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Transactions with Related Parties
 6 Months Ended
Jun. 30, 2025
Transactions with Related Parties [Abstract]  
Transactions with Related Parties
Note 7 — Transactions with Related Parties

Manager


Prior to November 14, 2024, the Company was a party to the Management Agreement with CHMM, pursuant to which CHMM provided for the day-to-day management of the Company’s operations. The Management Agreement required CHMM to manage the Company’s business affairs in conformity with the policies that were approved and monitored by the Company’s board of directors. For performing these services, the Company paid CHMM a management fee which was payable in cash quarterly in arrears, in an amount equal to 1.5% per annum of the Company’s stockholders’ equity (as defined in the Management Agreement), in addition to other expenses.


The Management Agreement between the Company and CHMM was negotiated between related parties, and the terms, including fees payable, may not have been as favorable to the Company as if it had been negotiated with an unaffiliated third party. The Management Agreement was terminated in accordance with its terms on November 14, 2024. The Company paid CHMM the management fees that accrued up to the effective date of termination net of reimbursable expenses incurred by the Company on behalf of CHMM up to the effective date of termination.


The amounts included in “Management fee to affiliate” on the consolidated statements of income (loss) consisted of the following for the periods indicated (dollars in thousands):

Management Fees and Compensation Reimbursement to Manager

 
  
Three Months Ended June 30,
    
Six Months Ended June 30,
  
 
  
2025
    
2024
    
2025
    
2024
  
Management fees
  
$
-
    
$
1,610
    
$
-
    
$
3,208
  
Compensation reimbursement
    
-
      
150
      
-
      
300
  
Total
  
$
-
    
$
1,760
    
$
-
    
$
3,508