Business Context and Reporting Period
Company: Medallion Financial Corp.
Filing Type: Form 8-K (Current Report)
Date of Report: August 5, 2015
Event: Entry into a Material Definitive Agreement (Second Amendment of Lease).
Key Financial Metrics
This filing does not report revenue, profit, cash flow, margins, debt, or liquidity metrics. It discloses specific future lease obligations:
- Lease Term Extension: Extended to April 30, 2027, with an option for an additional five-year extension.
- Annual Rent (July 1, 2016 – June 30, 2021): $1,697,150.
- Annual Rent (July 1, 2021 – End of Term): $1,790,400.
- Location: 437 Madison Avenue, New York, New York.
Material Changes
The Company amended its Indenture of Lease, originally dated October 31, 1997, with Sage Realty Corporation. The primary material change is the extension of the lease term and the establishment of fixed annual rent rates for the periods commencing in 2016 and 2021.
Guidance, Outlook, and Risks
Management Commentary: The filing states the amendment is qualified in its entirety by reference to the attached exhibit. No specific management outlook or risk factors beyond the commitment to the lease terms are provided in this text.
Unusual Items: None reported.
Investor Verification Checklist
- Verify the total remaining lease obligation based on the new term ending April 30, 2027.
- Confirm the impact of the increased rent rate ($1,790,400) on future operating expenses starting July 1, 2021.
- Review the full text of Exhibit 10.1 (Second Amendment of Lease) for any covenants or conditions not summarized here.
- Assess whether the five-year extension option aligns with the Company's long-term strategic plans.