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Income Taxes
 6 Months Ended
Jun. 30, 2025
Income Tax Disclosure [Abstract]  
Income Taxes
14.
Income Taxes.

The Company’s effective income tax rate was 22.6% and 24.5% for the six months ended June 30, 2025 and 2024, respectively. Differences in the effective tax and the statutory federal income tax rate of 21% are driven by state income taxes, fluctuations in the value of investments and anticipated annual permanent differences offset by equity compensation deductions.

The Company had no material uncertain tax positions as of June 30, 2025 and December 31, 2024.

On July 4, 2025, the U.S. Congress passed budget reconciliation bill H.R. 1 referred to as the One Big Beautiful Bill Act (OBBBA). The OBBBA contains several changes to corporate taxation including modifications to capitalization of research and development expenses and accelerated fixed asset depreciation. The Company is in the process of evaluating the full effects of the legislation on its estimated annual effective tax rate and cash tax position, but does not expect that the legislation will have a material impact on its effective tax rate.