MGTE on OTC

Marblegate Capital Corp

American finance services company, incorporated in Delaware1

In its 2026 annual report the company says: “We are the largest combined lender to, and owner of, NYC taxi medallions and operate the largest taxi fleet in New York City, based on active vehicle data reported by the New York City Taxi and Limousine Commission, through our indirect wholly owned subsidiary, Septuagint Solutions LLC d/b/a Signal Taxi.”7 It is headquartered in Rye, New York.1 Its shares trade on OTC under the symbol MGTE.1

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Last updated Oct 20, 2026.

Overview

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  • TickerMGTE on OTC1
  • IndustryFinance Services1
  • HeadquartersRye, New York1
  • Incorporated inDE2
  • Business address411 Theodore Fremd Avenue, Suite 206S, Rye, Ny 105802
  • Filer categoryNon-accelerated filer, Smaller reporting company, Emerging growth company2

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Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

1.7%Operating margin4
-92.6%Net margin4
131.1%Revenue growth, 20254
-9.1%Return on equity4
0.08×Debt to equity4
$922.0KFree cash flow4

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Business segments

Fleet Operations brought in 61% of the revenue Marblegate Capital Corp broke down this way in fiscal 2025.

  1. Fleet Operations$29.7M461%
  2. Specialty Finance$18.6M438%down 6% from 2024
  3. Other Operating$282.0K41%down 79% from 2024
Business segments by year
Business segments20242025
Fleet Operations$29.7M
Specialty Finance$19.7M$18.6M
Other Operating$1.3M$282.0K

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Income tax100¢$54.1M

Out of $48.5M in revenue.4 The company lost money this year.

Where each dollar of operating cash went, fiscal 2025

  • Capital spending21¢$247.0K
  • Kept or used elsewhere79¢$922.0K

Out of $1.2M of cash from operations.4

Financial statements

Revenue4$48.5M in 2025+131% since 2024
0$20.0M$40.0M$60.0M2024: $21.0M$21.0M20242025: $48.5M$48.5M2025+131%
Operating income4$809.0K in 2025−87% since 2024
0$2.0M$4.0M$6.0M$8.0M2024: $6.1M$6.1M20242025: $809.0K$809.0K2025−87%
Net income4-$44.9M in 2025
-$60.0M-$40.0M-$20.0M0$20.0M2024: $9.4M$9.4M20242025: -$44.9M-$44.9M2025

Every line of the income statement as filed: the last 2 fiscal years, latest first.4

Period ending2025-12-312024-12-31
Fleet revenue$29.3M$0
Interest income$13.5M$15.2M
Other revenue$5.7M$5.8M
Total revenue$48.5M$21.0M
General and administrative$17.5M$504.0K
Professional fees$10.1M$7.5M
Fleet servicing fees, net$6.2M$542.0K
Service fee expense$4.5M$4.5M
Management fee expense - related party$5.9M$0
Depreciation expense$3.3M$1.9M
Total operating expenses$47.7M$14.9M
Income from operations$809.0K$6.1M
Gains on loans held for investment, net$8.6M$3.2M
WAV grant income$555.0K$0
Gains from disposal of medallions$88.0K$103.0K
Change in fair value of warrant liability$21.0K$0
Interest expense-$10.0K$0
Total other income$9.3M$3.3M
Income before provision for income taxes$10.1M$9.4M
Provision for income taxes-$54.1M$0
Net income (loss)-$44.1M$9.4M
Net income attributable to non-controlling interest$885.0K$0
Net income (loss) attributable to common stockholders-$44.9M$9.4M
Net income (loss) attributable to common stockholders, basic-$44.9M$9.4M
Net income (loss) per share - basic-$0.63$0.15
Net income (loss) per share - diluted-$0.63$0.15
Weighted-average shares outstanding: - basic71.0M shares63.0M shares
Weighted-average shares outstanding: - diluted71.0M shares63.0M shares

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Corporate structure

Marblegate Capital Corp sits at the top of its group. 7 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Marblegate Capital Corp

  • MARBLEGATE SPECIAL OPPORTUNITIES MASTER FUND, L.P. Filed SCHEDULE 13D on Marblegate Capital Corp, latest Apr 17, 2025
  • Marblegate Capital Corp Rye, New York
    • DePalma Acquisition I LLC Subsidiary · Delaware, United States
    • DePalma Acquisition II LLC Subsidiary · Delaware, United States
    • DePalma Financing SPV I Subsidiary · Delaware, United States
    • Marblegate Acquisition Corp. Subsidiary · Delaware, United States
    • Septuagint Solutions LLC (d/b/a “Signal Taxi”) Subsidiary · Delaware, United States
    • TML IV LLC Subsidiary · Delaware, United States

Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Marblegate Capital Corp reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Furniture and fixtures$36.0K4 Dec 31, 2025$04 Dec 31, 2024
Leasehold improvements$596.0K4 Dec 31, 2025$04 Dec 31, 2024
Accumulated depreciation$60.0K4 Dec 31, 2025$04 Dec 31, 2024
Property and equipment, net$572.0K4 Dec 31, 2025$04 Dec 31, 2024
Operating-lease assets (leased space)$5.1M4 Dec 31, 2025$4.9M4 Dec 31, 2024+3.5%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$25.3M4 Dec 31, 2025$35.2M4 Dec 31, 2024−28.0%

Intangibles and goodwill

ItemLatestA year beforeChange
Intangible assets, net (excluding goodwill)$359.0M4 Dec 31, 2025$345.4M4 Dec 31, 2024+4.0%

Properties, in its own words

Our principal corporate office is located at 5 Greenwich Office Park, Suite 400, Greenwich, Connecticut, 06831 where we lease offices. The phone number of this office is (203) 210-6500. We believe that our leased property is in good operating condition and is suitable for our current business operations.

Item 2 of the 10-K filed Mar 26, 2026.7

Leadership

Who has led Marblegate Capital Corp, and when. Pick a name to see everywhere that person has worked.

President

  1. Paul Arrouet2025–now

Chief financial officer

  1. Jeffrey Kravetz2025
  2. Michael Andrew Hutchby2025–now
Board members and other officers (3)

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • DePalma Acquisition I LLC Delaware3
  • DePalma Acquisition II LLC Delaware3
  • DePalma Financing SPV I Delaware3
  • Marblegate Acquisition Corp. Delaware3
  • Septuagint Solutions LLC (d/b/a “Signal Taxi”) Delaware3
  • TML IV LLC Delaware3

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Timeline

  1. Jun 12, 20268-K Executive or director change; Shareholder vote14
  2. Jun 12, 20268-K Executive or director change; Shareholder vote15
  3. Jan 6, 20268-K Entered a material agreement; New debt or obligation; Regulation FD disclosure16
  4. Jul 22, 20258-K Change of auditor17
  5. Jul 1, 20258-K Executive or director change; Regulation FD disclosure18
  6. May 15, 20258-K Financial statements and exhibits19
  7. Apr 23, 20258-K Executive or director change20
  8. Apr 11, 20258-K Entered a material agreement; Completed an acquisition or sale; Listing notice or transfer21
  9. Apr 10, 20258-K Other events22

Filings

79 filings to the SEC since October 2021: 2 annual reports, 5 quarterly reports, 9 major events, 14 insider forms, 1 large holders, 48 other. The latest 20:

  1. Aug 13, 202610-Q EDGAR
  2. Jun 12, 20268-K/A EDGAR
  3. Jun 12, 20268-K EDGAR
  4. May 14, 202610-Q EDGAR
  5. Apr 30, 2026DEFA14A EDGAR
  6. Apr 29, 2026DEFA14A EDGAR
  7. Apr 29, 2026DEF 14A EDGAR
  8. Mar 26, 202610-K EDGAR
  9. Jan 6, 20268-K EDGAR
  10. Nov 13, 202510-Q EDGAR
  11. Aug 14, 202510-Q EDGAR
  12. Jul 22, 20258-K EDGAR
  13. Jul 3, 20253 EDGAR
  14. Jul 1, 20258-K EDGAR
  15. May 15, 20258-K/A EDGAR
  16. May 15, 202510-Q EDGAR
  17. Apr 29, 20253 EDGAR
  18. Apr 23, 20258-K EDGAR
  19. Apr 21, 20254 EDGAR
  20. Apr 21, 20254 EDGAR

The 79 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Crossingbridge Advisors, LLC68,301$88.8K0.0%+40,055
Meteora Capital, LLC56,853$73.9K0.0%New

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How Marblegate Capital Corp is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARMarblegate Capital Corp1
  • CIK0001965052
  • Employer ID (EIN)92-21427917
  • Filer statusNon-accelerated filer an emerging growth company; a smaller reporting company; not a shell company7
  • Incorporated inDelaware7
  • Fiscal year endsDecember 311
  • Industry code (SIC)6199 Finance Services1
  • SEC reviewing officeOffice of Finance, Division of Corporation Finance1
  • Business address411 Theodore Fremd Avenue, Suite 206S, Rye, NY 105801
  • Phone(914) 415-40811
  • Shares outstanding73,914,402 as of Aug 10, 20266
  • Public float$11.6M as of Jun 30, 20257
  • AuditorDeloitte & Touche LLP, New York, New York PCAOB ID 34; no auditor attestation of internal control over financial reporting7
  • On EDGAR sinceFeb 14, 20231
  • Filings79 in all: UPLOAD (12), DRSLTR (10), 3 (7), 4 (7), 8-K (7), DRS/A (6), 10-Q (5), CORRESP (4)1
    All 22 form types

    10-K (2), 424B3 (2), 425 (2), 8-K/A (2), DEFA14A (2), S-4/A (2), SEC STAFF LETTER (2), 8-A12G (1), DEF 14A (1), DRS (1), EFFECT (1), NT 10-K (1), S-4 (1), SCHEDULE 13D (1)

  • Latest filingsAnnual report (10-K) Mar 26, 2026
    Quarterly report (10-Q) Aug 13, 2026
    Proxy statement (DEF 14A) Apr 29, 2026
    Latest 8-K (8-K) Jun 12, 2026

Risk factors and legal proceedings

The risks Marblegate Capital Corp names in Item 1A of its 10-K filed Mar 26, 2026: 69 risks under these headings, as written.7

  • Risks Related to Our Business and Operations
  • Risks Related to Growth and Operations
  • Risks Related to Market, Competition, and the Mobility Industry
  • Risks Related to Regulation, Cybersecurity, and Litigation
  • Risks Related to Our Externalized Management and Corporate Structure
  • Risks Related to an Investment in Our Securities
  • Risks Related to Our Indebtedness and Financing Arrangements
  • Risks Related to Our Taxi Business, Collateral, and Vehicle Financing
  • Risks Related to Our Guaranty Obligations and Corporate Structure
  • Risks Related to Legal and Regulatory Matters
  • Our business is heavily concentrated in loans secured by taxi medallions as well as Owned Medallions, which carry a high risk of loss and could be adversely affected by an economic downturn as well as the regulatory policies of the City of New York and the New York City Taxi and Limousine Commission.
  • Our consolidated balance sheet consists substantially of Owned Medallions and loans secured by taxi medallions, the latter of which historically have been associated with significant delinquency rates and risk of default. If we are unable to recover meaningful amounts relative to our acquisition prices on loans in default, our results of operations could be adversely impacted.
The other 67 risks
  • We may not be able to fully realize the benefits of our participation in the MRP+, which may adversely affect our financial performance.
  • The mobility industry is highly competitive, with many well-established, low-cost alternatives that could adversely impact our business and the ability of our borrowers to repay their loans.
  • A significant portion of our medallion loans that are not participating in the MRP+ are in default and non-performing.
  • Our non-MRP+ loan portfolio carries elevated non-accrual rates, and deterioration in credit performance or failure of our restructuring efforts could result in significant loan losses.
  • Under the MRP+, a “loan enhancement administrator” is required to release funds from the Reserve Fund to pay contractual monthly payments to pay any deficiencies on outstanding amounts owed to the lender upon completion of a disposition of the collateral. If the loan enhancement administrator defaults on its obligation to release those funds, or if the Reserve Fund is depleted without the City of New York making further appropriations to restore it, our operations and loan portfolio may be impacted.
  • The lack of liquidity in our medallion loan portfolio and Owned Medallions as well as rising interest rates may adversely affect our business.
  • Medallion values remain substantially below historical peak levels and adverse developments could cause values to deteriorate from current stabilized levels, which could adversely affect our business, collateral values, and results of operations.
  • Our fleet operations are subject to operational and growth risks, and if we are unable to continue to grow Signal Taxi’s fleet, our operating results and the value of our Owned Medallions could be adversely affected.
  • Our Credit Facility and Term Loan contain financial covenants and collateral requirements. A breach of these covenants or the failure to maintain required collateral levels could restrict our liquidity and adversely affect our operations.
  • Changes in interest rates could adversely affect our cost of capital on future borrowings, the fair value of our loan portfolio, and our net interest income.
  • Geopolitical instability, including armed conflict in the Middle East, could result in oil supply disruptions and increased fuel prices, which would adversely affect driver economics, fleet utilization, and the value of our medallion assets.
  • Changes in taxicab industry regulations that result in the issuance of additional medallions or increases in the expenses involved in operating a medallion could lead to a decrease in the value of our medallion loan collateral or our Owned Medallions.
  • Current regulations or proposed regulations in the State and City of New York that are favorable to taxicabs may change or cease to be in effect, which could negatively impact our business.
  • Our business and loan portfolio are concentrated in the NYC taxi medallion industry, which subjects us to heightened risk from industry-specific downturns.
  • Increases in fuel, food, labor, energy, and other costs due to inflation and other factors could adversely affect our operating results. In addition, supply chain disruptions may make expansion and maintenance of our existing taxi fleet challenging or prohibitively expensive.
  • The insolvency of American Transit Insurance Company, the largest insurer of for-hire vehicles in New York City, may result in rising prices for liability insurance and a lack of available coverage, which may negatively impact our business.
  • Our fleet operations depend on attracting and retaining a sufficient number of qualified taxi drivers. Competition for drivers and labor market conditions could adversely affect our fleet utilization and revenues.
  • Adverse developments affecting the financial services industry, including events or concerns involving liquidity, defaults or non-performance by financial institutions, could adversely affect our business, financial condition or results of operations, or our prospects.
  • The impact of economic conditions, including the resulting effect on discretionary passenger spending, may harm our business and operating results.
  • If autonomous vehicle technologies continue to improve and provide passengers with additional transportation alternatives, and the taxi industry fails to adapt to the use of autonomous vehicle technologies, our financial performance and prospects would be adversely impacted.
  • We are subject to climate change risks, including physical and transitional risks, and if we are unable to manage such risks, our business may be adversely impacted.
  • Decreases in the value of our medallion loan collateral, including the impact on loans in process of foreclosure, have had, and may continue to have, a material adverse effect on our business.
  • Uncertainty relating to the reporting of collateral values for our loans may adversely affect the value of our portfolio.
  • Changes in prevailing interest rates could adversely affect our business, cost of capital, and net interest income.
  • We are reliant on third-party service providers in our taxi leasing operations. If our third-party service providers fail to perform as needed, our business may be adversely impacted.
  • Our operations depend on information technology systems, and cybersecurity threats could disrupt our business, harm our reputation, and expose us to liability.
  • Lending to individual taxi owners/operators, taxi fleet operators or passive investors involves a high degree of risk and is highly speculative.
  • Changes in the regulations and interpretations of existing regulations applicable to small business lending could negatively impact our business.
  • We depend on the accuracy and completeness of information about borrowers.
  • We rely on a limited number of third-party insurance service providers, and if such providers fail to meet our expectations or if we cannot maintain these relationships, our business could be adversely affected.
  • Competition with other lenders could adversely affect us.
  • The United States District Court for the Southern District of New York issued a ruling requiring all new NYC taxi cabs to be wheelchair accessible vehicles (“WAV”). This ruling may adversely affect our business.
  • The recognition of a significant deferred tax liability in connection with the Business Combination may result in material future cash tax obligations and adversely affect our reported financial results.
  • Adverse developments affecting the financial services industry could adversely affect our business.
  • Terrorist attacks, other acts of violence or war, public health crises, political crises, natural disasters and other unexpected events may affect any market for our securities, impact the businesses in which we invest, and harm our operations and profitability.
  • Our business is heavily reliant on the services provided by our Manager and Field Point, and any disruption to them or to our relationship with either of them could adversely affect our business.
  • Misconduct by current or former affiliates’ employees and service providers could expose us to significant legal liability and reputational harm.
  • We may in the future pursue new strategies and lines of business that are not taxicab-related, and we may face enhanced risks as a result of these changes in strategy, including from transacting with a broader array of counterparties and exposure to new assets, activities and markets.
  • The urban mobility industry is highly competitive, with many well-established alternatives and low switching costs. If taxis are unable to compete effectively, our business and financial prospects would be adversely impacted.
  • Autonomous vehicle technologies may meaningfully impact the taxi and rideshare industry. If the taxi industry fails to adapt, our financial performance and prospects would be adversely impacted.
  • The Central Business District Tolling Program could result in increased costs to operate taxis, and there is significant uncertainty around the program’s future.
  • An economic downturn in NYC or reduction in discretionary spending could adversely affect our business.
  • Public health crises, natural disasters, terrorist attacks, or other catastrophic events could harm our operations and profitability.
  • Changes in taxicab regulations that result in the issuance of additional medallions or increases in operating expenses could decrease the value of our assets.
  • We operate in a highly regulated environment, and if we are found to be in violation of any of the federal, state, or local laws or regulations applicable to us, our business could suffer.
  • Litigation or legal proceedings could expose us to significant liabilities and have a negative impact on our reputation or business.
  • Regulations relating to privacy, information security and data protection could increase our costs, affect or limit how we collect and use personal information and adversely affect our business opportunities.
  • Changes in statutory, regulatory, accounting, and other legal requirements, including changes in accounting principles generally accepted in the United States, could potentially impact our operating and financial results.
  • As an emerging growth company, we may take advantage of certain exemptions from reporting requirements, including deferral of compliance with the auditor attestation requirements of Section 404(b) of the Sarbanes-Oxley Act, which could make our securities less attractive to investors.
  • If we are unable to maintain effective internal control over financial reporting, investors may lose confidence in the accuracy of our reported financial information and this may lead to a decline in our stock price.
  • Fluctuations in our tax obligations and effective tax rate and realization of our deferred tax assets may result in volatility of our operating results and adversely affect our financial condition.
  • Our business may be negatively impacted by imposed tariffs on imports from foreign countries.
  • Our business could be adversely affected by economic downturns, inflation, increases in interest rates, natural disasters, public health crises, political crises, geopolitical events, or other macroeconomic conditions, which could have a material and adverse effect on our results of operations, cash flows, and financial condition.
  • The Management Service Agreement entered into upon consummation of the Business Combination was negotiated between related parties and the terms, including fees payable, may not be as favorable to us as if it were negotiated with an unaffiliated third party.
  • Our executive officers, directors, and Manager may allocate time to other businesses, causing potential conflicts of interest.
  • Conflicts of interest could arise in connection with certain of our directors’ and executive officers’ discharge of fiduciary duties to our stockholders.
  • Our Manager and members of our management team may engage in activities that compete with us or our businesses.
  • Our only material assets are our direct and indirect interests in our subsidiaries, and we are accordingly dependent upon our subsidiaries to pay dividends and taxes and other expenses.
  • We may become subject to the Investment Company Act, which could impose significant registration and compliance costs.
  • We may be required to register as an investment company if we are unable to maintain an applicable exemption.
  • Fluctuations in our tax obligations and effective tax rate may result in volatility of operating results.
  • Delaware law, our amended and restated certificate of incorporation (“certificate of incorporation”) and amended and restated bylaws (“bylaws”) contain certain provisions, including antitakeover provisions that limit the ability of stockholders to take certain actions and could delay or discourage takeover attempts that stockholders may consider favorable.
  • Our certificate of incorporation designates the Court of Chancery of the State of Delaware as the sole and exclusive forum for certain types of actions and proceedings that may be initiated by our stockholders, which could limit stockholders’ ability to obtain a favorable judicial forum for disputes with us or our directors, officers or other employees.
  • We cannot remove our Manager solely for poor performance, and our Manager may resign on 180 days' notice, which could result in disruption to our operations.
  • Our reliance on our service providers to conduct our operations will be a significant expense and could limit the amount of our free cash flow.
  • Risks Relating to an Investment in Our Securities
  • Trading on the OTC Markets may be volatile and sporadic, which could depress the market price of our common stock and make it difficult for our stockholders to resell their shares.
  • We have in the past, and may in the future, be unable to comply with the listing standards of OTCQX. If we fail to comply with the listing standards in the future, our common stock may be delisted. Delisting could adversely affect the liquidity of our common stock, and the market price of our common stock could decrease, and our ability to obtain sufficient additional capital to fund our operations and to continue to operate would be substantially impaired.

Legal proceedings

We are currently involved in various legal proceedings incident to the ordinary course of our business, including collection matters with respect to certain loans. To the extent relevant, we intend to vigorously defend any outstanding claims and pursue our legal rights. We are not currently a party to any legal proceedings that we believe are material to our business, financial condition or results of operations.

The opening of Item 3, Legal Proceedings.7

Sources

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    SEC EDGAROther events
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