Year ended December 31,

2024

2023

(in thousands)

Extended Warranty

Kingsway Search Xcelerator

Total

Extended Warranty

Kingsway Search Xcelerator

Total

Service fee and commission revenue

$

68,871

$

40,511

$

109,382

$

68,231

$

35,013

$

103,244

Less segment expenses:

Claims authorized on vehicle service agreements

24,577

—

24,577

23,066

—

23,066

Commissions

10,871

112

10,983

10,203

5

10,208

Cost of services sold

3,450

23,285

26,735

3,763

23,448

27,211

Salaries and benefits

14,676

6,504

21,180

15,433

4,135

19,568

Insurance expense

2,216

306

2,522

2,194

418

2,612

Professional fees

977

1,059

2,036

962

589

1,551

IT expense

1,168

822

1,990

751

307

1,058

Other segment items (a)

4,994

2,761

7,755

4,876

859

5,735

Total segment operating income

$

5,942

$

5,662

$

11,604

$

6,983

$

5,252

$

12,235

Net investment income

1,432

1,804

Net realized gains

1,557

761

Net (loss) gain on equity investments

(3

)

3,397

Gain on change in fair value of limited liability investments, at fair value

342

78

Net change in unrealized gain on private company investments

—

63

Impairment losses on investments

—

(229

)

Loss on change in fair value of derivative asset option contracts

—

(1,366

)

Interest expense

(4,790

)

(6,250

)

General and administrative expenses and other revenue not allocated to segments, net (b)

(8,892

)

(12,823

)

Amortization of intangible assets

(6,304

)

(5,909

)

Impairment of goodwill and intangible assets

(2,848

)

—

Loss on change in fair value of debt

(198

)

(68

)

Gain on disposal of subsidiary

—

342

(Loss) gain on extinguishment of debt

(160

)

31,616

(Loss) income from continuing operations before income tax benefit

(8,260

)

23,651

Income tax benefit

(147

)

(1,899

)

(Loss) income from continuing operations

$

(8,113

)

$

25,550