Marblegate Capital Corp (MGTE) is a specialty finance and fleet operations company focused on the New York City taxi medallion market. It makes money through interest income on medallion loans, fleet revenue from leasing taxicab vehicles and medallions to licensed drivers, and other fees. The company operates two reportable segments: Specialty Finance, which generated $18.6 million in revenue for the year ended December 31, 2025, and Fleet Operations, which generated fleet revenue of $29.3 million in the same period, its first full year of fleet activity. As of December 31, 2025, Marblegate held approximately 2,147 Owned Medallions, acquired primarily through enforcement actions on defaulted loans, and operated a managed fleet of approximately 917 vehicles through its subsidiary Signal Taxi. Total revenue was $48.5 million for the year ended December 31, 2025, compared to $21.0 million for the year ended December 31, 2024. The company closed a $120 million revolving credit facility with DZ Bank AG in December 2025, collateralized by medallion loans held in a bankruptcy-remote SPV.

Revenue model

Revenue comes from three streams: interest income on NYC taxi medallion loans (both MRP+ restructured loans and non-MRP+ loans), fleet revenue from leasing taxicab vehicles and medallions to licensed drivers through Signal Taxi, and other revenue including fees. Interest income was $13.5 million and fleet revenue was $29.3 million for the year ended December 31, 2025. The company also records gains on loans held for investment, which totaled $8.6 million for the year ended December 31, 2025.

Products and services

Products and services include: (1) NYC taxi medallion loans held for investment at fair value, including MRP+ restructured loans with principal balances reduced to $170,000 per medallion and non-MRP+ loans carrying personal guarantees; (2) Owned Medallions, approximately 2,147 as of December 31, 2025, carried as indefinite-lived intangible assets; (3) fleet leasing operations through Signal Taxi, a TLC-licensed subsidiary acquired April 7, 2025, operating approximately 799 vehicles and 822 active drivers as of December 31, 2025; and (4) medallion consulting services covering approximately 118 additional vehicles as of December 31, 2025.

Customers and end markets

End markets are NYC taxi medallion borrowers and licensed taxi drivers operating in the New York City street-hail market. Borrowers under the MRP+ program had loans reduced to $170,000 per medallion, with 33% of current medallions participating in MRP+ as of December 31, 2025. Fleet customers are TLC-licensed drivers who lease vehicles and medallions from Signal Taxi.

Value-chain role

Marblegate sits at multiple points in the NYC taxi medallion value chain: as a specialty lender holding a portfolio of medallion loans, as a direct asset owner holding approximately 2,147 medallions acquired through foreclosure, and as a fleet operator deploying those medallions through Signal Taxi. The company positions itself to sell medallions, potentially with seller financing, converting owned assets back into loan receivables without requiring incremental capital.

Geographic exposure

Operations are concentrated entirely in New York City, specifically within the regulated street-hail taxi market overseen by the NYC Taxi and Limousine Commission (TLC).

Source: SEC 10-K, filed 2026-03-26

Industry: Finance Services