Medallion Financial Corp.

Good day and welcome to the Medallion Financial Corp. Q2 2026 earnings conference call. All participants will be in listen-only mode. If you need assistance, please signal a conference specialist by pressing star and zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star and one on your touch-tone phone. To withdraw your question, please press star then 2. Please note this event is being recorded. I would like now to turn the conference over to Ken Cooper, Investor Relations. Please go ahead.

Thank you and good morning. Welcome to Medallion Financial Corp.'s second quarter 2026 earnings call. Joining me today are Andrew Murstein, President and Chief Executive Officer, Anthony Cutrone, Executive Vice President and Chief Financial Officer, and Justin Haley, President and CEO of Medallion Bank. Certain statements made during the call today constitute forward-looking statements. Such forward-looking statements are subject to both known and unknown risks and uncertainties that could cause actual results to differ materially from such statements. Those risks and uncertainties are described in our earnings press release issued yesterday and in our filings with the SEC. Thank you, Ken, and good morning, everyone. Our second quarter results further demonstrated the strength, stability, and

and growth potential of our lending platform. The highlights included our home improvement originations were up over twofold where they were last second quarter. As a matter of fact, the $128.6 million of originations was the highest origination quarter in our history for home improvement lending. We are doing this with stable credit quality and this level of origination has continued through July. Equally as impressive was our origination activity in recreation where originations were up 60% from a year ago to $228.5 million. Like home improvement, this was a record high for originations and a quarter for this segment. Here again, we are achieving this with stable credit quality and we are seeing this level of activity continue through July. This acceleration of origination activity led to outstanding total loan growth for the quarter. We are now at $2.79 billion in loans, a 12% increase year over year, an impressive 7% sequential growth from a quarter ago. Our companies have passed an important milestone during this quarter as we exceeded $3 billion in assets. Achieving this milestone is a testament to our entire organization's We are very pleased with where we are today and where we intend on going in the future. In many ways, the second quarter marked a continuation of our performance across our operating segments and many of our key performance indicators. For the second quarter, the $57.2 million of net interest income is a new quarterly record, which was particularly satisfying as we maintained our net interest margin at the approximate 8% level. Our strategic partnership program continues to gain traction. We added a fifth partner in the quarter, which contributed to originating $247.1 million of loans and over $1.1 million in fee income in the quarter. We continue to work on our growing pipeline of new partner prospects and expect to add new partners over time. As I have mentioned in the past, long term, we believe our program will scale to a more significant size. However, we are taking a very methodical approach to growth to ensure we satisfy the needs of all stakeholders, including our borrowers, team, partners, and regulators. That said, we are very pleased with the progress, particularly over the last year or so. From a capital allocation perspective, we remain committed to our shareholders. During the quarter, our board of directors approved a second quarter dividend of 14 cents per share representing a 16.7% increase from last quarter and a 75% increase since we reinstated the dividend in the second quarter of 2022. We also bought back nearly 780,000 shares of stock during the quarter, which we were able to do at a discount to both book value and tangible book value. Our commercial lending business grew 5% during the quarter, with two new loans originated for a total of $7.1 million. This portfolio now sits at $126 million with the weighted average coupon being 14.37%. Our company is well positioned for future growth. We have a clear track record of growing assets, net interest income, and our book value. We have proven to be able to do this profitably and believe we will continue to do so. As we have stated since our founding, our net income and earnings per share may be choppy quarter to quarter due to timing related to several unique drivers of our business, but all add shareholder value long term. Lastly, we recently completed our relocation to our new New York office, a move that is expected to reduce our annual occupancy costs and further enhance shareholder value through ongoing expense savings. With that, I'll now turn it over to Anthony, who will provide some additional insight into our quarter.