NOTE 4 — DEBT

The components comprising the Company’s debt are presented in the following table (in thousands):

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As of March 31, 2026, there were no borrowings outstanding under the Credit Agreement, dated as of January 28, 2025, by and among the Company, Texas Capital Bank, as agent, and the various agents and lenders party thereto (the “Credit Agreement”) and letters of credit outstanding were $6.1 million. There was $43.9 million available for the issuance of letters of credit and borrowings under the Credit Agreement as of March 31, 2026, based on a borrowing base of $50.0 million and $6.1 million of letters of credit outstanding.

As of March 31, 2026, the Company was in compliance with all applicable covenants.

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