Company: BWMN
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001628280-25-050314
Chunk: 110

Company: Bowman Consulting Group Ltd.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 8
Chunk 110
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est expense on the credit facilities totaled $1.0 million and $2.7 million during the three and nine months ended September 30, 2025, respectively. Interest expense on the credit facilities totaled $0.6 million and $2.1 million during the three and nine months ended September 30, 2024, respectively.

23

12. Notes Payable

Notes payable consist of the following (in thousands): September 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 July 2028.17,682 25,498 Convertible Notes Payable - Interest accrues at rates ranging from 4.75% - 7.00% annually. The convertible notes payable mature on various dates through November 2028.5,400 5,047 Unrelated third parties:Note payable for purchase of tangible asset4,629 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(523)(915)Other160 (160)Total29,423 37,067 Less: current portion(14,218)(17,075)Non-current portion$15,205 $19,992 1Includes notes payable to all owners irrespective of current relationship with the CompanyInterest expense attributable to the notes payable totaled $0.7 million and $2.2 million for the three and nine months ended September 30, 2025, respectively. Interest expense attributable to the notes payable totaled $0.8 million and $2.2 million for the three and nine months ended September 30, 2024, respectively.Future principal payments on notes payable for remainder of 2025 and succeeding years are as follows (in thousands): 2025$5,547 202611,745 20278,694 20283,282 2029518 Total$29,786 Convertible Notes PayableThe Company issued unsubordinated convertible notes as partial consideration for multiple acquisitions (See Note 4 Acquisitions). The convertible notes are convertible into shares of common stock at the option of the holders, at any time, at a predetermined conversion price. Subject to conversion, the convertible notes are payable through quarterly install