Medallion Financial is a specialty finance company that originates consumer and commercial loans through Medallion Bank, an FDIC-insured industrial bank chartered in Utah. The core business is consumer lending, which covers two main products: recreation loans (~63% of the portfolio) and home improvement loans (~32%). Recreation loans finance RV, boat, and collector car purchases through a network of ~3,400 dealers and financial service providers. Home improvement loans finance replacement windows, roofing, siding, and pools through ~700 contractors. Medallion does not originate directly from consumers — it relies entirely on dealer and contractor networks. The remaining ~5% of loans are subordinated mezzanine loans to lower middle market businesses, typically paired with a small equity or warrant stake that generates periodic gains on exit. Medallion also runs a small but growing Strategic Partnership Program, originating loans on behalf of fintech partners, holding them briefly, then selling them back for a fee. Medallion's business model is built on a wide net interest margin (~8%), driven by high-yielding recreation (~13-14% yield) and home improvement (~10% yield) loans funded primarily by brokered CDs at ~3.9%. The industrial bank charter is a key structural advantage, allowing Medallion to raise FDIC-insured deposits without Federal Reserve oversight as a bank holding company. Credit losses are the primary earnings risk, particularly in the recreation portfolio, which serves prime and near-prime borrowers.