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Income taxes (Tables)

12 Months Ended

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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