Long-term debt, net

Long-term debt, net, related to the Refinanced Term Loan and Note Payable (as defined below) consisted of the following:

	September 30, 2019			December 31, 2018
Refinanced Term Loan due 2023 (less unamortized discount of $3,857)	$	50,612		$	55,472
Note Payable due 2021 (less unamortized discount of $125)		2,375			—
Long-term debt, net		52,987			55,472
Less: Current portion of long-term debt		(6,058	)		(3,500	)
Long-term debt, net (non-current)	$	46,929		$	51,972

Refinanced Term Loan

In connection with the Spin-off of Red Violet, Fluent LLC refinanced and fully repaid the existing term loans (the "Term Loans") and certain promissory notes (the "Promissory Notes"), which had been entered into on

December 8, 2015,

with a new term loan in the amount of

$70.0

million ("Refinanced Term Loan"), pursuant to a Limited Consent and Amendment

No.

("Amendment

No.

) to its Credit Agreement (the "Credit Agreement"), effective on

March 26, 2018 (

the "Refinancing").

The Refinanced Term Loan is guaranteed by the Company and its direct and indirect subsidiaries, and is secured by substantially all of the assets of the Company and its direct and indirect subsidiaries, including Fluent, LLC, in each case, on an equal and ratable basis. The Refinanced Term Loan accrues interest at the rate of either, at Fluent's option, (a) LIBOR (subject to a floor of

0.50%

) plus

7.00%

per annum, or (b) the base rate (generally equivalent to the U.S. prime rate) plus

6.0%

per annum, payable in cash. Interest under the

Refinanced Term Loan is payable monthly. Scheduled principal amortization of the Refinanced Term Loan is

$875

per quarter, commencing with the fiscal quarter ended

September 30, 2018

. The Refinanced Term Loan matures on

March

26,

2023.

March 26, 2018,

proceeds from the Refinanced Term Loan were utilized to repay, in full, the outstanding principal amount plus accrued PIK interest of the Term Loans and Promissory Notes of

$55,586

and

$11,425,

respectively. Prepayment premiums and unamortized debt costs associated with the Term Loans of

$2,818

and

$3,136,

respectively, were capitalized in the balance of the Refinanced Term Loan and are being amortized over the remaining period of the Refinanced Term Loan. In addition, refinancing costs paid to

third

parties of

$193

were recognized in loss on disposal of discontinued operations. See Note

Discontinued operations

The Credit Agreement, as amended, requires the Company to maintain and comply with certain financial and other covenants, commencing with the fiscal quarter ended

September 30, 2018

. In addition, the Credit Agreement, as amended, includes certain prepayment provisions, including mandatory quarterly principal prepayments of the Refinanced Term Loan with a portion of the Company's excess cash flow, as defined in the Credit Agreement.

For the

three

months ended

September 30, 2019

, the quarterly prepayment resulting from excess cash flow was

$1,308

. As of

September 30, 2019

, this amount was reclassified to the current portion of long-term debt and will be paid during the

fourth

quarter. At

September 30, 2019

, the Company was

compliance

with all of the

financial and

other covenants under the Credit Agreement.

Note Payable

July 1, 2019,

in connection with the

AdParlor Acquisition (as defined in

Note

Business Acquisition),

the Company issued a promissory note (the "Note Payable") in the principal amount of

$2,350,

net of discount of

$150

from imputing interest on the non-interest bearing note using a

4.28%

rate. The promissory note is guaranteed by the Company's subsidiary, Fluent, LLC, will

not

accrue interest except in the case of default, is payable in

two

equal installments on the

first

and

second

anniversaries of the date of closing of the acquisition and is subject to setoff in respect of certain indemnity and other matters.

Maturities

As of

September 30, 2019

, scheduled future maturities of the Refinanced Term Loan and Note Payable, including the required principal prepayment based on a portion of the Company's quarterly excess cash flow

$1,308

for the

third

quarter of

2019

and excluding potential future additional principal prepayments, are as follows:

Year
Remainder of 2019	$	3,433
2020		4,750
2021		3,500
2022		3,500
2023		41,786
Total maturities	$	56,969

Fair value

As of

September 30, 2019

, the fair value of long-term debt is considered to approximate its carrying value. The fair value assessment represents a Level

measurement.