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LINE OF CREDIT AND LONG-TERM DEBT
 6 Months Ended
Jun. 30, 2024
Debt Disclosure [Abstract]  
LINE OF CREDIT AND LONG-TERM DEBT LINE OF CREDIT AND LONG-TERM DEBT
Debt consisted of the following:
($ in thousands)June 30, 2024December 31, 2023
Revolving line-of-credit1
$51,942 $47,942 
1The deferred loan costs for revolving line-of-credit as of June 30, 2024 and December 31, 2023 were recorded under the caption Other Assets on the Consolidated Balance Sheets.
On November 17, 2023, the Company entered into a Credit Agreement with AgWest Farm Credit, PCA and certain other lenders. The Revolving Credit Facility provides TRC a RCL in the amount of $160,000,000. The RCL requires interest only payments and has a maturity date of January 1, 2029. As of June 30, 2024, the outstanding balance under the RCL was $51,942,000, and the interest rate was one-month term SOFR plus a margin of 2.25% for an effective rate of 7.58% at June 30, 2024.
Funds from the RCL in November 2023 were used to pay off and close out the existing Bank of America, N.A. Term Note and Revolving Line of Credit Note. The amount of this pay off was $47,078,564 plus accrued interest and fees on the Bank of America Term Note. The Company evaluated the debt exchange under ASC Topic 470 and determined that the exchange should be treated as a debt extinguishment.