6. INTANGIBLE ASSETS Intangible assets consist of the following as of December 31, 2025 and 2024 (in thousands): | | | | | | | | | | | | | | | | | | As of December 31, 2025 | | | Useful Life | | Gross Value | | Accumulated Amortization | | Net Carrying Value | | Weighted Average Remaining Useful Life | Management services agreements | | 17-21 years | | $ | 17,100 | | $ | (993) | | $ | 16,107 | | 18 years | Trade name | | 5 years | | | 2,590 | | | (548) | | | 2,042 | | 4 years | | | | | $ | 19,690 | | $ | (1,541) | | $ | 18,149 | | |
| | | | | | | | | | | | | | | | | | 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 for intangible assets was $1.5 million and $0.1 million during the year ended December 31, 2025 and 2024 respectively and is reflected in general and administrative expense on the consolidated statements of operations. Amortization expense over the remaining life of the intangible assets will be recognized as follows (in thousands): | | | | Year | | | Amortization expense | 2026 | | $ | 1,457 | 2027 | | | 1,457 | 2028 | | | 1,457 | 2029 | | | 1,428 | 2030 | | | 939 | Thereafter | | | 11,411 | | | $ | 18,149 |
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