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Medallion Financial plummets after dividend cut, mulls exit from BDC
Aug 2 2016, 10:22 ET | About:
Medallion Financial (MFIN) | By:
Stephen Alpher, SA News Editor
The company earned $4.568M or $0.19 per share in Q2, down from $8.1M and $0.33 one year ago.
For Medallion Financial, loans 90 days or more past due of 10.9% vs. 8% three months earlier. Medallion loans 90 days or more past due of 13.5% vs. 9.5%. Net realized losses of 1.52% during quarter vs. a gain of 1.4% for all 2015.
Needing capital, Medallion Bank isn't kicking any dividends upstairs to Medallion Financial (
MFIN -20.8%). The MFIN dividend is subsequently cut to $0.05 per share from $0.25. Among the uses of that capital: The Bank anticipates doing deals with marketplace lending platforms, at which it expects to earn in excess of 50% ROE.
The company is considering whether it might abandon its current structure as a BDC and RIC.