Marblegate Capital Corporation (MCC) is a specialty finance and fleet operations company focused entirely on NYC taxi medallions — the scarce, city-regulated licenses required to pick up street-hailing passengers anywhere in the five NYC boroughs. The TLC caps total medallion supply at 13,587, and MCC holds an interest in roughly 29% of that supply through loans and direct ownership, making it the largest combined lender to and owner of NYC taxi medallions. MCC operates two segments. The Specialty Finance segment owns and services a portfolio of medallion-collateralized loans, generating interest income and gains from loan resolutions. Most of these loans were purchased at a discount from prior lenders when borrowers were already in default, so MCC typically generates gains regardless of how a loan is resolved. The Fleet Operations segment owns roughly 2,147 medallions and runs Signal Taxi, the largest taxi fleet in NYC, which leases fully operational taxis to licensed TLC drivers on a weekly basis. The business has a self-reinforcing cycle: defaulted loans produce foreclosed medallions, which flow into Signal Taxi and generate lease revenue, while fleet drivers become prospective medallion buyers who MCC can finance — creating new loans that re-enter the Specialty Finance segment. A forward-looking element of MCC's model involves selling owned medallions to owner-operators with seller financing, converting static medallion assets into new performing loans and capital gains.