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Line of Credit
 12 Months Ended
Dec. 31, 2024
Line of Credit [Abstract]  
Line of Credit

10. Line of Credit

 

On January 7, 2022, the Company entered into a three-year, $40 million unsecured revolving line of credit agreement with a bank. On June 6, 2024, the Company amended its existing line of credit agreement, which now expires January 7, 2028. Borrowings under this new facility bear interest at the applicable Secured Overnight Financing Rate (SOFR), plus 150 basis points, plus an additional adjustment of eight basis points. The Company is also charged one-quarter of a percent

(0.25%) per year on the unused portion. At December 31, 2024, the Company was in compliance with the terms and covenants of the credit facility.