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Revolving Credit Facility
 9 Months Ended
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.