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v3.25.4

Debt Obligations (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2025
Debt Instrument [Line Items] |
Schedule of components of debt obligations | Debt obligations consist of the following (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, | ​
​ |  | 2025 | ​ ​ ​ | 2024 |
Revolving credit facility | ​ | $ | 100,000 | ​ | $ | — | ​
Notes to former owners | ​ | ​ | 44,575 | ​ |  | 67,593 | ​
Other debt | ​ | ​ | 651 | ​ | ​ | 742 | ​
Total debt | ​ | ​ | 145,226 | ​ | ​ | 68,335 | ​
Less—current portion | ​ | ​ | (6,163) | ​ |  | (6,042) | ​
Total long-term portion of debt | ​ | $ | 139,063 | ​ | $ | 62,293 | ​
​
Schedule of future principal payments of debt | At December 31, 2025, future principal payments of debt are as follows (in thousands):
​ | ​ | ​ | ​ | ​
Year ending December 31— | ​ ​ ​ | ​ | ​ ​ ​ | ​
2026 | ​ ​ ​ | $ | 6,163 |
2027 | ​ |  | 24,246 | ​
2028 | ​ |  | 14,272 | ​
2029 | ​ |  | 545 | ​
2030 | ​ |  | 100,000 | ​
​ | ​ | $ | 145,226 | ​
Schedule of interest expense | ​ Interest expense included the following primary elements (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31, |
​ | ​ ​ ​ | 2025 | ​ ​ ​ | 2024 | ​ ​ ​ | 2023 |
Interest expense on notes to former owners | ​ | $ | 3,149 | ​ | $ | 3,616 | ​ | $ | 1,365 | ​
Interest expense on borrowings and unused commitment fees | ​ |  | 3,832 | ​ |  | 1,434 | ​ |  | 7,507 | ​
Letter of credit fees | ​ |  | 1,010 | ​ |  | 911 | ​ |  | 724 | ​
Amortization of debt financing costs | ​ |  | 1,018 | ​ |  | 687 | ​ |  | 685 | ​
Total | ​ | $ | 9,009 | ​ | $ | 6,648 | ​ | $ | 10,281 | ​
Schedule of market rates relating to interest options under the Facility | ​
​ | ​ | ​ | ​ | ​
Base Rate Loan Option: | ​ ​ ​ | ​ ​ ​ |
​ | Federal Funds Rate plus 0.50% | ​ ​ ​ | 4.14% | ​
​ | Wells Fargo Bank, National Association Prime Rate | ​ | 6.75% | ​
​ | One-month SOFR plus 1.00% | ​ | 4.79% | ​
SOFR Loan Option: | ​ | ​ | ​
​ | One-month SOFR | ​ | 3.79% | ​
​ | Three-month SOFR | ​ | 4.01% | ​
​ | Six-month SOFR | ​ | 4.20% | ​
Summary of additional margins | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Net Leverage Ratio | ​
​ | ​ ​ ​ | Less than 1.00 | ​ ​ ​ | 1.00 to less than 1.75 | ​ ​ ​ | 1.75 to less than 2.50 | ​ ​ ​ | 2.50 to less than 3.00 |  | 3.00 or greater | ​
Additional Per Annum Interest Margin Added Under: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Base Rate Loan Option | ​ | 0.00 | % | 0.25 | % | 0.50 | % | 0.75 | % | 1.00 | %
SOFR Loan Option | ​ | 1.00 | % | 1.25 | % | 1.50 | % | 1.75 | % | 2.00 | %
Letter of credit fees | ​ | 1.00 | % | 1.25 | % | 1.50 | % | 1.75 | % | 2.00 | %
Commitment fees on any portion of the Revolving Loan capacity not in use for borrowings or letters of credit at any given time | ​ | 0.15 | % | 0.175 | % | 0.20 | % | 0.225 | % | 0.25 | %
Notes to former owners |
Debt Instrument [Line Items] |
Schedule of future principal payments of debt | At December 31, 2025, future principal payments of notes to former owners by maturity year were as follows (dollars in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Balance at | ​ | Range of Stated
​ | ​ ​ ​ | December 31, 2025 | ​ | Interest Rates
2026 | ​ | $ | 6,125 | ​ | 2.5 - 5.5 | %
2027 | ​ |  | 24,200 | ​ | 4.0 - 5.5 | %
2028 | ​ | ​ | 14,250 | ​ | 4.3 - 5.5 | %
Total | ​ | $ | 44,575 | ​ | ​ | ​
​

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