Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Assets
Cash and cash equivalents	$ 8,306	$ 5,493
Restricted cash	7,965	7,643
Investments (including $40,241 and $36,765, respectively, at fair value) (Note 7)	41,643	41,337
Deferred contract costs	14,907	13,889
Income taxes receivable	0	574
Property and equipment, net of accumulated depreciation of $2,587 and $1,720, respectively	6,354	1,567
Right-of-use asset	7,014	2,390
Goodwill	69,130	56,524
Intangible assets, net of accumulated amortization of $34,013 and $25,844, respectively	52,265	40,049
Other assets	10,075	7,789
Total Assets	231,499	186,616
Liabilities:
Accrued expenses and other liabilities	28,664	20,616
Income taxes payable	28	0
Deferred service fees	87,154	83,108
Debt (including $13,698 and $13,409, respectively, at fair value) (Note 11)	70,712	57,537
Lease liability	7,304	2,682
Net deferred income tax liabilities	3,225	4,371
Total Liabilities	197,087	168,314
Redeemable preferred stock, $0.01 par value; 650,000 and 330,000 authorized, issued and outstanding at December 31, 2025 and December 31, 2024, respectively; redemption amount of $16,250 and $8,250 at December 31, 2025 and December 31, 2024, respectively	16,250	8,250
Redeemable noncontrolling interest in consolidated subsidiary	792	0
Shareholders' Equity:
Common stock, $0.01 par value; 50,000,000 authorized; 29,651,671 and 28,119,776 issued at December 31, 2025 and December 31, 2024, respectively; and 28,625,744 and 27,136,749 outstanding at December 31, 2025 and December 31, 2024, respectively	296	281
Additional paid-in capital	394,848	376,503
Treasury stock, at cost; 1,025,927 and 983,027 outstanding at December 31, 2025 and December 31, 2024, respectively	(6,545)	(6,200)
Accumulated deficit	(373,370)	(361,453)
Accumulated other comprehensive loss	(60)	(718)
Shareholders' equity attributable to common shareholders	15,169	8,413
Noncontrolling interests in consolidated subsidiaries	2,201	1,639
Total Shareholders' Equity	17,370	10,052
Total Liabilities, Redeemable Preferred Stock, Redeemable Noncontrolling Interest and Shareholders' Equity	231,499	186,616
Service Fees [Member]
Assets
Service fee receivable, net of allowance for credit losses of $1,113 and $626, respectively	13,840	9,361
Liabilities:
Deferred service fees	$ 87,154	$ 83,108

KINGSWAY FINANCIAL SERVICES INC 10-K