mfin-10q_20200930.htm
false Q3 0001000209 --12-31 P1Y P1Y P42M P4Y6M P10Y 2037-09-30 Term loans and demand notes secured by pledged loans Interest only 2021-02-28 Term loans secured by owned Chicago medallions 2018-11-30 2023-12-31 2011-04-30 2011-11-30 2014-08-31 2011-12-31 2020-12-31 2021-09-30 P6Y3M P6Y3M 2.14 5.21 6.55 2.14 6.55 2.14 6.55 2.14 6.55 2.14 2.14 13.84 7.25 13.84 13.53 7.25 13.53 7.25 13.53 7.25 13.53 13.53 2.14 4.80 3.93 2.06 3.95 3.95 3.95 4.39 6.55 6.55 4.39 6.55 4.80 4.39 5.27 7.25 6.55 4.80 7.25 7.25 6.55 7.25 7.03 7.25 7.25 7.25 5.27 7.25 2.14 6.55 2.14 6.55 2.22 2.14 6.55 2.61 2.14 7.25 7.25 7.25 7.25 5.58 7.25 7.25 5.27 7.25 8.73 0.0150 0.0600 0.60 600 108700 600 108700 4855000 6120000 1.59 5.98 8.73 0001000209 2020-01-01 2020-09-30 xbrli:shares 0001000209 2020-11-03 0001000209 us-gaap:CommonStockMember 2020-01-01 2020-09-30 0001000209 mfin:NinePointZeroZeroZeroPercentageSeniorNotesDueTwentyTwentyOneMember 2020-01-01 2020-09-30 iso4217:USD 0001000209 2020-09-30 0001000209 2019-12-31 iso4217:USD xbrli:shares 0001000209 us-gaap:DepositsMember 2020-09-30 0001000209 us-gaap:DepositsMember 2019-12-31 0001000209 us-gaap:LongTermDebtMember 2020-09-30 0001000209 us-gaap:LongTermDebtMember 2019-12-31 0001000209 2020-07-01 2020-09-30 0001000209 2019-07-01 2019-09-30 0001000209 2019-01-01 2019-09-30 xbrli:pure 0001000209 us-gaap:CommonStockMember 2019-12-31 0001000209 us-gaap:AdditionalPaidInCapitalMember 2019-12-31 0001000209 us-gaap:TreasuryStockMember 2019-12-31 0001000209 us-gaap:RetainedEarningsMember 2019-12-31 0001000209 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-12-31 0001000209 us-gaap:ParentMember 2019-12-31 0001000209 us-gaap:NoncontrollingInterestMember 2019-12-31 0001000209 us-gaap:RetainedEarningsMember 2020-01-01 2020-03-31 0001000209 us-gaap:ParentMember 2020-01-01 2020-03-31 0001000209 us-gaap:NoncontrollingInterestMember 2020-01-01 2020-03-31 0001000209 2020-01-01 2020-03-31 0001000209 us-gaap:CommonStockMember 2020-01-01 2020-03-31 0001000209 us-gaap:AdditionalPaidInCapitalMember 2020-01-01 2020-03-31 0001000209 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-01-01 2020-03-31 0001000209 us-gaap:CommonStockMember 2020-03-31 0001000209 us-gaap:AdditionalPaidInCapitalMember 2020-03-31 0001000209 us-gaap:TreasuryStockMember 2020-03-31 0001000209 us-gaap:RetainedEarningsMember 2020-03-31 0001000209 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-03-31 0001000209 us-gaap:ParentMember 2020-03-31 0001000209 us-gaap:NoncontrollingInterestMember 2020-03-31 0001000209 2020-03-31 0001000209 us-gaap:RetainedEarningsMember 2020-04-01 2020-06-30 0001000209 us-gaap:ParentMember 2020-04-01 2020-06-30 0001000209 us-gaap:NoncontrollingInterestMember 2020-04-01 2020-06-30 0001000209 2020-04-01 2020-06-30 0001000209 us-gaap:AdditionalPaidInCapitalMember 2020-04-01 2020-06-30 0001000209 us-gaap:CommonStockMember 2020-04-01 2020-06-30 0001000209 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-04-01 2020-06-30 0001000209 us-gaap:CommonStockMember 2020-06-30 0001000209 us-gaap:AdditionalPaidInCapitalMember 2020-06-30 0001000209 us-gaap:TreasuryStockMember 2020-06-30 0001000209 us-gaap:RetainedEarningsMember 2020-06-30 0001000209 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-06-30 0001000209 us-gaap:ParentMember 2020-06-30 0001000209 us-gaap:NoncontrollingInterestMember 2020-06-30 0001000209 2020-06-30 0001000209 us-gaap:RetainedEarningsMember 2020-07-01 2020-09-30 0001000209 us-gaap:ParentMember 2020-07-01 2020-09-30 0001000209 us-gaap:NoncontrollingInterestMember 2020-07-01 2020-09-30 0001000209 us-gaap:AdditionalPaidInCapitalMember 2020-07-01 2020-09-30 0001000209 us-gaap:CommonStockMember 2020-07-01 2020-09-30 0001000209 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-07-01 2020-09-30 0001000209 us-gaap:CommonStockMember 2020-09-30 0001000209 us-gaap:AdditionalPaidInCapitalMember 2020-09-30 0001000209 us-gaap:TreasuryStockMember 2020-09-30 0001000209 us-gaap:RetainedEarningsMember 2020-09-30 0001000209 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-09-30 0001000209 us-gaap:ParentMember 2020-09-30 0001000209 us-gaap:NoncontrollingInterestMember 2020-09-30 0001000209 us-gaap:CommonStockMember 2018-12-31 0001000209 us-gaap:AdditionalPaidInCapitalMember 2018-12-31 0001000209 us-gaap:TreasuryStockMember 2018-12-31 0001000209 us-gaap:RetainedEarningsMember 2018-12-31 0001000209 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-12-31 0001000209 us-gaap:ParentMember 2018-12-31 0001000209 us-gaap:NoncontrollingInterestMember 2018-12-31 0001000209 2018-12-31 0001000209 us-gaap:RetainedEarningsMember 2019-01-01 2019-03-31 0001000209 us-gaap:ParentMember 2019-01-01 2019-03-31 0001000209 us-gaap:NoncontrollingInterestMember 2019-01-01 2019-03-31 0001000209 2019-01-01 2019-03-31 0001000209 us-gaap:CommonStockMember 2019-01-01 2019-03-31 0001000209 us-gaap:AdditionalPaidInCapitalMember 2019-01-01 2019-03-31 0001000209 us-gaap:PreferredStockMember 2019-01-01 2019-03-31 0001000209 us-gaap:TreasuryStockMember 2019-01-01 2019-03-31 0001000209 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-01-01 2019-03-31 0001000209 us-gaap:CommonStockMember 2019-03-31 0001000209 us-gaap:AdditionalPaidInCapitalMember 2019-03-31 0001000209 us-gaap:TreasuryStockMember 2019-03-31 0001000209 us-gaap:RetainedEarningsMember 2019-03-31 0001000209 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-03-31 0001000209 us-gaap:ParentMember 2019-03-31 0001000209 us-gaap:NoncontrollingInterestMember 2019-03-31 0001000209 2019-03-31 0001000209 us-gaap:RetainedEarningsMember 2019-04-01 2019-06-30 0001000209 us-gaap:ParentMember 2019-04-01 2019-06-30 0001000209 us-gaap:NoncontrollingInterestMember 2019-04-01 2019-06-30 0001000209 2019-04-01 2019-06-30 0001000209 us-gaap:AdditionalPaidInCapitalMember 2019-04-01 2019-06-30 0001000209 us-gaap:CommonStockMember 2019-04-01 2019-06-30 0001000209 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-04-01 2019-06-30 0001000209 us-gaap:CommonStockMember 2019-06-30 0001000209 us-gaap:AdditionalPaidInCapitalMember 2019-06-30 0001000209 us-gaap:TreasuryStockMember 2019-06-30 0001000209 us-gaap:RetainedEarningsMember 2019-06-30 0001000209 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-06-30 0001000209 us-gaap:ParentMember 2019-06-30 0001000209 us-gaap:NoncontrollingInterestMember 2019-06-30 0001000209 2019-06-30 0001000209 us-gaap:RetainedEarningsMember 2019-07-01 2019-09-30 0001000209 us-gaap:ParentMember 2019-07-01 2019-09-30 0001000209 us-gaap:NoncontrollingInterestMember 2019-07-01 2019-09-30 0001000209 us-gaap:CommonStockMember 2019-07-01 2019-09-30 0001000209 us-gaap:AdditionalPaidInCapitalMember 2019-07-01 2019-09-30 0001000209 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-07-01 2019-09-30 0001000209 us-gaap:CommonStockMember 2019-09-30 0001000209 us-gaap:AdditionalPaidInCapitalMember 2019-09-30 0001000209 us-gaap:TreasuryStockMember 2019-09-30 0001000209 us-gaap:RetainedEarningsMember 2019-09-30 0001000209 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-09-30 0001000209 us-gaap:ParentMember 2019-09-30 0001000209 us-gaap:NoncontrollingInterestMember 2019-09-30 0001000209 2019-09-30 0001000209 mfin:MedallionBankMember 2020-01-01 2020-09-30 0001000209 mfin:MedallionFinancingTrustIMember 2020-09-30 mfin:Medallion 0001000209 us-gaap:PrivatePlacementMember 2019-03-31 0001000209 us-gaap:PrivatePlacementMember 2019-08-31 0001000209 srt:MinimumMember 2020-01-01 2020-09-30 0001000209 srt:MaximumMember 2020-01-01 2020-09-30 0001000209 mfin:BankHoldingCompaniesAccountingMember 2020-01-01 2020-09-30 0001000209 mfin:BankHoldingCompaniesAccountingMember 2019-01-01 2019-12-31 0001000209 2019-01-01 2019-12-31 0001000209 us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember us-gaap:LoansMember 2020-09-30 0001000209 us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember us-gaap:LoansMember 2019-12-31 0001000209 mfin:CARESActMember us-gaap:ConsumerPortfolioSegmentMember us-gaap:ConsumerLoanMember 2020-09-30 0001000209 stpr:NY 2020-01-01 2020-09-30 0001000209 stpr:NY 2020-07-01 2020-09-30 0001000209 mfin:RPACRacingLLCMember 2018-04-02 0001000209 mfin:RPACRacingLLCMember 2020-09-30 0001000209 mfin:RPACRacingLLCMember 2019-12-31 0001000209 mfin:RPACRacingLLCMember 2019-09-30 0001000209 mfin:RPACRacingLLCMember 2020-07-01 2020-09-30 0001000209 mfin:RPACRacingLLCMember 2019-07-01 2019-09-30 0001000209 mfin:RPACRacingLLCMember 2020-01-01 2020-09-30 0001000209 mfin:RPACRacingLLCMember 2019-01-01 2019-09-30 0001000209 mfin:MedallionBankMember 2019-01-01 2019-12-31 0001000209 us-gaap:IntellectualPropertyMember 2020-09-30 0001000209 us-gaap:IntellectualPropertyMember 2019-12-31 0001000209 mfin:ContractorRelationshipsMember 2020-09-30 0001000209 mfin:ContractorRelationshipsMember 2019-12-31 0001000209 mfin:RaceOrganizationMember 2020-09-30 0001000209 mfin:RaceOrganizationMember 2019-12-31 0001000209 us-gaap:RestrictedStockMember 2020-01-01 2020-09-30 0001000209 us-gaap:RestrictedStockMember 2019-01-01 2019-09-30 0001000209 us-gaap:RestrictedStockUnitsRSUMember 2020-01-01 2020-09-30 0001000209 us-gaap:RestrictedStockUnitsRSUMember 2019-01-01 2019-09-30 0001000209 srt:MinimumMember 2020-09-30 0001000209 us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember 2020-09-30 0001000209 us-gaap:USStatesAndPoliticalSubdivisionsMember 2020-09-30 0001000209 us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember 2019-12-31 0001000209 us-gaap:USStatesAndPoliticalSubdivisionsMember 2019-12-31 0001000209 mfin:RecreationMember mfin:BankHoldingCompaniesAccountingMember 2020-09-30 0001000209 mfin:RecreationMember mfin:BankHoldingCompaniesAccountingMember 2019-12-31 0001000209 mfin:HomeImprovementMember mfin:BankHoldingCompaniesAccountingMember 2020-09-30 0001000209 mfin:HomeImprovementMember mfin:BankHoldingCompaniesAccountingMember 2019-12-31 0001000209 mfin:CommercialMember mfin:BankHoldingCompaniesAccountingMember 2020-09-30 0001000209 mfin:CommercialMember mfin:BankHoldingCompaniesAccountingMember 2019-12-31 0001000209 mfin:MedallionMember mfin:BankHoldingCompaniesAccountingMember 2020-09-30 0001000209 mfin:MedallionMember mfin:BankHoldingCompaniesAccountingMember 2019-12-31 0001000209 mfin:StrategicPartnershipMember mfin:BankHoldingCompaniesAccountingMember 2020-09-30 0001000209 mfin:BankHoldingCompaniesAccountingMember 2020-09-30 0001000209 mfin:BankHoldingCompaniesAccountingMember 2019-12-31 0001000209 mfin:RecreationMember mfin:BankHoldingCompaniesAccountingMember 2020-01-01 2020-09-30 0001000209 mfin:RecreationMember mfin:BankHoldingCompaniesAccountingMember 2019-01-01 2019-12-31 0001000209 mfin:HomeImprovementMember mfin:BankHoldingCompaniesAccountingMember 2020-01-01 2020-09-30 0001000209 mfin:HomeImprovementMember mfin:BankHoldingCompaniesAccountingMember 2019-01-01 2019-12-31 0001000209 mfin:CommercialMember mfin:BankHoldingCompaniesAccountingMember 2020-01-01 2020-09-30 0001000209 mfin:CommercialMember mfin:BankHoldingCompaniesAccountingMember 2019-01-01 2019-12-31 0001000209 mfin:MedallionMember mfin:BankHoldingCompaniesAccountingMember 2020-01-01 2020-09-30 0001000209 mfin:MedallionMember mfin:BankHoldingCompaniesAccountingMember 2019-01-01 2019-12-31 0001000209 mfin:RecreationMember mfin:BankHoldingCompaniesAccountingMember 2020-06-30 0001000209 mfin:HomeImprovementMember mfin:BankHoldingCompaniesAccountingMember 2020-06-30 0001000209 mfin:CommercialMember mfin:BankHoldingCompaniesAccountingMember 2020-06-30 0001000209 mfin:MedallionMember mfin:BankHoldingCompaniesAccountingMember 2020-06-30 0001000209 mfin:StrategicPartnershipMember mfin:BankHoldingCompaniesAccountingMember 2020-06-30 0001000209 mfin:BankHoldingCompaniesAccountingMember 2020-06-30 0001000209 mfin:RecreationMember mfin:BankHoldingCompaniesAccountingMember 2020-07-01 2020-09-30 0001000209 mfin:HomeImprovementMember mfin:BankHoldingCompaniesAccountingMember 2020-07-01 2020-09-30 0001000209 mfin:CommercialMember mfin:BankHoldingCompaniesAccountingMember 2020-07-01 2020-09-30 0001000209 mfin:StrategicPartnershipMember mfin:BankHoldingCompaniesAccountingMember 2020-07-01 2020-09-30 0001000209 mfin:BankHoldingCompaniesAccountingMember 2020-07-01 2020-09-30 0001000209 mfin:MedallionMember mfin:BankHoldingCompaniesAccountingMember 2020-07-01 2020-09-30 0001000209 mfin:StrategicPartnershipMember mfin:BankHoldingCompaniesAccountingMember 2020-01-01 2020-09-30 0001000209 mfin:RecreationMember mfin:BankHoldingCompaniesAccountingMember 2019-06-30 0001000209 mfin:HomeImprovementMember mfin:BankHoldingCompaniesAccountingMember 2019-06-30 0001000209 mfin:CommercialMember mfin:BankHoldingCompaniesAccountingMember 2019-06-30 0001000209 mfin:MedallionMember mfin:BankHoldingCompaniesAccountingMember 2019-06-30 0001000209 mfin:BankHoldingCompaniesAccountingMember 2019-06-30 0001000209 mfin:RecreationMember mfin:BankHoldingCompaniesAccountingMember 2019-07-01 2019-09-30 0001000209 mfin:HomeImprovementMember mfin:BankHoldingCompaniesAccountingMember 2019-07-01 2019-09-30 0001000209 mfin:CommercialMember mfin:BankHoldingCompaniesAccountingMember 2019-07-01 2019-09-30 0001000209 mfin:BankHoldingCompaniesAccountingMember 2019-07-01 2019-09-30 0001000209 mfin:MedallionMember mfin:BankHoldingCompaniesAccountingMember 2019-07-01 2019-09-30 0001000209 mfin:RecreationMember mfin:BankHoldingCompaniesAccountingMember 2019-09-30 0001000209 mfin:HomeImprovementMember mfin:BankHoldingCompaniesAccountingMember 2019-09-30 0001000209 mfin:CommercialMember mfin:BankHoldingCompaniesAccountingMember 2019-09-30 0001000209 mfin:MedallionMember mfin:BankHoldingCompaniesAccountingMember 2019-09-30 0001000209 mfin:BankHoldingCompaniesAccountingMember 2019-09-30 0001000209 mfin:RecreationMember mfin:BankHoldingCompaniesAccountingMember 2018-12-31 0001000209 mfin:HomeImprovementMember mfin:BankHoldingCompaniesAccountingMember 2018-12-31 0001000209 mfin:CommercialMember mfin:BankHoldingCompaniesAccountingMember 2018-12-31 0001000209 mfin:MedallionMember mfin:BankHoldingCompaniesAccountingMember 2018-12-31 0001000209 mfin:BankHoldingCompaniesAccountingMember 2018-12-31 0001000209 mfin:RecreationMember mfin:BankHoldingCompaniesAccountingMember 2019-01-01 2019-09-30 0001000209 mfin:HomeImprovementMember mfin:BankHoldingCompaniesAccountingMember 2019-01-01 2019-09-30 0001000209 mfin:CommercialMember mfin:BankHoldingCompaniesAccountingMember 2019-01-01 2019-09-30 0001000209 mfin:BankHoldingCompaniesAccountingMember 2019-01-01 2019-09-30 0001000209 mfin:MedallionMember mfin:BankHoldingCompaniesAccountingMember 2019-01-01 2019-09-30 0001000209 mfin:RecreationMember 2020-07-01 2020-09-30 0001000209 mfin:RecreationMember 2019-07-01 2019-09-30 0001000209 mfin:RecreationMember 2020-01-01 2020-09-30 0001000209 mfin:RecreationMember 2019-01-01 2019-09-30 0001000209 mfin:HomeImprovementMember 2020-07-01 2020-09-30 0001000209 mfin:HomeImprovementMember 2019-07-01 2019-09-30 0001000209 mfin:HomeImprovementMember 2020-01-01 2020-09-30 0001000209 mfin:HomeImprovementMember 2019-01-01 2019-09-30 0001000209 mfin:CommercialMember 2019-07-01 2019-09-30 0001000209 mfin:CommercialMember 2019-01-01 2019-09-30 0001000209 mfin:MedallionMember 2020-07-01 2020-09-30 0001000209 mfin:MedallionMember 2019-07-01 2019-09-30 0001000209 mfin:MedallionMember 2020-01-01 2020-09-30 0001000209 mfin:MedallionMember 2019-01-01 2019-09-30 0001000209 mfin:CommercialMember 2020-07-01 2020-09-30 0001000209 mfin:CommercialMember 2020-01-01 2020-09-30 0001000209 mfin:MedallionBankMember 2020-09-30 0001000209 mfin:StrategicPartnershipMember 2020-09-30 0001000209 mfin:StrategicPartnershipMember 2019-09-30 0001000209 mfin:StrategicPartnershipMember 2020-07-01 2020-09-30 0001000209 mfin:StrategicPartnershipMember 2019-07-01 2019-09-30 0001000209 mfin:StrategicPartnershipMember 2020-01-01 2020-09-30 0001000209 mfin:StrategicPartnershipMember 2019-01-01 2019-09-30 0001000209 mfin:RecreationMember 2020-09-30 0001000209 mfin:HomeImprovementMember 2020-09-30 0001000209 mfin:MedallionMember 2020-09-30 0001000209 mfin:RecreationMember 2019-12-31 0001000209 mfin:HomeImprovementMember 2019-12-31 0001000209 mfin:MedallionMember 2019-12-31 0001000209 mfin:RecreationMember us-gaap:PerformingFinancingReceivableMember 2020-09-30 0001000209 mfin:HomeImprovementMember us-gaap:PerformingFinancingReceivableMember 2020-09-30 0001000209 mfin:CommercialMember us-gaap:PerformingFinancingReceivableMember 2020-09-30 0001000209 mfin:StrategicPartnershipMember us-gaap:PerformingFinancingReceivableMember 2020-09-30 0001000209 us-gaap:PerformingFinancingReceivableMember 2020-09-30 0001000209 mfin:RecreationMember us-gaap:NonperformingFinancingReceivableMember 2020-09-30 0001000209 mfin:HomeImprovementMember us-gaap:NonperformingFinancingReceivableMember 2020-09-30 0001000209 mfin:CommercialMember us-gaap:NonperformingFinancingReceivableMember 2020-09-30 0001000209 mfin:MedallionMember us-gaap:NonperformingFinancingReceivableMember 2020-09-30 0001000209 us-gaap:NonperformingFinancingReceivableMember 2020-09-30 0001000209 mfin:CommercialMember 2020-09-30 0001000209 mfin:RecreationMember us-gaap:PerformingFinancingReceivableMember 2019-12-31 0001000209 mfin:HomeImprovementMember us-gaap:PerformingFinancingReceivableMember 2019-12-31 0001000209 mfin:CommercialMember us-gaap:PerformingFinancingReceivableMember 2019-12-31 0001000209 mfin:MedallionMember us-gaap:PerformingFinancingReceivableMember 2019-12-31 0001000209 us-gaap:PerformingFinancingReceivableMember 2019-12-31 0001000209 mfin:RecreationMember us-gaap:NonperformingFinancingReceivableMember 2019-12-31 0001000209 mfin:HomeImprovementMember us-gaap:NonperformingFinancingReceivableMember 2019-12-31 0001000209 mfin:CommercialMember us-gaap:NonperformingFinancingReceivableMember 2019-12-31 0001000209 mfin:MedallionMember us-gaap:NonperformingFinancingReceivableMember 2019-12-31 0001000209 us-gaap:NonperformingFinancingReceivableMember 2019-12-31 0001000209 mfin:CommercialMember 2019-12-31 0001000209 mfin:RecreationMember 2019-01-01 2019-12-31 0001000209 mfin:HomeImprovementMember 2019-01-01 2019-12-31 0001000209 mfin:CommercialMember 2019-01-01 2019-12-31 0001000209 mfin:MedallionMember 2019-01-01 2019-12-31 0001000209 mfin:RecreationMember 2019-09-30 0001000209 mfin:HomeImprovementMember 2019-09-30 0001000209 mfin:CommercialMember 2019-09-30 0001000209 mfin:MedallionMember 2019-09-30 0001000209 mfin:RecreationMember us-gaap:FinancingReceivables30To59DaysPastDueMember 2020-09-30 0001000209 mfin:HomeImprovementMember us-gaap:FinancingReceivables30To59DaysPastDueMember 2020-09-30 0001000209 mfin:MedallionMember us-gaap:FinancingReceivables30To59DaysPastDueMember 2020-09-30 0001000209 us-gaap:FinancingReceivables30To59DaysPastDueMember 2020-09-30 0001000209 mfin:RecreationMember us-gaap:FinancingReceivables60To89DaysPastDueMember 2020-09-30 0001000209 mfin:HomeImprovementMember us-gaap:FinancingReceivables60To89DaysPastDueMember 2020-09-30 0001000209 mfin:MedallionMember us-gaap:FinancingReceivables60To89DaysPastDueMember 2020-09-30 0001000209 us-gaap:FinancingReceivables60To89DaysPastDueMember 2020-09-30 0001000209 mfin:RecreationMember us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2020-09-30 0001000209 mfin:HomeImprovementMember us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2020-09-30 0001000209 us-gaap:CommercialLoanMember us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2020-09-30 0001000209 mfin:MedallionMember us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2020-09-30 0001000209 us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2020-09-30 0001000209 us-gaap:CommercialLoanMember 2020-09-30 0001000209 mfin:RecreationMember us-gaap:FinancingReceivables30To59DaysPastDueMember 2019-12-31 0001000209 mfin:HomeImprovementMember us-gaap:FinancingReceivables30To59DaysPastDueMember 2019-12-31 0001000209 mfin:MedallionMember us-gaap:FinancingReceivables30To59DaysPastDueMember 2019-12-31 0001000209 us-gaap:FinancingReceivables30To59DaysPastDueMember 2019-12-31 0001000209 mfin:RecreationMember us-gaap:FinancingReceivables60To89DaysPastDueMember 2019-12-31 0001000209 mfin:HomeImprovementMember us-gaap:FinancingReceivables60To89DaysPastDueMember 2019-12-31 0001000209 mfin:MedallionMember us-gaap:FinancingReceivables60To89DaysPastDueMember 2019-12-31 0001000209 us-gaap:FinancingReceivables60To89DaysPastDueMember 2019-12-31 0001000209 mfin:RecreationMember us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2019-12-31 0001000209 mfin:HomeImprovementMember us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2019-12-31 0001000209 us-gaap:CommercialLoanMember us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2019-12-31 0001000209 mfin:MedallionMember us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2019-12-31 0001000209 us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2019-12-31 0001000209 us-gaap:CommercialLoanMember 2019-12-31 mfin:TDR 0001000209 mfin:MedallionMember mfin:TroubledDebtRestructuringDefaultedMember 2019-10-01 2020-09-30 0001000209 mfin:RecreationMember mfin:TroubledDebtRestructuringDefaultedMember 2020-01-01 2020-09-30 0001000209 mfin:MedallionMember mfin:TroubledDebtRestructuringDefaultedMember 2020-09-30 0001000209 mfin:RecreationMember mfin:TroubledDebtRestructuringDefaultedMember 2020-09-30 0001000209 mfin:TroubledDebtRestructuringDefaultedMember mfin:MedallionMember 2018-10-01 2019-09-30 0001000209 mfin:TroubledDebtRestructuringDefaultedMember mfin:RecreationMember 2019-01-01 2019-09-30 0001000209 mfin:TroubledDebtRestructuringDefaultedMember mfin:MedallionMember 2019-09-30 0001000209 mfin:TroubledDebtRestructuringDefaultedMember mfin:RecreationMember 2019-09-30 0001000209 mfin:RecreationMember 2020-06-30 0001000209 mfin:MedallionMember 2020-06-30 0001000209 mfin:RecreationMember 2019-06-30 0001000209 mfin:MedallionMember 2019-06-30 0001000209 mfin:RecreationMember 2018-12-31 0001000209 mfin:MedallionMember 2018-12-31 0001000209 mfin:SmallBusinessAdministrationDebenturesAndBorrowingsMember 2020-09-30 0001000209 mfin:RetailAndPrivatelyPlacedNotesMember 2020-09-30 0001000209 mfin:PreferredSecuritiesMember 2020-09-30 0001000209 us-gaap:NotesPayableToBanksMember 2020-09-30 0001000209 mfin:OtherBorrowingsMember 2020-09-30 0001000209 mfin:SmallBusinessAdministrationDebenturesAndBorrowingsMember 2019-12-31 0001000209 mfin:RetailAndPrivatelyPlacedNotesMember 2019-12-31 0001000209 mfin:PreferredSecuritiesMember 2019-12-31 0001000209 us-gaap:NotesPayableToBanksMember 2019-12-31 0001000209 mfin:OtherBorrowingsMember 2019-12-31 0001000209 mfin:BrokerageMember srt:MaximumMember 2020-01-01 2020-09-30 mfin:Deposit 0001000209 mfin:SmallBusinessAdministrationDebenturesAndBorrowingsMember 2020-01-01 2020-09-30 0001000209 mfin:FreshstartVentureCapitalCorpMember 2017-12-31 0001000209 mfin:SmallBusinessAdministrationDebenturesAndBorrowingsMember 2017-12-31 0001000209 mfin:SmallBusinessAdministrationDebenturesAndBorrowingsMember srt:MinimumMember us-gaap:DebtInstrumentRedemptionPeriodOneMember 2020-01-01 2020-09-30 0001000209 mfin:SmallBusinessAdministrationDebenturesAndBorrowingsMember srt:MinimumMember us-gaap:DebtInstrumentRedemptionPeriodTwoMember 2020-01-01 2020-09-30 0001000209 mfin:SmallBusinessAdministrationDebenturesAndBorrowingsMember mfin:PubliclyTradedMember 2020-09-30 0001000209 mfin:SmallBusinessAdministrationDebenturesAndBorrowingsMember mfin:PubliclyTradedMember 2020-01-01 2020-09-30 0001000209 mfin:SmallBusinessAdministrationDebenturesAndBorrowingsMember 2020-07-31 0001000209 mfin:SmallBusinessAdministrationDebenturesAndBorrowingsMember 2020-07-31 2020-07-31 0001000209 mfin:SmallBusinessAdministrationDebenturesAndBorrowingsMember srt:MaximumMember 2020-07-31 2020-07-31 0001000209 mfin:SmallBusinessAdministrationDebenturesAndBorrowingsMember mfin:DebentureMature2021Member 2020-07-31 0001000209 mfin:MedallionFundingMember us-gaap:NotesPayableToBanksMember 2020-01-01 2020-09-30 0001000209 srt:ParentCompanyMember us-gaap:NotesPayableToBanksMember 2020-01-01 2020-09-30 0001000209 mfin:MedallionChicagoMember us-gaap:NotesPayableToBanksMember 2020-01-01 2020-09-30 0001000209 srt:ParentCompanyMember us-gaap:NotesPayableToBanksMember 2020-09-30 0001000209 mfin:MedallionChicagoMember us-gaap:NotesPayableToBanksMember 2020-09-30 0001000209 mfin:MedallionFundingMember us-gaap:NotesPayableToBanksMember 2020-09-30 0001000209 srt:ParentCompanyMember us-gaap:NotesPayableToBanksMember mfin:OneMonthLiborMember 2020-09-30 0001000209 srt:ParentCompanyMember us-gaap:NotesPayableToBanksMember mfin:ThreeSixtyDayLiborMember 2020-09-30 0001000209 srt:ParentCompanyMember us-gaap:NotesPayableToBanksMember us-gaap:PrimeRateMember 2020-09-30 0001000209 mfin:MedallionChicagoMember us-gaap:NotesPayableToBanksMember mfin:PrimeRatePlusMember 2020-01-01 2020-09-30 0001000209 mfin:MedallionChicagoMember us-gaap:NotesPayableToBanksMember mfin:FixedInterestRateMember 2020-01-01 2020-09-30 0001000209 mfin:MedallionChicagoMember us-gaap:NotesPayableToBanksMember us-gaap:LondonInterbankOfferedRateLIBORMember 2020-01-01 2020-09-30 0001000209 srt:MaximumMember 2020-09-30 0001000209 2019-07-06 2019-07-06 0001000209 2018-11-01 2018-11-30 0001000209 mfin:DzBankMember 2018-11-30 0001000209 mfin:DzBankMember 2018-11-01 2018-11-30 0001000209 mfin:RetailAndPrivatelyPlacedNotesMember 2019-03-31 0001000209 mfin:RetailAndPrivatelyPlacedNotesMember 2019-03-01 2019-03-31 0001000209 mfin:RetailAndPrivatelyPlacedNotesMember 2019-01-01 2019-03-31 0001000209 mfin:RetailAndPrivatelyPlacedNotesMember 2019-08-31 0001000209 mfin:RetailAndPrivatelyPlacedNotesMember 2016-04-30 0001000209 mfin:RetailAndPrivatelyPlacedNotesMember 2016-04-01 2016-04-30 0001000209 us-gaap:UnsecuredDebtMember mfin:PreferredSecuritiesMember 2007-06-30 0001000209 mfin:PreferredSecuritiesMember 2007-06-29 2007-06-30 0001000209 mfin:PreferredSecuritiesMember 2007-06-30 0001000209 mfin:PreferredSecuritiesMember mfin:NinetyDayLondonInterbankOfferedRateLiborMember 2020-01-01 2020-09-30 0001000209 mfin:PreferredSecuritiesMember us-gaap:LondonInterbankOfferedRateLIBORMember 2020-01-01 2020-09-30 0001000209 mfin:PreferredSecuritiesMember 2020-01-01 2020-09-30 0001000209 mfin:ThirdPartyInvestorsMember mfin:PreferredSecuritiesMember 2007-12-31 2007-12-31 0001000209 mfin:PreferredSecuritiesMember 2020-09-30 0001000209 mfin:RichardPettyMember 2020-09-30 0001000209 mfin:RichardPettyMember 2020-01-01 2020-09-30 0001000209 mfin:TravisBurtMember 2020-09-30 0001000209 mfin:TravisBurtMember 2020-01-01 2020-09-30 0001000209 mfin:CARESActMember 2020-09-30 0001000209 mfin:CARESActMember 2020-01-01 2020-09-30 0001000209 mfin:MedallionChicagoMember 2020-09-30 0001000209 mfin:MedallionChicagoMember mfin:DecemberThirtyOneTwoThousandTwentySixToDecemberThirtyOneTwoThousandThirtyFiveMember 2020-09-30 0001000209 mfin:MedallionChicagoMember 2020-01-01 2020-09-30 0001000209 mfin:TwoThousandEighteenEquityIncentivePlanMember 2020-09-30 0001000209 mfin:TwoThousandEighteenEquityIncentivePlanMember 2018-06-15 0001000209 mfin:TwoThousandFifteenRestrictedStockPlanMember 2016-03-01 0001000209 mfin:TwoThousandSixStockOptionPlanMember 2006-06-16 0001000209 mfin:TwoThousandSixStockOptionPlanMember 2020-09-30 0001000209 mfin:TwoThousandSixStockOptionPlanMember srt:MaximumMember 2020-01-01 2020-09-30 0001000209 mfin:TwoThousandFifteenDirectorPlanMember 2018-06-15 0001000209 mfin:TwoThousandFifteenDirectorPlanMember 2016-02-29 0001000209 mfin:TwoThousandFifteenDirectorPlanMember mfin:NonEmployeeDirectorOneMember 2018-06-15 0001000209 mfin:TwoThousandFifteenDirectorPlanMember srt:MaximumMember 2018-06-14 2018-06-15 0001000209 mfin:AmendedDirectorPlanMember 2020-09-30 0001000209 mfin:AmendedDirectorPlanMember srt:MaximumMember 2020-01-01 2020-09-30 0001000209 mfin:AmendedDirectorPlanMember srt:DirectorMember 2020-09-30 0001000209 mfin:TwoThousandFifteenRestrictedStockPlanMember 2020-09-30 0001000209 us-gaap:RestrictedStockUnitsRSUMember 2020-09-30 0001000209 srt:MinimumMember 2019-01-01 2019-12-31 0001000209 srt:MaximumMember 2019-01-01 2019-12-31 0001000209 srt:MinimumMember 2020-01-01 2020-03-31 0001000209 srt:MaximumMember 2020-01-01 2020-03-31 0001000209 srt:MinimumMember 2020-04-01 2020-06-30 0001000209 srt:MaximumMember 2020-04-01 2020-06-30 0001000209 srt:MinimumMember 2020-07-01 2020-09-30 0001000209 srt:MaximumMember 2020-07-01 2020-09-30 0001000209 us-gaap:RestrictedStockMember 2018-12-31 0001000209 us-gaap:RestrictedStockMember 2019-01-01 2019-12-31 0001000209 us-gaap:RestrictedStockMember 2019-12-31 0001000209 us-gaap:RestrictedStockMember 2020-01-01 2020-03-31 0001000209 us-gaap:RestrictedStockMember 2020-03-31 0001000209 us-gaap:RestrictedStockMember 2020-04-01 2020-06-30 0001000209 us-gaap:RestrictedStockMember 2020-06-30 0001000209 us-gaap:RestrictedStockMember 2020-07-01 2020-09-30 0001000209 us-gaap:RestrictedStockMember 2020-09-30 0001000209 us-gaap:RestrictedStockMember 2019-07-01 2019-09-30 0001000209 us-gaap:RestrictedStockUnitsRSUMember mfin:VestingOnJuneNineteenTwoThousandAndTwentyOneMember 2020-01-01 2020-09-30 0001000209 us-gaap:RestrictedStockUnitsRSUMember mfin:VestedOnJuneFourteenTwoThousandAndTwentyMember 2019-01-01 2019-12-31 0001000209 us-gaap:RestrictedStockUnitsRSUMember mfin:VestingOnJuneNineteenTwoThousandAndTwentyOneMember 2020-09-30 0001000209 us-gaap:RestrictedStockUnitsRSUMember mfin:VestedOnJuneFourteenTwoThousandAndTwentyMember 2019-12-31 0001000209 us-gaap:RestrictedStockUnitsRSUMember mfin:VestedOnJuneFourteenTwoThousandAndTwentyMember 2020-01-01 2020-09-30 mfin:Segment 0001000209 stpr:TX 2020-09-30 0001000209 stpr:FL 2020-09-30 0001000209 stpr:CA 2020-09-30 0001000209 us-gaap:GeographicConcentrationRiskMember mfin:RecreationalVehiclesMember 2020-01-01 2020-09-30 0001000209 us-gaap:GeographicConcentrationRiskMember mfin:BoatsMember 2020-01-01 2020-09-30 0001000209 us-gaap:GeographicConcentrationRiskMember mfin:TrailersMember 2020-01-01 2020-09-30 0001000209 mfin:SwimmingPoolsMember 2020-09-30 0001000209 mfin:RoofingMember 2020-09-30 0001000209 mfin:WindowsMember 2020-09-30 0001000209 mfin:SolarPanelsMember 2020-09-30 0001000209 mfin:MidwestMember us-gaap:GeographicConcentrationRiskMember 2020-01-01 2020-09-30 0001000209 stpr:NY us-gaap:GeographicConcentrationRiskMember 2020-01-01 2020-09-30 0001000209 us-gaap:OperatingSegmentsMember 2020-09-30 0001000209 us-gaap:OperatingSegmentsMember mfin:ConsumerLendingMember mfin:RecreationMember 2020-07-01 2020-09-30 0001000209 us-gaap:OperatingSegmentsMember mfin:ConsumerLendingMember mfin:HomeImprovementMember 2020-07-01 2020-09-30 0001000209 us-gaap:OperatingSegmentsMember mfin:CommercialLendingMember 2020-07-01 2020-09-30 0001000209 us-gaap:OperatingSegmentsMember mfin:MedallionLendingMember 2020-07-01 2020-09-30 0001000209 us-gaap:IntersegmentEliminationMember 2020-07-01 2020-09-30 0001000209 mfin:RPACRacingLLCMember 2020-07-01 2020-09-30 0001000209 us-gaap:OperatingSegmentsMember mfin:ConsumerLendingMember mfin:RecreationMember 2020-09-30 0001000209 us-gaap:OperatingSegmentsMember mfin:ConsumerLendingMember mfin:HomeImprovementMember 2020-09-30 0001000209 us-gaap:OperatingSegmentsMember mfin:CommercialLendingMember 2020-09-30 0001000209 us-gaap:OperatingSegmentsMember mfin:MedallionLendingMember 2020-09-30 0001000209 us-gaap:IntersegmentEliminationMember 2020-09-30 0001000209 mfin:RPACRacingLLCMember 2020-09-30 0001000209 us-gaap:OperatingSegmentsMember mfin:ConsumerLendingMember mfin:RecreationMember 2020-01-01 2020-09-30 0001000209 us-gaap:OperatingSegmentsMember mfin:ConsumerLendingMember mfin:HomeImprovementMember 2020-01-01 2020-09-30 0001000209 us-gaap:OperatingSegmentsMember mfin:CommercialLendingMember 2020-01-01 2020-09-30 0001000209 us-gaap:OperatingSegmentsMember mfin:MedallionLendingMember 2020-01-01 2020-09-30 0001000209 us-gaap:IntersegmentEliminationMember 2020-01-01 2020-09-30 0001000209 mfin:RPACRacingLLCMember 2020-01-01 2020-09-30 0001000209 us-gaap:OperatingSegmentsMember mfin:ConsumerLendingMember mfin:RecreationMember 2019-07-01 2019-09-30 0001000209 us-gaap:OperatingSegmentsMember mfin:ConsumerLendingMember mfin:HomeImprovementMember 2019-07-01 2019-09-30 0001000209 us-gaap:OperatingSegmentsMember mfin:CommercialLendingMember 2019-07-01 2019-09-30 0001000209 us-gaap:OperatingSegmentsMember mfin:MedallionLendingMember 2019-07-01 2019-09-30 0001000209 us-gaap:IntersegmentEliminationMember 2019-07-01 2019-09-30 0001000209 mfin:RPACRacingLLCMember 2019-07-01 2019-09-30 0001000209 us-gaap:OperatingSegmentsMember mfin:ConsumerLendingMember mfin:RecreationMember 2019-09-30 0001000209 us-gaap:OperatingSegmentsMember mfin:ConsumerLendingMember mfin:HomeImprovementMember 2019-09-30 0001000209 us-gaap:OperatingSegmentsMember mfin:CommercialLendingMember 2019-09-30 0001000209 us-gaap:OperatingSegmentsMember mfin:MedallionLendingMember 2019-09-30 0001000209 us-gaap:IntersegmentEliminationMember 2019-09-30 0001000209 mfin:RPACRacingLLCMember 2019-09-30 0001000209 us-gaap:OperatingSegmentsMember mfin:ConsumerLendingMember mfin:RecreationMember 2019-01-01 2019-09-30 0001000209 us-gaap:OperatingSegmentsMember mfin:ConsumerLendingMember mfin:HomeImprovementMember 2019-01-01 2019-09-30 0001000209 us-gaap:OperatingSegmentsMember mfin:CommercialLendingMember 2019-01-01 2019-09-30 0001000209 us-gaap:OperatingSegmentsMember mfin:MedallionLendingMember 2019-01-01 2019-09-30 0001000209 us-gaap:IntersegmentEliminationMember 2019-01-01 2019-09-30 0001000209 mfin:RPACRacingLLCMember 2019-01-01 2019-09-30 0001000209 us-gaap:OperatingSegmentsMember mfin:ConsumerLendingMember mfin:RecreationMember 2019-12-31 0001000209 us-gaap:OperatingSegmentsMember mfin:ConsumerLendingMember mfin:HomeImprovementMember 2019-12-31 0001000209 us-gaap:OperatingSegmentsMember mfin:CommercialLendingMember 2019-12-31 0001000209 us-gaap:OperatingSegmentsMember mfin:MedallionLendingMember 2019-12-31 0001000209 us-gaap:IntersegmentEliminationMember 2019-12-31 0001000209 mfin:RPACRacingLLCMember 2019-12-31 0001000209 srt:OfficerMember mfin:LaxGroupLlcMember 2020-01-01 2020-09-30 0001000209 srt:OfficerMember mfin:LaxGroupLlcMember 2020-04-01 2020-06-30 0001000209 srt:OfficerMember mfin:LaxGroupLlcMember us-gaap:CommonClassBMember 2020-09-30 0001000209 srt:OfficerMember mfin:LaxGroupLlcMember us-gaap:CommonClassBMember 2020-01-01 2020-09-30 0001000209 srt:OfficerMember mfin:LaxGroupLlcMember us-gaap:CommonClassBMember srt:MinimumMember 2020-01-01 2020-09-30 0001000209 mfin:PettyTrustMember mfin:RPACRacingLLCMember 2020-01-01 2020-09-30 0001000209 mfin:PettyTrustMember mfin:RPACRacingLLCMember srt:ScenarioForecastMember 2022-03-31 0001000209 mfin:PettyTrustMember mfin:RPACRacingLLCMember srt:ScenarioForecastMember 2022-03-30 2022-03-31 0001000209 us-gaap:CarryingReportedAmountFairValueDisclosureMember 2020-09-30 0001000209 us-gaap:FairValueMeasurementsRecurringMember 2020-09-30 0001000209 us-gaap:CarryingReportedAmountFairValueDisclosureMember 2019-12-31 0001000209 us-gaap:FairValueMeasurementsRecurringMember 2019-12-31 0001000209 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2020-09-30 0001000209 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2019-12-31 0001000209 us-gaap:FairValueMeasurementsNonrecurringMember us-gaap:FairValueInputsLevel3Member 2020-09-30 0001000209 us-gaap:FairValueMeasurementsNonrecurringMember 2020-09-30 0001000209 us-gaap:FairValueMeasurementsNonrecurringMember us-gaap:FairValueInputsLevel3Member 2019-12-31 0001000209 us-gaap:FairValueMeasurementsNonrecurringMember 2019-12-31 0001000209 mfin:ValuationTechniqueInvesteeFinancialAnalysisMember mfin:MeasurementInputFinancialConditionAndOperationalPerformanceMember us-gaap:EquityMethodInvestmentsMember us-gaap:FairValueInputsLevel3Member 2020-09-30 0001000209 mfin:ValuationTechniquePrecedentMarketTransactionsMember mfin:EquityMethodOfferingPriceMember us-gaap:EquityMethodInvestmentsMember us-gaap:FairValueInputsLevel3Member 2020-09-30 0001000209 us-gaap:MarketApproachValuationTechniqueMember mfin:MeasurementInputHistoricalAndActualLossExperienceMember us-gaap:LoansReceivableMember us-gaap:FairValueInputsLevel3Member 2020-09-30 0001000209 us-gaap:MarketApproachValuationTechniqueMember mfin:MeasurementInputMedianTransferPriceMember mfin:LoanCollateralInProcessOfForeclosureMember us-gaap:FairValueInputsLevel3Member 2020-09-30 0001000209 mfin:ValuationTechniquePrecedentMarketTransactionsMember mfin:EquityMethodOfferingPriceMember us-gaap:EquityMethodInvestmentsMember us-gaap:FairValueInputsLevel3Member 2020-01-01 2020-09-30 0001000209 us-gaap:MarketApproachValuationTechniqueMember mfin:MeasurementInputHistoricalAndActualLossExperienceMember srt:MinimumMember us-gaap:LoansReceivableMember us-gaap:FairValueInputsLevel3Member 2020-09-30 0001000209 us-gaap:MarketApproachValuationTechniqueMember mfin:MeasurementInputHistoricalAndActualLossExperienceMember srt:MaximumMember us-gaap:LoansReceivableMember us-gaap:FairValueInputsLevel3Member 2020-09-30 0001000209 us-gaap:MarketApproachValuationTechniqueMember us-gaap:LoansReceivableMember us-gaap:FairValueInputsLevel3Member 2020-01-01 2020-09-30 0001000209 us-gaap:MarketApproachValuationTechniqueMember mfin:MeasurementInputMedianTransferPriceMember srt:MinimumMember us-gaap:LoansReceivableMember us-gaap:FairValueInputsLevel3Member 2020-09-30 0001000209 us-gaap:MarketApproachValuationTechniqueMember mfin:MeasurementInputMedianTransferPriceMember srt:MaximumMember us-gaap:LoansReceivableMember us-gaap:FairValueInputsLevel3Member 2020-09-30 0001000209 us-gaap:MarketApproachValuationTechniqueMember mfin:MeasurementInputMedianTransferPriceMember srt:MinimumMember mfin:LoanCollateralInProcessOfForeclosureMember us-gaap:FairValueInputsLevel3Member 2020-09-30 0001000209 us-gaap:MarketApproachValuationTechniqueMember mfin:MeasurementInputMedianTransferPriceMember srt:MaximumMember mfin:LoanCollateralInProcessOfForeclosureMember us-gaap:FairValueInputsLevel3Member 2020-09-30 0001000209 mfin:ValuationTechniqueInvesteeFinancialAnalysisMember mfin:MeasurementInputFinancialConditionAndOperationalPerformanceMember us-gaap:EquityMethodInvestmentsMember us-gaap:FairValueInputsLevel3Member 2019-12-31 0001000209 mfin:InvesteeBookValueAdjustedForMarketAppreciationMember mfin:FinancialConditionAndOperatingPerformanceOfTheInvesteeMember us-gaap:EquityMethodInvestmentsMember us-gaap:FairValueInputsLevel3Member 2019-12-31 0001000209 mfin:ValuationTechniquePrecedentMarketTransactionsMember mfin:EquityMethodOfferingPriceMember us-gaap:EquityMethodInvestmentsMember us-gaap:FairValueInputsLevel3Member 2019-12-31 0001000209 mfin:PublicCompanyComparablesMember mfin:FinancialConditionAndOperatingPerformanceEnterpriseValueMember srt:MinimumMember us-gaap:EquityMethodInvestmentsMember us-gaap:FairValueInputsLevel3Member 2019-12-31 0001000209 mfin:PublicCompanyComparablesMember mfin:FinancialConditionAndOperatingPerformanceEnterpriseValueMember srt:MaximumMember us-gaap:EquityMethodInvestmentsMember us-gaap:FairValueInputsLevel3Member 2019-12-31 0001000209 mfin:PublicCompanyComparablesMember us-gaap:MeasurementInputDiscountRateMember us-gaap:EquityMethodInvestmentsMember us-gaap:FairValueInputsLevel3Member 2019-12-31 0001000209 mfin:ValuationTechniquePrecedentMarketTransactionsMember mfin:EquityMethodOfferingPriceMember us-gaap:EquityMethodInvestmentsMember us-gaap:FairValueInputsLevel3Member 2019-01-01 2019-12-31 0001000209 mfin:SeriesFFixedToFloatingRateNoncumulativePerpetualPreferredStockMember 2019-12-17 2019-12-17 0001000209 mfin:SeriesFFixedToFloatingRateNoncumulativePerpetualPreferredStockMember 2019-12-17 0001000209 mfin:SeriesFFixedToFloatingRateNoncumulativePerpetualPreferredStockMember mfin:SecuredOvernightFinancingRateSOFRMember 2019-12-17 2019-12-17 0001000209 us-gaap:USTreasurySecuritiesMember mfin:CapitalPurchaseProgramMember 2011-07-21 0001000209 mfin:SeriesABCAndDNoncumulativePerpetualPreferredStockMember mfin:CapitalPurchaseProgramMember 2009-02-26 2009-02-27 0001000209 mfin:SeriesABCAndDNoncumulativePerpetualPreferredStockMember mfin:CapitalPurchaseProgramMember 2020-01-01 2020-09-30 0001000209 mfin:SeriesESeniorNoncumulativePerpetualPreferredStockMember mfin:CapitalPurchaseProgramMember 2011-07-20 2011-07-21 0001000209 mfin:SeriesESeniorNoncumulativePerpetualPreferredStockMember mfin:CapitalPurchaseProgramMember 2020-01-01 2020-09-30 0001000209 mfin:CapitalPurchaseProgramMember 2020-09-30 0001000209 2018-10-31 2018-10-31 0001000209 mfin:MedallionFinancingTrustIMember 2018-10-31 0001000209 mfin:TaxiMedallionLoanTrustIIIMember 2020-09-30 0001000209 mfin:TaxiMedallionLoanTrustIIIMember 2019-12-31 0001000209 mfin:DZLoanMember mfin:TaxiMedallionLoanTrustIIIMember us-gaap:CommercialPaperMember 2008-12-31 0001000209 mfin:DZLoanMember mfin:TaxiMedallionLoanTrustIIIMember us-gaap:CommercialPaperMember 2020-09-30 0001000209 mfin:DZLoanMember mfin:TaxiMedallionLoanTrustIIIMember us-gaap:CommercialPaperMember 2020-01-01 2020-09-30

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2020

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                  to                 

Commission file number 001-37747

 

MEDALLION FINANCIAL CORP.

(Exact Name of Registrant as Specified in Its Charter)

 

 

Delaware

04-3291176

(State of Incorporation)

(IRS Employer

Identification No.)

437 MADISON AVENUE, 38th Floor

NEW YORK, New York 10022

(Address of Principal Executive Offices) (Zip Code)

(212) 328-2100

(Registrant’s Telephone Number, Including Area Code)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading symbols

 

Name of each exchange

on which registered

Common Stock, par value $0.01 per share

9.000% Senior Notes due 2021

 

MFIN

MFINL

 

NASDAQ Global Select Market

NASDAQ Global Select Market

 

Indicate 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  

Indicate 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  

Indicate 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.

 

Large accelerated filer

Accelerated filer

 

 

 

 

Non-accelerated filer

Smaller reporting company

 

 

 

 

Emerging growth company

 

 

 

If an emerging growth company, indicate by check mark 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.  

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    YES      NO  

 

The number of outstanding shares of registrant’s Common Stock, par value $0.01, as of November 3, 2020 was 24,814,103.

 

 

 


 

MEDALLION FINANCIAL CORP.

FORM 10-Q

TABLE OF CONTENTS

 

 

 

Page

PART I – FINANCIAL INFORMATION

 

3

 

 

 

ITEM 1. FINANCIAL STATEMENTS

 

3

 

 

 

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 

43

 

 

 

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

 

67

 

 

 

ITEM 4. CONTROLS AND PROCEDURES

 

67

 

 

 

PART II—OTHER INFORMATION

 

67

 

 

 

ITEM 1. LEGAL PROCEEDINGS

 

67

 

 

 

ITEM 1A. RISK FACTORS

 

67

 

 

 

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

 

69

 

 

 

ITEM 6. EXHIBITS

 

70

 

 

 

SIGNATURES

 

71

 

 

 

 

 

 

 

The following discussion should be read in conjunction with our financial statements and the notes to those statements and other financial information appearing elsewhere in this report.

This report contains forward-looking statements relating to future events and future performance applicable to us within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including, without limitation, statements regarding our expectations, beliefs, intentions, or future strategies that are signified by the words expects, anticipates, intends, believes, or similar language. In connection with certain forward-looking statements contained in this Form 10-Q and those that may be made in the future by or on behalf of the Company, the Company notes that there are various factors that could cause actual results to differ materially from those set forth in any such forward-looking statements. The forward-looking statements contained in this Form 10-Q were prepared by management and are qualified by, and subject to, significant business, economic, competitive, regulatory, and other uncertainties and contingencies, all of which are difficult or impossible to predict, and many of which are beyond control of the Company. In particular, any forward-looking statements are subject to the risks and great uncertainties associated with the ongoing COVID-19 pandemic and the related impact on the US and global economies.

All forward-looking statements included in this document are based on information available to us on the date hereof, and we assume no obligation to update any forward-looking statements. The statements have not been audited by, examined by, compiled by, or subjected to agreed-upon procedures by independent accountants, and no third-party has independently verified or reviewed such statements. Readers of this Form 10-Q should consider these facts in evaluating the information contained herein. In addition, the business and operations of the Company are subject to substantial risks which increase the uncertainty inherent in the forward-looking statements contained in this Form 10-Q. The inclusion of the forward-looking statements contained in this Form 10-Q should not be regarded as a representation by the Company or any other person that the forward-looking statements contained in this Form 10-Q will be achieved.

In light of the foregoing, readers of this Form 10-Q are cautioned not to place undue reliance on the forward-looking statements contained herein. You should consider these risks and those described under Risk Factors in the Company’s Annual Report on Form 10-K, the Company’s Quarterly Reports on Form 10-Q for the Quarters ended March 30, 2020 and June 30, 2020, and in this Quarterly Report on Form 10-Q for the Quarter Ended September 30, 2020, and others that are detailed in the other reports that the Company files from time to time with the Securities and Exchange Commission.

Page 2 of 71


 

PART I – FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

BASIS OF PREPARATION

We, Medallion Financial Corp., or the Company, are a finance company, organized as a Delaware corporation that includes Medallion Bank, our primary operating subsidiary. In recent years, our strategic growth has been through Medallion Bank, which originates consumer loans for the purchase of recreational vehicles, boats, and trailers and to finance small-scale home improvements. We historically have had a leading position in originating, acquiring, and servicing loans that finance taxi medallions and various types of commercial businesses.

Since Medallion Bank acquired a consumer loan portfolio and began originating consumer loans in 2004, it has increased its consumer loan portfolio at a compound annual growth rate of 17% (19% if there had been no loan sales during 2016, 2017, and 2018). In January 2017, we announced our plans to transform our overall strategy. We have transitioned away from medallion lending and have placed our strategic focus on our growing consumer finance portfolio. Total assets under management, which includes assets serviced for third-party investors, were $1,717,000,000 as of September 30, 2020, and were $1,660,000,000 as of December 31, 2019, and have grown at a compound annual growth rate of 9% from $215,000,000 at the end of 1996.

We conduct our business through various wholly-owned subsidiaries including:

 

Medallion Bank, or the Bank, an FDIC-insured industrial bank that originates consumer loans, raises deposits, and conducts other banking activities, and has a separate board of directors with a majority of independent directors;

 

Medallion Funding LLC, or Medallion Funding, a Small Business Investment Company, or SBIC, our primary taxi medallion lending company;

 

Medallion Capital, Inc., or Medallion Capital, an SBIC which conducts a mezzanine financing business;

 

Freshstart Venture Capital Corp., or Freshstart, an SBIC which originates and services taxi medallion and commercial loans; and

 

Medallion Servicing Corp., or MSC, which provides loan services to the Bank.

Our other consolidated subsidiaries are comprised of Medallion Fine Art, Inc., CDI-LP Holdings, Inc., Medallion Motorsports, LLC, and RPAC Racing LLC, or RPAC. In addition, we make both marketable and nonmarketable equity investments, primarily as a function of our mezzanine lending business.

Our consolidated balance sheet as of September 30, 2020, and the related consolidated statements of operations, consolidated statements of other comprehensive income/(loss), consolidated statements of stockholders’ equity and cash flows for the three and nine months then ended included in Item 1 have been prepared by us, without audit, pursuant to the rules and regulations of the SEC. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the US have been condensed or omitted pursuant to such rules and regulations. In the opinion of management, the accompanying consolidated financial statements include all adjustments, which are of a normal and recurring nature, necessary to present fairly our consolidated financial position and results of operations. The results of operations for the three and nine months ended September 30, 2020 may not be indicative of future performance. These financial statements should be read in conjunction with the financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2019.

 

Page 3 of 71


 

MEDALLION FINANCIAL CORP.

CONSOLIDATED BALANCE SHEETS

UNAUDITED

 

(Dollars in thousands, except share and per share data)

 

September 30, 2020

 

 

December 31, 2019

 

Assets

 

 

 

 

 

 

 

 

Cash and cash equivalents(1)

 

$

12,592

 

 

$

17,700

 

Federal funds sold

 

 

37,139

 

 

 

50,121

 

Equity investments

 

 

10,284

 

 

 

10,079

 

Investment securities

 

 

45,991

 

 

 

48,998

 

Loans

 

 

1,281,054

 

 

 

1,160,855

 

Allowance for losses

 

 

(90,510

)

 

 

(46,093

)

Net loans receivable

 

 

1,190,544

 

 

 

1,114,762

 

Accrued interest receivable

 

 

10,590

 

 

 

8,662

 

Property, equipment, and right-of-use lease asset, net

 

 

12,621

 

 

 

14,375

 

Loan collateral in process of foreclosure(2)

 

 

48,742

 

 

 

52,711

 

Goodwill

 

 

150,803

 

 

 

150,803

 

Intangible assets, net

 

 

51,452

 

 

 

52,536

 

Income tax receivable

 

 

1,639

 

 

 

1,516

 

Deferred tax assets

 

 

1,648

 

 

 

 

Other assets

 

 

30,230

 

 

 

19,404

 

Total assets

 

$

1,604,275

 

 

$

1,541,667

 

Liabilities

 

 

 

 

 

 

 

 

Accounts payable and accrued expenses(3)

 

$

25,735

 

 

$

16,234

 

Accrued interest payable

 

 

3,784

 

 

 

4,398

 

Deposits(4)

 

 

1,057,499

 

 

 

951,651

 

Short-term borrowings

 

 

87,696

 

 

 

38,223

 

Deferred tax liabilities

 

 

 

 

9,341

 

Operating lease liabilities

 

 

11,159

 

 

 

12,738

 

Long-term debt(5)

 

 

121,195

 

 

 

174,614

 

Total liabilities

 

 

1,307,068

 

 

 

1,207,199

 

Commitments and contingencies(6)

 

 

 

 

 

 

 

 

Stockholders’ equity

 

 

 

 

 

 

 

 

Preferred stock (1,000,000 shares of $0.01 par value stock authorized-none outstanding)

 

 

 

 

 

Common stock (50,000,000 shares of $0.01 par value stock authorized- 27,765,346 shares at September 30, 2020 and 27,597,802 shares at December 31, 2019 issued)

 

 

278

 

 

 

276

 

Additional paid in capital

 

 

277,003

 

 

 

275,511

 

Treasury stock (2,951,243 shares at September 30, 2020 and December 31, 2019)

 

 

(24,919

)

 

 

(24,919

)

Accumulated other comprehensive income

 

 

2,074

 

 

 

999

 

Retained earnings (deficit)

 

 

(29,969

)

 

 

11,281

 

Total stockholders’ equity

 

 

224,467

 

 

 

263,148

 

Non-controlling interest in consolidated subsidiaries

 

 

72,740

 

 

 

71,320

 

Total equity

 

 

297,207

 

 

 

334,468

 

Total liabilities and equity

 

$

1,604,275

 

 

$

1,541,667

 

Number of shares outstanding

 

 

24,814,103

 

 

 

24,646,559

 

Book value per share

 

$

9.05

 

 

$

10.68

 

 

(1)

Includes restricted cash of $2,970 as of September 30, 2020 and December 31, 2019.

(2)

Includes financed sales of this collateral to third parties that are reported separately from the loan portfolio, and that are conducted by the Bank of $9,701 as of September 30, 2020 and $8,163 as of December 31, 2019.

(3)

Includes the short-term portion of lease liabilities of $2,086 and $2,085 as of September 30, 2020 and December 31, 2019. Refer to Note 6 for more details.

(4)

Includes $2,638 and $2,594 of deferred financing costs as of September 30, 2020 and December 31, 2019.

(5)

Includes $2,157 and $2,511 of deferred financing costs as of September 30, 2020 and December 31, 2019.

(6)

Refer to Note 10 for details.

 

The accompanying notes should be read in conjunction with these consolidated financial statements.

Page 4 of 71


 

MEDALLION FINANCIAL CORP.

CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

 

 

 

For the Three Months Ended September 30,

 

 

For the Nine Months Ended September 30,

 

(Dollars in thousands, except share and per share data)

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Interest and fees on loans

 

$

37,201

 

 

$

34,081

 

 

$

107,544

 

 

$

94,833

 

Interest and dividends on investment securities

 

 

239

 

 

 

521

 

 

 

973

 

 

 

1,756

 

Medallion lease income

 

 

 

 

 

38

 

 

 

53

 

 

 

109

 

Total interest income(1)

 

 

37,440

 

 

 

34,640

 

 

 

108,570

 

 

 

96,698

 

Interest on deposits

 

 

5,454

 

 

 

6,003

 

 

 

17,315

 

 

 

16,409

 

Interest on short-term borrowings

 

 

520

 

 

 

730

 

 

 

1,565

 

 

 

2,616

 

Interest on long-term debt

 

 

2,410

 

 

 

2,492

 

 

 

7,339

 

 

 

6,743

 

Total interest expense(2)

 

 

8,384

 

 

 

9,225

 

 

 

26,219

 

 

 

25,768

 

Net interest income

 

 

29,056

 

 

 

25,415

 

 

 

82,351

 

 

 

70,930

 

Provision for loan losses

 

 

39,749

 

 

 

8,337

 

 

 

73,231

 

 

 

36,851

 

Net interest income after provision for loan losses

 

 

(10,693

)

 

 

17,078

 

 

 

9,120

 

 

 

34,079

 

Other income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sponsorship and race winnings

 

 

8,962

 

 

 

7,940

 

 

 

15,161

 

 

 

16,008

 

Write-down of loan collateral in process of foreclosure

 

 

(8,559

)

 

 

(113

)

 

 

(15,828

)

 

 

(4,204

)

Gain (loss) on equity investments

 

 

137

 

 

 

 

 

 

(3,423

)

 

 

 

Gain on the extinguishment of debt

 

 

23

 

 

 

 

 

 

23

 

 

 

4,145

 

Other income (loss)

 

 

397

 

 

 

1,047

 

 

 

1,303

 

 

 

1,471

 

Total other income (loss), net

 

 

960

 

 

 

8,874

 

 

 

(2,764

)

 

 

17,420

 

Other expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

7,081

 

 

 

6,795

 

 

 

20,716

 

 

 

18,457

 

Race team related expenses

 

 

2,636

 

 

 

2,663

 

 

 

6,584

 

 

 

7,211

 

Professional fees

 

 

1,651

 

 

 

2,277

 

 

 

6,559

 

 

 

5,961

 

Loan servicing fees

 

 

1,729

 

 

 

1,364

 

 

 

5,070

 

 

 

3,851

 

Collection costs

 

 

1,516

 

 

 

1,698

 

 

 

4,206

 

 

 

4,589

 

Rent expense

 

 

676

 

 

 

592

 

 

 

2,004

 

 

 

1,769

 

Amortization of intangible assets

 

 

362

 

 

 

361

 

 

 

1,084

 

 

 

1,084

 

Regulatory fees

 

 

348

 

 

 

252

 

 

 

949

 

 

 

1,147

 

Other expenses

 

 

2,682

 

 

 

2,350

 

 

 

6,966

 

 

 

7,169

 

Total other expenses

 

 

18,681

 

 

 

18,352

 

 

 

54,138

 

 

 

51,238

 

Income (loss) before income taxes

 

 

(28,414

)

 

 

7,600

 

 

 

(47,782

)

 

 

261

 

Income tax (provision) benefit

 

 

8,381

 

 

 

(165

)

 

 

12,483

 

 

 

1,926

 

Net income (loss) after taxes

 

 

(20,033

)

 

 

7,435

 

 

 

(35,299

)

 

 

2,187

 

Less: income attributable to the non-controlling interest

 

 

3,597

 

 

 

2,460

 

 

 

5,951

 

 

 

3,484

 

Total net income (loss) attributable to Medallion Financial Corp.

 

$

(23,630

)

 

$

4,975

 

 

$

(41,250

)

 

$

(1,297

)

Basic net income (loss) per share

 

$

(0.97

)

 

$

0.20

 

 

$

(1.69

)

 

$

(0.05

)

Diluted net income (loss) per share

 

$

(0.97

)

 

$

0.20

 

 

$

(1.69

)

 

$

(0.05

)

Distributions declared per share

 

$

 

 

$

 

 

$

 

 

$

 

Weighted average common shares outstanding

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

24,461,488

 

 

 

24,361,680

 

 

 

24,440,067

 

 

 

24,336,677

 

Diluted

 

 

24,461,488

 

 

 

24,607,167

 

 

 

24,440,067

 

 

 

24,336,677

 

 

(1)

Included in interest and investment income is $306 and $940 of paid-in-kind interest for the three and nine months ended September 30, 2020, and $212 and $637 for the three and nine months ended September 30, 2019.

(2)

Average borrowings outstanding were $1,309,787 and $1,255,053, and the related average borrowing costs were 2.55% and 2.79%, for the three and nine months ended September 30, 2020, and were $1,169,182 and $1,121,693 and 3.13% and 3.07% for the three and nine months ended September 30, 2019.    

 

  

The accompanying notes should be read in conjunction with these consolidated financial statements.

 

Page 5 of 71


 

MEDALLION FINANCIAL CORP.

CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE INCOME/(LOSS)

(UNAUDITED)

 

 

 

For the Three Months Ended September 30,

 

 

For the Nine Months Ended September 30,

 

(Dollars in thousands)

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Net income (loss) after taxes from operations

 

$

(20,033

)

 

$

7,435

 

 

$

(35,299

)

 

$

2,187

 

Other comprehensive income (loss), net of tax

 

 

(53

)

 

 

95

 

 

 

1,075

 

 

 

1,322

 

Total comprehensive income (loss)

 

 

(20,086

)

 

 

7,530

 

 

 

(34,224

)

 

 

3,509

 

Less comprehensive income attributable to the non-controlling interest

 

 

3,597

 

 

 

2,460

 

 

 

5,951

 

 

 

3,484

 

Total comprehensive income (loss) attributable to Medallion Financial Corp.

 

$

(23,683

)

 

$

5,070

 

 

$

(40,175

)

 

$

25

 

 

The accompanying notes should be read in conjunction with these consolidated financial statements.

 

Page 6 of 71


 

 

MEDALLION FINANCIAL CORP.

CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY

(UNAUDITED)

 

(Dollars in thousands)

 

Common

Stock Shares

 

 

Common

Stock

 

 

Preferred

Stock

 

 

Capital in

Excess of

Par

 

 

Treasury

Stock Shares

 

 

Treasury

Stock

 

 

Retained

Earnings (Deficit)

 

 

Accumulated

Other

Comprehensive

Income (Loss)

 

 

Total

Stockholders’

Equity

 

 

Non-

controlling

Interest

 

 

Total

Equity

 

Balance at December 31, 2019

 

 

27,597,802

 

 

$

276

 

 

 

 

 

$

275,511

 

 

 

(2,951,243

)

 

$

(24,919

)

 

$

11,281

 

 

$

999

 

 

$

263,148

 

 

$

71,320

 

 

$

334,468