v3.26.1
Income Taxes
3 Months Ended
Mar. 31, 2026
Income Taxes  
Income Taxes

12.Income Taxes

The Company’s effective tax rate for the three months ended March 31, 2026 and 2025 was as follows (in thousands):

As of March 31, 

  ​ ​ ​

2026

  ​ ​ ​

2025

Income before income taxes

$

51,056

$

66,906

Income tax expense

13,422

2,679

Effective tax rate

26.3

%

4.0

%

The change in the effective tax rate for the three months ended March 31, 2026 and 2025 was impacted by the period in which the Company was treated as a Partnership for US income tax purposes before the Initial Public Offering in June 2025.