v3.25.2
Transactions with related parties
 6 Months Ended
Jun. 30, 2025
Related Party Transactions [Abstract]  
Transactions with related parties Transactions with related parties:
The Company rents office space under a lease with JBB Cherokee Holdings LLC, an entity affiliated by common ownership. 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,
 2025202420252024
Operating leases costs (related party)$45 $87 $142 $173 
Variable lease costs – operating (related party)$3 $21 $21 $39 
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, and $0.1 million and $0.2 million during the three and six months ended June 30, 2024, respectively.
During the three and six months ended June 30, 2025, the Company incurred no fees and $0.4 million, 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, 2024, the Company incurred fees of $0.1 million and $0.4 million, respectively, for the use of these facilities. The Company paid fees of $0.1 million for use of these facilities during the three and six months ended June 30, 2024. 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 none and $2,000 for the three and six months ended June 30, 2025, respectively, and $46,000 and $78,000 for the three and six months ended June 30, 2024, respectively, which are included in selling, general and administrative costs in the accompanying unaudited condensed consolidated statements of income.
The Company has related party receivables totaling approximately $0.1 million as of both June 30, 2025 and December 31, 2024 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.
In May 2025, the Company purchased an 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. Subsequent to the purchase of the office building, there are no longer any leasing arrangements with JBB Cherokee Holdings LLC.