INCOME TAX (Tables)

12 Months Ended

Dec. 31, 2025

The components of the Company's income tax expense are as follows:

For the year ended December 31, 2025, a reconciliation of income tax expense following adoption of ASU 2023-09 is as follows:


	For The Year Ended December 31,
	2025
(in thousands)	Amount		Rate
Tax provision at statutory rate	$	(2,946)	21.00	%
State taxes, net of federal benefit	25		(0.17)	%
Valuation allowance	1,737		(12.38)	%
Nontaxable or nondeductible items:
Non-controlling interests	1,507		(10.74)	%
Other adjustments:
Share-based compensation	(218)		1.55	%
Other items	1		(0.02)	%
Income tax expense	$	106	(0.76)	%

For the year ended December 31, 2024, a reconciliation of income tax expense prior to the adoption of ASU 2023-09 is as follows:


	For The Year Ended December 31,
(in thousands)		2024
Computed tax (21%)		$	(2,197)
Income tax benefits attributable to noncontrolling interests		1,509
Change in tax basis of OpCo		1,555
Change in valuation allowance		(755)
Other items		(61)
Income tax expense		$	51

For the year ended December 31, 2025, the amounts of cash paid for income taxes were as follows:

Noncurrent deferred tax assets (liabilities) were as follows:


	As of December 31,
(in thousands)	2025		2024
Deferred tax liabilities:
Total deferred tax liabilities	$	—	$	—
Deferred tax assets:
Intangible assets	$	197	$	193
Stock-based compensation	316		99
Investment in OpCo	9,407		7,891
Net operating losses	1		—
Total deferred tax assets	9,921		8,183
Valuation allowance	(9,921)		(8,183)

Total net deferred tax assets	$	—	$	—