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Income Taxes
 9 Months Ended
Sep. 30, 2025
Income Tax Disclosure [Abstract]  
Income Taxes
14.
Income Taxes.

The Company’s effective income tax rate was 23.6% and 24.0% for the nine months ended September 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 September 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 has estimated the effects of the legislation on its estimated annual effective tax rate and cash tax position, and determined that the legislation does not have a material impact on its effective tax rate.