Marblegate Capital Business Summary

Marblegate Capital Corporation (MGTE) operates as a vertically integrated specialty finance company and the largest full-service fleet operator in the New York City taxi market. The company generates revenue through three primary business segments: interest income from a portfolio of approximately 1,700 taxi medallion-backed loans, leasing fees from its ownership of over 2,000 medallions, and operational revenue from its Signal Taxi fleet, which includes the city's largest concentration of wheelchair-accessible vehicles. MGTE further monetizes its ecosystem through "Taxi Clubhouses," providing driver-centric services that institutionalize the fragmented taxi industry. In the specialized finance landscape, MGTE competes with firms such as SWK Holdings, California First Leasing, and Mount Logan Capital; however, it distinguishes itself as the dominant, niche-specific leader in the NYC medallion recovery and fleet management sector, recently bolstered by a $137 million financing package secured in January 2026. The leadership team is led by CEO and Director Andrew Scott Milgram, who also serves as Managing Partner and CIO of the company’s external manager, Marblegate Asset Management. He is supported by President Paul Arrouet and Chief Financial Officer Michael Hutchby, the latter of whom joined in July 2025 to oversee the firm’s post-restructuring growth. The company’s board of directors features high-profile industry pedigree, including Independent Chairman Harvey Golub (former CEO of American Express), Meera Joshi (former NYC Taxi and Limousine Commission Chair), and Sarah Feinberg (former Interim President of the New York City Transit Authority). This executive group leverages deep expertise in distressed credit and municipal transportation to transform the medallion market, backed by institutional investors including Cantor Fitzgerald.