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    Michael Grondahl

    Research Analyst at Northland Securities

    Michael Grondahl is Head of Institutional Equity Sales, Trading, and Research as well as Senior Research Analyst at Northland Securities, specializing in financial technology and business services. He covers over 80 public companies with a primary focus on the US and Canadian financial sectors, including firms like Porch Group and Euronet Worldwide, and holds a strong performance record with a 46% success rate and an average return of 15.4% per stock rating; notably, his top recommendation achieved an 800% return. Grondahl began his career in public accounting at Ernst & Young and Deloitte & Touche, entered institutional research over 25 years ago, and joined Northland in January 2016, before becoming Head of Research and later Head of Sales and Trading in 2017. He is a summa cum laude graduate of the University of St. Thomas, is FINRA-registered with active SIE, Series 7, and Series 24 licenses, and was ranked #8 among Top 100 Wall Street Analysts by TipRanks in 2020.

    Michael Grondahl's questions to MEDALLION FINANCIAL (MFIN) leadership

    Michael Grondahl's questions to MEDALLION FINANCIAL (MFIN) leadership • Q1 2025

    Question

    Michael Grondahl from Northland Securities asked for guidance on calculating normalized earnings by adjusting for one-time items, the timing and potential premium on the sale of loans held for sale, details on the strategic partnership program's loan categories and fees, and the outlook for net interest margin and total loan growth. He also requested clarification on the net charge-off figures for the recreation loan portfolio.

    Answer

    CFO Anthony Cutrone provided a path to normalized earnings, suggesting the $0.50 EPS would adjust to approximately $0.35 after removing the equity gain and considering non-recurring provisions and costs. He confirmed a loan sale is expected in Q2 at a ~2.5% gain, with another to follow in Q3 or Q4. Executive Andrew Murstein added that a $53 million sale had just closed. Murstein described the strategic partnerships as durable and growing, with fees ranging from 15 to 65 basis points. Cutrone projected that the net interest margin would remain stable and guided for 5-7% total loan growth for the year, contingent on economic conditions. He also clarified the recreation portfolio's net charge-offs were $16.4 million, or 4.67%.

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    Michael Grondahl's questions to ASPEN GROUP (ASPU) leadership

    Michael Grondahl's questions to ASPEN GROUP (ASPU) leadership • Q1 2023

    Question

    Michael Grondahl from Northland Securities questioned the breakeven timeline for the newer campuses, the company's commitment to all its locations, and sought to reconcile reports of robust nursing demand with Aspen's declining enrollments.

    Answer

    CEO Michael Mathews estimated that campuses need a revenue run-rate of approximately $1.5 million to break even, with Austin approaching that milestone soon and others expected to follow in fiscal 2024 and 2025. He confirmed commitment to all current markets but noted marketing spend has been shifted away from the slower Tampa market. Mathews attributed the enrollment decline to a deliberate strategic shift to cut spending and prioritize generating positive cash flow, rather than a loss of market share.

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