Marblegate Capital Corp (OTC: MGTE)

Marblegate Capital Corporation is a fully integrated operating platform that combines fleet operations with medallion backed specialty finance, concentrating its activities on the New York City regulated mobility market. The company’s core asset is the NYC taxi medallion, the exclusive license required for street hail service in the city, and it is the largest combined lender to and owner of those medallions while operating the largest taxi fleet in New York City through its subsidiary Signal Taxi. Marblegate Capital Corporation holds its medallion loan portfolio primarily through DePalma I, its owned medallions and fleet through DePalma II and Signal Taxi, and has additional medallion investments via TML IV, a wholly owned subsidiary that was acquired in December 2025.

The Specialty Finance segment generates revenue from interest income on its medallion collateralized loan portfolio, restructuring fees, reserve fund payments on delinquent MRP+ loans, and capital gains realized through loan resolutions such as discounted payoffs or foreclosures. For the year ended December 31, 2025 this segment reported total revenue of $18.6 million, driven chiefly by interest on performing MRP+ loans that carry a fixed 7.3 percent rate and a 25 year maturity. The Fleet Operations segment earns revenue by leasing fully operational taxicabs (vehicle plus medallion) to licensed TLC drivers on a short term weekly basis, collecting ancillary fees and, in 2025, recognizing an $8.0 million one time derecognition of a previously deferred deposit liability plus $0.4 million of other revenue. Excluding that non recurring item, recurring fleet revenue was $21.3 million for the year, with the segment’s total revenue reaching $29.7 million.

The company operates through the following segments.

• Specialty Finance: This segment owns and services a portfolio of loans primarily collateralized by New York City taxi medallions, including MRP+ loans that benefit from a city funded reserve fund and non MRP+ loans often secured by personal guarantees or real estate; as of December 31, 2025 the loan portfolio had a fair value of approximately $281.7 million, was collateralized by about 1,802 medallions, and generated interest income principally from performing MRP+ loans at a 7.3 percent fixed rate, with additional revenue from restructuring fees, reserve fund disbursements, and gains on loan resolutions.

• Fleet Operations: This segment owns New York City taxi medallions as indefinite life intangible assets and operates a TLC licensed street hail fleet through Signal Taxi, leasing vehicles and medallions to licensed drivers to generate weekly lease revenue; as of December 31, 2025 it held approximately 2,147 owned medallions, operated roughly 799 vehicles with 822 active drivers, and managed an additional 118 vehicles under a consulting agreement, producing total revenue of $29.7 million for the year (including an $8.0 million one time derecognition of a deposit liability and $0.4 million of other revenue) and recurring revenue of $21.3 million.

Marblegate Capital Corporation holds a leading position in the New York City taxi medallion market, being the largest combined lender to and owner of those medallions and operating the largest taxi fleet in the city according to TLC data, with an interest in roughly 29 percent of the 13,587 outstanding medallions, which gives it significant scale and market intelligence. Its competitive advantages arise from a vertical integration business model that links loan origination, medallion ownership, and fleet operations; from municipal credit support via the MRP+ program’s reserve fund; from access to institutional grade financing such as the $120 million revolving credit facility with DZ Bank and the $17.2 million term loan from Auxilior Capital Partners; and from strong relationships with the City of New York, the Taxi and Limousine Commission, and driver organizations like the New York Taxi Workers Alliance. The company also faces competition from ridesharing platforms such as Uber and Lyft, for hire vehicle services, public transit options including the MTA subway and bus system, and emerging mobility alternatives like Citi Bike and potential autonomous vehicle fleets.

The company’s customers are primarily licensed TLC drivers who lease taxicabs from its fleet and borrowers who obtain loans secured by NYC taxi medallions; while specific counterparty names are not disclosed, it maintains relationships with the City of New York, the Taxi and Limousine Commission, and groups such as the New York Taxi Workers Alliance.