INTANGIBLE ASSETS (Tables)

3 Months Ended

Mar. 31, 2025

INTANGIBLE ASSETS

Schedule of intangible assets

Intangible assets consist of the following as of March 31, 2025 and December 31, 2024 (in thousands):

		As of March 31, 2025
	Useful Life	Gross Value		Accumulated Amortization		Net Carrying Value		Weighted Average Remaining Useful Life
Management services agreements	17-21 years	$	17,100	$	(289)	$	16,811	19 years
Trade name	5 years		2,590		(159)		2,431	5 years
		$	19,690	$	(448)	$	19,242

		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

Schedule of amortization expense

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

Year		Amortization expense
Remainder of 2025	$	1,093
2026		1,457
2027		1,457
2028		1,457
2029		1,428
Thereafter		12,350
	$	19,242