Transactions with related parties

6 Months Ended

Jun. 30, 2026

Related Party Transactions [Abstract]

Transactions with related parties

Transactions with related parties:

The Company rented office space under a lease with JBB Cherokee Holdings LLC, an entity affiliated by common ownership through May 2025, at which time the Company purchased the associated office building, as described below.

Related party lease cost included in the accompanying unaudited condensed consolidated statements of income as a component of selling, general and administrative costs is presented in the table below (in thousands).

	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025
Operating leases costs (related party)	$	—	$	45	$	—	$	142
Variable lease costs – operating (related party)	$	—	$	3	$	—	$	21

Payments under the office lease agreement, along with costs associated with the office space, totaled approximately $0.1 million and $0.1 million during the three and six months ended June 30, 2025, respectively.

In May 2025, the Company purchased the office building located in Woodstock, Georgia for a total purchase price of $4.0 million from JBB Cherokee Holdings LLC, an entity affiliated with the Founder Fund. Concurrently with closing of the building purchase, the Company borrowed $3.0 million in the form of a secured promissory note from The BF Holding Trust, an entity affiliated with the Founder Fund. The promissory note was used to partially fund the building purchase, bears interest at 8.5% per annum, and matures in May 2030. During the three and six months ended June 30, 2026, the Company incurred and paid interest on the related party note payable totaling $54,000 and $111,000, respectively. During the three and six months ended June 30, 2025, the Company incurred and paid interest on the related party note payable totaling $21,000. Subsequent to the purchase of the office building, there are no longer any leasing arrangements with JBB Cherokee Holdings LLC.

During the three and six months ended June 30, 2026, the Company incurred fees of $1,000 and $6,000, respectively, in the aggregate from certain entities affiliated by common ownership for use of facilities related to business development and vendor relations, which is included in selling, general and administrative costs in the accompanying unaudited condensed consolidated statements of income. During the three and six months ended June 30, 2025, the Company incurred no fees and $0.4 million, respectively, for the use of these facilities. The Company paid fees of $1,000 and $6,000 for use of these facilities during the three and six months ended June 30, 2026. The Company did not pay fees for use of these facilities during the three and six months ended June 30, 2025.

The Company charters aircraft services from companies that are controlled by a related entity of the Founder Fund. Expenses incurred and paid to these companies under a dry lease agreement for the use of the aircraft for business travel totaled approximately $8,000 for the three and six months ended June 30, 2026, and no expenses and $2,000 for the three and six months ended June 30, 2025, respectively, which are included in selling, general and administrative costs in the accompanying unaudited condensed consolidated statements of income.

The Company had related party receivables totaling approximately $0.1 million as of December 31, 2025 for various expenses paid by the Company on behalf of the related party, which are included in other assets in the accompanying unaudited condensed consolidated balance sheets. There were no outstanding related party receivables as of June 30, 2026.