INTANGIBLE ASSETS AND LIABILITIES

9 Months Ended

Sep. 30, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

5. INTANGIBLE ASSETS AND LIABILITIES

Intangible assets and liabilities consisted of the following as of September 30, 2025 and December 31, 2024 (in thousands, except weighted average life remaining):


	September 30, 2025		December 31, 2024
Intangible lease assets:
In-place leases and other intangibles, net of accumulated amortization of $4,190 and $3,233, respectively (with a weighted average life remaining of 8.1 years and 8.8 years, respectively)	$	10,421	$	11,292
Above-market power purchase agreement (with a weighted average life remaining of 15.7 years as of September 30, 2025)	1,800		—
Total intangible lease assets, net	$	12,221	$	11,292
Intangible liabilities:
Acquired below-market renewable energy certificate (“REC”) agreement, net of accumulated amortization of $3,889 and a weighted average life remaining of 9.0 years as of December 31, 2024.	$	—	$	31,111

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(1)Below-market REC agreement was terminated during the nine months ended September 30, 2025 in connection with WEPCO. The Fund recognized a gain of $28.5 million in connection with the termination, which is included in other income in the consolidated statement of operations.

Amortization expense for the in-place leases and other intangibles and the below-market REC agreement is included in depreciation and amortization expense, net, in the accompanying consolidated statements of operations.

The following table summarizes the amortization related to the intangible lease assets and liabilities for the three and nine months ended September 30, 2025 and 2024 (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
In-place lease and other intangible amortization	$	320	$	314	$	958	$	924
Below-market REC agreement amortization	$	864	$	871	$	2,592	$	2,614

As of September 30, 2025, the estimated amortization relating to the intangible assets and liabilities is as follows (in thousands):


	Amortization
	In-Place Leases and Other Intangibles		Above-Market Power Purchase Agreement
Remainder of 2025	$	315	$	29
2026	1,310		115
2027	1,319		115
2028	1,318		115
2029	1,318		115
Thereafter	4,841		1,311
Total	$	10,421	$	1,800

CIM Opportunity Zone Fund, L.P. 10-Q