Property, Plant and Equipment

3 Months Ended

Mar. 31, 2026

Property, plant and equipment, net consisted of the following as of March 31, 2026 and December 31, 2025 (in thousands):


	March 31, 2026		December 31, 2025
Property, plant and equipment, at cost:
Water service-related assets	$	225,341	$	218,657
Furniture, fixtures and equipment	12,321		12,087
Other	598		598
Total property, plant and equipment, at cost	238,260		231,342
Less: accumulated depreciation	(71,509)		(66,804)
Property, plant and equipment, net	$	166,751	$	164,538

Depreciation expense was $4.7 million and $4.0 million for the three months ended March 31, 2026 and 2025, respectively.