• high

  Company issued $77.5M of Series G preferred stock (3.1M shares at $25) and $75M of 8.25% senior notes due 2031, deploying capital into accelerated loan growth: recreation originations up 60%, home improvement up 137%.

  MD&A: Capital Deployment verify on EDGAR →
• high

  SBA event of default (declared March 31, 2026 over management team qualifications) cured June 11, 2026 after satisfactory background checks on two submitted candidates, removing a regulatory overhang on new debenture commitments.

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

  Net interest margin compressed 15 basis points to 7.94% (Q2) as deposit costs rose (3.96% vs 3.84%) and recreation loan origination rates fell to 14.86% from 15.96% to align with competition; further compression expected as low-rate deposits mature.

  MD&A: Net Interest Margin verify on EDGAR →