Marblegate Capital Corp

Marblegate Capital Corporation is an integrated operating platform combining fleet operations and specialty finance, focused on the New York City (NYC) regulated mobility market. The company's business centers on the NYC taxi medallion, a municipally regulated license required to operate a vehicle for street-hail service in NYC. Marblegate Capital Corporation is the largest combined lender to, and owner of, NYC taxi medallions and operates the largest taxi fleet in New York City, based on active vehicle data reported by the New York City Taxi and Limousine Commission (TLC), through its indirect wholly owned subsidiary, Septuagint Solutions LLC d/b/a Signal Taxi. The business model has two reportable segments: • Specialty Finance: This segment owns and services a portfolio of loans primarily backed by NYC taxi medallions, generating interest income, restructuring fees, and capital gains from loan resolution activities. If loans default, the underlying medallion collateral may be transferred to the Fleet Operations segment. • Fleet Operations: This segment owns NYC taxi medallions as indefinite-lived intangible assets and operates a TLC-licensed street-hail fleet through Signal Taxi. This fleet uses owned medallions and vehicles to generate revenue from licensed drivers. The fleet also helps identify prospective medallion purchasers from its driver base, who may acquire medallions with seller financing, creating new loans for the Specialty Finance segment. As of December 31, 2025, the company owned a medallion loan portfolio collateralized by approximately 1,802 NYC taxi medallions, held approximately 2,147 owned medallions, and managed a combined fleet of approximately 917 vehicles. This fleet included approximately 799 vehicles operated directly by Signal Taxi and approximately 118 vehicles managed by an unrelated fleet operator under a consulting arrangement, with approximately 822 active drivers as of December 31, 2025.