Long-term debt consists of the following as of March 31, 2025 and December 31, 2024 (in thousands):


	As of March 31,		As of December 31,
	2025		2024
Revolving Credit Facility	$	181,014	$	635,916
Total debt		181,014		635,916
Less: Current maturities		—		—
Total long-term debt, net	$	181,014	$	635,916

On August 20, 2024, Flowco LLC and its subsidiaries (the “Borrowers”) entered into a credit agreement (the “Credit Agreement”), which provided for an initial $700 million, five-year senior secured revolving credit facility (the "Revolving Credit Facility"). The Credit Facility modifies the Estis revolving credit facility (the “Estis Credit Facility”), and settled all outstanding indebtedness under the then existing agreements. The Credit Agreement was further amended on November 27, 2024, pursuant to which the aggregate revolving commitment was increased to $725.0 million. The Company has the ability to request the issuance of letters of credit under the Revolving Credit Facility in an aggregate amount of up to $20 million. There were no outstanding letters of credit as of March 31, 2025. The Company also has the ability to borrow swingline loans under the Revolving Credit Facility in an aggregate principal amount of up to $50 million.

The Revolving Credit Facility matures on August 20, 2029, and can be used for working capital, capital expenditures, and acquisitions.

The borrowing base is determined by eligible accounts receivable, inventory, and equipment values, subject to reserves. Borrowing availability depends on the lesser of the aggregate revolving commitment or borrowing base, minus outstanding loans and letters of credit. Borrowings can be based on either an alternate base rate (ABR) or a term SOFR rate, with interest margins ranging from 0.75% to 2.50%, depending on the total leverage ratio. As of March 31, 2025, the Company had $181.0 million outstanding under the facility at a 4.42% SOFR rate plus a 2.00% margin, for an all-in rate of 6.42%.

The Revolving Credit Facility contains financial covenants with respect to minimum interest coverage ratio and maximum total leverage ratio, as detailed below.

The Borrowers were in compliance with all covenants as of and for the three months ended March 31, 2025.

The debt issuance costs are being amortized to interest expense over the life of the Revolving Credit Facility. Unamortized debt issuance costs are included in other assets in the accompanying condensed consolidated balance sheets. The Company recorded $5.4 million and $4.8 million interest expense for the three months ended March 31, 2025 and 2024, respectively, related to the Revolving Credit Facility and the Estis Credit Facility, respectively.

The schedule of future maturities of long-term debt as of March 31, 2025, consists of the following (in thousands):


	Amount
2025 (remaining 9 months)	$	—
2026		—
2027		—
2028		—
2029		181,014
Thereafter		—
Total debt	$	181,014