5. INTANGIBLE ASSETS Intangible assets consist of the following as of September 30, 2026 and December 31, 2025 (in thousands): | | | | | | | | | | | | | | | | | | As of September 30, 2026 | | | Useful Life | | Gross Value | | Accumulated Amortization | | Net Carrying Value | | Weighted Average Remaining Useful Life | Management services agreements | | 17-21 years | | $ | 17,100 | | $ | (1,698) | | $ | 15,402 | | 17.3 years | Trade name | | 5 years | | | 2,590 | | | (936) | | | 1,654 | | 3.3 years | | | | | $ | 19,690 | | $ | (2,634) | | $ | 17,056 | | |
| | | | | | | | | | | | | | | | | | 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 | | |
Amortization expense for intangible assets was $0.4 million for the three months ended September 30, 2026 and 2025, respectively. Amortization expense for intangible assets was $1.1 million for the nine months ended September 30, 2026 and 2025, respectively. Amortization expense over the remaining life of the intangible assets will be recognized as follows (in thousands): | | | | Year | | | Amortization expense | Remainder of 2026 | | $ | 364 | 2027 | | | 1,457 | 2028 | | | 1,457 | 2029 | | | 1,428 | 2030 | | | 939 | Thereafter | | | 11,411 | | | $ | 17,056 |
|