v3.26.1
Income Taxes
 3 Months Ended
Mar. 31, 2026
Income Tax Disclosure [Line Items]  
Income Taxes

3.

Income Taxes

A reconciliation of the U.S. statutory rate to the effective tax rate is as follows:

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2026

  ​ ​ ​

2025

 

Three Months ended March 31, 

  ​ ​ ​

Amount

  ​ ​ ​

Rate

  ​ ​ ​

Amount

  ​ ​ ​

Rate

 

U.S. federal statutory rate

​

$

(9,985)

 

(21.0)

%  

$

(59)

 

(21.0)

%

Changes in valuation allowances

​

 

9,985

​

21.0

%  

 

59

​

21.0

%

Effective tax

​

$

—

 

—

%  

$

—

 

—

%

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Deferred income tax assets consisted of:

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​

​

​

​

​

​

​

  ​ ​ ​

March 31, 2026

  ​ ​ ​

December 31, 2025

Capitalized start-up costs

​

$

43,138

​

$

16,527

Total deferred tax assets before valuation allowance

​

 

43,138

​

 

16,527

Valuation allowance

​

 

(43,138)

​

 

(16,527)

Net deferred tax asset

​

$

—

​

$

—

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BW Ultimate Parent, LLC and Subsidiaries  
Income Tax Disclosure [Line Items]  
Income Taxes

13.

Income Taxes

The Company had income tax expense attributable to earnings of $0 for each of the three months ended March 31, 2026, and March 31, 2025.

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As of March 31, 2026, and March 31, 2025, the Company has not recorded any amounts for uncertain tax positions. For the three months ended March 31, 2026, and the year ended December 31, 2025, no estimated interest or penalties were recognized on uncertain tax positions. The Company has made the proper elections and received approval for limited liability company status in the jurisdictions where it is required to do so. Additionally, the Company has filed IRS Form 1065 and Member schedule K-1s, as required, and all other applicable returns in jurisdictions where required.

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