v3.26.1
Debt obligations (Tables)
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Debt Obligations
Debt obligations consisted of the following as of December 31, 2025 and December 31, 2024:
As of December 31, 2025Maturity dateStated interest rateEffective interest rateExtension optionsTotal facilityOutstanding balance
MLC US Holdings Credit Facility1
August 2027
SOFR +7.50%
11.8 %N/A$40,000 $38,000 
Seller note — Ability AcquisitionOctober 20315.0 %5.0 %N/A15,000 15,000 
Debenture units2
January 20328.5 %8.9 %N/A21,252 24,075 
Total debt$76,252 $77,075 
_______________
(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.
December 31, 2024Maturity dateStated interest rateEffective interest rateExtension optionsTotal facilityOutstanding balance
Seller note — Capitala Acquisition1
July 2025— %— %N/A$4,000 $1,471 
MLC US Holdings Credit Facility2
August 2027
SOFR +7.50%
12.4 %N/A40,000 40,000 
Seller note — Ability AcquisitionOctober 20315.0 %5.0 %N/A15,000 15,000 
Debenture units3
January 20328.5 %8.9 %N/A18,752 19,821 
Total debt$77,752 $76,292 
_______________
(1)The Company elected FVO for the Seller note – Capitala Acquisition. The following balance represents the fair value of the note as of December 31, 2024.
(2)The MLC US Holdings Credit Facility is secured by all assets and interests in assets and proceeds owned and acquired by MLC US Holdings.
(3)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 December 31, 2025 and December 31, 2024:
As of December 31, 2025Date issuedDate of maturityInterest ratePar valueCarrying value of note
Sentinel Security Life Insurance CompanyFebruary, 2013June 20285.00 %$2,250 $2,250 
Revol One Insurance Company (formerly known as Pavonia Life Insurance Company of Michigan)August, 2023December, 203210.00 %12,000 12,000 
Atlantic Coast Life Insurance CompanyMarch, 2025March, 2033
SOFR+6.00%
3,000 3,000 
Total surplus notes$17,250 $17,250 
As of December 31, 2024Date issuedDate of maturityInterest ratePar valueCarrying value of note
Sentinel Security Life Insurance CompanyFebruary, 2013June, 20285.00 %$2,250 $2,250 
Revol One Insurance Company (formerly known as Pavonia Life Insurance Company of Michigan)August, 2023December, 203210.00 %12,000 12,000 
Total surplus notes$14,250 $14,250 
Schedule of Maturities of Long-Term Debt
The scheduled principal repayments are as follows:
As of2025
2026$5,500 
202738,500
20283,000
20293,000
20303,000 
2031 and thereafter24,075
$77,075 
Transaction costs (net of amortization)(825)
Total debt$76,250