Loans Held for Investment, at Fair Value

6 Months Ended

Jun. 30, 2025

Loans Held for Investment, at Fair Value

5. Loans Held for Investment, at Fair Value

As mentioned in Note 2, the Company’s loan portfolio consists of loans that are collateralized by taxi medallions. The following table shows the composition of the difference between the aggregate principal balance outstanding and the aggregate fair value of the taxi medallion loans held for investment (in thousands):


	June 30, 2025			December 31, 2024
Total principal balance outstanding	$	877,495		$	920,107
Adjustment to reduce loans to fair value		(615,538	)		(639,109	)
Total loans held for investment, at fair value	$	261,957		$	280,998

The following table shows major classifications of loans held for investment, at fair value (in thousands):


	June 30, 2025		December 31, 20241
Loans held for investment, at fair value
MRP+ Loans (NYC)
Current	$	126,746	$	133,803
Non-accrual		64,920		67,303
Non-MRP+ Loans (NYC):
Current		27,165		24,779
Non-accrual		32,565		38,644
Non-MRP+ Loans (Other):
Current		448		114
Non-accrual		10,113		16,355
Total loans held for investment, at fair value	$	261,957	$	280,998

The aggregate fair value and outstanding principal balances of taxi medallion loans that were on non-accrual status were as follows:


	June 30, 2025			December 31, 20241
Total principal balance outstanding	$	685,618		$	734,308
Adjustment to reduce loans to fair value		(578,020	)		(612,006	)
Total non-accrual loans, at fair value	$	107,598		$	122,302

The tables above reflect the retrospective application of the change in accounting methodology for placing loans on non-accrual status from 30 days past due to 90 days past due, as further detailed in Note 2.

Marblegate Capital Corp 10-Q