Company: PAMT
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0001437749-25-007273
Chunk: 82

Company: PAMT CORP
Filing Date: 2025-03-12
Form: 10-K
Item: Item 1
Chunk 82
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   (in thousands) 
 2025  $12,372 
 2026   8,386 
 2027   353 
 2028 & Thereafter   - 
 Total future minimum lease payments receivable  $21,111 

   Lease Payments to Related Parties
    
   Payments to related parties of $1,349,261 were made for real estate leases during 2024 which include maintenance facilities in one state and trailer drop yards in nine states. The leases are generally month to month leases with automatic monthly renewal provisions.
    
   During 2024 the Company leased office, shop and parking spaces from various lessors, including a related party. The initial term for the majority of these leases is one year, with an option for early cancellation and an option to renew for subsequent one-month periods. These leases can be terminated by either party by providing notice to the other party of the intent to cancel or to not extend. Relatively short lease durations for these properties are intended to provide flexibility to the Company as changing operational needs and shifting opportunities often result in cancellation or non-renewal of these leases by the Company or the lessor. The minimum operating lease payable under these arrangements was approximately $111,000 as of  December 31, 2024.
    
   The Company leases office and shop facilities to a related party. At  December 31, 2024, the cost and carrying amount of the facilities leased were approximately $13,738,000 and $10,936,000, respectively. Future minimum lease receipts related to this lease at  December 31, 2024 were approximately $67,750.

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    18.  FAIR VALUE OF FINANCIAL INSTRUMENTS 

   The Company’s financial instruments consist of cash and cash equivalents, marketable equity securities, accounts receivable, trade accounts payable, and borrowings.
    
   The Company follows the guidance for financial assets and liabilities measured on a recurring basis. The guidance defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date and also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value.
    
   The standard describes three levels of inputs that  may be used to