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Note 7 - Leases

12 Months Ended

Dec. 31, 2024

Notes to Financial Statements

Lessee, Operating Leases [Text Block]

7.

Leases

The third amendment to our Office Lease was executed in April 2017 for a term of 129 months, beginning June 1, 2018 and expiring in 2029. At lease commencement, the Partnership concluded the Office Lease was an operating lease. Under the third amendment to the Office Lease, monthly rental payments range from $25,000 to $30,000 and the Partnership received lease incentives of $0.7 million.

Lease expense for the years ended December 31, 2024, 2023 and 2022 was as follows:

		*In Thousands*
		*2024*				*2023*				*2022*
Operating lease expense		$	262			$	262			$	262

Supplemental cash flow information related to leases was as follows:

		*In Thousands*
		*2024*				*2023*				*2022*
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases		$	356			$	350			$	344

Supplemental balance sheet information related to leases was as follows:

		*2024*				*2023*				*2022*

Weighted-Average Remaining Lease Term (months)
Operating lease			50				62				74
Weighted-Average Discount Rate
Operating lease			5	%			5	%			5	%

Maturities of lease liabilities are as follows:

		*In Thousands*
		*2024*
2025		$	362
2026			368
2027			374
2028			380
2029			63
Thereafter			-
Total lease payments			1,547
Less amount representing interest			(507	)
Total lease obligation		$	1,040