Income Taxes |
9 Months Ended |
|---|---|
Sep. 30, 2026 | |
| Income Tax Disclosure [Abstract] | |
| Income Taxes | Income Taxes The provision for income taxes is attributable to U.S. federal and state income taxes. The Company’s effective tax rate used for interim periods is based on an estimated annual effective tax rate and includes the tax effect of items required to be recorded discretely in the interim periods in which those items occur. Income tax expense for the three months ended September 30, 2025 and 2026 was $7,038 and $6,857, respectively. This reflects effective tax rates for the three months ended September 30, 2025 and 2026 of 42.3% and 26.4%, respectively. Income tax expense for the nine months ended September 30, 2025 and 2026 was $14,631 and $19,277, respectively. This reflects effective tax rates for the nine months ended September 30, 2025 and 2026 of 34.6% and 26.0%, respectively. During the nine months ended September 30, 2025, the Company’s effective tax rate was higher than the U.S. statutory rate of 21% primarily due to state income taxes representing approximately 5.0% and certain 2024 tax filing matters relating to the Corporate Reorganization and IPO, including the incremental share-based compensation charge in connection with the Corporate Reorganization and IPO, representing approximately 7.3% in total. These compensation costs are not deductible for federal and state income taxes due to prior Section 83(b) elections. During the nine months ended September 30, 2026, the Company’s effective tax rate was higher than the U.S. statutory rate of 21% primarily due to state income taxes representing approximately 4.5%.
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