Company: BWMN
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001628280-25-039001
Chunk: 110

Company: Bowman Consulting Group Ltd.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 8
Chunk 110
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ized over the term outlined in the Revolving Credit Facility.On June 30, 2025, the interest rates on the Revolving Credit Facility ranged from 6.77% to 8.70%. All outstanding principal on the Revolving Credit Facility is due on May 2, 2029. As of June 30, 2025 and December 31, 2024, the outstanding balance on the Revolving Credit Facility was $59.5 million and $37.0 million, respectively.The Company secures its obligations under the Revolving Credit Facility with substantially all assets of the Company. Obligations of the Company to certain other shareholders of the Company are subordinated to the Company’s obligations under the Revolving Credit Facility. The Company must maintain, on a combined basis, certain financial covenants defined in the Revolving Credit Facility. The Company was in compliance with covenants as of June 30, 2025.Interest expense on the credit facilities totaled $1.0 million and $1.8 million during the three and six months ended June 30, 2025, respectively. Interest expense on the credit facilities totaled $0.4 million and $1.5 million during the three and six months ended June 30, 2024, respectively.

12. Notes Payable

Notes payable consist of the following (in thousands): June 30, 2025December 31, 2024Related 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 February 2028.19,758 25,498 Convertible Notes Payable - Interest accrues at rates ranging from 4.75% - 8.00% annually. The convertible notes payable mature on various dates through November 2028.5,181 5,047 Unrelated third parties:Note payable for purchase of tangible asset5,019 5,522 Note payable for purchase of intangible asset2,075 2,075 Discounts on notes payable issued as consideration in acquisitions:1Shareholders and Owners of acquired entities(639)(915)Other(75)(160)Total31,319 37,067 Less: current portion(15,316)(17,075)Non-current portion$16,003 $19,992 

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1Includes notes payable to all owners irrespective