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Debt Obligations | 6 Months Ended
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Jun. 30, 2024
Debt Disclosure [Abstract] |
Debt Obligations | Note 11. Debt Obligations Debt obligations consists of the following:
|  | As of |  |  | As of |
|  | June 30, |  |  | December 31, |
|  | 2024 |  |  | 2023 |
Revolver facility |  | $ | 106,100 |  |  | $ | 90,700 |
Debt issuance costs |  |  | (1,382 | ) |  |  | (1,848 | )
Revolver facility, net |  | $ | 104,718 |  |  | $ | 88,852 |
Term Loan |  | $ | 196,563 |  |  | $ | 201,875 |
Debt issuance costs |  |  | (650 | ) |  |  | (883 | )
Term loan, net |  | $ | 195,913 |  |  | $ | 200,992 |
Total debt obligations, net |  | $ | 300,631 |  |  | $ | 289,844 |
|  | June 30, 2024
|  | Principal Amount |  |  | Base Rate |  |  | SOFR Rate |  |  | Rate Expiration Date
Term Loan |  | $ | 115,625 |  |  |  | 2.10 | % |  |  | 5.34 | % |  | 7/29/2024
Term Loan |  |  | 80,938 |  |  |  | 2.10 | % |  |  | 5.30 | % |  | 10/18/2024
Revolver Facility |  |  | 16,500 |  |  |  | 2.10 | % |  |  | 5.34 | % |  | 8/29/2024
Revolver Facility |  |  | 7,500 |  |  |  | 2.10 | % |  |  | 5.32 | % |  | 7/29/2024
Revolver Facility |  |  | 10,000 |  |  |  | 2.10 | % |  |  | 5.34 | % |  | 9/27/2024
Revolver Facility |  |  | 12,000 |  |  |  | 2.10 | % |  |  | 5.35 | % |  | 9/16/2024
Revolver Facility |  |  | 5,500 |  |  |  | 2.10 | % |  |  | 5.34 | % |  | 8/28/2024
Revolver Facility |  |  | 3,000 |  |  |  | 2.10 | % |  |  | 5.30 | % |  | 7/8/2024
Revolver Facility |  |  | 4,600 |  |  |  | 2.10 | % |  |  | 5.33 | % |  | 7/11/2024
Revolver Facility |  |  | 2,000 |  |  |  | 2.10 | % |  |  | 5.33 | % |  | 8/23/2024
Revolver Facility |  |  | 7,500 |  |  |  | 2.10 | % |  |  | 5.33 | % |  | 7/15/2024
Revolver Facility |  |  | 10,500 |  |  |  | 2.10 | % |  |  | 5.33 | % |  | 7/3/2024
Revolver Facility |  |  | 16,000 |  |  |  | 2.10 | % |  |  | 5.32 | % |  | 7/22/2024
Revolver Facility |  |  | 2,000 |  |  |  | 2.10 | % |  |  | 5.33 | % |  | 8/21/2024
Revolver Facility |  |  | 4,000 |  |  |  | 2.10 | % |  |  | 5.33 | % |  | 7/8/2024
Revolver Facility |  |  | 5,000 |  |  |  | 2.10 | % |  |  | 5.33 | % |  | 7/11/2024
Total |  | $ | 302,663 |  |  |  |  |  |  |  |  |
Revolving Credit Facility and Term Loan On December 22, 2021, the Company entered into a new credit agreement (the "Credit Agreement") with JPMorgan, in its capacity as administrative agent and collateral agent, and Texas Capital Bank, as joint lead arrangers and joint bookrunners, and the other loan parties party thereto. The Credit Agreement consists of two facilities. The first is a revolving credit facility with an available balance of $125 million (the "Revolver Facility"). The second is a term loan for $125 million (the "Term Loan"). In addition to the Term Loan and Revolver Facility, the Credit Agreement also includes a $125 million accordion feature. In October 2022, the accordion feature was exercised with a split of $87.5 million worth of term loan and $37.5 million of revolver. Both facilities are "Term SOFR Loans" meaning loans bearing interest based upon the "Adjusted Term SOFR Rate". The Adjusted Term SOFR Rate is the Secured Overnight Financing Rate ("SOFR") at the date of election, plus 2.10%. The Company can elect one or three months for the Revolver Facility and three or six months for the Term Loan. Principal for the Term Loan is contractually repaid at a rate of 1.25% on the term loan quarterly effective March 31, 2023. The Revolving Credit Facility has no contractual principal repayments until maturity, which is December 22, 2025 for both facilities. Certain P10 subsidiaries are encumbered by this debt agreement. The Credit Agreement contains affirmative and negative covenants typical of such financing transactions, and specific financial covenants which require P10 to maintain a minimum leverage ratio. As of June 30, 2024, P10 was in compliance with its financial and other covenants required under the facility. For the three and six months ended June 30, 2024, $5.8 million and $11.2 million of interest expense was incurred, respectively. For the three and six months ended June 30, 2023, $5.0 million and $9.9 million of interest expense was incurred, respectively. Debt Payable Future principal maturities of debt as of June 30, 2024 are as follows:
2024 |  | $ | 5,313 |
2025 |  |  | 297,350 |
2026 |  |  | - |
Thereafter |  |  | - |
|  | $ | 302,663 |

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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