8-K: Marblegate Capital Appoints Michael Hutchby as New Chief Financial Officer Amidst Leadership Transition

Marblegate Capital Corporation announced the appointment of Michael Hutchby as its new Chief Financial Officer, effective July 3, 2025, succeeding Jeffrey Kravetz who is departing to focus on responsibilities at Marblegate Asset Management.

Summary

• Jeffrey Kravetz resigned as Chief Financial Officer, Principal Financial Officer, and Principal Accounting Officer of Marblegate Capital Corporation (MCC), effective July 3, 2025.
• His resignation was not due to any disagreement with the Company, its Board of Directors, or auditors.
• Michael Hutchby, age 47, was appointed as the new Chief Financial Officer, Principal Financial Officer, and Principal Accounting Officer, effective July 3, 2025.
• Mr. Hutchby previously served as CFO, Treasurer, and Secretary of Cherry Hill Mortgage Investment Corporation from June 2019 to June 2025, and as its Controller from October 2013 to June 2019.
• He also held positions as Vice President, Capital Markets at Freedom Mortgage (2013-2024), investment banking senior associate at Sterne, Agee & Leach (2011-2012), and Vice President, M&A and Strategic Advisory at Madison Place Partners, Inc. (2009-2011).
• Mr. Hutchby holds a B.A. in Economics from The Johns Hopkins University and an M.B.A. from the Stern School of Business at New York University.
• MCC is a vertically integrated, full-service fleet operator and specialty finance lender in the New York City taxi market.
• As of December 31, 2024, MCC's loan portfolio is collateralized by over 1,700 medallions, and it owns over 2,000 medallions.
• Marblegate Asset Management, MCC's external manager, played a key role in the NYC MRP+ medallion debt relief program, which MCC believes catalyzed positive change and underpins the industry's recovery.

Sentiment

Score: 7

Explanation: The sentiment is positive due to the appointment of a highly experienced CFO with a strong background in financial operations and capital markets, coupled with a smooth transition and no stated disagreements with the outgoing CFO. This indicates stability and strategic strengthening of the management team.

Positives

• The appointment of Michael Hutchby brings over two decades of extensive experience in corporate development, capital markets, and mergers and acquisitions to MCC.
• Mr. Hutchby's background includes leadership roles as CFO and Controller at a publicly-traded residential real estate finance company, Cherry Hill Mortgage Investment Corporation, indicating strong financial management capabilities.
• The transition of the CFO role is described as smooth and orderly, with the outgoing CFO assisting in the process.
• The company's CEO, Andrew Milgram, expressed confidence in Mr. Hutchby's ability to deliver long-term value through operational excellence, regulatory compliance, and financial strength.
• MCC believes it is the largest publicly traded company of its kind in the NYC taxi market, and the largest lender and owner of NYC taxi medallions, indicating a dominant market position.
• Marblegate Asset Management's pivotal role in the NYC MRP+ medallion debt relief program is highlighted as a positive catalyst for industry recovery.

Risks

• Forward-looking statements contained in the press release are not guarantees of future performance and involve risks, uncertainties, and assumptions that are difficult to predict.
• Actual outcomes and results may differ materially from what is expressed in forward-looking statements.

Future Outlook

The company expects to enter into an indemnification agreement with Michael Hutchby. Forward-looking statements are based on assumptions about future events that may not be accurate, and actual outcomes may differ materially.

Management Comments

• "Michael brings extensive experience building and leading strategic financial operations in complex and dynamic markets. His proven ability to grow businesses through operational excellence, regulatory compliance, and financial strength will deliver long-term value to our team and shareholders." Andrew Milgram, Chief Executive Officer of MCC.
• "We also are grateful for Jeff's outstanding leadership, particularly in helping guide MCC's successful launch as a publicly traded company earlier this year." Andrew Milgram, Chief Executive Officer of MCC.

Industry Context

This announcement reflects a strategic leadership change within Marblegate Capital Corporation, a key player in the New York City taxi market. The company's focus on specialty finance and fleet operations, coupled with its external manager's involvement in the NYC MRP+ medallion debt relief program, positions it as a significant entity driving recovery and institutionalization within the distressed taxi industry.

Comparison to Industry Standards

• Marblegate Capital Corporation believes it is the largest publicly traded company of its kind in the NYC taxi market.
• MCC believes it is the largest lender and owner of NYC taxi medallions, with a loan portfolio collateralized by over 1,700 medallions and over 2,000 medallions owned as of December 31, 2024.
• MCC is positioned as one of the largest NYC medallion Fleet operators.
• The company differentiates itself through its end-to-end understanding of the taxi business and its role as the most impactful player driving positive change in the industry.

Management Changes

Corporate Governance

Related Party Transactions

• Michael Hutchby will be an employee of Marblegate Asset Management, LLC (MAM), an affiliate of the Company and its external manager.
• Pursuant to the Management Services Agreement dated April 7, 2025, the Company has agreed to reimburse MAM for MCC's allocable share of Mr. Hutchby's salary and other compensation paid by MAM, based on the percentage of Mr. Hutchby's time spent on MCC's affairs.
• The amount of any of Mr. Hutchby's wages, salaries, and benefits paid or reimbursed by the Company to MAM is subject to the approval of the compensation committee of the Board.

Stakeholder Impact

• **Shareholders**: The appointment of an experienced CFO is intended to deliver long-term value through improved operational excellence, regulatory compliance, and financial strength. The smooth transition minimizes disruption.
• **Employees**: The change in leadership at the CFO level may bring new financial strategies or operational approaches, but the immediate impact on general employees is likely minimal.
• **Management**: The executive team gains a seasoned financial leader, potentially strengthening strategic financial planning and execution.
• **Creditors/Lenders**: A strong and experienced CFO can enhance confidence in the company's financial management and reporting, potentially improving creditworthiness.

Next Steps

• Michael Hutchby will assume the duties of Principal Financial Officer and Principal Accounting Officer upon his effective date.
• The Company expects to enter into an indemnification agreement with Mr. Hutchby.
• Mr. Hutchby will be eligible to participate in equity incentive plans of the Company, if adopted in the future.

Key Dates

Keywords

Marblegate Capital Corporation, CFO appointment, Michael Hutchby, Jeffrey Kravetz, NYC taxi market, taxi medallions, specialty finance, fleet operator, corporate governance, SEC filing, 8-K, management change, financial officer, OTC Markets, Cherry Hill Mortgage Investment Corporation, Freedom Mortgage, Marblegate Asset Management