Notes Payable (Tables)

3 Months Ended

Mar. 31, 2026

Debt Instruments [Abstract]

Summary of Notes Payable and Convertible Notes

Notes payable consist of the following (in thousands):

	March 31, 2026		December 31, 2025
Related parties:
1Shareholders and owners of acquired entities - Interest accrues at rates ranging from 3.25% - 11.00% annually. The notes payable mature on various dates through October 2028.	40,894		47,299
Convertible notes payable - Interest accrues at rates ranging from 4.75% - 7.00% annually. The convertible notes payable mature on various dates through November 2028.	5,088		5,312
Unrelated third parties:
Note payable for purchase of tangible asset	4,093		4,366
Note payable for purchase of intangible asset	511		619
Discounts on notes payable issued as consideration in acquisitions:
1Shareholders and owners of acquired entities	(604)		(729)
Other	127		144
Total	50,109		57,011
Less: current portion	(20,840)		(22,698)
Non-current portion	$	29,269	$	34,313

1Includes notes payable to all owners irrespective of current relationship with the Company

The following table summarizes the convertible notes as of March 31, 2026 (in thousands, except conversion price):

Convertible Notes:	Date Issued	Principal Amount		Interest Rate		Conversion Price		Remaining Balance1
Anchor Consultants, LLC	08/22	$	1,100	5.50	%	$	18.00	$	438
Exeltech Consulting, Inc.	11/24	$	2,200	5.00	%	$	32.32	$	1,563
UP Engineering, LLC	02/25	$	1,200	5.00	%	$	32.50	$	1,246
e3i Engineers, INC	07/25	$	1,800	5.00	%	$	32.50	$	1,990

1Includes discounts, and reflects the net remaining balance on convertible notes.

Summary of Future Principal Payments on Notes Payable

Future principal payments on notes payable for remainder of 2026 and succeeding years are as follows (in thousands):

2026	$	16,557
2027	19,194
2028	14,317
2029	518
Total	$	50,586