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Income Taxes (Tables)

12 Months Ended

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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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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