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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2025
Income Tax Disclosure [Abstract] |
Schedule of Components of Income Tax Expense (Benefit) | Loss before income taxes consisted of the following:
|  | For the Years Ended December 31,
(in thousands) |  | 2025 |  | 2024 |  | 2023
Domestic loss |  | $ | (51,758) |  |  | $ | (39,350) |  |  | $ | (162,734) |
Foreign loss |  | (667) |  |  | — |  |  | — |
Loss before income taxes |  | $ | (52,425) |  |  | $ | (39,350) |  |  | $ | (162,734) |
Components of income tax expense include the following:
|  | For the Years Ended December 31,
(in thousands) |  | 2025 |  | 2024 |  | 2023
Current |  |  |  |  |  |
Federal |  | $ | — |  |  | $ | 19 |  |  | $ | 75 |
State and local |  | 1,729 |  |  | 1,712 |  |  | 1,250 |
Total current income tax expense |  | 1,729 |  |  | 1,731 |  |  | 1,325 |
Deferred |  |  |  |  |  |
Federal |  | — |  |  | — |  |  | (40) |
State and local |  | — |  |  | — |  |  | — |
Total deferred income tax expense |  | — |  |  | — |  |  | (40) |
Total income tax expense |  | $ | 1,729 |  |  | $ | 1,731 |  |  | $ | 1,285 |
Schedule of Effective Income Tax Rate Reconciliation |
|  | For the Year Ended December 31, 2025
(in thousands, except percentages) |  | Amount |  | Percent
Loss before income taxes |  | $ | (52,425) |  |  |
U.S. federal statutory income tax |  | (11,009) |  |  | 21.0 | %
Valuation allowance |  | 10,079 |  |  | (19.2) |
Noncontrolling interest |  | 4,372 |  |  | (8.3) |
Tax credits |  | (3,732) |  |  | 7.1 |
State and local income taxes, net of federal income tax effect(1) |  | 1,729 |  |  | (3.3) |
Nontaxable or nondeductible items |  | 150 |  |  | (0.3) |
Foreign tax effects |  | 140 |  |  | (0.3) |
Income tax expense |  | $ | 1,729 |  |  | (3.3) | %
__________ (1) State taxes in Texas and Tennessee made up the majority (greater than 50%) of the tax effect in this category. The following is a reconciliation of the U.S. federal statutory income tax rate to the Company's effective rate for the years ended December 31, 2024 and 2023 in accordance with the guidance prior to the adoption of ASU 2023-09.
|  | For the Years Ended December 31,
(in thousands, except percentages) |  | 2024 |  | 2023
Loss before income taxes |  | $ | (39,350) |  |  | $ | (162,734) |
Noncontrolling interest |  | 3,088 |  |  | 18,357 |
Tax at federal statutory rate (21%) |  | (8,263) |  |  | (34,593) |
Effect of: |  |  |  |
Valuation allowance |  | 4,878 |  |  | 20,574 |
True-up and adjustments |  | 4,463 |  |  | 128 |
State rate change |  | (3,517) |  |  | (479) |
State and local income tax |  | 1,310 |  |  | (5,799) |
Share-based compensation |  | (383) |  |  | 778 |
IRC 162(m) |  | 155 |  |  | 987 |
Other |  | — |  |  | 1,332 |
Income tax expense |  | $ | 1,731 |  |  | $ | 1,285 |
Schedule of Deferred Tax Assets and Liabilities | The following table summarizes the components of deferred tax assets and liabilities:
|  | December 31,
(in thousands) |  | 2025 |  | 2024
Deferred tax assets |  |  |  |
Investment in partnerships |  | $ | 124,101 |  |  | $ | 117,799 |
163(j) limitation carryforward |  | 46,601 |  |  | 36,005 |
Net operating loss |  | 33,159 |  |  | 12,260 |
R&D credit |  | 3,732 |  |  | — |
Capitalized transaction costs |  | 1,707 |  |  | 1,898 |
Charitable contributions |  | 1,404 |  |  | 1,107 |
Total deferred tax assets |  | 210,704 |  |  | 169,069 |
Less: valuation allowance |  | (210,704) |  |  | (169,069) |
Net deferred tax assets |  | $ | — |  |  | $ | — |
Schedule of Cash Flow, Supplemental Disclosures | Net cash paid for income taxes consisted of the following:
(in thousands) |  | For the Year Ended December 31, 2025
Aggregated state and local jurisdictions |  | $ | 229 |
Disaggregated state and local jurisdictions: |  |
Texas |  | 1,165 |
Tennessee |  | 306 |
Cash paid for taxes |  | $ | 1,700 |

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