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Revolving Credit Facility | 9 Months Ended
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Sep. 30, 2025
Debt Disclosure [Abstract] |
Revolving Credit Facility | 9. Revolving Credit Facility The Company has a secured revolving credit agreement (“Credit Agreement”) with Regions Bank that originally provided borrowing capacity of up to $10 million and expires on June 25, 2029. The Credit Agreement, secured by the Company’s properties, was executed June 25, 2024. The Company amended the Credit Agreement with Regions Bank on March 20, 2025. The amended Credit Agreement provides a borrowing capacity of $45 million and expires June 25, 2029. On June 25, 2024, the Company entered into an amended and restated credit agreement with Regions Bank for a $10 million revolving credit facility, which was amended to a $45 million revolving credit facility on March 20, 2025, a term loan in an aggregate principal amount of $40 million and one or more delayed draw term loans in an aggregate principal amount not to exceed $125 million (together, the “Credit Facility”). Under the terms of the Credit Facility, borrowings bear interest at an annual rate equal to the three-month Secured Overnight Financing Rate (“SOFR”) based on the consolidated leverage ratio as defined in the agreement. The interest payment is due quarterly in arrears on the last business day of each quarter. The Credit Facility contains affirmative and negative covenants as well as customary events of default. In addition, the Company must comply with certain financial and non-financial covenants and agree to pay a fee equal to the product of the unused line fee rate and the average of the daily unused available credit balances of the revolving credit facility. The unused line fee rate is 0.5%. The Credit Facility matures on June 25, 2029. At September 30, 2025, the Company had no borrowings outstanding under the revolving credit facility. At September 30, 2025, the Company was in compliance with all required covenants and had available borrowing capacity of $45 million. At September 30, 2025, the Company had no borrowings outstanding under the delayed draw term loan credit facility. At September 30, 2025, the Company was in compliance with all required covenants and had available borrowing capacity of $125 million.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A Reference 2: http://www.xbrl.org/2003/role/disclosureRef 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