We explore in detail the properties of two melonic quantum mechanical theories which can be formulated either as fermionic matrix quantum mechanics in the new large $D$ limit, or as disordered models. Both models have a mass parameter $m$ and the transition from the perturbative large $m$ region to the strongly coupled "black-hole" small $m$ region is associated with several interesting phenomena. One model, with ${\rm U}(n)^2$ symmetry and equivalent to complex SYK, has a line of first-order phase transitions terminating, for a strictly positive temperature, at a critical point having non-trivial, non-mean-field critical exponents for standard thermodynamical quantities. Quasi-normal frequencies, as well as Lyapunov exponents associated with out-of-time-ordered four-point functions, are also singular at the critical point, leading to interesting new critical exponents. The other model, with reduced ${\rm U}(n)$ symmetry, has a quantum critical point at strictly zero temperature and positive critical mass $m_*$. For $0

135 pages, 50 figures, 2 tables. Minor corrections and updated list of references in v3. Title changed to match published version