PROPERTY AND EQUIPMENT, NET

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT, NET

10. PROPERTY AND EQUIPMENT, NET

Property and equipment consisted of the following as of December 31:

(Dollars in thousands)	2025			2024
Internal-use software	$	15,455		$	15,225
Furniture and fixtures		55			28
Leasehold improvements		151			151
Computers and hardware		22			12
Total		15,683			15,416
Less accumulated depreciation and amortization		(3,973	)		(736	)
Total property and equipment, net	$	11,710		$	14,680

Depreciation expense related to property and equipment was $0.1 million for both the year ended December 31, 2025 and the period October 8, 2024 through December 31, 2024. Amortization expense related to internal-use software was $3.1 million for the year ended December 31, 2025 and $0.7 million for the period October 8, 2024 through December 31, 2024.

Internal-use software consisted of the following as of December 31:

(Dollars in thousands)	2025
Internal-use software	$	15,455
Less accumulated amortization		(3,773	)
Total internal-use software	$	11,682

The estimated future amortization expense of internal-use software as of December 31, 2025 was as follows:

(Dollars in thousands)
2026	$	3,098
2027		3,098
2028		3,098
2029		2,388
	$	11,682

Beeline’s internal developers created a new proprietary software and launched it in 2024. The most notable feature of the new software is the integration of Beeline’s Chatbot “Bob”. The Company recorded $0.2 million of additional purchases of internal-use software for the year ended December 31, 2025.