ZimCal Asset Management, LLC Comments on Medallion Financial Corp.’s First Quarter Results
Retrieved on:
Thursday, May 2, 2024
ZimCal Asset Management, LLC, and its affiliates BIMIZCI Fund LLC, Warnke Investments LLC and Stephen Hodges (collectively “ZimCal”) is one of the largest investors in Medallion Financial Corp. (the “Company” or “MFIN”), has over $15.55 million in debt and equity investment exposure and has been invested in MFIN for over 3 years.
Key Points:
- ZimCal Asset Management, LLC, and its affiliates BIMIZCI Fund LLC, Warnke Investments LLC and Stephen Hodges (collectively “ZimCal”) is one of the largest investors in Medallion Financial Corp. (the “Company” or “MFIN”), has over $15.55 million in debt and equity investment exposure and has been invested in MFIN for over 3 years.
- The quarter was not terrible, but the earnings release made it clear that MFIN is managing to the quarter and to expectations, rather than proactively managing for the long-term.
- While taxi medallion lending continues to have virtually zero losses…”
This is what keeps ZimCal awake at night. - Quarter to quarter fluctuations driven by irregular equity gains or non-recurring taxi medallion recoveries will not mask the pain caused by mass consumer delinquencies.