16 years. 120+ banks. One activist campaign.

"BIMIZCI" consists of four affiliated parties acting together: BIMIZCI Fund LLC, ZimCal Asset Management LLC ("ZimCal"), Warnke Investments LLC ("Warnke"), and Stephen Hodges. BIMIZCI Fund LLC is the nominating stockholder of record for the 2026 Annual Meeting and is managed by ZimCal. Warnke is managed by BIMIZCI Fund LLC. ZimCal and Mr. Hodges are deemed to beneficially own all securities held by the parties.

ZimCal was founded in 2015. It is managed by Stephen Hodges. ZimCal is an alternative investment firm primarily focused on niche, illiquid and complex credit investment opportunities and, on occasion, common and preferred equity. ZimCal partners with both healthy and distressed borrowers or issuers, and provides customized solutions that meet their unique needs and circumstances. Over the last 16 years, Stephen Hodges, the Founder of ZimCal has developed a specialization investing in FDIC-insured institutions and has partnered with over 120 banks through investments on both sides of the balance sheet. ZimCal has developed a deep network in the banking industry and fully understands the banking regulatory environment. ZimCal usually works in collaboration with bank leadership teams if required, but on very rare occasions, must insert itself more forcefully if leadership is underwhelming and threatens to undermine ZimCal's investments. ZimCal prides itself on performing extensive, rigorous financial analysis and research to fully understand the risks of any investment. Mr. Hodges founded ZimCal after working for 12 years in banking and credit investing. In his 16-year investing career, Mr. Hodges has never been an activist or publicly advocated for change at a company in which he has been invested – with the exception of Medallion.

BIMIZCI has been a Medallion investor for five years. We first invested via trust preferred securities ("TruPS") and our current holdings include both TruPS and common equity in Medallion. We hold 407,000 shares of stock and $15 million (par value) TruPS. We are the 4th largest institutional stockholder in Medallion and one of its largest overall investors. We invested because we believed Medallion had tremendous potential. That is still true but is being undermined by flawed governance and management.

When we see governance or strategy issues at a portfolio company, we engage directly with leadership in a constructive way. Most of that work happens privately. Medallion is the case where private engagement was not enough.

We believe Medallion's stockholders deserve a board that operates independently and prioritizes their interests. After sixteen years of investing in banks without ever running a public campaign elsewhere, we are running this one. We are asking you to vote BLUE. We believe that the market and capital providers would be very responsive to our nominees being on Medallion's board.

You can view the events that led to this proxy contest which are all documented in our Background to the Solicitation which was filed with the SEC in our Definitive Proxy filed May 8th, 2026. An excerpt containing the Background can be found here.

Across two-plus years of public engagement, and far longer in private engagement, BIMIZCI has documented its case in detail — through SEC filings, white papers, open letters to stockholders, and presentations laying out the operating and governance issues at Medallion. The full archive lives on our Materials page.

The 2026 Annual Meeting of Medallion Financial Corp. stockholders is on June 9, 2026, at 10:00 a.m. ET, held by live webcast. If you owned Medallion shares as of the April 13, 2026 record date, you are entitled to vote.

Vote on the BLUE universal proxy card. Lost votes don't help anyone — please vote, even if you're not sure.

Have questions? Our FAQ covers voting mechanics, BLUE-card distribution, and how to reach our proxy solicitor, Sodali & Co LLC.