INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2024

INTANGIBLE ASSETS

INTANGIBLE ASSETS

6. INTANGIBLE ASSETS

Intangible assets consist of the following as of December 31, 2024 (in thousands):

		As of December 31, 2024
	Useful Life	Gross Value		Accumulated Amortization		Net Carrying Value		Weighted Average Remaining Useful Life
Management services agreements	17-21 years	$	17,100	$	(30)	$	17,070	19 years
Trade name	5 years		2,590		(54)		2,536	5 years
		$	19,690	$	(84)	$	19,606

Amortization expense for intangible assets was $0.1 million during the year ended December 31, 2024.

Amortization expense over the remaining life of the intangible assets will be recognized as follows (in thousands):

Year Ending December 31,		Amortization expense
2025	$	1,457
2026		1,457
2027		1,457
2028		1,457
2029		1,428
Thereafter		12,350
	$	19,606