v3.26.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Income Tax Expense
The components of income before income taxes are as follows:

Year ended December 31,
20252024
Domestic (loss) income before income taxes$(16,335)$5,419 
The provision for income taxes consisted of the following:
Year ended December 31,
20252024
Current
Federal income tax benefit$(36,290)$(8,906)
Deferred
Federal income tax expense (benefit)$(16,456)— 
The following table shows the principal reasons for the difference between the effective income tax rate and the statutory federal income tax rate (in thousands):
Year Ended December 31,
20252024
 Tax at federal statutory rate $(3,430)21 %$1,138 21 %
Non-controlling interest2,477 (15)%(1,373)(25)%
Tax credits(52,746)323 %(8,906)(164)%
Changes in valuation allowances939 (6)%158 %
Nontaxable or nondeductible items177 (1)%77 %
Compensation expense177 77 
Other(163)%— — %
Provision to return(163)— 
 Total tax benefit$(52,746)323 %$(8,906)(164)%
Components of Deferred Tax Assets and Liabilities
The components of the deferred tax assets and liabilities are as follows:
Year ended December 31,
20252024
Deferred tax assets:
Investment in partnership$17,670 $19,828 
163j interest limitation1,379 1,328 
Federal NOL carryforward5,480 4,388 
State NOL carryforward2,250 1,436 
45z6,927 — 
ITC9,529 — 
Total deferred tax assets43,235 26,980 
Valuation allowance for deferred tax assets(26,779)(26,980)
Deferred tax assets, net of valuation allowance16,456 — 
Net deferred income tax asset or liability$16,456 $—