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Goodwill and Intangible Assets | 9 Months Ended
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Sep. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Intangible Assets | 5. Goodwill and Intangible Assets The carrying amount of goodwill was $11.5 million as of September 30, 2025 and December 31, 2024, and related to the Company’s 2023 acquisition of Summit Aviation, Inc. and Northside Property Group, LLC (together “Summit”). Goodwill is not amortized, but instead is reviewed for impairment at least annually or more frequently when events and circumstances occur indicating that the recorded goodwill may be impaired. To date, the Company has had no impairments to goodwill. Acquired intangible assets consisted of the following (in thousands):
|  |  |  |  | September 30, 2025 |
|  | Weighted Average Useful Life |  |  | Gross Amount |  |  | Accumulated Amortization |  |  | Carrying Value |
|  | (in years) |  |  |  |  |  |  |  |  |  |
Customer relationship |  |  | 12 |  |  | $ | 2,320 |  |  | $ | 411 |  |  | $ | 1,909 |
Other |  |  | 12 |  |  |  | 110 |  |  |  | 20 |  |  |  | 90 |
|  |  |  |  | $ | 2,430 |  |  | $ | 431 |  |  | $ | 1,999 |
|  |  |  |  | December 31, 2024 |
|  | Weighted Average Useful Life |  |  | Gross Amount |  |  | Accumulated Amortization |  |  | Carrying Value |
|  | (in years) |  |  |  |  |  |  |  |  |  |
Customer relationship |  |  | 12 |  |  | $ | 2,320 |  |  | $ | 265 |  |  | $ | 2,055 |
Other |  |  | 12 |  |  |  | 110 |  |  |  | 13 |  |  |  | 97 |
|  |  |  |  | $ | 2,430 |  |  | $ | 278 |  |  | $ | 2,152 |
Amortization expense is recorded within selling, general and administrative expense. Amortization expense was $0.1 million and $0.2 million, respectively, for each of the three and nine months ended September 30, 2025 and 2024. Future amortization expense of the intangible assets as of September 30, 2025 is expected to be as follows (in thousands):
Year Ending December 31, |  |  |
2025 (three months) |  | $ | 50 |
2026 |  |  | 203 |
2027 |  |  | 203 |
2028 |  |  | 203 |
2029 |  |  | 203 |
Thereafter |  |  | 1,137 |
|  | $ | 1,999 |

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-30/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-20/tableOfContent + Details
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