v3.26.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2025
Income Taxes [Abstract]  
Schedule of Income (Loss) Before Income Taxes

The Income (loss) before income taxes consisted of:

 

 

Year ended

 

 

 

December 31,
2025

 

 

December 31,
2024

 

Income (loss) before income taxes

 

 

 

 

 

 

United States

 

$

(18,113

)

 

$

147,364

 

Foreign

 

 

24,423

 

 

 

2,119

 

 

 

$

6,310

 

 

$

149,483

 

Schedule of Income Tax Benefit (Expense)

The income tax benefit (expense) benefit consisted of:

 

 

 

Year ended

 

 

 

December 31,
2025

 

 

December 31,
2024

 

Current

 

 

 

 

 

 

Federal

 

$

2

 

 

$

(1

)

State

 

 

 

 

 

 

Foreign

 

 

 

 

 

(1

)

Deferred

 

 

 

 

 

 

Federal

 

 

 

 

 

 

State

 

 

 

 

 

 

Foreign

 

 

 

 

 

 

Income tax benefit (expense)

 

$

2

 

 

$

(2

)

Schedule of Reconciliation

A reconciliation of the statutory federal income tax rate to the Company’s effective tax rate pursuant to the disclosure requirements of ASU 2023-09 applied prospectively is as follows:

 

 

 

Year ended December 31,

 

 

 

2025

 

Statutory federal income tax rate

 

$

1,325

 

 

 

21.0

%

Noncontrolling Interests

 

 

(729

)

 

 

(11.6

)%

Valuation allowance

 

 

(615

)

 

 

(9.7

)%

Florida state taxes

 

 

123

 

 

 

1.9

%

Foreign tax effects:

 

 

 

 

 

 

Spain valuation allowance

 

 

15,251

 

 

 

241.7

%

Spain statutory tax rate difference

 

 

2,674

 

 

 

42.4

%

Spain non taxable income

 

 

(18,017

)

 

 

(285.5

)%

Spain other

 

 

92

 

 

 

1.5

%

Other

 

 

(102

)

 

 

(1.7

)%

Effective tax rate

 

$

2

 

 

 

(0.0

)%

 

A reconciliation of the statutory federal income tax rate to the Company’s effective tax rate, prior to adoption of ASU 2023-09, is as follows:

 

 

 

Year ended December 31,

 

 

 

2024

 

Statutory federal income tax rate

 

 

21.0

%

Noncontrolling Interests

 

 

(17.9

)%

Valuation allowance

 

 

(3.6

)%

State taxes

 

 

0.6

%

Effect of foreign operations

 

 

0.3

%

Other

 

 

(0.4

)%

Effective tax rate

 

 

%

 

 

Schedule of Net Deferred Tax Assets

Net deferred tax assets are as follows:

 

 

 

As of

 

 

December 31,
2025

 

 

December 31,
2024

 

Deferred tax assets:

 

 

 

 

 

 

Start-up/Organization costs

 

$

1,202

 

 

$

1,303

 

Partnership Investment

 

 

139,039

 

 

 

111,776

 

Net operating loss carryforwards

 

 

26,078

 

 

 

1,954

 

Other

 

 

(449

)

 

 

146

 

Total deferred tax assets

 

 

165,870

 

 

 

115,179

 

Valuation allowance

 

 

(165,870

)

 

 

(115,179

)

Deferred tax asset, net of allowance

 

$

 

 

$