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Debt (Tables) | 9 Months Ended
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Sep. 30, 2024
Debt Disclosure [Abstract] |
Schedule of total debt | The table below reflects the Company’s total debt, including borrowings under its credit agreement and master loan agreements for equipment notes:
(dollar amounts in thousands) |  | Inception Date |  | Stated Interest Rate (per annum) |  | Payment Frequency |  | Term (years) |  | Outstanding Balance as of September 30, 2024 |  | Outstanding Balance as of December 31, 2023
Credit Agreement |  |  |  |  |  |  |  |  |  |  |  |
Revolving loans |  | 5/31/2023 |  | Variable |  | Variable |  | 5 |  | $ | 77,195 |  |  | $ | 13,201 |
Equipment Notes |  |  |  |  |  |  |  |  |  |  |  |
Equipment Note 8 |  | 12/27/2019 |  | 2.75% |  | Semi-annual |  | 5 |  | — |  |  | 2,871 |
Equipment Note 10 |  | 8/26/2022 |  | 4.32% |  | Semi-annual |  | 5 |  | 15,957 |  |  | 20,125 |
Other equipment note |  | 4/11/2022 |  | 4.55% |  | Monthly |  | 5 |  | 34 |  |  | 44 |
|  |  |  |  |  |  |  |  |  | 15,991 |  |  | 23,040 |
Total debt |  |  |  |  |  |  |  |  |  | 93,186 |  |  | 36,241 |
Less: current portion of long-term debt |  |  |  |  |  |  |  | (4,364) |  |  | (7,053) |
Long-term debt |  |  |  |  |  |  |  |  |  | $ | 88,822 |  |  | $ | 29,188 |
Schedule of remaining principal payments for long term obligations | The following table sets forth our remaining principal payments for all of the Company’s outstanding equipment notes as of September 30, 2024:
(in thousands) |  | Future Equipment Notes Principal Payments
Remainder of 2024 |  | $ | 3 |
2025 |  | 4,364 |
2026 |  | 4,555 |
2027 |  | 7,069 |
2028 |  | — |
2029 |  | — |
Total future principal payments |  | 15,991 |
Less: current portion of equipment notes |  | (4,364) |
Long-term principal obligations |  | $ | 11,627 |

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