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INTANGIBLE ASSETS | 9 Months Ended
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Sep. 30, 2025
INTANGIBLE ASSETS |
INTANGIBLE ASSETS | ​ 6. INTANGIBLE ASSETS Intangible assets consist of the following as of September 30, 2025 and December 31, 2024 (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ | As of September 30, 2025
​ | ​ | Useful Life | ​ | Gross Value | ​ | Accumulated Amortization | ​ | Net Carrying Value | ​ | Weighted Average Remaining Useful Life
Management services agreements | ​ | 17-21 years | ​ | $ | 17,100 | ​ | $ | (759) | ​ | $ | 16,341 | ​ | 18.3 years
Trade name | ​ | 5 years | ​ | ​ | 2,590 | ​ | ​ | (418) | ​ | ​ | 2,172 | ​ | 4.3 years
​ | ​ | ​ | ​ | $ | 19,690 | ​ | $ | (1,177) | ​ | $ | 18,513 | ​ | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ | 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 | ​ | 19.0 years
Trade name | ​ | 5 years | ​ | ​ | 2,590 | ​ | ​ | (54) | ​ | ​ | 2,536 | ​ | 5.0 years
​ | ​ | ​ | ​ | $ | 19,690 | ​ | $ | (84) | ​ | $ | 19,606 | ​ | ​
​ Amortization expense of intangible assets was $0.4 million and $0 for the three months ended September 30, 2025 and 2024, respectively. Amortization expense of intangible assets was $1.1 million and $0 for the nine months ended September 30, 2025 and 2024, respectively. Amortization expense over the remaining life of the intangible assets will be recognized as follows (in thousands):
​ | ​ | ​ | ​
Year |  | ​ | Amortization expense
Remainder of 2025 | ​ | $ | 364
2026 | ​ | ​ | 1,457
2027 | ​ | ​ | 1,457
2028 | ​ | ​ | 1,457
2029 | ​ | ​ | 1,428
Thereafter | ​ | ​ | 12,350
​ | ​ | $ | 18,513
​

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