According to a Seeking Alpha report, Medallion Financial enters 2016 with rising headwinds. The author notes that in its latest earnings report there was no commentary in the management’s discussion and analysis about the onslaught of new supply into long-protected taxi medallion markets and attendant declines in medallion revenues and values.

The author notes that NYC taxi medallion revenues are falling at the fastest rate since Uber’s arrival.

According to a 8-K regulatory filing, Taxi Medallion Loan Trust III, an indirect wholly-owned subsidiary of Medallion Financial, entered into an amendment to a loan and security agreement, dated December 12, 2008, by and among the Trust, Autobahn Funding Company and DZ Bank AG.

Under the terms of the amendment, (i) the maximum commitment amount of the credit facility was decreased to $135 million on December 28, 2015 and will be decreased to $125 million on July 1, 2016 and (ii) other technical changes were implemented. The amount outstanding under the facility was approximately $122.6 million as of September 30, 2015.

According to the filing, the company does not intend to increase the current size of its taxi medallion loan portfolio as it continues to diversify its portfolio and to expand in other areas of lending, such as Medallion Bank’s consumer loan portfolio which generated over 75% of the profits of the company as of September 30, 2015. Medallion Bank is the company’s unconsolidated wholly-owned portfolio company.