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Income taxes (Tables) | 12 Months Ended
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Dec. 31, 2025
Income Tax Disclosure [Abstract] |
Schedule of Income Tax Expense | The components of income tax expense are as follows (in thousands):
|  | Year Ended December 31,
|  | 2025 |  | 2024 |  | 2023
Current income taxes |  |  |  |  |  |
Federal |  | $ | (9) |  |  | $ | — |  |  | $ | — |
State and local |  | 518 |  |  | 1,332 |  |  | 755 |
Total current income taxes |  | 509 |  |  | 1,332 |  |  | 755 |
Deferred income taxes |  |  |  |  |  |
Federal |  | 6,531 |  |  | 5,973 |  |  | 3,169 |
State and local |  | (643) |  |  | (9,718) |  |  | (1,232) |
Total deferred income taxes |  | 5,888 |  |  | (3,745) |  |  | 1,937 |
Income tax |  | $ | 6,397 |  |  | $ | (2,413) |  |  | $ | 2,692 |
Schedule of Reconciliation of Income Tax Expense | A reconciliation of income tax expense computed at the U.S. federal statutory income tax rate to the income tax expense recognized is as follows (in thousands):
|  | Year Ended December 31,
|  | 2025 |  | 2024 |  | 2023
|  | $ |  | % |  | $ |  | % |  | $ |  | %
Income before taxes |  | $ | 50,848 |  |  |  |  | $ | 46,700 |  |  |  |  | $ | 26,388 |  |  |
Income taxes at U.S. federal statutory rate |  | 10,678 |  |  | 21.0 | % |  | 9,807 |  |  | 21.0 | % |  | 5,541 |  |  | 21.0 | %
Tax effect of income not subject to entity level federal income tax |  | (3,547) |  |  | (7.0) |  |  | (3,929) |  |  | (8.5) |  |  | (2,034) |  |  | (7.8) |
Nontaxable or nondeductible items: |  |  |  |  |  |  |  |  |  |  |  |
Excess tax (benefit) or deficiency on equity-based compensation |  | (2,146) |  |  | (4.2) |  |  | (3,060) |  |  | (6.6) |  |  | (1,760) |  |  | (6.7) |
Nondeductible equity-based compensation |  | 721 |  |  | 1.4 |  |  | 731 |  |  | 1.6 |  |  | 127 |  |  | 0.5 |
Nondeductible excess compensation |  | 691 |  |  | 1.4 |  |  | 313 |  |  | 0.7 |  |  | 1,028 |  |  | 3.9 |
Meals and entertainment |  | 229 |  |  | 0.5 |  |  | 178 |  |  | 0.4 |  |  | 152 |  |  | 0.6 |
State income tax expense (benefit), net of federal benefit(1) |  | (100) |  |  | (0.2) |  |  | (6,530) |  |  | (14.0) |  |  | (329) |  |  | (1.2) |
Other |  | (129) |  |  | (0.3) |  |  | 77 |  |  | 0.2 |  |  | (33) |  |  | (0.1) |
Income tax expense (benefit) |  | $ | 6,397 |  |  | 12.6 | % |  | $ | (2,413) |  |  | (5.2) | % |  | $ | 2,692 |  |  | 10.2 | %
(1) State taxes in Texas made up the majority (greater than 50%) of the tax effect in this category for 2025..
Schedule of Deferred Tax Assets and Liabilities | The components of deferred tax assets are as follows (in thousands):
| December 31, 2025 |  | December 31, 2024
Net operating loss carryforwards | $ | 22,705 |  |  | $ | 18,503 |
Investment in flow-through entity | 193,666 |  |  | 174,975 |
Net deferred tax asset | $ | 216,371 |  |  | $ | 193,478 |
Schedule of Cash Paid for Income Taxes | The components of cash paid for income taxes are as follows (in thousands):
| Year Ended December 31, 2025
Federal | $ | 10 |
State and local |
Texas | 900 |
Other state and local | 19 |
Total state and local | 919 |
Total | $ | 929 |

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