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Income Taxes and Tax Receivable Agreement (Tables) | 12 Months Ended
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Dec. 31, 2025
Income Tax Disclosure [Abstract] |
Components of Provision for Income Taxes | The components of the provision for income taxes for the period presented are as follows (in thousands):
|  | Period from January 16, 2025 to December 31, 2025 |
Current |  |  |  |
Federal |  | $ |  | — |
State |  |  |  | 1,607 |
Total current |  |  |  | 1,607 |
Deferred |  |  |  |
Federal |  |  |  | (2,305 | )
State |  |  |  | (144 | )
Total deferred |  |  |  | (2,449 | )
Tax provision (benefit) |  | $ |  | (842 | )
Schedule of Reconciliation of Effective Income Tax rates to the U.S. Federal Income Tax | The reconciliation of our effective income tax rates to the U.S. Federal income tax rate for the period presented is as follows (in thousands except for percentages):
|  | Period from January 16, 2025 to December 31, 2025
|  |  | Amount |  |  | Percent
Expected income tax expense (benefit) at statutory rate |  | $ |  | 27,471 |  |  |  | 21.0 |  | %
State and local income taxes, net of federal income tax effect (1): |  |  |  |  |  |  |  |
Texas |  |  |  | 1,607 |  |  |  | 1.2 |  | %
Texas - noncontrolling interest |  |  |  | 236 |  |  |  | 0.2 |  | %
Other, net |  |  |  | (118 | ) |  |  | (0.1 | ) | %
Changes in valuation allowance |  |  |  | (11,211 | ) |  |  | (8.6 | ) | %
Nontaxable or nondeductible items |  |  |  | 363 |  |  |  | 0.3 |  | %
Noncontrolling interest |  |  |  | (19,190 | ) |  |  | (14.7 | ) | %
Effective income tax rate |  | $ |  | (842 | ) |  |  | (0.7 | ) | %
(1) State taxes in Texas made up the majority of the tax effect in this category.
Summary Components of Net Deferred Tax Liabilities | The components of our net deferred tax assets for the period presented are as follows (in thousands):
|  | As of December 31, 2025 |
Deferred tax assets |  |  |  |
Investment in Partnership |  | $ |  | 14,928 |
Net Operating Loss |  |  |  | 5,678 |
Other |  |  |  | 2 |
Total deferred tax assets |  |  |  | 20,608 |
Valuation Allowance |  |  |  | (3,916 | )
Total net deferred tax assets |  | $ |  | 16,692 |

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- Definition 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. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-9 + Details
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- Definition 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. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-2 + Details
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- Definition 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. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 231 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482663/740-10-55-231 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12A -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12 + Details
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