Three months ended March 31,

2025

2024

(in thousands)

Extended Warranty

Kingsway Search Xcelerator

Total

Extended Warranty

Kingsway Search Xcelerator

Total

Service fee and commission revenue

$

16,670

$

11,679

$

28,349

$

16,685

$

9,475

$

26,160

Less segment expenses:

Claims authorized on vehicle service agreements

5,910

—

5,910

6,121

—

6,121

Commissions

2,752

(93

)

2,659

2,608

—

2,608

Cost of services sold

826

6,868

7,694

730

5,579

6,309

Salaries and benefits

4,063

1,747

5,810

3,814

1,510

5,324

Insurance expense

561

107

668

569

93

662

Professional fees

346

336

682

250

264

514

IT expense

312

336

648

291

196

487

Other segment items (a)

1,385

635

2,020

1,226

490

1,716

Total segment operating income

$

515

$

1,743

$

2,258

$

1,076

$

1,343

$

2,419

Net investment income

380

326

Net realized (losses) gains

(71

)

124

Net loss on equity investments

—

(3

)

Gain (loss) on change in fair value of limited liability investment, at fair value

1

(8

)

Interest expense

(1,230

)

(1,145

)

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

(2,833

)

(1,739

)

Amortization of intangible assets

(1,682

)

(1,414

)

Impairment of intangible assets

(84

)

(511

)

Gain (loss) on change in fair value of debt

20

(80

)

Loss on extinguishment of debt

(115

)

—

Loss from continuing operations before income tax (benefit) expense

(3,356

)

(2,031

)

Income tax (benefit) expense

(264

)

84

Loss from continuing operations

$

(3,092

)

$

(2,115

)