v3.25.4
Income Taxes - Income Tax Rate Reconciliation (Details) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Amount    
U.S. Federal statutory tax rate $ (14,098) $ (21,314)
State & local income taxes, net of federal income tax effect (a) [1] (1,108) (130)
Changes in valuation allowance (5,565) (443)
Nontaxable or nondeductible Items    
Unrecognized benefit from LLC flow thru structure 9,827 21,269
Other nondeductible Items 8,148 (870)
Other adjustments 2,833 1,528
Income tax expense (benefit) $ 37 $ 41
Tax Rate    
U.S. Federal statutory tax rate 21.00% 21.00%
State & local income taxes, net of federal income tax effect (a) [1] 1.65% 0.13%
Changes in valuation allowance 8.29% 0.44%
Nontaxable or nondeductible Items    
Unrecognized benefit from LLC flow thru structure (14.64%) (20.96%)
Other nondeductible Items (12.14%) 0.86%
Other adjustments (4.22%) (1.51%)
Income tax expense (benefit) (0.06%) (0.04%)
[1] State taxes in Texas made up the majority (greater than 50 percent) of the tax effect in this category for the year ended December 31, 2024. State taxes in New York and Massachusetts made up the majority of the tax effect in this category for the year ended December 31, 2025.