| Summary of Notes payable |
Notes payable consisted of the following at March 31, 2026 and December 31, 2025, respectively:
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March 31, 2026 |
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December 31, 2025 |
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Note payable under the October 2025 Credit Facility, bearing interest based on the Secured Overnight Financing Rate (“SOFR”) plus 2.375%, with interest payable monthly and scheduled quarterly principal amortization, maturing October 31, 2030. In February 2026, the Company entered into the First Amendment to the Credit Agreement, which provided for an additional term loan advance of $80.0 million, increasing the aggregate outstanding principal balance from $120.0 million to $200.0 million. Quarterly principal installments of $2.5 million are due through September 30, 2027, $3.75 million from December 31, 2027 through September 30, 2030, with the remaining principal due as a final balloon payment on October 31, 2030. The effective interest rate, inclusive of the amortization of deferred financing costs, was 6.57% at March 31, 2026. |
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$ |
197,500,000 |
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$ |
120,000,000 |
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Unsecured subordinated notes payable to various sellers. Notes payable are due in (a) quarterly installments of $125,000 plus interest at 7% through September 2025, with $0 outstanding as of September 30, 2025 and (b) semi-annual payments of $25,422 including interest at 5% through July 2027 unless seller’s employment agreement is terminated without cause in which all principal and interest would be payable immediately. The effective interest rate was 5.00% at March 31, 2026 |
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68,726 |
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91,378 |
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Note payable to a financial institution, bearing interest based on Compounded SOFR, calculated daily, with interest payable monthly and scheduled monthly principal amortization, maturing January 1, 2031. Monthly principal installments of $7,552 are due through December 1, 2030, with the remaining principal balance of $641,927 due as a final balloon payment on January 1, 2031. The effective interest rate was 6.20% at March 31, 2026. |
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1,064,844 |
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1,087,500 |
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Total Notes Payable |
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198,633,570 |
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121,178,878 |
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Less Current Portion |
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10,129,136 |
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6,128,674 |
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Less Unamortized Debt Issuance Costs |
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2,605,513 |
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1,897,340 |
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Long-Term Portion |
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$ |
185,898,921 |
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$ |
113,152,864 |
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| Summary of Future Maturities of Notes Payable |
Future maturities of notes payable are as follows as of March 31, 2026:
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2026 |
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$ |
7,583,163 |
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2027 |
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11,386,605 |
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2028 |
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15,090,625 |
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2029 |
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15,090,625 |
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2030 |
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148,840,625 |
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Thereafter |
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641,927 |
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$ |
198,633,570 |
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