Debt obligations (Tables)

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Schedule of Debt Obligations

Debt obligations consisted of the following as of March 31, 2026 and December 31, 2025:

As of March 31, 2026	Maturity date	Stated interest rate		Effective interest rate		Extension options	Total facility		Outstanding balance
MLC US Holdings Credit Facility1	August 2027	SOFR +6.00%		9.7	%	N/A	$	14,500	$	14,500
Seller note — Ability Acquisition	October 2031	5.0	%	5.0	%	N/A	15,000		15,000
Exchange Listed Notes	January 2031	8.0	%	9.4	%	N/A	40,000		38,358
Debenture units2	January 2032	8.5	%	8.7% - 8.9%		N/A	21,252		24,616
Total debt							$	90,752	$	92,474

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(1)The MLC US Holdings Credit Facility is secured by all assets and interests in assets and proceeds owned and acquired by MLC US Holdings.

(2)The warrants issued with the Initial Debenture Units are recorded in equity at fair value upon issuance and therefore are not required to be subsequently remeasured at fair value on an ongoing basis.

As of December 31, 2025	Maturity date	Stated interest rate		Effective interest rate		Extension options	Total facility		Outstanding balance
MLC US Holdings Credit Facility1	August 2027	SOFR +7.50%		11.8	%	N/A	40,000		38,000
Seller note — Ability Acquisition	October 2031	5.0	%	5.0	%	N/A	15,000		15,000
Debenture units2	January 2032	8.5	%	8.9	%	N/A	21,252		24,075
Total debt							$	76,252	$	77,075

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(1)The MLC US Holdings Credit Facility is secured by all assets and interests in assets and proceeds owned and acquired by MLC US Holdings.

(2)The warrants issued with the Initial Debenture Units are recorded in equity at fair value upon issuance and therefore are not required to be subsequently remeasured at fair value on an ongoing basis.

Ability has the following surplus notes outstanding as of March 31, 2026 and December 31, 2025:

As of March 31, 2026	Date issued	Date of maturity	Interest rate		Par value		Carrying value of note
Sentinel Security Life Insurance Company	February, 2013	June, 2028	5.00	%	$	2,250	$	2,250
Revol One Insurance Company (formerly known as Pavonia Life Insurance Company of Michigan)	August, 2023	December, 2032	10.00	%	12,000		12,000
Atlantic Coast Life Insurance Company	March, 2025	March, 2033	SOFR+6.00%		3,000		3,000
Total surplus notes					$	17,250	$	17,250

As of December 31, 2025	Date issued	Date of maturity	Interest rate		Par value		Carrying value of note
Sentinel Security Life Insurance Company	February, 2013	June, 2028	5.00	%	$	2,250	$	2,250
Revol One Insurance Company (formerly known as Pavonia Life Insurance Company of Michigan)	August, 2023	December, 2032	10.00	%	12,000		12,000
Atlantic Coast Life Insurance Company	March, 2025	March, 2033	SOFR+6.00%		3,000		3,000
Total surplus notes					$	17,250	$	17,250

Schedule of Maturities of Long-Term Debt

The scheduled principal repayments are as follows:

As of	March 31, 2026
Remainder of 2026	$	1,500
2027	16,000
2028	3,000
2029	3,000
2030	3,000
2031 and thereafter	65,974
	92,474
Transaction costs (net of amortization)	(280)
Total debt	$	92,194