14. Long-Term Borrowings

Term Loan

On December 31, 2025, the Company entered into a Loan and Security Agreement with Auxilior Capital Partners, Inc. which provides for loans in the aggregate amount of $17.2 million to finance the acquisition of taxicab vehicles (the “Term Loan”). The Term Loan accrues interest at a rate of 8.5% per annum and requires fixed monthly payments of principal and interest commencing February 1, 2026 for thirty-six consecutive months, maturing on January 1, 2029. The Term Loan is collateralized by certain of the Company’s taxi vehicles excluding any related taxi medallions. The collateral is subject to certain restrictions including, but not limited to, that it must be used solely within the U.S. in the ordinary course of the Company’s business. During the three and six months ended June 30, 2026, the Company recognized $0.3 million and $0.7 million, respectively, of contractual interest expense on the Term Loan, which is included within interest expense on the condensed consolidated statements of operations.

In connection with the Term Loan, the Company incurred debt issuance costs of $0.2 million which are amortized to interest expense over the remaining term of the Term Loan using the effective interest method at a rate of 9.5%. During the three and six months ended June 30, 2026, the Company recognized approximately $0.1 million in amortization of issuance costs, which is included within interest expense on the condensed consolidated statements of operations.

The Company is subject to certain financial condition and testing covenants (such as equity requirements and limits), as well as customary events of default that could require acceleration of outstanding obligations. The Company was in compliance with such covenants as of June 30, 2026.

Credit Facility

On December 30, 2025, the Company entered into a series of agreements by and among certain of the Company’s subsidiaries and DZ Bank AG Deutsche Zentral-Genossenschaftsbank and affiliated lenders (“DZ Bank” or the “Lender”), most notably executing the terms of a Receivables Loan and Security Agreement (the “Credit Facility”). The arrangement provides a secured revolving loan facility to the Company up to $120.0 million, subject to the borrowing limitations described below, which is available for advances during a revolving period ending December 30, 2027. The revolving period may be terminated prior to December 30, 2027 upon the occurrence of certain events outlined in the Credit Facility. The Credit Facility matures December 30, 2030, subject to earlier termination in accordance with the agreements. On December 30, 2025, the Company drew an initial advance on the Credit Facility of $25.0 million. On April 15, 2026, the Company drew an additional $10.0 million under the Credit Facility. As of June 30, 2026, total outstanding advances under the Credit Facility was $35.0 million.

The Company is required to secure MRP+ loans within a bankruptcy-remote special purpose vehicle, DePalma Financing SPV I LLC (the “SPV”), as collateral to make draws on the Credit Facility. The SPV is a variable interest entity for which the Company is the primary beneficiary. The sole purposes of the SPV are to acquire, hold, pledge, sell, and otherwise exercise ownership rights with respect to the MRP+ loans and related assets, to enter into and perform its obligations and exercise its rights under the Credit Facility and related documents, and to engage in other lawful activities related to or incidental to the foregoing. Although the SPV is included in the Company’s condensed consolidated financial statements, it is a separate legal entity with separate creditors. Upon the transfer of ownership and control of MRP+ loans to the SPV, the Company has no retained interests in the receivables sold (other than certain limited repurchase rights and obligations of DePalma I, as seller, of such receivables) and they become unavailable to the Company’s creditors should it become insolvent. The Company has collection and administrative responsibilities for the MRP+ loans sold to the SPV.

During the term of the Credit Facility, the principal balance of advances outstanding may not exceed 80% of the principal outstanding on the MRP+ loans collateralized in the SPV. As of June 30, 2026, the outstanding principal balance of advances under the Credit Facility was approximately $35.0 million. The borrowing base, calculated as 80% of the aggregate principal balance of eligible MRP+ loans assigned to the SPV, was $55.2 million, resulting in $20.2 million of additional borrowing capacity as of June 30, 2026. Advances under the Credit Facility are secured by a first-priority perfected lien on substantially all of the SPV’s assets, including eligible MRP+ loans, taxi medallion collateral, related program rights, collection and lockbox accounts and proceeds, and related agreements and records. The Company is prohibited from selling, transferring, or otherwise disposing of any interest of the collateral while amounts on the Credit Facility are outstanding in excess of the collateral requirements. During the term of the Credit Facility, all cash receipts from borrowers on collateralized MRP+ loans are deposited into a lockbox account that is subject to control by the Lender. Funds in the lockbox account are subject to monthly periodic disbursements based on a priority of payments schedule first including any fees or accrued interest due to the Lender and other facility stakeholders, with the remainder being remitted to the Company. Subsequent to the revolving period on December 30, 2027, any funds remaining in the lockbox account after payment of Lender fees and interest are to be applied to the principal balance outstanding. Excluding as a consequence to any events of default,

no other prepayments of principal are required until maturity on December 30, 2030. The balance in the lockbox account was $0.7 million and less than $0.1 million as of June 30, 2026 and December 31, 2025, respectively, and is included within restricted cash on the condensed consolidated balance sheets.

The Credit Facility accrues certain interest and fees daily including interest on outstanding balances, a non-use fee on unused committed capacity, a lenders’ margin fee, and make-whole fees. These fees each accrue at different rates but are generally fixed during the term of the Credit Facility. Further, the Credit Facility requires the execution of an interest rate hedge for a minimum of 80% of the principal amounts outstanding under the Credit Facility. Pursuant to the swap agreements, the Company will pay the swap counterparty a fixed rate of approximately 3.6% in exchange for floating payments based on the SOFR Compound. The interest rate swap contract is not designated for hedge accounting, therefore the change in fair value of the interest rate swap contract is recognized in earnings within other income (expense) on the condensed consolidated statements of operations. As of June 30, 2026, the Company determined that the fair value of the interest rate swap contract was $0.4 million in an asset position, which is included within other non-current assets on the condensed consolidated balance sheets. During the three and six months ended June 30, 2026, the Company recognized $0.5 million and $0.8 million, respectively, in aggregate of interest expense on the condensed consolidated statements of operations related to interest and fees. The weighted average interest rate, including all accruing fees under the Credit Facility, was 5.6% during the six months ended June 30, 2026.

The Company incurred $1.6 million in issuance costs in connection with the closing of the Credit Facility which are included in other non-current assets on the condensed consolidated balance sheets. Issuance costs related to the Credit Facility are amortized to interest expense ratably through the maturity date. During the three and six months ended June 30, 2026 the Company recognized $0.1 million and $0.2 million, respectively, in interest expense on the condensed consolidated statements of operations related to amortization of issuance costs. Of the total issuance costs incurred, $0.5 million is due to the Lender and payable upon the earlier of (i) a date anticipated to occur in January 2027, or (ii) the termination of the facility, and is included in accrued expenses and other current liabilities on the condensed consolidated balance sheets

The Company is subject to certain financial condition and testing covenants, as well as customary events of default that could require acceleration of outstanding obligations. The Company was in compliance with such covenants as of June 30, 2026.