Income Taxes |
3 Months Ended |
|---|---|
Jun. 30, 2026 | |
| Income Tax Disclosure [Abstract] | |
| Income Taxes | Income Taxes As described in Note 2(h), the Company has been taxed as a C corporation since its organization and is included in the Affiliate’s consolidated U.S. federal income tax return. Income taxes have been computed under the separate return method. No provision for income taxes was recorded for the three months ended June 30, 2026. The Company has generated cumulative losses since inception, which constitutes significant objective negative evidence in evaluating the realizability of its deferred tax assets. Based on this evidence, the Company has concluded that it is more likely than not that its deferred tax assets will not be realized and, accordingly, has established a corresponding valuation allowance. At June 30, 2026, $525 was due to the Affiliate under the tax sharing agreement in respect of U.S. state franchise taxes, of which $262 was charged during the three months then ended and is included in accrued expenses. No federal income taxes were payable under the agreement. No amounts were recorded for unrecognized tax benefits, or for related interest and penalties, at June 30, 2026. The 2026 tax year remains open to examination by U.S. federal and state authorities.
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