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STATES\n\nSECURITIES AND EXCHANGE COMMISSION\n\nWASHINGTON, D.C. 20549\n\n \n\nFORM 10-K\n\n \n\n(Mark One)\n\n☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the Fiscal Year Ended December 31, 2025\n\nOR\n\n☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the transition period from to\n\nCommission file number 001-37747\n\n \n\nMEDALLION FINANCIAL CORP.\n\n(Exact name of registrant as specified in its charter)\n\n \n\n \n\ndelaware\n\n04-3291176\n\n(State of Incorporation)\n\n(IRS Employer Identification No.)\n\n437 MADISON AVENUE, 38th Floor\n\nNew York, New York 10022\n\n(Address of principal executive offices) (Zip Code)\n\n(212) 328-2100\n\n(Registrant’s telephone number, including area code)\n\nSecurities registered pursuant to Section 12(b) of the Act:\n\n \n\n \n\nTitle of each class\n\n \n\nTrading symbols\n\n \n\nName of each exchange\n\non which registered\n\nCommon Stock, par value $0.01 per share\n\n \n\nMFIN\n\n \n\nNASDAQ Global Select Market\n\n \n\nSecurities registered pursuant to Section 12(g) of the Act: None\n\n \n\nIndicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No ☒\n\nIndicated by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☒\n\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐\n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.\n\nLarge accelerated filer\n\n☐\n\n \n\nAccelerated filer\n\n☒\n\nNon-accelerated filer\n\n☐\n\n \n\nSmaller reporting company\n\n☒\n\nEmerging growth company\n\n☐\n\n \n\n \n\nIf an emerging growth company, indicate by checkmark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐\n\nIndicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒\n\nIf securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐\n\nIndicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐\n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒\n\nThe aggregate market value of the common stock held by non-affiliates of the registrant, computed by reference to the price at which the common stock was last sold on June 30, 2025, as reported on NASDAQ, was $174,163,971.14.\n\nThe number of outstanding shares of registrant’s common stock, par value $0.01, as of March 9, 2026 was 23,530,083.\n\nDOCUMENTS INCORPORATED BY REFERENCE\n\nPortions of the registrant’s Definitive Proxy Statement for its 2026 Annual Meeting of Shareholders, for which a Definitive Proxy Statement will be filed with the Securities and Exchange Commission not later than 120 days after the registrant’s fiscal year-end of December 31, 2025, are incorporated by reference into Part III of this Form 10-K.\n\n \n\n \n\nMEDALLION FINANCIAL CORP.\n\n2025 FORM 10-K ANNUAL REPORT\n\nTABLE OF CONTENTS\n\n \n\n \n\nPage\n\n[PART I](#part_i)\n\n4"}