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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The components of income tax expense (benefit) are as follows:

		Year Ended December 31,
		2025				2024				2023
Current tax expense
Federal		$	3,900			$	1,693			$	-
State			1,082				593				370
Total current tax expense			4,982				2,286				370
Deferred tax expense (benefit)
Federal			3,995				(406	)			-
State			89				(5	)			-
Total deferred tax expense (benefit)			4,084				(411	)			-
Total income tax expense		$	9,066			$	1,875			$	370

Schedule of Reconciliation of Income Taxes at Federal Statutory Level to Provision for Income Taxes

The reconciliation of income taxes at the federal statutory level to provision for income taxes is as follows:

		Year Ended December 31,
		2025								2024								2023
		$				%				$				%				$				%
U.S. federal statutory income tax rate		$	17,108				21.0	%		$	(8,317	)			21.0	%		$	13,344				21.0	%
State tax, net of federal benefit			996				1.2	%			566				(1.4	%)			370				0.6	%
Pre-IPO non-taxable loss (income)			-				0.0	%			9,794				(24.7	%)			(13,344	)			(21.0	%)
Noncontrolling interests			(8,806	)			(10.8	%)			(168	)			0.4	%			-				0.0	%
REIT built-in gains tax			123				0.1	%			-				0.0	%			-				0.0	%
Other adjustments			(355	)			(0.4	%)			-				0.0	%			-				0.0	%
Total effective tax rate		$	9,066				11.1	%		$	1,875				(4.7	%)		$	370				0.6	%

Schedule of Total Cash Paid for Income Taxes, by Jurisdiction

The Company’s total cash paid for income taxes, by jurisdiction is as follows:

		Year Ended December 31,
		2025				2024				2023
Federal		$	8,027			$	-			$	-
State			703				385				213
Total income taxes paid		$	8,730			$	385			$	213

Schedule of Deferred Tax Assets and Liabilities

The tax effects of temporary differences that give rise to our deferred tax assets and liabilities are as follows:

		Year Ended December 31,
		2025				2024
Deferred tax assets
Investment in partnership		$	82,069			$	29,188
Disallowed interest carryforward			-				228
Total deferred tax assets			82,069				29,416
Deferred tax liabilities			-				-
Valuation allowance			(1,096	)			-
Net deferred tax assets		$	80,973			$	29,416

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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-Topic 740
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-Section 50
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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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