Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

The following table details the Company's provision (benefit) for income taxes for the years ended December 31, 2025, 2024, and 2023:


	For the year ended December 31,
(in thousands)	2025		2024		2023
Current income tax expense:
Federal	$	—	$	2	$	31
State	121		1,242		64
Total current income tax expense	121		1,244		95
Deferred income tax expense (benefit):
Federal	5,421		734		(4,798)
State	1,331		4,604		(1,808)
Total deferred income tax expense (benefit)	6,752		5,338		(6,606)
Total provision (benefit) for income taxes	$	6,873	$	6,582	$	(6,511)

Schedule of Effective Income Tax Rate Reconciliation

The following table provides a reconciliation of the statutory federal income tax expense (benefit) to the income tax expense (benefit) from continuing operations:


	For the year ended December 31,
(in thousands)	2025				2024				2023
	Amount		Percent		Amount		Percent		Amount		Percent
Income tax expense (benefit) at the federal statutory rate	$	52,688	21.0	%	$	70,551	21.0	%	$	(16,022)	21.0	%
State and local income taxes, net of federal income tax effect (a)	1,360		0.5		5,746		1.7		(1,302)		1.7
Nontaxable or nondeductible items	228		0.1		(1,209)		(0.4)		1,113		(1.5)
Other adjustments
Income (loss) attributable to non-controlling interest	(45,709)		(18.2)		(67,205)		(20.0)		11,876		(15.6)
Partnership allocations	(1,049)		(0.4)		(1,006)		(0.3)		(2,036)		2.7
Other	(645)		(0.3)	%	(295)		(0.1)	%	(140)		0.2	%
Total income tax expense (benefit)	$	6,873	2.7	%	$	6,582	1.9	%	$	(6,511)	8.5	%
(a) State income taxes in California, Michigan, and New York made up the majority (greater than 50%) of the tax effect in this category.

Schedule of Deferred Tax Assets and Liabilities

The following table details the components of temporary differences that give rise to deferred tax assets and liabilities:


	December 31,
(in thousands)	2025		2024
Deferred tax assets:
Investment in partnership	$	35,631	$	—
Net operating losses	35,266		20,365
Tax receivable agreement - imputed interest	12,111		4,213
Other	5,694		1,768
Gross deferred tax assets	88,702		26,346
Valuation allowance	(83)		(26)
Total deferred tax assets, net of valuation allowance	88,619		26,320
Deferred tax liabilities:
Investment in partnership	—		(13,722)
Other	(7,213)		(4,810)
Total deferred tax liabilities	(7,213)		(18,532)
Net deferred tax assets (liabilities)	$	81,406	$	7,788

Schedule of Income Taxes Paid

The following table details the Company’s income taxes paid (net of refunds) for the years ended December 31, 2025, 2024, and 2023:


	For the year ended December 31,
(in thousands)	2025		2024		2023
Federal	$	—	$	1,300	$	(118)
State (a)	914		1,684		62
Total income taxes paid (net of refunds)	$	914	$	2,984	$	(56)
(a) Income taxes paid (net of refunds) within the separate state jurisdictions in which the Company made payments (or received refunds) either did not exceed 5% of total income taxes paid (net of refunds) or were immaterial.