v3.26.1
NOTES PAYABLE
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
NOTES PAYABLE NOTES PAYABLE
On February 28, 2023, PPHC entered into a $17.0 million credit agreement with Bank of America (as amended, the “Credit Agreement”), providing for a senior secured line of credit of up to $3.0 million (the “2023 Facility 1”) and a senior secured term loan of $14.0 million (the “2023 Facility 2,” and, together with the 2023 Facility 1, the “2023 Facilities”).
In April 2024 and June 2024, we executed two separate amendments to our Credit Agreement. These amendments provided for two additional term loans: a $6.0 million facility (“2024 Term Loan A”) and a $19.0 million facility (“2024 Term Loan B”). Collectively, these loans, are referred to as the “2024 Term Loans.”
In January 2025, we entered into a third amendment to our Credit Agreement, which established an additional term loan facility of up to $24.0 million (the “2025 Term Loan C”). The 2025 Term Loan C, together with the 2023 Facilities and the 2024 Term Loans, are collectively referred to as the “Bank Credit Facilities.”
The interest rate applicable to the 2023 Facilities is the Secured Overnight Financing Rate (“SOFR”), as administered by the Federal Reserve Bank of New York, plus 2.25% per annum. The 2024 Term Loans and the 2025 Term Loan C each bear interest at SOFR plus 2.60% per annum. Interest on all Bank Credit Facilities is payable monthly.
The Bank Credit Facilities are collateralized by substantially all of our assets.
The 2023 Facility 2 loan matures on March 31, 2029, with monthly principal payments of $0.2 million plus interest. The 2024 Term Loans require monthly principal payments of $0.3 million plus interest until their maturity date of April 30, 2028. The 2025 Term Loan C required monthly principal payments of $0.2 million per month plus interest through March 1, 2026, increasing to $0.3 million per month plus interest through the maturity date of March 31, 2029.
The Company's total debt consists of the following as of:
Original Loan Amount
June 30, 2026December 31, 2025
2023 Facility 2$14,000 $2,567 $4,083 
2024 Term Loan A6,000 4,500 4,950 
2024 Term Loan B19,000 14,250 15,675 
2025 Term Loan C24,000 20,909 22,407 
Total Bank Credit Facilities
63,000 42,226 47,115 
Other debt— 106 124 
Less: unamortized debt issuance costs748 179 251 
Total debt, net of unamortized issuance costs$62,252 42,153 46,988 
Less: current portion
 
(9,867)(9,082)
Total debt, long-term
 
$32,286 $37,906 
As of June 30, 2026, the future principal maturities of the Bank Credit Facilities are as follows:
2023 Facility 22024 Term Loan A2024 Term Loan B2025 Term Loan CTotal
2026 (excluding the six months ended June 30, 2026)$1,050 $450 $1,425 $1,800 $4,725 
20271,517 900 2,850 3,600 8,867 
2028— 3,150 9,975 3,600 16,725 
2029— — — 11,909 11,909 
Total$2,567 $4,500 $14,250 $20,909 $42,226 
Total approximate interest expense incurred was as follows:
Three months ended June 30,Six months ended June 30,
2026202520262025
Cash interest on Bank Credit Facilities
$702 $801 $1,450 $1,378 
Cash interest on other debt
2 7 5 14 
Debt discount amortization21 57 72 108 
Total interest expense$725 $865 $1,527 $1,500 
The Credit Agreement and Amended Credit Agreements for the Bank Credit Facilities contain certain non-financial and financial covenants with which the Company is required to comply. The Company must submit a compliance certificate to the bank on a quarterly basis. The financial covenants include a total leverage ratio and fixed coverage ratio. The Company was in compliance with all covenants as of June 30, 2026 and December 31, 2025.