Income Taxes |
6 Months Ended |
|---|---|
Jun. 30, 2025 | |
| Income Tax Disclosure [Abstract] | |
| Income Taxes | 8. Income Taxes Series I has elected to be treated as a corporation and is subject to current and deferred U.S. federal, state and/or local income taxes. Series II holds interests in Infrastructure Assets, through subsidiaries that are treated as corporations for U.S. and non-U.S. tax purposes and therefore may be subject to current and deferred U.S. federal, state and/or local income taxes at the subsidiary level. For the three months ended June 30, 2025, the provision for (benefit from) income tax totaled $1,389, $1,823, and $3,212 for Series I, II and the Company, respectively, resulting in an effective tax rate of 21%, 11%, and 14% for Series I, Series II, and the Company, respectively. For the six months ended June 30, 2025, the provision for (benefit from) income taxes totaled $2,541, $4,240, and $6,781 for Series I, II and the Company, respectively, resulting in an effective tax rate of approximately 23%, 15%, and 17% for Series I, II and the Company, respectively. For the three months ended June 30, 2024, the provision for (benefit from) income tax totaled $830, $2,234, and $3,064 for Series I, II and the Company, respectively, resulting in an effective tax rate of 24%, 22%, and 23% for Series I, Series II, and the Company, respectively. For the six months ended June 30, 2024, the provision for (benefit from) income taxes totaled $1,150, $2,949, and $4,099 for Series I, II and the Company, respectively, resulting in an effective tax rate of approximately 23%, 19%, and 20% for Series I, II and the Company, respectively. For Series I, the primary items giving rise to the difference between the 21% federal statutory rate applicable to corporations and the effective tax rate are state and local income taxes (net of federal benefit). For Series II, the primary items giving rise to the difference between the 0% federal statutory rate applicable to partnerships and the effective tax rate are U.S. federal, state, and/or local taxes on the Series II taxable subsidiaries. In evaluating the realizability of deferred tax assets, the Company assesses whether it is more likely than not that some portion, or all, of the deferred tax assets, will be realized. The Company considers, among other things, the generation of future taxable income (including reversals of deferred tax assets) during the periods in which the related temporary differences will become deductible. As of June 30, 2025 and December 31, 2024, the Company had no gross deferred tax assets and therefore, no valuation allowance is necessary. |