Notes Payable (Tables)

12 Months Ended

Dec. 31, 2025

Our debt obligations are as follows (in thousands):


		As of December 31,
	Interest Rate (1)	2025			2024
Monroe Term Loan (2)	11.49%	$	51,093		$	54,000
PNC ABL Facility (3)	5.94%		15,639			23,109
PNC Equipment Term Loan 1 (4)	6.72%		345			2,729
PNC Equipment Term Loan 2 (4)	6.72%		147			—
Green Remedies Promissory Note (5)	3.00%		—			564
Total notes payable			67,224			80,402
Less: Current portion of long-term debt			(1,015	)		(1,651	)
Less: Unamortized debt issuance costs			(2,210	)		(2,171	)
Less: Unamortized OID			—			(83	)
Less: Unamortized OID warrant			—			(232	)
Notes payable, net		$	63,999		$	76,265

(1) Interest rates as of December 31, 2025
(2) Bears interest based on SOFR plus Applicable Margin ranging from 5.5% to 7.5%
(3) Bears interest based on Term SOFR plus a margin of 2.25%
(4) Bears interest based on Term SOFR plus a margin of 3.0%
(5) Stated interest rate of 3.0%

The future minimum principal payments as of December 31, 2025 are as follows (in thousands):

The table below summarizes changes in debt issuance costs (in thousands).


	December 31,
	2025			2024
Debt issuance costs
Beginning balance	$	2,171		$	1,345
Financing costs deferred		506			1,513
Less: Amortization expense		(467	)		(687	)
Debt issuance costs, net of accumulated amortization	$	2,210		$	2,171

Quest Resource Holding Corp 10-K